An unnamed businessman purchased two lots in Avalon, New Jersey, for a combined $21 million, setting a record for Seven Mile Island, PhillyVoice reported.
The lots, at 163 and 165 68th Street, sold for $11.5 million and $9.5 million, respectively. The first lot is empty, while the second lot has a 4,700-square-foot home, which will be torn down in favor of a new 8,000-square foot “dream home,” the outlet reported.
Joe Butler, of A. Lewis Purdy Real Estate, represented the buyer, who purchased the properties through an LLC.
The seller, who also was not named, had purchased both lots for a combined $10 million in two separate transactions in 2006 and 2011. The empty lot had a 1970s-era home on it until the seller had it knocked down last year.
The previous record for an Avalon residential real estate transaction was a six-bedroom mansion sold in 2021 for $11.2 million, according to PhillyVoice.
Overall, Avalon’s real estate market is holding steady, with a median sale price of $2.4 million in October, down about 4 percent over the same time last year, according to Redfin. The market is among the most expensive along the southern Jersey Shore, according to the Philadelphia Business Journal.
Residential real estate isn’t just moving on the Jersey Shore.
In September, luxury resort brand Icona announced it is developing a $150 million, 160-room hotel in Cape May. The development will include three restaurants and several shops.
— Ted Glanzer