National real estate news stories as of late have been speaking to a downturn in the market. Not so in Sussex County, New Jersey home to Crystal Springs, Mountain Creek, and Great Gorge Village.
This market is on fire. Sales volumes were higher in 2018 than the peak of the market in 2006. “December is usually dead, but we did five deals in one week,” says Glenn Schechter the broker manager of Mountain Resort Properties. “And there has been no letup in 2019. Buyers are everywhere”
Most of the activity continues to be in the second home market and the starter home market. The upper end is still mired in stagnation. Homes below $300,000 fly off the shelves. Over $500,000 or $600,000 is difficult, though not impossible.
“I think what we’re seeing is all the pent up demand in the market from almost a decade of people sitting on the sidelines or literally camping out in their parent’s basements. The strong economy has created jobs and rising wages. There is much confidence in the marketplace. College graduates are finding jobs and experienced workers are in demand.” According to Andrew Mulvihill owner of Mountain resort properties and CEO of Real Estate for the Crystal Springs Companies.
But it's not just starter homes. It’s second and retirement homes which makes up much of the Crystal Springs, Mountain Creek, and Great Gorge Markets.
“For the first time in many years, we’re seeing spec homes being built. And a major national builder has recently come into the Crystal Springs Resort with plans to build 50 homes. New Jersey’s recovery tailed much of the nation so I'm not surprised that the market is still going strong as we have been in that long of an upswing, at least in this market.” Says Mulvihill.
Steve Rosell an agent with Mountain resort sees tremendous opportunity on the higher end of the market. “ Why not sell your starter home now, grab the equity and go negotiate a great deal for a $500,000 or $600,000 home. What you get for that kind of money in mind-blowing”
While we all know markets ebb and flow, the river is roaring now and the flames are getting higher!