Brigantine considered an American ghost town? Ouch. That’s what a national website called 24/7 Wall St. thinks. Sure, Brig has its challenges. But the real fear for all of us with financial skin in the game……is this how OTHERS think about our Brigantine Beach? Of course, perception often is reality.
Brigantine was voted one of NJ’s Best Places to Live in 2008. Still, far too many home buyers & businesses are reluctant to place a bet on this beautiful, yet mismanaged / misunderstood municipality by the sea. See Full Story > 15 American Ghost Towns
South Jersey shore home prices have recovered since the double whammy of Hurricane Sandy and the housing crisis. But not all towns rebounded evenly. In some U.S. communities like Brigantine, property values and foreclosures have worsened. While other towns were rebuilding and tightening belts, many areas of Brigantine sat in disrepair after the super-storm. Instead of a city wide effort to cut costs and rebuild infrastructure, pay raises and new jobs were handed out to a small group called the ‘friends and family’ of Brigantine City Hall.
16.2% of Brigantine homes are vacant. Since 2009, more than one-fourth of residents have left the dilapidated coastal city. Quote from 24/7 Wall St.
Some Brigantine homeowners are so deep underwater with their loan to debt ratio, they have no choice but to abandon their property.
Trulia: Average price per square foot for Brigantine NJ was $165, a decrease of 20.3% compared to the same period last year. The median sales price for homes in Brigantine NJ for Aug 15 to Nov 15 was $188,000 based on 12 home sales. Compared to the same period one year ago, the median home sales price decreased 32.8%, or $91,750, and the number of home sales decreased 80.6%. There are currently 582 resale and new homes in Brigantine on Trulia, including 3 open houses, as well as 92 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. Sales prices have depreciated 37.4% over the last 5 years in 08203, Brigantine.
How did they identify the 15 U.S. cities with the highest vacancy rates? 24/7 Wall St. reviewed data from mail carriers obtained by RealtyTrac. By combining zip code data, they reviewed housing characteristics for over 5,000 U.S. cities.
- Indian Rocks Beach, Florida leads nation w/ 25.9% of housing units vacant.
- Brigantine is #6 with 16.2% vacancy rate. Vacant properties in Brigantine: 1,793
According to RealtyTrac, a high vacancy rate usually means the housing inventory is far greater than the demand for homes — an unhealthy housing market. Over half of the cities with highest vacancy rates experienced double-digit population declines since 2009. Some towns shrank by more than 20% over past few years.
The Top 6 ‘American Ghost Towns’
6. Brigantine, New Jersey
> Vacancy rate: 16.2%
> Vacant properties: 1,793
> Total residential properties: 11,071
5. Highland Park, Michigan
> Vacancy rate: 17.8%
> Vacant properties: 2,716
> Total residential properties: 15,278
4 Detroit, Michigan
> Vacancy rate: 18.9%
> Vacant properties: 53,873
> Total residential properties: 284,601
3. Gary, Indiana
> Vacancy rate: 20.3%
> Vacant properties: 6,527
> Total residential properties: 32,074
2. Shenandoah, Pennsylvania
> Vacancy rate: 21.1%
> Vacant properties: 689
> Total residential properties: 3,267
1. Indian Rocks Beach, Florida
> Vacancy rate: 25.9%
> Vacant properties: 1,362
> Total residential properties: 5,260
Read more: 15 American Ghost Towns