Property Values on LBI NJ
The Long Beach Island (LBI) Real Estate Market
Property values on Long Beach Island are primarily determined by three factors, each of which must be taken into account with determining the value of LBI real estate. These factors are:
- Location-Oceanfront, oceanblock, oceanside, bayside, bayfront and lagoonfront
- Structure-Newer homes are typically worth more than older homes, but lot size (meaning what size and style of new home can be built on the lot) is also a major contributing factor.
- Variables-LBI has many subtle factors that influence the value of real estate such as ocean or bay views, areas that are more prone to flooding, etc
While the structure, lot size and other factor such as water views go a long way in determining the value of a house, perhaps no factor has a greater influence than location. The old real estate adage, ” Location, Location Location” is as true on LBI as anywhere else! Therefore, it is best to start with an examination of the different locations on LBI and how they impact property values on Long Beach Island.
Locations on Long Beach Island
Before we begin, we must have an understanding of the different real estate locations on Long Beach Island and what they mean. There are six distinct property classifications on Long Beach Island in our local MLS (multiple listing system). They are:
- Oceanfront: This refers to homes that are located directly on the beach. There are no homes blocking the view of the ocean and the beach from an oceanfront house. Typically, oceanfront homes are considered the most expensive real estate on LBI.
- Oceanblock: These are homes that are located on the first block of homes back from the beach. To be considered as “oceanblock” one must not have to cross Beach Ave. or Atlantic Ave to access the beach.
- Oceanside: Oceanside homes are located between Long Beach Blvd and Beach Ave. or Atlantic Ave.
- Bayside: Bayside homes are located between Long Beach Blvd and Westward to the bay.
- Bayfront: Bayfront homes are located directly on the bay.
- Lagoonfront: These are waterfront homes and are located on man-made channels allowing access to the bay.
It is important to note that Long Beach Island varies in widths so sometimes an oceanside house in a narrow part of LBI (like Brant Beach) may be closer to the beach than an oceanblock house in a wide part of Long Beach Island. Therefore, if you are serious about buying or selling, you should take into account all factors of the house you are considering buying or selling on LBI. For this article, all information is taken from the Jersey Shore MLS, pertains to single-family homes and is current as of the date this article was written.
Oceanfront Homes on Long Beach Island
There are currently 60 single family oceanfront homes for sale on Long Beach Island ranging in price from $799,999 to just under $15,000,000! A total of 53 oceanfront homes sold in 2011 for an average price of $2,117,245!
Oceanblock Homes on Long Beach Island
There are 64 single family homes for sale on the oceanblock on Long Beach Island. In 2011, 85 oceanblock homes sold for an average price of $1,095,205. Most of these houses are located 2-6 houses off the beach and many of they, especially if they are newer construction, will have a pretty good view of the ocean! The shorter walk to the beach and not having to cross any streets offers great appeal to many buyers but it does come with a higher price tag.
Oceanside Homes on Long Beach Island
Oceanside homes are one of the most common property types on LBI…and also one of the most popular! Oceanside homes offer greater affordability than oceanfront or oceanblock homes while still being a short walk to the beach. There are currently 84 single family homes for sale on the oceanside ranging in price from $375,000-$3,000,000! In 2011, 61 single family homes on the oceanside sold on Long Beach Island. The average price of these homes was $904,446.
Bayside Homes on Long Beach Island
Bayside homes on Long Beach Island offer a less expensive entry point onto Long Beach Island and are generally quieter and more private than oceanside homes. Although you have to cross Long Beach Blvd, many bayside homes are within two or three blocks of the beach. There are currently 152 bayside homes for sale on Long Beach Island with 64 sales of bayside homes in 2011. The average sale price of a bayside home in 2011 was $628,000!
Bayfront Homes on Long Beach Island
Bayfront homes offer excellent views of the famous LBI sunsets and ever changing scenery with boats and birds playing in the bay. It is harder to generalize the value of bayfront homes mainly because not all bayfront properties have Riparian rights. A Riparian right or grant allows the owner of the property build a dock into the bay. Bayfront properties that have these rights or grants have an added value. In 2011, there were 17 bayfront homes sold with an average sale price of $1,801,921. There are currently 43 bayfront homes for sale on LBI.
Lagoonfront Homes on Long Beach Island
Lagoonfront homes are less common than the other types of LBI homes. They are generally located on the north end of LBI in Lovaladies, North Beach and Harvey Cedars and a few on the south end of LBI in The Dunes and South Beach Haven. Lagoonfront homes offer owners the ability to dock a boat and have access to the bay without having to pay the bayfront price! In 2011 21 lagoonfront homes sold on LBI for an average price of $1,009,208. There are currently 34 lagoonfront homes for sale on LBI.
Buying or Selling Real Estate on Long Beach Island (LBI)
If you are considering buying or selling a property on LBI, these numbers should help give you an idea of how prices change between the different locations on LBI. It is important to understand that this information deals with averages and does not take into account the style of house, size of the lot or other contributing factors. If you would like specific information on a property or more details on a certain property type, please feel free to fill out abuyer’s information request or a seller’s information request and I will be in touch with you right away to discuss property values on Long Beach Island.
Contact a Long Beach Island NJ Real Estate Expert
Nathan Colmer – A LBI local who knows the LBI real estate market and property values on Long Beach Island
Toll Free: 800-222-0131