Monday, April 25, 2005

Bubble at the Jersey Shore

Bruce Springsteen Country goes upscale. Investors buy in New Jersey beach towns in the spring, rent it out for the summer, sell the next year for a big profit. Example: 3BR Ocean City apartment bought for $425,000 a year ago, and just sold for $652,000, sez local broker. Beachfront $4-million houses are now teardowns.

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