Beach Haven Terrace Real Estate Fourth Quarter Sales in 2015

Long Beach Island New Jersey Real Estate

The real estate market in Beach Haven Terrace on Long Beach Island had a very strong fourth quarter. In fact, there were no closed transactions during the fourth quarter of 2014, and there were a total of three sold single-family homes in 2015. Overall, the LBI real estate market has been experiencing a period of increased sales activity due to increased average sale prices for single-family homes. Market activity has been significantly higher Island-wide in the LBI real estate market, and in general is considered to be strong. Beach Haven Terrace real estate fourth quarter sales in 2015 certainly support this trend of improvement in the Long Beach Island real estate market.

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Beach Haven Terrace Real Estate Fourth Quarter Sales in 2015th

Sales of single-family homes in the Beach Haven Terrace real estate market on Long Beach Island were as follows:

There were three single-family homes sold.
The average price of a single-family home was $653,333.
The average price per square foot was $430.93.
On average, homes spent 166 days on the market and sold for 95.86% of their listing price.

The least expensive home to sell was 142 West Maryland Avenue which was a 4 bedroom, 1 ½ bath home located on the bayside in Beach Haven Terrace. This home has a strong rental history and was well appointed, however it was below base flood elevation. This home sold for $530,000, which represented 92.17% of the listing price, and spent only 31 days on the market. The most expensive home to sell was 1205 Beach Avenue which was a raised ranch on the ocean block. This home had three bedrooms with two full bathrooms and sold for $745,000, which represented 101.43% of the listing price after spending 147 days on the market.

Beach Haven Terrace and the Long Beach Island Real Estate Market

The Beach Haven Terrace real estate market showed some interesting activity which actually goes against the general trend we see in the LBI NJ real estate market. Two of the three homes sold were below base flood elevation and have sustained flood damage from Hurricane Sandy. It is more common to see the majority of homes sold being raised above the new base flood elevation requirements. For the majority of homes to go against this trend is certainly uncommon. That said, these homes which were below base flood elevation, certainly have a great deal of value in the LBI real estate market. Flood insurance is a terribly misunderstood concept, and many buyers are misinformed to the point that they will completely avoid this style of home. This can be a tremendous mistake depending on the home. It is important for buyers to understand flood insurance and how it applies to a specific property, before determining whether they should or should not pursue a purchase. For more information about flood insurance, Beach Haven Terrace real estate fourth quarter sales in 2015 or the Long Beach Island real estate market in general, 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 | ncolmer@vandykgroup.com

www.BuyLBI.com

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