The sale of a $25 million property in Spring Lake, NJ, has significantly altered the local real estate market, attracting a new, upscale clientele and raising property values. Long-time residents and families are struggling to buy homes, as prices have soared to a minimum of $2 million, hindering generational ownership in the community. Real estate agents note an increase in demand and rapid sales in the area following the high-profile sale, indicating a shift towards a more exclusive market that appeals to affluent buyers seeking beach properties.
"There are families who come to Spring Lake and kind of never leave... But honestly, it's hard for their kids to buy into town, because you're easily looking at $2 million as an entry price to get in."
"Houses that didn't sell before this one sold for $25 million, all of a sudden started selling. And then people started putting their houses on for stupid amounts of money."
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