Understanding Lot Sizes When Building a New Home on Long Beach Island New Jersey
New Construction in the LBI NJ Real Estate Market
One often overlooked area of the LBI real estate market is new construction. Many buyers tend to pass by new construction as a viable option but the reality is that building a new home on Long Beach Island can be a very smart investment! New construction costs will typically run about $160-$170/ sq. foot which, when added to the cost of the land, can result in a new home on LBI well under the current market value of the finished home. When looking to build a new house on LBI, it is important to understand Lot Sizes on Long Beach Island New Jersey and how the relate to value in the Long Beach Island sales market.
Lot Sizes on Long Beach Island New Jersey
Long Beach Island is divided into 6 municipalities each with their own unique building codes and setback requirements. There are some generalizations that can be made which will act as a guideline when building a new house on Long Beach Island
- For most areas of LBI, side yard setbacks will be 4 feet on one side and 11 feet on the other side of the lot
- Generally there must be a minimum of 15 feet between structures
- Certain areas of LBI, mostly along the oceanfront areas, will have greater setbacks usually about 10 to 11 feet on each side
Side yard setbacks are a very important factor when looking to buy a tear down in the LBI real estate market. Undersized lots, typically less than 40 feet in width, will often require a variance to build. For most areas of LBI, a 40 foot wide lot is the minimum you should look to buy. I generally recommend seeking a lot size with a 50 foot width or thereabouts because when the side yard setbacks are deducted from the width of the lot, it can be very restrictive in design. For example, a 40 foot wide lot will only allow, at most, a 25 foot wide house. While this is ample room to design and build a great house at the beach, the additional flexibility found in a wide lot, and subsequently wider house, is amazing!
Certain lots on Long Beach Island will have easements that must be taken into consideration when looking to buy a building lot on Long Beach Island. This is most common in the areas of North Beach and Loveladies however it does occur in many areas on Long Beach Island. Most lots in North Beach and Loveladies are legally 100×100 but some of this space, usually 15-20 feet, is dedicated to an easement. Therefore, the build able area may only be 80×100. Depending on the town and the local codes, the setbacks may be taken off these easements which can further restrict the building envelope.
Buying a Tear Down or Building Lot on Long Beach Island New Jersey
There are very few empty building lots left on Long Beach Island (although there have been more recently thanks to storm damaged homes as a result of Superstom Sandy). Therefore, the majority of new construction on Long Beach Island takes place when an older home is purchased as a tear down and a new home is built in its place. This is a very common practice and improves not only the value of the home that is being built, but also of the homes around it! When looking to buy a tear down in the LBI real estate market, it is important to work with your builder to understand Lot Sizes on Long Beach Island New Jersey and how they relate to building new construction on LBI.
For more information about Lot Sizes on Long Beach Island New Jersey, new construction or the general condition of the LBI NJ real estate market please do not hesitate to contact me, Nathan Colmer, and I will be happy to answer any questions you have!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org