Affordable Homes in the Long Beach Island NJ Real Estate Market
There is no question that single-family homes in the Long Beach Island real estate market are expensive, and with the average price being over $1 million, many question whether or not they can purchase their dream beach house. The good news is there are a number of affordable Long Beach Island real estate homes that can be purchased and maintained with minimal expense relative to the overall Long Beach Island real estate market.
Affordable Long Beach Island Real Estate Homes
Over the past six months, there have been 260 closed single-family real estate transactions in the Long Beach Island real estate market. The most expensive of these transactions was an impressive oceanfront trading for over $5.5 million! With these higher end sales, it is easy to understand that for some potential property owners the thought of owning a house on Long Beach Island may be out of reach. However, this is not the case. Looking at the same time frame, there were 38 transactions that sold for less than $500,000! These homes showed some interesting statistics as broken down below:
- The average price of a home in this data set was $418,474.
- The average price per square foot was $365.19.
- The average sale price to list price ratio was 92.96%.
While it is true that some of the homes sold in this price point were teardowns and treated as land value transactions, there were also a number of homes in excellent locations raised above base flood elevation. These homes will make excellent beach houses and offer many amenities to their new owners. For example, one transaction located at 520 Barnegat Ave. in Ship Bottom was a four bedroom two bathroom home with just under 1400 feet of living space. The house had been partially renovated and was move-in ready. Most importantly, the home was well above base flood elevation and only one block to the bay. This home sold for $450,000 after spending 103 days on the market. There are many such examples throughout the Long Beach Island real estate market and many such opportunities for owners to purchase their dream home on LBI without breaking the bank!
For those looking to invest in the Long Beach Island real estate market it is important to keep in mind both location and condition of the house. Bayside properties that are not elevated may have a very high cost of flood insurance which can outweigh their seemingly low purchase price. There are many subtle nuances to the LBI real estate market, and it is important to keep them all in mind when looking to invest a considerable sum of money in a beach house. For more information about affordable Long Beach Island real estate homes, please do not hesitate to contact me and I will be happy to help!
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com
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