Ready to Buy a shore house?
If you’re thinking about purchasing a home in Margate City, New Jersey, you’re looking at a unique coastal market with both charm and specific hurdles. Let’s walk through a comprehensive guide: the appeal of the area, what to expect price-wise, and the special considerations for buying here.
Why Margate City is Attractive
Location & Lifestyle. Margate is a shore-town just south of Atlantic City, offering beach and bay access, a small-town feel yet proximity to larger amenities. According to the town’s Wikipedia entry, Margate’s beaches attract surfing, kayaking and Hobie Cat sailing.
Vacation / full-time mix. Many homes are used as second homes during the summer, which means you’ll often find neighborhoods that are lively in high season and quieter in others.
Real estate variety. From beachfront condos to single-family homes and waterfront lots, Margate offers a wide spectrum of housing types. Listings show everything from modest units to luxury builds.
What the Market Looks Like
Here are some recent data points to ground expectations:
Median listing price: According to Realtor.com, listings in Margate City show a median around $1.412 million.
Median home value: On Trulia, the current median home value is just over $1.06 million.
Recent trends: Homes.com notes median sale price around $1.195 million, with year-over-year increases (~31%) in recent windows.
Price per square foot and range: Listings range widely, and newer/large homes go into the multimillion-dollar range.
Takeaway: You’ll likely need a solid budget for Margate—this isn’t a “budget beach buy” town. If you want something modest (condo/unit) it might be more reachable, but single-family homes, especially near waterfront or beach, command premium prices.
Steps & Considerations for Buying
Here’s a step-by-step (plus special to Margate) outline:
1. Define Your Priorities
Waterfront vs inland: Do you want direct bay/ocean access, or more affordable inland?
Seasonal vs year-round living: Many homes are built for seasonal use—make sure they suit year-round if that’s your plan.
Maintenance & flood risk: Being a shore town means special attention to storm/flood risk, beach erosion, dunes, etc. Margate has narrower beaches and protective dune programs.
2. Get Finances in Order
Pre-approval: With homes in the million-dollar range, you’ll want your financing lined up.
Down payment & budget for extras: Because of higher prices, down payments and monthly costs will be substantial. Homes.com suggests that for a median home size, one might need annual income around ~$272K (based on their calculation) to afford it.
Factor in property taxes, insurance (especially for coastal risk), condo/HOA fees if applicable.
Reserve budget for maintenance and unexpected costs—especially important in older or beachfront homes (see general home-buying cautionary article).
3. Work With a Local Agent & Inspect Everything
A local real-estate agent familiar with Margate - The Stephanie Gale Group - will help you: understand neighborhood dynamics, seasonality, what’s realistic in your price range.
Home inspection is critical: Because of the coastal environment, you’ll want to check for issues like salt-water corrosion, roof and siding wear, flood elevation certificates, erosion/dune protection.
Ask about recent renovations or structural issues—foundations, pilings if on water, etc.
4. Consider Seasonality & Use
If the property will be a vacation home: check rental restrictions (if you plan to rent it out), season demand, upkeep in off-season.
If full-time: ensure infrastructure (roads, services) is good year-round. Don’t just pick a place solely for summer-glow.
5. Closing & Post-Purchase Planning
Closing on coastal properties may require specific disclosures (flood zones, elevation).
After purchase: plan for maintenance, insurance renewals, storm preparedness (hurricanes, nor’easters).
For homeowners’ associations or condo regimes: review rules, assessments, reserve fund status.
Budget for utilities, potential seasonality (heating/cooling), landscaping, etc.