You can buy this NJ amusement park for a song
Do you remember the movie We Bought a Zoo? How about buying an amusement park? During this real estate bubble, where everything in New Jersey is completely overpriced it seems like investors have gobbled up every bit of valuable property. So when you run into something that is undervalued you think about grabbing it.
As a novice real estate investor and a real estate geek, I look for opportunities like this all the time. But I’ve never considered owning an amusement park. Have you? I’m sure I don’t have the money to buy the Clementon amusement park and water park but for someone who does, it’s an excellent opportunity.
The park, which was according to an article on nj.com was built 114 years ago and has gone through several major revamps throughout the years including adding a large interactive water playground. The park, officially known as Clementon Park and Splash World, but known by the locals as Clementine Lake Park considered a prime property in Clementon. According to the piece, the park is pretty impressive with a wave pool, a beach, and a liquor license all included in the sale.
The sad news of its closing two years ago lead people to wonder what had happened when the park abruptly closed without advance warning and even had outstanding ticket sales for some of its future events. Since the park was assessed at 4.25 million in 2019, the chances are it could sell for much less in the distress auction. So while some developers in New Jersey may be considering buying just a parcel or two of land for that much and then developing it into houses or apartments, for the same or less, they could actually purchase an entire amusement park.
The post above reflects the thoughts and observations of New Jersey 101.5 talk show host Judi Franco. Any opinions expressed are Judi's own.