Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-10-14
OCEAN CITY ENJOYS.
REAL ESTATE BOOM
Housing Shortage Necessitates
Work During Winter to Meet
Heavy Demand
BIG TRANSFERS ARE MADE
Bv a star Correspondent

estate boonr in its history. There has
been an actual building development in
excess of S3,OOO.0O during the past
fifteen months, and local real estate men
regard this as being only the. start.
The housing shortage on the island,
and recognition by Investors that there
Is great future for the resort, has
contributed to the boom. In addition
the water line on the ocean front hns
been receding rapidly, the boardwalk
has been moved out twice. and the own
erss of the riparian rights have reaped
harvest.
Another great factor In the develop
ment of the resort was the freeing from
tolls Of the automobile bridge on August
15 last. The entire island is eight
miles long and one and n half miles
wide. The winter population Is only
1000, while the summer figures reach
10000 at the peak of the season. Ordi-
narily summer is the building season
but this winter the contractors have
been hard at work. and the sound Of the
hammer and the saw is heard every day
except Sunday up and down the island.
There has been a great housing short
age at Ocenn City and the builders
nave been trying to supply the demand
for new cottages. SO many must be
built. however, It will require a winter
of hard work to catch up with the inn
mediate requirements in the older por-
tions of the resort.
The main business street is Asbury
avenue, and according to real estate
men, it has been quiescent for years as
far as real estate development is con-
cerned. Today, however, prices are
soaring and some prices being paid for
property are astonishing the old timers.
For instance, there is the old cottage
of the'Barr estate. next to the City Hall
at the southeast >corner of Asbury ave-
nue. and Ninth street. This IS an ordi-
nary two-nnd-a- half story frame cot.
tage on fair sized lot. 1t would sell in
ordinary times, for about $1,000, al
though the estate persistently declined
NIL offers. The property was put up at
auction recently and brought $40. 500.
The ocean front has been great
money maker. Big deals have been put
through from Il speculative standpoint,
lotaling $1,000. 900 since January 1.
Last February strip of ocean front
100 feet wide. Mt Tenth and Beach
streets. sold for $4,000. That started
the ball rolling along the beach. A local
syndicate at once organized, and bought
a piece of ground 300 feet wide at Sew
anth street from the old Brighton Hotel
md acquired the riparian rights, The
and was sub divided. and sold rapidly.
Prices were kept deep secret. but
were rumorcd to have been very high.
One Sale Of $4,000 Reported
y property at Plymouth place and
The boardwalk was bought recently Ht
price reported to have been Sl3O.-
'oO, lnclrding some improvements
made there. Recently the property was
sold ut price reliably reported to
lave been SlI1.OOO. In the spring.
liso, a syndicate of local men bought
he llippodrome Pier and carrouscl,
ma made extensive alterations. The
,asino building. also. opposite the
Pavilion. on the beach front.
las been bought by local syndicate
alterations have been made and the
'loorlyn Theatre built. This is row
'eported sold at handsome profit.
At tho southeast corner of Eighth
md Asbury avenue an ordinary three
tory property and the building ad- /
nccnt sold for SO .On0 two years ago. .
hat corner was sold recently for
$4,000 and it is reported S3S 900 has
ccn refused for the building adiacent
Included in the original deal.
The property adjacent to the First
National Bank. at Eighth and Asbury
venue. Il thirty three foot front.
hree- story brick store and apartmrnt
was sold some time ago for
20. 900. and was recently sold again
or $56,000.
\ campaign on now to raise $500 600
or the building Of a new ocean front
otcl at Eleventh street and the Board
;alk. has just ended. and the business
nen of the resort not only subscribed
he half million. but several hundred
ol!nrs more. The hotel. of modern
rcproof construction. will contain 300
ooms. 1t will be known as the Slocum.
Until ten days ago, in fact. this
cean front development was the biz
hing at Ocean City. Now the bnsi,
ess section has fallen into line. Other
.sbury avenue sales reported are Of
'o., S31. a three story brick structure
scd aS clothing store. sold for S35.-
90. At 021 Asbury. S23 Asbury' So5
,sbury and 75S Asbury property has
hanged hands within the mast tcn
ays. The considerations have not been
\ modern high school building will
g erected on the old camp grounds. he.
Heen Ocean and Atlantic avenues tbo
cost to be $500, 900 The
Iuipment will cost S75. 900 more.
In addition to the sales mentioned.
amy properties over all the island hove
zen sold and rcsold. To show the cy.
mt of the building operations under
ay. On September 10. the big dov M
10 Bureau Of Building Inspection So
II this year, permits for work TO cost
ore than 81 100000 were issued.
Waste Land Reclaimed
Two syndcates, also, have taken hold 1
the waste land at the north snd of
cean City Gardens, and hundreds ~
'ttages will be built, after the mi bas
zen made, several million dollars being
vOlvcd. ''s
Il. NJ. sutton, president Of the Cham !
" or Commerce. commenting upon thc
'velopment, said, There Is no Iork,
lis resort has a brilliant future. Our
'vel0pment has been phenomenal nnd
e building this year has attained fro
rndous proportions. Our old friends
Ill be astonis he'd when they return and ,
cir absence" ''''"s
lie roy Hove, secretary of the Cham ,,
II OF Commerce. said cor course
are enthusiastic over the future of =,
Is island: We have always had a
st-class family resort here. and now .
expect to continue this new growth
itil eventually every available foot r
iahm on the island has been put to
10. Then Ocean City will be second =,
none as an Atlantic Coast resort. In :
ct, we feel that in many ways 1t can
Il be cqualed now."
FRANK E. Darby, veteran real estntc