October 2011: Manalapan - Oceanfront Real Estate Market Update

Current Oceanfront Homes for Sale in Manalapan:

As of October 18, 2011, there were 8 oceanfront homes for sale in Manalapan ranging in price from $6 million all the way up to $35,900,000.  From the chart above, we can see that most of the homes have been on the market for several months, if not longer in terms of years.  The newest listings appear to be 860 S Ocean Blvd and 1555 S Ocean Blvd, both on the market for approximately 3.5 months.
There are currently no homes under contract for sale, but when we look at recent sales, those over the last 90 days, there were two closings in Manalapan:

This time we’ll do something different when looking at the closed sales in the neighborhood.  Let’s take a look at the property’s history on the MLS.  First let’s start with 860 S Ocean:

The home is described as “This unique property offers a premier direct ocean-to-intracoastal setting situated 20+/- feet above sea level, consisting of 2+/- acres with 225+/- feet of beachfront and intracoastal splendor.” From the above, we can see the property has been on and off the market since 2007.  So from the first look, it looks like this home sold in 291 days (we can tell this by looking at the DOM).  But in reality, it took 4 years and 8 months to sell (closer to 1780 DOM).  From looking at the property’s history, looks like the buyer definitely made out nicely by purchasing a luxury home in a buyer’s market.  If we reference the graph above, the home was listed right at the end of the Seller’s market in 2007 for almost $37 million.  The property ended up closing for $25.5 million.
Next let’s look at 1110 S Ocean Blvd‘s recent history:

1110 S Ocean is a pretty large home with over 21,000 sq ft under air.  A total of 7 bedrooms, 11 full baths, 3 half baths, and a 12 car garage.  It’s a new construction home started from what looks like in 2009 from the MLS records.  Here we see another buyer taking advantage of weaker prices in the luxury real estate market.  The home originally was listed in 2009 for $25 million, and ended up closing in September 2011 for $15 million.  Another $10 million discount.  Maybe there is a theme developing.