Lessons from a Top NJ Shore Developer
Yesterday my wife and I attended a few Open Houses here at the shore. The sport of vacations here on 7 mile island IS real estate.
Just after we arrived, one of the most prolific Jersey Shore developers walks in to check out the build himself. He did not build the house we were both walking through. I’m leaving his name out for privacy reasons, but you likely know the name & brand if you’re in Jersey or Main Line PA real estate.
We chatted for a while and I came away with 2 lessons:
- Successful Business Operators are ALWAYS ON.
- Location, location, location
First, let’s talk about ALWAYS ON. Here is a guy who certainly “has enough” in life. More than enough. Yet, on a Saturday during Memorial Day weekend, here he & I are both randomly walking a  new build neither of us have any intention of buying. Why?
Well, I believe for us both, is that we simply love real estate. Buildings, the brokers, the builders, the conversation. This must be the type of thrill folks get from following & talking about their local sports team. For us, that thrill comes from the business of real estate.
The other benefit here is market research. What is the competing product available in the market? Have you ever scheduled showings of houses you never intend to buy, simply to better understand the market from your buyer’s perspective? Or even called competing commercial properties available for lease to understand the rents being quoted in the market??
Now, Location, Location, Location
As we chatted for a while in this brand new house, my wife had mentioned several towns where she has considered houses. Some with 40+ acre parcels.
Our new Developer friend stopped, somewhat seriously, and STRONGLY steered us toward one of the towns she mentioned. Wayne, PA. His reason? He expects values to always climb in that highly constrained, desirable market. Location, location, location.
Then, to drive home that lesson further, as we start to break away into different directions to tour the house, he calls us back down the stairs, pulls us in close, and whispers:
“I am definitely NOT risk averse, but building this house, in this location is the riskiest move I’ve ever seen. Remember, location, location, location.”
Knowing the caliber of record breaking, exclusive homes this gentlemen builds, this lesson definitely hit differently as we stood there checking out this $4.5M home together.
On that note, do you have any Wayne, PA or similar Main Line, PA prime locations for me to buy? 1 Acre+, prefer something move ready, but willing to tear down & rebuild or renovated.