SALISBURY — As the real estate market rebounds after the worst five year period since the Great Depression, interesting trends are surfacing in Salisbury, especially in the beach enclave.
According to Salisbury Chief Assessor Cheryl Gorniewicz, along the town’s shoreline the selling prices for homes have varied in relation not only to whether homes are ocean front or not, but also where along the beach homes are located, Gorniewicz said.
In general, based on recent sales, values of oceanfront homes along the north end of the beach are rising, while those along the south end are dropping a bit, she said.
The cut off point is in the mid-300 block along North End Boulevard. Those in this northern area of the beach are seeing a rise in sales prices for properties on larger lots, Gorniewicz said. Many are homes located on larger lots, ranging in size from 8,000 to 20,000 square feet.
She cited as an example a two-family, ocean front home in the mid-400 block on North End Blvd. Not a full duplex, the home’s second unit is very small, Gorniewicz said, more like a guest area than a rental unit. The property sold in August, 2012 for $1.375 million, although it was assessed for $1.215 million.
In recent years, homes haven’t usually sold for $160,000 more than assessed value, but because ocean front properties are in demand, it can happen, she said, if the buyer is motivated and the property is attractive and in a good location.
“People don’t easily part with oceanfront properties because they’re not easy to replace, so people can put them out there for whatever want and see if they’ll sell” Gorniewicz,said.
Additionally, she said, throughout the region, those who buy in Salisbury can get a big bang for their beach property dollar.