Buying Real Estate on Long Beach Island New Jersey (LBI NJ)
The LBI Real Estate Market
The LBI real estate market has seen its share of impact from the national housing market and the economy, but overall, the LBI real estate market has remained strong. Buying Long Beach Island NJ real estate takes a careful understanding of the local market, how current changes have and will continue to impact prices, and the realization that a second home on Long Beach Island still proves to be an excellent long-term investment. Consider:
- The LBI real estate market did not see as significant a drop in home values when compared to other areas around New Jersey and the nation.
- There are a low number (only about 60-80) foreclosures, short sales, etc in the Long Beach Island real estate market.
- Historically, shore area real estate has proven to be an excellent investment
However, it is still imperative to understand that buying Long Beach Island NJ real estate is an investment that requires a careful understanding of the market, not overpaying for a property, and having the patience to wait for the right opportunity!
Foreclosures & Short Sales in the LBI NJ Real Estate Market
One of the most popular questions I am asked is about foreclosures & short sales on Long Beach Island. There are two reasons this is such a popular question:
- Foreclosures and short sales are perceived to offer a greater value in the local real estate market.
- Areas with high numbers of foreclosures and short sales typically will have lower overall property values as these properties tend to considerably lower the average sale price.
The Long Beach Island real estate market has a low number of these bank properties-typically between 60-80-so the LBI real estate market has not, nor was ever, inundated with these homes. Subsequently, the market remained strong, which made LBI a better overall investment for buyers.
The Long Beach Island NJ Real Estate Market as an Investment
It is easy to look at the past few years, with the majority of home sale markets falling, and think that real estate is a dangerous investment and, you would be right if you are looking at it as a short-term investment. If you are looking at buying Long Beach IslandNJ real estate, you must be willing to ride out the highs and lows of the market, as you would with any investment. The good news is that even with the highs and lows of the market, homes on Long Beach Island NJ still offer family enjoyment and rental income to help offset expenses paired with the ability of long-term gains. Below are the average sale prices for homes on LBI NJ for the past 10 years.
- 2000-$416,000
- 2001-$483,000
- 2002-$591,000
- 2003-$750,000
- 2004-$833,000
- 2005-$1,041,000
- 2006-$1,121,000
- 2007- $965,000
- 2008- $1,000,000
- 2009- $875,000
- 2010- $1,015,000
- 2011-$951,000
Over the course of the past 10 years, the LBI real estate market has seen its share of increases and decreases. However, overall, the investment has proven to be sound-and this does not take into account the fun of summers on Long Beach Island NJ, or the rental income earned over this time period!
Buying Real Estate on Long Beach Island NJ (LBI NJ)
Suppose you are considering buying Long Beach IslandNJ real estate. In that case, I can help you with my knowledge of the local area gained from spending a lifetime living on LBI and my experience in the local LBI real estate market. In this or any market, buying and selling comes down to timing and buying the right product at the right price. With my help, buying a home on Long Beach Island, NJ can be an excellent investment and offer years of fun for you and your family! If I can be of any assistance, please do not hesitate to contact me anytime!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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