Stone Harbor Property Values

Baby boomers pushing values higher
By RICHARD DEGENER - Staff Writer, (609) 463-6711
Published: Tuesday, December 13, 2005

Updated: Tuesday, December 13, 2005STONE HARBOR - Ken Lawrence is 57, and after working years as a utility company executive, he wants to enjoy the fruits of his labor.The Bryn Mawr, Pa., resident drives an expensive car and he has a place to vacation on the New Jersey shore. Lawrence describes himself as a baby boomer, and with the birth year of 1947, he's on the edge of a retirement wave expected to boost the shore real estate market."I'll tell you, we've been working hard our whole lives and it's time to enjoy it. Millions of baby boomers are finally spending all the money they've earned their whole lives," Lawrence said.The retiree owns a house in Avalon and is so bullish on shore real estate, he is building another one in Stone Harbor. He has a place to vacation with wife, Molly, and son Brendan, 15. His older children, Justin, 31, and Melissa, 28, can also have a shore vacation. Like many retirees, Lawrence wanted to invest his money in something solid. He noted that when the national housing market goes down, the values in Stone Harbor and Avalon simply stay flat."In the last 10 to 15 years, the value has increased about 10 percent a year here. You can't do much better with your money," Lawrence said.He can also make money renting out his houses. Lawrence is not worried that his homes will turn into a bad investment, partly because of the large number of baby boomers yet to retire, and also because they aren't making any more shore real estate."What's here is here. There's a limited supply. Basic economics tells you when demand outstrips supply, the market will be good," Lawrence said.

To e-mail Richard Degener at The Press: RDegener@pressofac.com