Amazing! This Shore Cottage Just Sold For 10 Million Dollars!

Inflation is up and so are home prices as we move into the final stretch of 2023. The U.S. Inflation Rate is at 3.67%, compared to 3.18% last month. The current mortgage interest rates are 8.471% for a 30-year fixed and 7.501% for a 15-year fixed. In addition, "Data from the Council for Community and Economic Research (C2ER)'s 2022 Annual Cost of Living Index shows that the national average monthly mortgage payment is $1,768."

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So let's talk about this small beach cottage that drew a lot of attention as it sold for ten million dollars! WOW! Where was this beach house? Stone Harbor, New Jersey. According to NJ.Com "Prices are up on homes everywhere, especially at the Jersey Shore. And a recent sale of an oceanfront home set a record for Seven Mile Island, home to the tony beach towns of Stone Harbor and Avalon. A 1,225-square-foot cottage, built in the 1950s, netted $10 million in a private sale. That’s a record setting $8,163 per square foot."

According to the NJ.Com article, "The buyer plans to tear down the existing home and build something new. The home is across the street from the Sister’s of the Immaculate Heart of Mary Convent, which sits back about 150 yards from the beach." With that said, the views are stunning.

So what do you think? Ten million dollars, do you keep the existing cottage or do you do like the new owners and demolish it to build a new home? I guess if you have the ten million dollars, what's a few more to build a new home? I do think the existing cottage has age and character, so I might think twice, but that's just me. Do you love Stone Harbor? Post your comments below.