Side-by-Side Condos and Townhouses For Sale in the Long Beach Island New Jersey Real Estate Market
The LBI NJ Real Estate Market
The LBI NJ real estate market is made up on many different homes in many different price ranges. There are massive oceanfront estates with every amenity possible and modest beach bungalows that are reminiscent of a simpler time at the beach. Regardless of the size or style of home you are looking to purchase on Long Beach Island, it is important to remember that all properties will have good points and bad points. Understanding the specific characteristics of a property type can help to determine what is the best property type for you in the LBI NJ real estate market. One rather unique style of property on Long Beach Island is a side by side townhouse. While technically a condominium, side by sides can often look and feel like a single family house. Side By Side Condos In The LBI NJ Real Estate Market have some interesting differences from both condos and single family homes that should be understood fully before investing in this type of home on Long Beach Island.
Side By Side Condos In The LBI NJ Real Estate Market
There are a few distinguishing features of side by side condos to understand:
- Although they may be listed differently in the MLS, a side by side property is legally a condo
- Side by side condos will share a common insurance policy and common maintenance bills with their neighboring unit
- Side by side condos on Long Beach Island usually lack a formal management company so any issues are left to the individual owners to resolve
- Side by side condos can offer the look and feel of a single family home but at a much more affordable price point in the LBI real estate market
The multiple listing service on Long Beach Island, which feeds data to sites such as Zillow and Trulia, can classify a side by side condo as either a condominium or as a single family house. Regardless of how it appears online, make no mistake that these are in fact condos. A side by side condo will be issued a master deed for the entire property and structure and an individual deed for each unit on the property just as any condo would in any real estate market. There will be one master insurance policy to cover the grounds, the structure and liability for the “association” and each owner will carry a separate insurance policy for their individual unit. There generally is no management company to oversee the business of the condo association and any bills are typically split evenly by the owners. For example, the cost of the master insurance policy will be paid using funds from the association bank account that each unit owner will deposit to make the payment. The lack of an association can be a problem if there is an issue or a dispute. It is common for these associations to not maintain much of a bank account and as such, if one owner fails to pay their share, the other owner will have to make up the full cost of the association’s bills. Likewise, if an accident occurs on the property in one owner’s unit, both owners could possibly be at risk depending on the accident and the by-laws.
Buying Side By Side Condos In The LBI NJ Real Estate Market offer some great advantages but they also have limitations. Generally speaking, a side by side condo will offer a large beach house, most are 3-4 bedrooms with 2-4 bathrooms, at a lower price than their single family home counterparts. This can enable a buyer to purchase a well appointed beach house with ample room in a good location without breaking the budget. As is the case with single family homes, the prices of Side By Side Condos In The LBI NJ Real Estate Market will be driven by the general condition of the real estate market on Long Beach Island, the location of the property and the overall condition. Generally speaking, a buyer can expect to pay anywhere from $400,000-$800,000 for a side by side condo. Side by side condos are available in a variety of locations including bayside, oceanside, oceanblock and even on the oceanfront!
Buying a Home in the Long Beach Island New Jersey Real Estate Market
The LBI NJ real estate market can be an area of great investment opportunity and a chance to experience summer at the Jersey Shore! Like any investment, timing and price matter a great deal. Generally speaking, a condo does not hold it’s value as well as a single family home will and this is true in the case of Side By Side Condos In The LBI NJ Real Estate Market . That being said, there is a great market for side by side condos as they offer many advantages including affordability and location. When buying a home in the Long Beach Island New Jersey real estate market it is best to look at all available options and see if a side by side condo is truly the best investment available!
For more information about Side By Side Condos In The LBI NJ Real Estate Market or the Long Beach Island real estate market in general , feel free to contact me anytime with any questions and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org