Peg from Minnesota sent me this link from the NY Post. I built paddle tennis courts in Rumson with Chip Mathewson, many. many years ago, and remember it as a wonderful seaside town. If it’s in trouble now, the real estate market must really suck.
In this economy, it’s not uncommon for whole neighborhoods to be on the market. But Rumson, NJ, a leafy bedroom community of 7,200 residents, nonetheless stands out: It has 100 homes for sale — all for more than $1 million.
“The streets are filled with distracting ‘for sale’ signs,” says one resident. “Lots of husbands are hanging out at the bagel deli. They used to be working and now are picking up bagels. There’s a new class of Americans in Rumson: the formerly rich.”
The glut of luxury homes has lent a surreal quality to the town, and weekends find brokers sitting at open houses waiting for buyers that never come. Many of the properties have been on the market for more than a year