$500,000 Homes in the LBI NJ Real Estate Market
The LBI real estate market has a wide range of housing options. While it is true that the average price of a single-family home in the Long Beach Island real estate market is around $1 million, there are many options that are far less expensive…and many that are far more expensive! Understanding of the market can present options that many buyers did not realize were available to them. So what does $500,000 get you in the LBI real estate market?
What Does $500,000 get you in the LBI Real Estate Market
The LBI real estate market is generally comprised of three major property types. They are single-family homes, condominiums, and multi family homes. Commercial real estate and vacant land make up a very small percentage of the LBI. A $500,000 budget will generally allow you to purchase:
- A condominium
- A bayside single-family home
- An Oceanside single-family home on Long Beach Blvd. or on an undersized lot.
For the most part, a $500,000 budget will limit you to condominiums. While there are some single-family homes available in this price range, many of them are below base flood elevation and will therefore carry a high cost of flood insurance. The high cost of flood insurance could make the ownership cost too much to handle. That said, there are some single-family homes that will trade at or below this price point that are elevated so if you find one, you should jump on it!
As I mentioned, there are many options available in the LBI real estate market. It is simply a matter of focusing in on the right property and having the right expectations for your budget. Surprisingly, short sales and foreclosures tend not to be a very good values in the LBI real estate market so if you’re looking for a deal, it may be best to steer clear of this property type. Understanding what $500,000 gets you in the LBI real estate market can make your search for more enjoyable and the results for more gratifying. If you have any questions about buying a home in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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