Buying Long Beach Island Real Estate Condos

Buying Long Beach Island Real Estate Condos

Long Beach Island NJ (LBI NJ) Real Estate Condominiums

Long Beach Island Real Estate

There are many points to consider when buying a condo in the Long Beach Island real estate market. Apart from the core concepts of location and condition, one must take into account the type of condo, the association and the solvency of the managing body. Many buyers prefer condos to a single family home thanks to the lower cost of ownership, the amenities provided by the association and the more affordable purchase price-something that cannot be overstated in a second home market. Buying Long Beach Island Real Estate Condos involves a careful assessment of the many factors that determine value in the LBI real estate market.

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Buying Long Beach Island Real Estate Condos

There are a several types of condominium ownership in the Long Beach Island real estate market. The most common are:

  • Side by Side Condos: These units will usually be the largest and the most like a single family home. They are a small association of 2 units typically. These condos will usually be the most expensive form of condominium ownership in the LBI real estate market.
  • Condotel: A condotel will usually be the smallest type of condo and may be either a motel that was converted into a condo complex or a condo complex that operates as a hotel/motel. These units offer affordability usually being the least expensive option.
  • Converted Duplexes: These units are very common on LBI. Like a side by side they are typically 2-4 units but are older, smaller (and more affordable). Some of them are below base flood elevation so flood insurance and the risk of flooding should be taken into consideration.
  • Condo Complexes: There are several large, purpose built condominium complexes in the LBI real estate market. These will usually offer 10-30 units in the association and will typically have some amenities like a pool or a common dock.

There are some advantages to large complexes like Shelter Harbor and the Arlington Beach Club but smaller associations are not without merit. In fact many of the smaller associations see more activity than the larger complexes due to the affordability of the units and the generally lower HOA fees. Smaller associations will typically not have a monthly HOA and tend to operate more like a single family home with a large degree of indepence. Condotels can be a tricky prospect in the LBI real estate market. Many times these cannot be financed so a buyer must get creative with a mortgage. This can limit resale and appreciation in future markets.

LBI Real Estate Condominiums

As I mentioned above, when looking to buy a condo in the LBI real estate market it is important to look at the aspects of the transaction that are usually not found in a single family home. Each form of condo ownership has pros and cons. Buyers should understand these before making an offer. Likewise buyers must assess the association and make sure it is being handled in the proper way. Looking for things like large assessments and higher than average HOA fees can be a big red flag. If you have any questions about buying, selling or investing in the LBI real estate market please do not hesitate to contact me.

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

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