Buying Opportunities in the LBI NJ Real Estate Market
Buying Opportunities in the Long Beach Island NJ Real Estate MarketLong Beach Island NJ Real Estate Market
Many people dream of owning a home on Long Beach Island New Jersey however the LBI real estate market is expensive thus making it very important to recognize Buying Opportunities in the Long Beach Island NJ Real Estate Market. Regardless if you are looking for a single family home, a multi-family investment or a condominium, buying opportunities exist and knowing where to look and when to buy can save you considerable sums of money.
Buying Opportunities in the Long Beach Island NJ Real Estate Market
Contrary to popular opinion, short sales and bank foreclosures tend to NOT to make the best Buying Opportunities in the Long Beach Island NJ Real Estate Market. This is due mostly to the lack of distressed homes in the LBI real estate market. Currently, some of the best values in the Long Beach Island NJ real estate market rest in storm damaged real estate however there are additional Buying Opportunities in the Long Beach Island NJ Real Estate Market.
If you are looking for a home to renovate, the better Buying Opportunities in the Long Beach Island NJ Real Estate Market may be in an older home that was NOT storm damaged. Storm damaged homes typically are being sold at land value with little to no consideration being given to the physical structure on the property. While this is great if you are looking for a tear down, if you are looking for a renovation project you can use this trend to your advantage. Prior to Hurricane Sandy, an older 1950’s era Cape Cod what the standard property sought as a tear down in the Long Beach Island NJ real estate market. Now, with the market having storm damaged homes being sold at land value, some of these non-damaged (but poorly maintained) homes are being forced to lower their price to compete with these storm damaged homes. The advantage of these non-damaged homes can be numerous but a few key points are:
- Depending on the Base Flood Elevation (BFE) the house may not need to be raised
- Many times these homes will have had upgrades to their plumbing or electrical systems
- Many of these homes will have vinyl siding, a newer roof and possibly new windows.
Above all else, the best Buying Opportunities in the Long Beach Island NJ Real Estate Market tends to be in knocking down and building new. Since storm damaged homes in the Long Beach Island NJ real estate market are now priced at land value, building a new home is far less expensive than it was a year ago.
Taking Advantage of Buying Opportunities in the Long Beach Island NJ Real Estate Market
If you are considering a purchase in the Long Beach Island NJ real estate market and would like more information about Buying Opportunities in the Long Beach Island NJ Real Estate Market please do not hesitate to contact me, Nathan Colmer, with any questions and I will be happy to help. I can explain in detail about current trends in the Long Beach Island NJ real estate market, how Hurricane Sandy and flood insurance have impacted the Long Beach Island NJ real estate market and house raising on Long Beach Island New Jersey. You can also click here to search all homes for sale in the Long Beach Island NJ real estate market.
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
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