Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
A duplex is a two or three family home on Long Beach Island. The majority of these homes were built during the 1960's and they mostly offer 2 or 3 bedrooms and 1 bathroom. These are excellent properties to buy as they offer ample space (usually about 800 sq. feet) an open flood plan and an affordable price point.
Duplexes which have been converted into condominiums on LBI have many similarity to side by side condos with respect to their organization and management. These units can be excellent opportunities to purchase a large, functional space at a more affordable price. The layout of these condos often mimic that of a traditional ranch-style home with a large open floor plan, 2-3 bedrooms and in some cases a master bedroom with private bathroom!
Generally the HOA fee of a converted duplex will be limited to annual shared expenses. Most commonly this will be the hazard and flood insurance for the association. Large repairs like a new roof or siding are generally not budgeted for and when these expenses arise the cost will be split between the owners.
These units will rent for about the same amount a as traditional duplex in the LBI real estate market. The price will be tied to the location, size and condition. Rates could range from $800/week to upwards of $3,000/week!
The loan process is generally simple and straightforward. Most buyers can obtain traditional financing for these units as they would any other condo or single family home.
300 5th Street and 318 Jeffries are excellent examples of duplexes which were converted into condominiums.
Both homes were originally built as multi-family homes in the height of duplex construction on LBI. This period was usually between 1950 and 1975 so most of the duplex condos in the LBI real estate market will be from this time range.
300 5th Street is a more original version of this home stile with asbestos siding and an older kitchen and bathrooms. This condition is reflected in the sales price. 318 Jeffries was a fully renovated home in a great location which justifies the higher sales price for the unit.
These units offer an affordable entry to LBI but with a larger size than a converted motel condominium.
These units are generally older, built during the 1950's to the 1970's so some may be in need of renovation. The lack of an HOA makes the ownership costs lower, but it does leave little room for management of the association.
There is a unique form of ownership in the LBI real estate market known as "Interval Ownership". This combines elements of a time share and a condominium ownership. They are similar to a timeshare in that there are several owners who share the use and expense of an individual property and they are similar to a condo in that an individual deed is issued to each owner.
Interval ownership is often confused with condominiums in the LBI real estate market and many buyers incorrectly assume interval ownership are inexpensive condominiums. Buyers should be aware of the extensive differences between the two and understand that interval ownership IS NOT a condominium.