Seaside Heights Real Estate Prices Jump 32% as Town Shifts from Motels to Luxury Housing
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Beach homes in Seaside Heights now run about $567,277. That’s up 32% from last year, showing a big shift as this beach town trades its old motels for fancy living spaces. The change has knocked down ten motels, half of what used to be there.
A $50 million project called Coastal Edge will take over the old Karma nightclub spot. “We wanted to create that pedestrian-friendly feel that will activate the Boulevard,” said architect Jason Hanrahan to Lavallette-Seaside Shorebeat.
Looking to buy? You’ll need at least $700,000 for one of the 38 units. Each comes with ocean-view balconies, plus the building features an indoor pool, spa, and rooftop deck. Buyers can move in this July.
On the old Offshore Motel site, K. Hovnanian is building 24 townhouses. The former Surfside and Glendale locations might soon become a 130-room hotel with event spaces and a spa. Those plans are moving along.
Two properties are still up for grabs. The Hershey Motel’s price tag? A hefty $22 million. The Sea Gem Motel, including its extra living quarters, is listed at $1.899 million.
Building has begun where Merge used to pack in crowds. Houses will spring up nearby. Meanwhile, the old Bamboo Bar location remains empty while town officials look for a developer.
COVID-19 kicked everything into high gear. People from North Jersey and New York rushed to buy beach properties. Even with higher interest rates, construction keeps rolling along.
Real estate broker Mike Loundy notes: “This has been a big week where we finally got our approval from the state to be able to market the properties through the multiple listing service, so we went live yesterday with our first listing.”
