PROPERTY TYPES IN LONG BEACH ISLAND, NJ
Everything You Need to Know About Property Types on Long Beach Island
Motels Converted to Condos
Many motels on Long Beach Island have been converted into small condo units, offering an affordable way to own property near the beach. Typically located within a block of the ocean, these 1-2 bedroom units often sell for under $300,000, making them some of the most budget-friendly options in the LBI real estate market.
Converted motel condos provide a unique ownership opportunity, allowing buyers to invest in a vacation property that can also be rented out. However, they come with specific restrictions—most notably, they are often winterized in the off-season, meaning water is shut off to the entire complex from mid-November to mid-April. While this limits year-round use, these condos remain an attractive option for those looking to enjoy LBI during peak seasons while staying within a manageable budget.
HOA Fees
HOA fees are generally affordable. The fee will usually cover both homeowner and flood insurance, annual expenses such as the turning on and turning off of water to the complex and a small maintenance fund. In some cases the HOA fee will even cover property taxes.
Rental Potential
Thanks to their great location, converted hotel condos will usually be an excellent and reliable source of rental income. While their smaller size does limit the rate which can be charged, an aggressive landlord can usually cover the expense and even make a profit!
Mortgages and Financing
Of all forms of condo ownership on Long Beach Island financing a converted hotel is the most difficult. They are generally considered to be "non-unwarrantable condos" due to their size and the fact that they will generally not be used year round.
The Good News
For the price, a converted condo allows a buyer to purchase a second home or investment property in a great location at an affordable price.
The Bad News
Financing the purchase can be difficult and can be more expensive. Management is usually a unit owner so it is important to keep tabs on the budget and expenses of the association.
137 E Maryland is a perfect example of a converted motel on Long Beach Island. The original building was built in the 1960's and was originally designed as a small motel with an attached store. The property was later converted into a condominium complex that accommodated a number of small units ranging in size from about 250 sq. feet to about 600 sq. feet.
The location of 137 E Maryland is outstanding just two houses off the beach. The price for such a great location demonstrates the value of these converted motel condos. Such a concept allows buyers to purchase a second home on Long Beach Island in a great location at an affordable price!
REAL ESTATE TIP:
Be sure to speak to a lender and see what options are available to you. The costs associated with these unique loans can be more expensive and a buyer should ensure the numbers make sense on the transaction!