NEPTUNE CITY, NJ — The Jersey Shore's housing market is running extremely hot and nowhere is that more evident than in the string of small towns stretching from Asbury Park to Belmar.
That heat is concentrated squarely along the stretch of coastline surrounding Neptune City. In Asbury Park, the median sale price reached $871,000 over the three months ending in May. Just south in Bradley Beach, homes sold for a median of about $1.02 million during the same period, up 5.3 percent from a year earlier. Belmar's typical home value now stands at just over $1 million, while in Avon-by-the-Sea—where much of the housing stock dates back to before World War II—the market remains highly competitive, with homes going pending in about 28 daysand many selling at or above asking price. Even neighboring Neptune Township has seen values climb, with a typical home value of about $626,000 and homes going pending in roughly 15 days.
It's against that backdrop — soaring resale prices, thinning inventory and bidding wars up and down the coast — that 1100 Fifth Avenue has found a receptive audience. Developers report that 60 residences have now been committed to buyers, leaving just 10 still available. For a market where existing single-family homes routinely clear $900,000 to $1 million, brokers say new construction priced from the high $500,000s has proven especially attractive to buyers who might otherwise be priced out of the resale market entirely.
The project, developed by Belmar Attorney Bill Shipers and Mark Coleman of Naples, Florida, consists of two four-story condominium buildings that together span the full block between Memorial Drive and Steiner Avenue. The site replaced what had long been a neighborhood eyesore — a lot cluttered with abandoned tractor trailers, old ice cream trucks and dilapidated structures — with a gated, amenity-rich community aimed at buyers seeking a shore lifestyle at an accessible price point.
“The project is a commitment to redeveloping the Memorial/Steiner corridor,” Shipers said. “I believe this area, a mile or less from the Atlantic Ocean and adjacent established beach towns, offers an opportunity for all people to live the dream of a shore residence.”
The development arrives amid a broader renaissance along Memorial Drive, where multifamily rental buildings have undergone renovation and new construction in recent years. Monmouth County has also approved a redevelopment of Memorial Drive into a scenic, one-lane-in-each-direction roadway, and 1100 Fifth Avenue was approved by the Neptune City Mayor and Council as well as its Land Use Board as part of an effort to encourage high-end investment along the Steiner Avenue redevelopment zone.
Residences range from one- to two-bedroom layouts of roughly 950 to 1,220 square feet, with pricing that started in the high $500,000s — a fraction of what buyers are paying for existing homes just blocks away in Bradley Beach or Avon. Each unit includes the potential for two designated parking spaces, and buyers gain access to a shared roof deck with sweeping Atlantic views stretching from Long Branch to Point Pleasant, outfitted with sun loungers, grilling stations, dining areas and two fire pits.
“I don’t believe ownership opportunities of the like of our project exist at our reasonable price point in the area,” said Coleman. “We offer 10-foot ceilings, high-end finishes, stainless appliances and large windows and sliders for abundant light.”
Beyond the rooftop, each building includes a first-floor gym and resident lounge, with additional recreation on the basement level featuring pool tables, ping pong, shuffleboard, a cornhole area and a dedicated dog-washing station. Bicycle storage and a deeded storage cage are included with every unit. Monthly HOA dues are projected in the $400 range, modest for a building of this caliber, according to the developers.
The community's design incorporates cobblestone curbing, contemporary lighting fixtures and extensive landscaping, with gated entry and access controlled by an electronic “butterfly system” paired with video monitoring. Interiors feature 10-foot ceilings, quartz countertops, Kohler fixtures, GE stainless steel appliance packages and Energy Star-rated systems throughout, including high-efficiency HVAC and low-VOC finishes.
The location places residents within easy reach of the Jersey Shore's established draws. The site sits across the street from Il Posto, the popular Italian eatery formerly known as Mom's Kitchen, a block from The Grand Tavern, and two blocks from the Bradley Beach town center, home to the train station, shops and the beloved Delponte's Bakery. The Bradley Beach train station is roughly a block away, putting New York and Philadelphia within reach by rail or bus.
Shipers and Coleman, who began developing the project three years ago, each reserved a unit for their own families — a signal, they say, of their confidence in the community they built. “Whether your goal is to live, vacation or invest in the Jersey Shore, we welcome you to experience your best life in our newest creation — 1100 Fifth Avenue,” the developers said.
Sales are being handled through the Brian Church Group of Berkshire Hathaway HomeServices, (732) 449-0671, and additional information, floor plans and photos are available at 1100fifthavenue.com.