Talk about rock bottom prices for Brigantine Real Estate. The shuttered Sun Bank property at 3900 Atlantic-Brigantine Blvd is currently assessed at $1,118,100. Sun was paying taxes based on that strong valuation. The new owner will likely appeal that….pronto.
On Jan. 12, 2016, SUN BANK property in Brigantine sold for just $390,000.
The buyers are Borgata Realty LLC. Huh? We’ll keep you posted on that head-scratcher.
Like we’ve suggested, poor city management has kept property values incredibly low over the years. Note: Other South Jersey shore towns have already started to rise. With fire sale prices like these, those with cash are grabbing and holding these parcels for now. Two such land & property speculators in Brigantine are Councilman Andy Simpson & the development team of Mike Snyder & Jack Scheurich.
According to trusted sources, we believe Brigantine Councilman Andy Simpson is the most aggressive buyer of depressed Brigantine properties, and has been for a while. Simpson sometime buys direct, either using his name or a corporate LLC name. Mr. Simpson is alleged to also be providing cash or other support to 3rd party buyers. Nothing wrong with buying Brigantine property…..except…..he’s a sitting Brigantine Councilman. Simpson must comply with a whole set of other, specific laws. Think he’s doing that?
As a Councilman, Mr. Simpson should be required to disclose all of his investments on Brigantine Beach.