See the 10 most expensive homes sold in Monmouth, Ocean counties in the past year
Michael L. Diamond, Asbury Park Press
6 min read
An Allenhurst home sold for $12.75 million last year, the most expensive in New Jersey, in a sign that rising mortgage rates did little to get in the way of the Jersey Shore's torrid luxury housing market.
The seller's agent, Karen Gershenbaum of Preferred Properties Real Estate, said the property had plenty of things going for it: Nearly all of the potential buyers weren't affected by rising rates because they made offers with cash; the home, built at the turn of the 20th century, is adjacent to the ocean and offers sweeping views along the seaboard; and it had been nearly 50 years since it was last sold.
"Absolutely not surprised," Gershenbaum said of the interest. "Nobody on the Jersey Shore wants to sell. If they're not living there, they want to give it to their kids. It's property that doesn't come up very often at all."
The Allenhurst home emerged with the highest sales price at the Shore in 2023, according to a list of the 10 most expensive transactions compiled for the Asbury Park Press by the Monmouth Ocean Regional Realtors, a trade group.
Making the list were four in Monmouth County and six in Ocean County. Seven of the homes were oceanfront, and the three others were within three blocks of the ocean (including one on the barrier island in Mantoloking that was both on the bay to the west and within three blocks of the ocean to the east.) And at least six had swimming pools despite their proximity to the beach.
Real estate agents said buyers continued the momentum that began during the pandemic, when homeowners from northern New Jersey, New York and Philadelphia flocked to the Shore in search of more safety and space. They were aided by technology that let them work remotely and record low interest rates.
Higher interest rates made little difference in 2023. Inventory was so slim last year that many buyers decided to purchase a home anyway and refinance when rates fall. Or they paid with cash, observers said.
"The biggest problem we really had in '23 was a lack of inventory," said Alan Kurlander, an agent with Coldwell Banker based in Marlboro.
The result: Monmouth County saw overall sales fall 20% from 2022, but the median sales price rose from $640,000 to $671,750, or 5%. Ocean County saw sales fall 23%, but the median sales price rose from $500,000 to $535,000, or 7%, according to the New Jersey Association of Realtors, a trade group.
For perspective, the buyer of the Allenhurst home could have bought 19 median-priced homes in Monmouth County. The demand for luxury homes, however, doesn't appear to be tailing off, Gershenbaum said.
"Up and down this coast, nothing has slowed down," she said. "Honestly, nothing. From Long Branch all the way down to Point Pleasant, you're not getting any bargains."
Here is a look at the 10 most expensive home sales in Monmouth and Ocean counties last year:
This home at 1 Cedar Avenue in Allenhurst, shown Tuesday, January 23, 2024, is amongst the 10 most expensive properties sold in Monmouth and Ocean County at $12.75 million.
1. Allenhurst
Address: 1 Cedar Ave.
Sales price: $12.75 million
List price: $14.7 million
Why so expensive? Oceanfront home built in 1907. It has eight bedrooms and five full bathrooms. Marble flooring, spiral staircase. Indoor heated pool.
This home at 12 Marine Place in Deal, shown Tuesday, January 23, 2024, is amongst the 10 most expensive properties sold in Monmouth and Ocean County at $10.5 million.
2. Deal
Address: 12 Marine Place
Sales price: $10.5 million
List price: N/A
Why so expensive? One-story home is nearly 3,300 square feet. Property is steps from the beach. It had previously been owned by the family that founded the Century 21 department store chain, according to Monmouth County property records.
1111 Ocean Ave., Manoloking, NJ
3. Mantoloking
Address: 1111 Ocean Ave.
Sales price: $10.3 million
List price: $10.9 million
Why so expensive? Newly built 6,000-sqaure-foot home on the oceanfront with seven bedrooms and six full bathrooms. Outdoor, inground swimming pool and spa. Outdoor deck with walkway to the beach.
Why so expensive? Oceanfront home with seven bedrooms and 7½ bathrooms. Inground pool and spa. Walking path to private beach. Elevator. Two-car garage.
15 Harris St., Bay Head, NJ.
5. Bay Head
Address: 15 Harris St.
Sales price: $8.75 million
List price: N/A
Why so expensive? Oceanfront home with six bedrooms and six bathrooms. Built in 1880. Gourmet kitchen, large screened-in porch, large side yard, private deck.
Why so expensive? Oceanfront home with seven bedrooms and 3½ bedrooms. Built in 1910. Two screened-in porches with ocean views. Walking distance to shops and restaurants.
1115 Curtis Point Drive, Mantoloking
7. Mantoloking
Address: 115 Curtis Point Drive
Sales price: $8.15 million
List price: $9.5 million
Why so expensive? Bayfront home with nearly 7,700 square feet. It has four bedrooms and 5½ bathrooms, along with garage space for three cars, a swimming pool, and 217 feet of water frontage.
This home at 65 South Boulevard in Spring Lake, shown Tuesday, January 23, 2024, is amongst the 10 most expensive properties sold in Monmouth and Ocean County at $8 million.
8. Spring Lake
Address: 65 South Blvd.
Sales price: $8 million
List price: $8.75 million
Why so expensive? Newly built three-story home with seven bedrooms, 11½ bathrooms and almost 9,500 square feet. Three-car garage. Swimming pool and spa. Views of Lake Como.
This home at 106 Philadelphia Boulevard in Sea Girt, shown Tuesday, January 23, 2024, is amongst the 10 most expensive properties sold in Monmouth and Ocean County at $7.27 million.
Why so expensive? Built in 2016, home has six bedrooms and 5½ bathrooms. It is two blocks from the beach and adjacent to Crescent Park. Backyard has a heated salt-water pool with a firewall, waterfall and spa. Patio includes built-in grill, ice maker, wine refrigerator, bar seating for 10, gas fireplace, TV and outdoor shower.
12 Plainfield Ave., Lavalette
10. Lavallette
Address: 12 Plainfield Ave.
Sales price: $7.19 million
List price: $7.89 million
Why so expensive? Built in 2014, beachfront home has sweeping views of the ocean. It has five bedrooms, 5½ bathrooms and about 6,000 square feet. Primary bedroom has a private balcony. Lower floor includes a gym and a home theater with a wet bar.
Michael L. Diamond is a business reporter at the Asbury Park Press who has been writing about the New Jersey economy and health care industry for more than 20 years. He can be reached at mdiamond@gannettnj.com.
