Single Family Home Transactions in the LBI Real Estate Market and Beach Haven Crest First Quarter Real Estate Sales in 2016
The Beach Haven Crest real estate market reported only one closed transaction during the first quarter of 2016. This is not an alarming statistic, as it is important to remember that these small sections of Long Beach Township often only have a few transactions in any given quarter, thanks to their small size. The single family home that sold was located at 7707 Ocean Blvd. and offers the unique case study for the greater Long Beach Island real estate market. This home was three bedrooms with 1 1/2 bathrooms, and approximately 2,242 square feet. The ocean block location and large lot size made it a unique home and it ultimately sold for $830,000. This represents the sales price of 94.43% at a price per square foot of $370.21. What makes this interesting is the fact that it was not elevated on pilings. The first floor elevation was approximately 15 feet above sea level. It is a common misconception that homes which are not elevated on pilings will suffer outrageously high flood insurance rate. This is simply not the case. Many homes on Long Beach Island, even if they are not elevated on pilings, will have a sufficient ground elevation to ensure they are more than compliant with the current flood zones. It is important to understand this before buying or selling any home in the LBI real estate market.
Beach Haven Crest showed the same number of homes sold in 2015 and 2006. There was a major difference between the two in that the single house sold during the first quarter of 2015 was a teardown and had suffered flooding from Hurricane Sandy. Subsequently, the home was torn down and an impressive new construction built in its place. This type of development helps to raise the value of the entire LBI real estate market and prompt for higher sales of even the older homes as we saw at 7707 Ocean Boulevard. As I mentioned above, flood insurance is a major concern for both buyers and sellers and it is therefore paramount that flood insurance be fully understood before making any investment in the LBI real estate market. For more information about Beach Haven Crest first-quarter real estate sales in 2016 or the current trends developing in the Long Beach Island real estate market, contact me and I will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com
You May Also Like: