Million Bucks At The Shore

From the Asbury Park Press:

What does $1 million buy you?
BY DAVID P. WILLIS

The real estate market might be cooling off, but with five consecutive years of double-digit growth in home prices in Monmouth and Ocean counties, it's not hard to spend more than $1 million on a house.

But those big bucks won't go as far in tony Mantoloking as they do in Dover Township. You might get a modest Cape Cod-style house in Rumson for $1.1 million or a brand-new 5,500 square-foot home in Freehold Township for about the same price.

In Lacey's Lanoka Harbor section, you can find a 5,000-square-foot Colonial along a man-made lagoon for $1.1 million. But in Long Beach Island's Harvey Cedars, $1.1 million will fetch a much-smaller 1,830 square-foot home.
...
In Monmouth and Ocean counties, 1,175 of the 9,899 houses currently for sale on the Monmouth/Ocean Multiple Listing Service, or about 12 percent, were priced at more than $1 million. Of the 2,665 Ocean County listings on the Jersey Shore Multiple Listing Service, which has more southern Ocean County listings than the Monmouth/Ocean MLS, 355, or 13 percent, were more than $1 million.
...
"Something that used to be $700,000, you know, may be a million or plus," said Tim Gillen, broker at Gillen Realty Inc. in Dover Township.