New to Real Estate · Brick, NJ · Member since 2020 · 115 posts · 39 votes
Hello all!
I just wanted to see if anyone has experience or knowledge of Keansburg and the pros / cons of investing there. It is a small beach town that was destroyed during Sandy. I was there recently, and there are million dollar houses next to dilapidated houses and empty lots. If you are not at the beach there, you wouldn't think it was a beach town. After reading some development plans, it looks like it may be up and coming, especially because of the huge luxury rental development that was recently put up. However, the town in general is very run down and has flooding issues. Does anyone have any insight if this is going to be the next Asbury Park or Red Bank in future years? Or will it stay the same or continue to go down hill? Based on what I found online, there are some investment firms and development firms involved, but I am just not sure they will succeed. Let me know your thoughts!
@Jake Drappi - I had the exact same questions. Seems like there could be a great opportunity to invest here. There's another post about Keansburg that says be careful because most houses have to be raised because anywhere east of route 36 gets heavy flooding. So perhaps you buy and renovate and then FEMA or the town comes in and says it can't be occupied until you pay to put it on stilts. So definitely a place that requires some more research, but when you can buy a reasonable size house a block or two from the beach for 200k, it seems like a good opportunity to buy and rent.
Any idea whether anyone would ever vacation here? So would it be possible to AirBnB a house?
@Rick Estacio Keansburg did get clobbered during sandy, and still some places have not been fixed up. There is a redevelopment plan in place, but who knows if that will ever actually happen. The plan did include a sample for flood zones that would have to be addressed and the plan did have a section with a solution from an engineering firm, so there is some conversation about this happening. The other interesting thing about the sample taken was that if you look up all of the addresses in the sample, they are largely owned by investment firms and people whom own multiple places down there, so maybe we are a bit late to the game. Either way, I believe it is all a gamble if the redevelopment plan comes to fruition or not.