Cash is the undisputed king of Seven Mile Island’s real estate royalty.
Confirmed or apparent cash purchases accounted for $130.1 million across 17 of this year’s 25 sales at $5 million or more, an Ironside review found.
Those 25 Avalon and Stone Harbor properties sold for a combined $185.5 million through July 23. Cash deals represented 68% of the transactions and 70% of the total dollar volume.
The concentration grew stronger with price.
Eight of the nine properties sold for at least $7.5 million were confirmed or apparent cash purchases. Together, those eight transactions moved $76.1 million in real estate without a recorded purchase mortgage.
Avalon carried most of the activity.
The town recorded 18 sales at $5 million or more. Thirteen were confirmed or apparent cash deals, representing 72% of the total.
Stone Harbor recorded seven sales in the tier. Four were cash purchases.
Cash Takes Over at the Top
Cash did not dominate the entire Seven Mile Island market.
Among all 99 Avalon and Stone Harbor sales reviewed, Cape May County MLS data classified 46 as conventionally financed and 42 as cash. Another 11 were listed as “Other.”
The balance changed sharply in the luxury tier.
Among sales at $5 million or more, 13 were identified by the MLS as cash and seven as conventional financing. Five were classified as “Other.”
Ironside reviewed Cape May County deed and mortgage records for those five transactions.
Four showed a deed and notice of settlement but no purchase mortgage recorded under the buyer. Ironside classified those transactions as apparent cash purchases.
The fifth was the $11.5 million Stone Harbor sale backed by an $8 million mortgage.
That produced the final split: 17 confirmed or apparent cash purchases and eight financed transactions.
At a price-point of $7.5 million or more, the score was eight to one.
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