PROPERTY TYPES IN LONG BEACH ISLAND, NJ
Everything You Need to Know About Property Types on Long Beach Island
Duplexes Converted to Condos
A duplex on Long Beach Island is a two- or three-family home, most commonly built in the 1960s, featuring 2-3 bedrooms, 1 bathroom, and an open floor plan averaging around 800 square feet. These homes offer an affordable entry point into the LBI real estate market while providing ample living space.
Many duplexes have been converted into condominiums, sharing similarities with side-by-side condos in terms of organization and management. These converted units often resemble traditional ranch-style homes, with spacious layouts and, in some cases, a master bedroom with a private bathroom. Duplex condos present an excellent opportunity for buyers seeking a functional and budget-friendly home on Long Beach Island.
HOA Fees
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.
Rental Potential
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!
Mortgages and Financing
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.
The Good News
These units offer an affordable entry to LBI but with a larger size than a converted motel condominium.
The Bad News
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.
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.
REAL ESTATE TIP:
While home inspections are important in all transactions, it is imperative that an inspection take place on a duplex condo. Given the age of these homes buyers should be aware of potentially large expense like water main replacement, a roof, siding, etc. and ensure it is clear who is responsible to pay for such repairs.