South Jersey Realty Company (Stone Harbor, New Jersey)

Product Details

Historical Context

The Davis, Reese and Howard Risley arrived in Stone Harbor, New Jersey from Philadelphia with a vision to design and build a seashore community and, of course, to make money. They established the South Jersey Realty Company and bought 3,674 acres on the southern portion of Seven Mile Beach for $90,000 from the Avalon Development Company in 1907. The company, of which Reese was president and general manager, Howard the vice president and David the treasurer, then distributed property to all three brothers, and went on a promotional spree.

Working quickly, the South Jersey Realty Company provided free railroad transportation and accommodations at the existing Harbor Inn to prospective investors. Soon cottages sprang up, the streets were laid out, and a well was drilled for fresh drinking water. They oversaw the construction of a parkway – complete with a drawbridge at 96th Street – that connected Stone Harbor to the mainland, and through their political connections were even able to get Gov. Woodrow Wilson to dedicate it in 1911.

The Risleys sold $100 bonds through their South Jersey Realty Company, which entitled the buyer to a lot on which to build a cottage, bungalow, or store, and promised to offer “improvements,” such as streets, water, and electricity.

“The Risleys were real estate salesmen and developers,” says Jim Talone, president of the Stone Harbor Museum, who has done extensive research on the three brothers. “They promoted Stone Harbor, leveled the dunes, and hired people to lay out the streets. Within 10 years, the place was a town.”

The South Jersey Realty Company had several offices, none of which was in Stone Harbor. Three were in Philadelphia, and the fourth in Camden. They advertised their “million dollar issue” of First Mortgage Beach Front Improvement Bonds, which were secured by beachfront lots that were retained by the company, with the intention of selling at a future date.

A 1909 novelty card called “New Stone Harbor” a “Miracle in Rapid Growth,” shows photos of “before” and “after” development. One postcard boasted that there was “absolutely no risk” and “loss is impossible” if one invested with South Jersey Realty. “We think we have shown you that you take absolutely no risk when you invest with us,” it stated. “Land values at Stone Harbor and Miramar are just starting to advance.”

Two Risleys built themselves grand homes. David’s house, “Cobble Point,” was on Sunset Drive, while Reese’s home, “Hydrangea,” was located on First Avenue, near the Harbor Inn.

In 1911, the Risleys presented the wildly popular Gala Week, a weeklong schedule of events intended to publicize South Jersey Realty that coincided with the Fourth of July. It included a formal ball at the yacht club, a regatta sponsored by the Philadelphia Inquirer, a beach party and barbecue, and, of course, a fireworks display.

Howard Risley even served for a short period of time as Stone Harbor’s mayor. He was elected in May 1914 and resigned in November 1915 over a contract dispute for a new boardwalk.

In many ways, the Risleys were the Barnum & Bailey of the real estate business. And just like the circus, the Risleys quietly left town about 1917, moving on to their next adventure.

Related Collections