{"id":3881,"date":"2015-03-12T05:29:10","date_gmt":"2015-03-12T09:29:10","guid":{"rendered":"https:\/\/www.shorebeat.com\/brick\/?p=3881"},"modified":"2015-03-12T01:35:59","modified_gmt":"2015-03-12T05:35:59","slug":"sandy-recovery-coming-from-new-homes-not-existing-ones-data-shows","status":"publish","type":"post","link":"https:\/\/shorebeat.com\/brick\/2015\/03\/sandy-recovery-coming-from-new-homes-not-existing-ones-data-shows\/","title":{"rendered":"Sandy Recovery Coming From New Homes, Not Existing Ones, Data Shows"},"content":{"rendered":"
\"Paul<\/a>

Paul Jones Drive in Brick where a number of small homes on Barnegat Bay have been replaced by a few large homes. (Photo: Daniel Nee)<\/p><\/div>\n

As Ocean County\u2019s tax base turns a corner from the devastating blow it took during Superstorm Sandy, the numbers illustrate what locals already know: high-value, new construction is taking off while the values of more modest homes, some of which have not been repaired following the storm, are languishing.<\/p>\n

From the barrier island section of Brick, to lagoon communities like Shore Acres, across the county to Long Beach Island, middle class ranch and Cape Cod style homes are sometimes not being rebuilt, while investors are buying up lots and destroyed properties on the cheap and constructing large, modern, high-value homes.<\/p>\n

The latest real estate valuation data from Ocean County was revealed Wednesday at a meeting of the Ocean County freeholders where the 2015 county budget was proposed. According to the county\u2019s financial officials, the tax base \u2013 still reduced by 16 percent from before the storm \u2013 has turned a corner, increasing by $1.6 billion between 2014 and 2015.<\/p>\n

\u201cMost of this increase is from new and redeveloped construction, not from existing property values,\u201d said Freeholder Director John C. Bartlett. \u201cWe\u2019re not really seeing a recovery in old values, what we\u2019re seeing is a build-up in new property values.\u201d<\/p>\n

The county\u2019s tax ratable base hit its peak in 2009, at $110 billion. After the effects of the 2008 real estate crisis were realized, Sandy hit, sending the value of the county\u2019s real property plunging to $90.9 billion. In 2015, the value is pegged at $92.5 billion.<\/p>\n

In Brick, real estate prices have remained largely stagnant over the past year. The median sale price of a home is currently $214,500, while the median list price is $265,000. Both are down less than 1 percent since Dec. 2013, according to RealtyTrac<\/a>, a website that tracks real estate data. In Mantoloking\u2019s ZIP code, which includes Brick\u2019s barrier island portion, the average list price of a home is $890,000 \u2013 down 31 percent since Dec. 2013 \u2013 while the average sale price is $875,000, up 19 percent.<\/p>\n

<\/div><\/div>","protected":false},"excerpt":{"rendered":"

As Ocean County\u2019s tax base turns a corner from the devastating blow it took during Superstorm Sandy, the numbers illustrate what locals already know: high-value, new construction is taking off while the values of more modest homes, some of which have not been repaired following the storm, are languishing. From the barrier island section of […]<\/p>\n","protected":false},"author":1,"featured_media":1715,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[14],"tags":[24,1078,1079],"class_list":["post-3881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-superstorm-hurricane-sandy","tag-brick-nj-news","tag-home-values","tag-sandy-recovery"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/shorebeat.com\/brick\/wp-content\/uploads\/2014\/10\/sandy_brick_3.jpg","jetpack_shortlink":"https:\/\/wp.me\/pgt2Ft-10B","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/posts\/3881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/comments?post=3881"}],"version-history":[{"count":0,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/posts\/3881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/media\/1715"}],"wp:attachment":[{"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/media?parent=3881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/categories?post=3881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shorebeat.com\/brick\/wp-json\/wp\/v2\/tags?post=3881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}