MANASQUAN – Realty and sales in southern New Jersey may be struggling due to the current state of the economy, but that is not going to stop PRC Homes from building on to the “penthouse” style apartments at The Monmouth condominiums near Point Pleasant, NJ, according to Vice President of Sales and Marketing Greg Lentine.
The Monmouth, a luxurious condominium complex that caters to the 55-plus community, has listings of apartments ranging from $800,000 to $1.5 million. There are six residences in each of the eight buildings, each approximately 4,000 square feet with a private elevator, fine hardwood floors, marble and tile kitchens, and broad private terraces and bedrooms. There is a community club house that offers many utilities for residents, including two private pools, a gym, a billiard room, and an outdoor 18-hole golf course.
“Our product is so original and unique, that it can only fit to satisfy a small group of people,” said Lentine, whose construction firm, PRC Homes, owns The Monmouth. “It caters primarily to an older, upper class society with people who typically don’t live at the apartments year round.”
Many setbacks have delayed the final construction of The Monmouth since its initial development in 2001, which should grow to include over 10 condominiums. Although the present economic crisis constitutes for a large part of these troubles, some smaller, more personal events have also curbed profits.
“One of the big economic problems that our community at Monmouth faces now is that the community went bankrupt,” said Lentine. “Our original building constructor died after construction began, and now it’s hard to find the right people to fit our market place in the state of the economy.”
Although people nationwide are cutting back on expenses in order to cope with the recession, Levine does not believe this will affect The Monmouth’s overall production and sales.
“It’s like a triangle,” said Levine. “Only a small percent of rich people who wish to own a home in that area [the Jersey Shore] are at the top. We just have to find those people. The original building plans are still in progress and there should eventually be over 10 building complexes.”
PRC Homes is implementing some changes in future construction, however, to offer a number of residences at more affordable prices. At least three more buildings will join The Monmouth in the upcoming months, and the apartments will be 2,000 square feet instead of 4,000. These apartments will be placed on the market at prices lower than The Monmouth’s original median selling price of $1 million.
“It really just depends on the situation though,” said Levine. “We just had a man buy out three complexes for over $3 million. He plans to put in a personal dance floor and bar.”
Many of the finished complexes at The Monmouth are already off the market, and according to Levine, offers and interests are still coming in.
“As the saying goes, ‘if you want to sell pink elephants at 10 cents apiece, you need the pink elephants, and you need the people interested in them to have 10 cents,’” said Levine. “What I need to find are those few people interested in my ‘pink elephant’ who are still able to afford it during this financially difficult time.”