Are you looking for a new construction home in an Over 55 community in Monmouth or Ocean County? If yes, you need to realize that you’ll need to dig deep into your pocket for this.
We get calls all the time from people who have a budget of under $300,00 and they want new construction in an active adult community. Sorry to say this but, you’ll probably want to look somewhere besides Monmouth and Ocean counties. Either that or prepare to raise your budget. As of today’s date, there are 2 new construction homes for sale. One is low income housing, the other is asking $299,990 for the base model without any upgrades.
However, if you raise the budget to $350,000, you have a few options. In Monmouth County you can get a townhouse in Hazlet or a condo in Marlboro. In Ocean County you can find detached homes in Manchester and Barnegat.
Why are they so expensive?
To put this in a nutshell, it’s the cost of land. In Monmouth County, there simply aren’t many plots of land available which are zoned for adult communities which are large enough to make it profitable for the builders.
Builders make their profit as a percentage of the sale price of a home. If you’re a builder, would you rather make 15% profit on a home selling for $200,000 or a home selling for $600,000? And since they can sell all of the $600,000 (and more) homes they can build, you can bet they’ll build the more expensive homes.
What are the options?
If you want to stay in Monmouth County, you have basically two options. First is to raise your budget. You can still get over 55 new construction single family homes for under $500,000. Another option is look into Ocean County. And here’s one last option which is to look into resales.
Here’s the over 55 new construction available in Monmouth and Ocean counties.
To see any of the over 55 homes, call us. Call Bunny and Art Reiman – the Adult Community Specialists.