An oceanfront home in Avalon, N.J., has sold for a whopping $11.15 million, making it the town’s most expensive property to sell this year, writes Kennedy Rose for the Philadelphia Business Journal.
The 4,150-square-foot home sits on a 6,600-square-foot lot and boasts an unobstructed sightline of the ocean on one side.
The property was bought by Matthew McDevitt, president of Berwyn-based Warren Avenue Investors and a former BioMed Realty Trust executive.
The six-bedroom, six-and-a-half-bathroom home was built in 2019. It spans three floors, enabling its kitchen, living room, dining room, and primary suite to overlook the ocean.
The price that Avalon-based homebuilder Thomas Welsh Builders got for the property is unusual for the shore point. Homes there generally top out at $10 million.
“The oceanfronts being over 10 is kind of a big spike,” said the listing agent, Jack Vizzard of the Jack Vizzard Group with Berkshire Hathaway HomeServices Fox & Roach.
This sky-high sales price is attributed to the feverish home demand in Avalon that started during the pandemic and has yet to subside.
Read more about the sale in the Philadelphia Business Journal.