Watch the Tram Car, Please...

An idea hit me like a brick this year... but first I digress:
Growing up in the Philly suburbs, there is something very spiritual about the Jersey Shore. The allure of the Shore is not tied to the (admittedly mediocre) quality of its beaches, nor is it linked to its (un)glamorous residents, or even its (semi-)fine dining. It's much deeper than all of these things. The Shore is about a feeling and about memories. The Jersey Shore is permanently embedded in the summertime culture of my area. For those of us that grew up here, some of our finest childhood memories were created at the shore. Some families did Avalon, others Wildwood, Long Beach Island, Ocean City. Certain freedoms were afforded at the shore that were not available at home; among them staying up late, walking to the store by yourself, cable TV (ok, this was 25 years ago). During my childhood I always vowed that, when I grew up, my family would taste this joy. My kids would be able to create memories as fond as mine.

Well... I'm a grown up now, and have three little darlings of my own. We have done weekly rentals every year since the kids were born and they are enjoying the Shore immensely. But this rental thing is getting old for many reasons:

• The Money. The rent for a decent house in Avalon is now $3,000. For a week! I have paid it for years but when you take a step back and think objectively, it's ridiculous.
• The Search. Unless you rent the same place every year, there is an annual scramble in the Spring to find and reserve a house. The web has made this infinitely more efficient, but it can still raise the blood pressure.
• The Money. $3,000 are you kidding me? Trust me, this number is conservative too.
• The Spoons. There is nothing more annoying than finally getting to the house, unpacking, cracking open that first one, and realizing that there is no bottle opener in the drawer... and that the TV does not get Nickelodeon.... and that the coffee maker leaks.
• The Weather. All it takes is a bad stretch of weather, and I find myself saying "... don't be sad kids, we'll come back next year too..."
• The Money. Allright, I'll stop.

I know people who own (or have family that own) homes at the Shore. It is these people that I am most jealous of in the world. They not only come and go as they please, but they leave their beach equipment there, and don't have to arrive Saturday at 2:00 like everyone else on the island. They spend Easter there; maybe a Thanksgiving or New Years Eve. They use the house in the off-season. All this, and they are rewarded with consistent property value appreciation and some occassional rental income. This is the answer to all my problems; I need to own my shore house.

But alas, a new set of problems. As a result of this steady demand-driven appreciation, you can not buy a house at the shore for under a million bucks. Let me restate that... a decent house in Avalon, Stone Harbor, Ocean City will be well in excess of a $1MM. In Wildwood Crest, you could get into a nice town house for $650,000. Sea Isle City and LBI are somewhere in between. I am a gainfully employed professional that makes good money and can not even consider paying even the low end of this range for a vacation home. Besides, I would only use it sporadically throughout the year. And who would keep an eye on it when I'm not there anyway? I guess that was a bad idea.

But wait! Why do I have to buy the house when I know so many other people that are in the same situation as me? I can split it with them! We split the cost of upkeep, split the income if we ever rent it out, and still each use it as much as we want. My answer is fractional ownership. More on this in my next post....