Rebuilding A Rundown Seaside Town

8 May 2004 - 5:00am

Asbury Park, N.J., was known as 'Beirut by the shore' until a $1.2 billion redevelopment project sparked the creation of a gay mecca.

"In the late 1990s, Asbury Park's fortunes began to change. The local government ushered in a $1.2 billion redevelopment project, including a new boardwalk and oceanfront condominiums. But as you stroll along the wide streets where huge Victorian houses once sat in varying states of disrepair, you see signs of the real reason for this town's turnaround. Look up and you'll likely notice flags flying from newly painted clapboard siding. They're rainbow flags, an emblem of the gay community, whose members have steadily been purchasing property here during the past five years, contributing to the long-awaited renaissance of this city of 17,000 residents."

Source: Wall St. Journal, May 5, 2004
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"