Beach Haven Terrace Single-Family Home Sales
Beach Haven Terrace Real Estate Sales in the Second Quarter of 2014LBI Real Estate Market
The second quarter of 2014 continued to see improvement in LBI real estate market. There have been a mix of small Cape Cods and storm damaged homes selling in conjunction with new construction and oceanfront estates. While many of the smaller homes that are being purchased on Long Beach Island are being bought as teardown’s to make way for large new home, there are also a number of end users looking for these affordable and functional beach homes. Beach Haven Terrace real estate sales reflect the trends seen elsewhere in the LBI real estate market!
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Beach Haven Terrace Real Estate Sales in the Second Quarter of 2014
Sales of single-family homes in Beach Haven Terrace were as follows:
- Three homes sold
- The average price of a single-family home was $491,292
- Homes spent an average of 92 days on the market
The least expensive home to sell was 118 W. Delaware, a storm damaged Bayside home. This home sold for $370,000 after spending 80 days on market. This sale represents an investment of a buyer who is looking to build a new home on Long Beach Island. The most expensive home to sell was 111 West Indiana Ave. which was a three bedroom, three bathroom single-family home. This Bayside property was renovated, but was not raised above flood elevation. This home sold for $686,375 after spending 59 days on the market.
Beach Haven Terrace and the LBI Real Estate Market
The activity we witnessed during the second quarter in Beach Haven Terrace shows how buyers are looking to improve the overall condition of homes on Long Beach Island. Two of the three homes sold, were sold as teardown’s to make way for large new homes. While the average price of a single-family home was lower this quarter in Beach Haven Terrace, this is an artificially low number as it does not account for the significant investment the homebuyers will make when building their new homes. When you account for the additional investment, roughly $400,000 to build a new home, these buyers actually paid closer to $800,000 on average for their LBI home. For for more information about the Beach Haven Terrace real estate market or home sales on Long Beach Island, call, text, or email me and I will respond right away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market