New Jersey’s real estate market continues to demonstrate its remarkable resilience and ongoing demand, particularly in the highly sought-after coastal regions. A recent, notable transaction in West Long Branch underscores this trend, with an undeveloped eight-acre parcel of land commanding an impressive $5.8 million. This significant sale, handled by Managing Director Matt Weilheimer and C.E.O. Jason Pucci of the Kislak Company, Inc., highlights the continued appetite for prime development opportunities in desirable Garden State locales. For more insights into New Jersey’s dynamic real estate landscape, visit explorenewjersey.org/category/real-estate/.
The property in question, an L-shaped lot situated at the intersection of Larchwood Avenue and Jonathan Court in West Long Branch, possesses all the hallmarks of a lucrative investment. Its strategic location in Monmouth County places it just minutes from the iconic Jersey Shore, offering easy access to the vibrant recreation, diverse dining, premier shopping, and lively entertainment hubs of the Borough of Deal and Pier Village in nearby Long Branch. This proximity to coastal amenities, combined with the tranquility of a residential setting, makes it an ideal spot for high-end development. Adding to its appeal, the land is nestled amidst a mix of established and newly constructed multimillion-dollar homes, clearly indicating the upscale nature of the surrounding neighborhood.
Zoned R-22 residential, this substantial eight-acre tract offers considerable potential for subdivision. This zoning classification is typically associated with low-density residential development, allowing for larger lot sizes that are highly attractive to builders of luxury single-family homes. The flexibility to create multiple high-value properties within this parcel undoubtedly contributed to its hefty sale price.
Matt Weilheimer of Kislak commented on the intense interest generated by the property. “We were engaged to market the property and conduct a ‘sealed bid’ process for the site that is zoned residential for the anticipated construction of multimillion-dollar homes. The enthusiasm and interest we garnered were amazing,” he stated. What’s particularly telling about the market’s strength is that numerous offers were received without being contingent on obtaining further approvals. This “no contingencies” approach signals a confident and aggressive buyer pool, willing to invest significant capital and bypass potentially lengthy approval processes, underscoring the scarcity of such desirable, subdividable land.
The robust demand for properties in West Long Branch is no surprise to those familiar with the area’s growth trajectory. The borough experienced a significant population increase of 6% between 2010 and 2020, reflecting its growing appeal as a residential destination. This growth has been accompanied by a consistent wave of both single-family and multifamily development, transforming the landscape and attracting new residents. The presence of Monmouth University, a private institution with a substantial student body of 5,500 and approximately 300 full-time faculty members, also contributes to the area’s vibrancy and desirability, creating a consistent demand for housing and services.
This recent multi-million dollar land sale in West Long Branch is a clear indicator of the continued strength of New Jersey’s luxury real estate market. It highlights the premium placed on well-located, subdividable land, especially in areas offering a desirable lifestyle and proximity to both natural beauty and urban conveniences. As development continues to shape our communities, such transactions reflect the ongoing evolution of the Garden State’s dynamic property landscape.
