Luxury Community Offers Discounts, Sees High Percentage of Closings

By Erika Schnitzer, Associate EditorAsbury Park, N.J.—The Blu at Asbury Park, a five-story, 24-unit luxury community developed by Pyramid Property Partners, has closed several sales in the past few weeks. The project is approximately 45 percent sold.Sammy Boyd, sales agent at John Conover Agency, attributes the high number of sales to the pricing of the residences, its location and its design. He says that the luxury residences are being offered at a discounted rate due to the state of the economy.The homes have been on the market for about one year, although Boyd is confident that “if these were better times, the property would have sold out in less than a month.” He compares The Blu to Asbury Grand, a 25-unit luxury condominium project adjacent to The Blu and also developed by Pyramid Property Partners. According to Boyd, Asbury Grand, which opened four years ago, sold out in three months at higher asking prices.The project is located four blocks from the beach and one block from the downtown area, where there are a number of restaurants and shops.Designed by architect James Watt, the building has a South Beach look, notes Boyd. The demographics of purchasers at The Blu mirror those of Asbury Park, with many urbanites interested in the project.The condos range in size from 900 to 1,500 sq. ft. and are priced from $329,000 to $499,000. Residences feature stainless steel appliances, hardwood floors, balconies and large windows with views of the historic neighborhood.Additional amenities include a rooftop deck, pool, fitness center, storage facilities and on-site parking.