Sept 13, 2005

North Beach Asbury Park Is 80% Sold in 55 Days

Fewer chances to buy North Beach's 1st block of oceanfront condos

ASBURY PARK, NJ (September 13th, 2005) - Paramount Homes had a great summer at the beach in Asbury Park. The developer announced that 80% of the available homes in North Beach Asbury Park were sold in 55 business days. The one- and two-bedroom homes currently for sale in the city's only oceanfront condominium community are widely expected to be sold out before winter, while penthouse and oceanfront units priced above $1 million will be for sale in early 2006.

Construction of North Beach Asbury Park's three buildings - the Barcelona, Seville, and Monterey - is keeping pace with the brisk sales activity. Concrete "Super Pours" for North Beach's foundation have been laid down, steel installation will be complete by winter, and the first residents will move in by summer 2006. The entire first phase will be occupied by mid-2007. To satisfy high demand for the waterfront residences, Paramount Homes is in pre-planning stages to build future phases of the North Beach community.

"This is the only chance to live right on the beachfront in the Northeast at this price," said Carolyn Villani, vice president of sales and marketing, Paramount Homes. "All summer long, North Beach buyers have astutely recognized that they have a once-in-a-lifetime opportunity. Now we're expecting even more people to take advantage while the weather is still nice."

According to Villani, the initial 127 homes in North Beach Asbury Park are expected to be sold out shortly. In addition, Paramount Homes will begin marketing about 30 penthouse and oceanfront homes in the Seville and Monterey buildings, at prices likely to exceed $1million.

"North Beach Asbury Park has been one of the most successful premium developments in New Jersey," said Villani, explaining the demand. "Many North Beach buyers have been waiting most of their life to witness Asbury Park's revitalization. Now that they see it's happening, they want to buy, before the City by the Sea oceanfront property becomes unobtainable."

North Beach Asbury Park is a modern interpretation of Asbury Park founder James J. Bradley's vision for a beachfront resort community. In fact, the architecture and design of the Monterey building is based on the original Monterey Hotel of Asbury Park's first Golden Era.

The success of North Beach Asbury Park and its significant role in Asbury Park's revitalization has led Jackson-based Paramount Homes to launch an entirely new division, called Paramount Centro, focused on the development of premium condominium and apartment living in urban environments.

Pre-scheduled VIP appointments to purchase a home at North Beach Asbury Park can be made through the website www.NorthBeachAsbury.com.