A Jersey Shore town is pregnant with a new record holder for the most expensive purchase in local history.

One buyer paid $12 million for a home at 8808 First Avenue in Stone Harbor, one of two towns (the other is Avalon) on Seven Mile Island near Cape May. Compass broker Nicholas Giuffre said the price was narrowly the most expensive in the island’s history. voice of the day.

Nicolas Giuffre
Nicolas Giuffre (Compass)

The site last changed hands in November 2020, when a developer bought it for $5.1 million with a project in mind. It hit the market a year ago for $13.9 million and still managed to set sales records, but fell short of the original asking price.

The identities of buyers and sellers could not immediately be determined.Giuffre hold listing; Giuffre did not immediately respond to a request for comment real deal.

The 4,700-square-foot home has five bedrooms and six bathrooms. There is an inground pool with hot tub and a large backyard with an equally large cabana. Giuffre told the publication that vacation home prices are only dwarfed by the island’s investment value, which tends to hold its value.

Giuffre said the auction was only slightly above the island’s previous record. The previous record was set eight months ago, when a home on 170th Street in Avalon sold for $11.9 million.

The real estate market on the southern Jersey Shore, especially Avalon, remains strong. In November, a businessman bought two parcels of land in Avalon for a combined $21 million, a record for that part of the island.

One of the lots has a 4,700-square-foot home for a wrecking ball installation, while the other lot is vacant. The new owners plan to build an 8,000-square-foot residence on the two lots.

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