Greater Cape May 3rd Quarter Market Report – Condos & Townhomes

There were 23 condominium sales in the greater Cape May area during the 3rd quarter of 2019 ranging in price from $75,000 to $741,000.  Three units at the Marquis de Lafayette “condo-tel” sold for less than $100,000. (Owners of these units are required to rent their room(s) as a hotel room. The owner has access to use the room based on an allotted usage policy.) Located at 501 Beach Avenue, The Marquis de Lafayette complex overlooks the beach and features include a heated pool, a restaurant and the Barefoot Bar! Meanwhile, Unit #3 located at 41 Jackson Street sold for $672,500 after only 71 days on the market. It features 3 bedrooms and 2 baths. The building itself dates back to 1879.

In West Cape May, at 606 Second Avenue, a new townhome-style twin 4 bedroom, 3 ½ bath unit sold for $703,000. It was originally listed at $749,000.  This 2100 square foot side by side had been on the market for 347 days prior to closing. Closer to town a 2 bedroom, 1 ½ bath unit at 221 Park Blvd “E” sold for $350,000.

Off the island $741,000 got you a 3 bedroom, 2 ½ bath unit at the Canyon Club. This move-in ready, 1990 square foot condo came with a 50 foot deeded boat slip. An $8000 annual condo fee includes 3 pools, Harbor views and a marina. A 2 bedroom, 2 bath unit at Lighthouse Pointe Marina (5117 Shawcrest Road) sold for $145,000 as-is and with a laundry list of buyer’s responsibilities prior to closing and seller’s disclaimers. How many remember those endless summers of listening to Philly DJ Jerry Blavat at the Lighthouse Pointe Bar and Restaurant?

Currently there are 61 condominiums listed for sale in the greater Cape May area including a condo at the Marquis de Lafayette that has been on the market for an astonishing 3400 days! (Can this be a typo?) 37 of these are in Lower Township, including 10 at Canyon Club. A new side by side at 2685 Bay Drive is listed for $775,000. It has been on the market for 61 days. From all of us at Coastline Realty……Enjoy the Holidays and have a great time!

This is Wayne Piersanti, Broker-Salesperson for Coastline Realty, keeping it real. For information on any of these listings, I can be reached at (609) 540-3374 and Coastline Realty is a full service, family owned and operated, award winning real estate agency.

(Information was compiled from the Cape May Multiple Listing Service and deemed reliable but not guaranteed.)