Ironside Shore Wire

Market intelligence for the coastal communities of the South Jersey Shore

‘The Eminence’ Excels at Everything Except Selling

Ocean City’s self-styled legacy property spent 247 days moving through two MLS systems while its asking price decreased nearly $2.5 million.

“The Eminence,” as the seller’s promotional materials call it, excels at nearly everything.

Space. Privacy. Oceanfront acreage. Superlatives.

Selling is another matter.

The latest MLS listing for the 4,400-square-foot oceanfront condo at 3035 Central Avenue expired recently after 59 days at $7.499 million.

But that’s only the final leg of a marketing campaign that began on Christmas Day.

Zillow’s aggregated property history shows The Eminence entered the market Dec. 25 at $9.995 million.

Its price dropped to $8.975 million in April. Another reduction brought the ask to $8.495 million in May. By July, it had fallen to $7.499 million.

Three reductions removed $2,495,001 — or nearly 25% — from the original price for the 2019-built home.

The listing describes more than 1.5 acres of oceanfront real estate, with assessed ownership extending approximately 1,550 feet from Central Avenue to the water.

The residence last sold as a newly built upper-floor condo for $2.808 million in June 2019.

It had entered that market at $3.7 million before the developer reduced the price to $3.499 million. The eventual buyer paid nearly $900,000 below the original ask.

The Eminence returned seven years later seeking as much as $9.995 million.