Last month, The Esperanza was put on hold in Asbury Park. Some of you may remember this new luxury condominium building on the Asbury Park boardwalk as the place where rock n’ roll legend John Oates recently decided to purchase a vacation home. The development is put together by Metro Homes, who have been given 30 days to produce paperwork for the city before action is taken.

At this point, the folks in Asbury Park may be getting ready to see another steel skeleton on their beachfront. Most of this is probably due to the current housing crunch, but I have to believe that a great deal of the problems here are rooted in Monmouth County’s unwillingness to accept the fact that the housing crunch is here and that home prices must be lowered, period. There are homes in Monmouth County that were never worth more than $250,000 that eventually priced out at around $650,000. Mortgages were taken on these properties that are well above the $250,000 that these things are worth on today’s market and now the owners are stuck with a high-priced mortgage and a house that isn’t worth peanuts.

Having zero knowledge of the Esperanza development budget, I would wager that they needed to sell a certain number of condominiums before the construction really went into high gear and that they didn’t hit that number because of the downturn in the market. Hey, it happens.

And now we have another metal monster on the beachfront!