NJ beachfront property sale price sets shore record
The price of two beachfront properties in Avalon has set a local record on Seven Mile Island.
Phillyvoicecom reports that the two adjacent lots sold in October at 163 68th St. and 165 68th St. had a combined sale price of $21 million, the highest price ever paid in Avalon or Stone Harbor for what will soon be one home.
According to the report, which quotes information from the Cape May County Herald, the 4,700-square-foot beachfront home at 165 68th Street sold for $9.5 million.
The empty beachfront lot next door at 163 68th St. sold for $11.5 million to the same buyer.
Joe Butler, of A. Lewis Purdy Real Estate told the Cape May County Herald that the two lots will become the site of an 8,000-square-foot "dream home" for an unnamed businessman, who purchased the two properties under an LLC.
The empty lot had a 1970s-era home on it that was torn down last year by the previous owner.
The article says this property has everything going for it. Finding two available adjacent beachfront properties is very rare in Avalon, or any South Jersey beach town, and this location on the island is thought to be one of Avalon's least flood-prone sites.
Here's what really grabbed my attention.
The previous owner purchased both of these properties -- the now-empty lot for $6.5 million in 2011 and the other lot for $3.7 million in 2006, for a combined price of $10.2 million.
With October's $21 million sale, the previous owner more than doubles that investment.
The sale of the two lots on 68th Street tops the high sale in Avalon in 2021, when a six-bedroom home at 130 74th St. sold for $11.15 million.
The median home in Avalon now sells for about $2.825 million, up 19.7% over the last year, according to Zillow.