Business Buzz
By Rich Baehrle
The residential real estate market in Atlantic County has been on fire for the past three years. Sellers have been receiving as many as 10 offers, a phenomenon attributed to tremendous demand combined with limited supply.
During the past year interest rates doubled as central bankers attempted to cool the economy. The market slowed slightly, but sellers are still getting multiple offers.
The availability of new homes in Atlantic County has been limited aside from a few national developers such as DR Horton who have been extremely active at the Founders Reserve at Harbor Pines, a golf course community.
The newest residential community in Egg Harbor Township is Ridgewood Point, located at 6205 Mill Road. The community features 11 custom homes being developed by Touch of Modern developers.
It has three models from approximately 3,000 square feet with amenities typically considered to be add-ons in other developments. Standard features include Whirlpool appliances and an open floor plan. There is a gas fireplace in the family room and a two-car garage with options for upgrades.
For those looking to settle down in Egg Harbor Township, one of the major prospective employers is Spencer Gifts, headquartered 6826 Black Horse Pike.
Founded in 1947, the company has 30,000 employees and more than 700 mall-based retail stores.
They own Spirit Halloween, which is one of the most popular niche Halloween chain stores in the country, with 1,400 seasonal locations. The company also has a prominent online presence.
Leadership at the company has determined that it needs to grow its headquarters. They recently broke ground on a 23-acre site for an expansion on the neighboring property which was previously the Trocki Hebrew Academy.
The new 78,000-
square-foot building will also include the site currently occupied by Ocean Aquarium. This is exciting news not only for Egg Harbor Township, but the entire county.
It is a great opportunity for the creation of good jobs which will diversify our economy beyond the casino industry.
Rich Baehrle, of Berkshire Hathaway Fox and Roach, can be reached at 609-266-6680
or 609-641-0011. Email richardbaehrle@gmail.com or see www.getrichinrealestateSJ.com
