Selling Avalon’s ‘Monstrosity’ | Real Estate Newsletter

Bob Penrose Jr.’s family has owned their Shore house in Avalon since it was built in 1891. But now they’re letting it go.

Up and down the Jersey Shore, buyers have been knocking down old, smaller homes and building McMansions. The family’s home, known around Avalon as the Monstrosity, is definitely old. It’s smaller than the homes going up now. And it doesn’t have air-conditioning or a pool.

But the owners are holding out hope that whoever buys the home will preserve it.

Keep scrolling for that story and the rest of this week’s edition:

📮Today’s newsletter features a financial literacy quiz. Housing counselors have told me that aspiring homeowners often have a lot to learn about the subject. What’s something you learned about personal finance during your home-buying process? For a chance to be featured in my newsletter, email me.

— Michaelle Bond

If someone forwarded you this email, sign up for free here.

The family who owns the Monstrosity hasn’t listed it for sale yet. Instead, they posted on Facebook that they’re looking for a very specific buyer: someone who will purchase the double lot blocks from the beach and keep the house that’s been there for more than 130 years.

That piqued the interest of one of my colleagues, and that’s how I found out about it. It’s definitely not a message we see every day.

Usually, sellers want to get as much money as they can for their home. And this property is worth millions. Any restrictions on what a new owner could do with it would bring down its value.

I obviously wanted to talk to one of the current owners to find out more about the family’s motivation to go this route. And I also wanted to talk to someone at Avalon’s historical society who could speak to how many of these historical homes are still left in the borough, which has seen lots of teardowns in favor of building McMansions.

It turned out these people were the same person — Bob Penrose Jr., oldest of eight siblings who own the Monstrosity and president of Avalon’s historical society.

Keep reading for more details about the family’s plans to sell and to learn the story behind why the owners named their Shore home “Monstrosity.”

Starter homes are traditionally what first-time buyers can afford to purchase. They’re smaller. They’re less expensive. They’re often a stepping stone to a larger home.

But prices for these more affordable homes are up. And so is demand. At the same time, there aren’t that many starter homes out there to buy.

I talked to a local real estate agent who told me first-time buyers are doing anything they can to afford a home, including pooling resources with family and friends.

A pair of friends in their mid-20s with lots of student loan debt were able to buy a rowhouse in Brewerytown this year because they did it together. And because they then rented their third bedroom to another friend.

And that’s here in a region where housing is relatively affordable compared to other parts of the country.

In fact, two counties in our area are top U.S. markets for affordable starter homes, according to an analysis by Redfin. The company compared the income needed to afford the typical starter home to the income the typical household makes.

See which local counties are most affordable for starter-home buyers and how much money they need to make.

Financial literacy. It’s something everyone can agree is important. That’s especially true when you’re getting ready for a big purchase. Say, a home.

Personal finance is a huge part of housing counseling, which tries to prepare homebuyers to be successful homeowners. Counselors often tell me clients don’t know how to budget or what credit is.

High school students in New Jersey are required to take a financial literacy course, and Pennsylvania passed a law last year requiring its students to do the same.

To give you a taste of what kids learn and test how much you know, my colleague Erin McCarthy created a 10-question quiz.

I’ll admit it’s kinda hard. But the question about housing payments is one my readers should definitely get right.

Test your personal finance knowledge by taking the quiz.

Aleksandra Jakubowski and Tomasz Kiosewski own a Bucks County-based design company that specializes in high-end window treatments. So their home’s many windows were a definite draw.

Then there was everything else about the house. The five bedrooms and full basement. The 3,600 square feet of living space. The almost two wooded acres it came with.

“From the front, you wouldn’t expect what you’d find inside,” Jakubowski said.

But the house was built in the early ‘90s and needed some updating. Here’s a partial list of the work they did:

Some of my favorite features of this property are the sunroom pictured above and the zip line out back for the kids. Peek inside for the results of these designers’ home makeover.

Some New Jersey residents are eligible to get rebate checks for their unused appliances, including refrigerators and window A/C units. It’s all part of a recycling program that PSE&G has restarted.

Question: How much money is the New Jersey utility company offering for each working fridge or freezer (up to two)?

A) $10

B) $25

C) $50

D) $80

This story has the answer.

Do you know the location this photo shows?

📮 If you think you do, email me back. You and your memories of visiting this spot might be featured in the newsletter.

Shout out to Robert A., who knew that last week’s quiz featured a photo taken at Penn Treaty Park.

Enjoy the rest of your week.

By submitting your written, visual, and/or audio contributions, you agree to The Inquirer’s Terms of Use, including the grant of rights in Section 10.