LOWER TOWNSHIP - If location is the most important factor in selling real estate, timing is a close second. The timing may have barely worked at The Grand at Diamond Beach. With an economic recession and a slow housing market, the 12-story condominium complex is getting done just in time. The 125-unit project is on schedule to be completed by May 22, so it is too late for financers to get queasy. All 12 stories are already up and dominating the skyline as the largest building between Atlantic City and Ocean City, Md. Workers are now finishing off the interior. Interviews are taking place for the lifeguards that will man the privately owned beach in front of the complex and for a concierge to cater to residents. Eustace Mita Jr., of the development company Achristavest, said the main financing came from The Carlyle Group, and even though the private equity firm has "taken a hit" from the recession, he said the project was already fully funded. In fact, the $100 million budget to build the complex was increased to get the job done.

"Carlyle is the single largest private equity firm in the U.S., and they're on solid footing," Mita said. The sales staff at Oceanside Realty said they had agreements of sale for more than 25 percent of the units when interviewed a little more than a year ago. Paul Chiolo, broker/owner of the firm, said Tuesday that figure is now more than 50 percent. The units range from $682,000 to $5.2 million for the two-story units known as "Pearls." The assessed value of the project is expected to be somewhere about $184 million. The prices rise as much with height and ocean views as with the size of the condos. The ocean can be seen from three sides, and the fourth allows views of sunsets into the bay. "You can watch the sun rise and watch the sun set in some of the residences," Chiolo said.

While shorefront condominiums in some areas are remaining vacant or selling at bargain prices, the recession has led to no price discounts here. Achristavest has instead responded by adding more amenities, including more upscale furnishings and a concierge service. "A lot of projects are on hold depending on if the seller will make adjustments. This project stands on its own," Chiolo said. As the common areas are finished and the large swimming pool is filled, Chiolo said the sales job will become even easier. Several models are completed and used for tours. All sales include fully furnished units with marble bathrooms, New Zealand wool carpeting, hardwood floors, teak patio furniture and other amenities. Chiolo said the average buyer visits four or five times before signing an agreement of sale. Many already own condominium units in Diamond Beach. Some simply want to make sure the project would be completed before plucking down any money, given the uneasy economy.

"It was a question for some time," admits Chiolo. Even though they answer the phone here by saying: "It's a great day at The Grand," there obviously were some anxious moments since Eustace Mita Sr. unveiled his plans in 2004. Those plans called for three buildings with a value of $500 million. Achristavest has already received local approves for a six-story condominium building for the second phase of the project and eventually had planned to demolish the Pier 6600 Motor Inn, purchased in 2006, for another 12-story building. The second phase was supposed to begin right after the first phase. It is now on hold and Pier 6600 will continue to operate as a motor inn for the time being. "We're waiting until the time is better. It's definitely been pushed off to the future," Mita Jr. said. The township is excited about the new tax revenue and will start seeing some of it this year as settlements take place and units are put on the added assessments list due out Oct. 1. The township's 2009 budget will treat is as "unanticipated revenue" and funnel it into surplus. The main budget impact would start in 2010 when revenue can be anticipated. "We're definitely looking forward to it. It's just a matter of when they issue the certificate of occupancies and what the assessment will be," said Township Chief Financial Officer Lauren Read. Chiolo said about 70 percent of the buyers are from northern New Jersey with most of the rest coming from the Philadelphia area.