New Construction on Long Beach Island
Building a New Home in the LBI Real Estate Market on Long Beach Island NJThe LBI Real Estate Market on Long Beach Island NJ
The LBI real estate market is comprised of a variety of different homes and ownership options. By far the most common form of ownership on Long Beach Island is that of the single family home however the LBI real estate market also offers condominiums, duplexes, commercial properties and even time shares known as interval ownership. The age of single family homes vary greatly ranging from historic homes in Beach Haven and Barnegat Light that were built in the mid 1800’s to brand new contemporary homes that offer every amenity. The style of property a buyer looks for is greatly dependent on the individual needs of the buyer however one of the most popular facets of the LBI real estate market is new construction. Building a New Home in the LBI Real Estate Market on Long Beach Island NJ can be a wise investment but can also seem like a daunting task especially given the fact that many buyers in the LBI real estate market live 1-3 hours away!
Building a New Home in the LBI Real Estate Market on Long Beach Island NJ
Long Beach Island NJ is divided into 6 separate municipalities each with its own separate building and zoning laws so prior to committing to any construction project on LBI it is best to consult with the town in which you intend to build. There are a few rules that will generally apply throughout LBI however such as:
- The max building height is 34 feet and 36 feet in a V flood zone
- New construction needs 15’” between structures
- Side yard set backs are 4” and 11”
- 33 and 1/3% of the lot can be covered by the footprint of the house.
Most of the new construction on Long Beach Island takes place when an older home, such as a Cape Cod or a storm damaged home, is purchased and demolished to make way for the new house. Demolition costs will vary greatly depending on the size and style of the house but demolition will typically cost around $8,000-$10,000. Building a New Home in the LBI Real Estate Market on Long Beach Island NJ will, in most cases, take between 6 and 8 months to complete after demolition has been completed. The cost of building a new home will vary depending on a few factors such as:
- Complexity of the design
- Finishes selected by the homeowner
- Construction materials selected
A good “rough number” to use when estimating new construction is around $160 and$165/ sq foot plus the costs of demolition. Therefore, Building a New Home in the LBI Real Estate Market on Long Beach Island NJ with the “standard”” finishes of hardwood floors, granite counter tops, hurricane impact windows, etc will cost around $330,000-$340,000 for a 2,000 sq foot house. With property values for a storm damaged home or a knock down being priced in the $300,000-$500,000 range in most cases, a buyer in the Long Beach Island NJ real estate market can build a new home on Long Beach Island for a very affordable price! It should be understood that every situation is different and changes to flood plans, finishes etc will have an impact on the home’s final price. It is advisable to seek multiple estimates in order to obtain the best price for Building a New Home in the LBI Real Estate Market on Long Beach Island NJ.
New Construction and the LBI Real Estate Market
The value of a new home in the LBI real estate market is very high and it is for this reason that building a new home on Long Beach Island may be the best investment of one’s money. Apart from the enjoyment of having a brand new house at the beach, there are some additional advantages such as better heating and cooling costs, lower flood insurance (as the house can be built to current Base Flood Elevations and FEMA guidelines) and an almost automatic realization of positive equity in the LBI real estate market. If you would like more information about Building a New Home in the LBI Real Estate Market on Long Beach Island NJ please do not hesitate to contact me, Nathan Colmer, and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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