Changes to LBI New Jersey

Changes to LBI New Jersey

Changes to Long Beach Island New Jersey

 

Changes to LBI New Jersey

 

 

LBI NJ Real Estate

Over the past several years, Long Beach Island has witnessed a number of changes. Much of this has to do with the impact of Hurricane Sandy at the October of 2012, and the changes to flood insurance policies that followed. Together, these factors have prompted a wave of new construction and improvement to many houses. Changes to LBI New Jersey have a significant impact not only on buying habits in the Long Beach Island real estate market, but also to the overall look and feel of Long Beach Island.

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Changes to LBI New Jersey

At the end of 2012, Congress made significant modifications to the national flood insurance program. While there are many details to these changes, the understanding is that there are penalties involved for homes that are below base flood elevation relative to their elevated or new construction counterparts. As a response to these changes, and as a response to the increased concern about flooding from storms, some of the more notable changes to LBI New Jersey are as follows:

  • Many older homes have been elevated above base flood elevation.
  • Many older homes, storm damaged or not, have been torn down and new construction built in their place.
  • Beach replenishment has widened the beaches throughout Long Beach Island and created a more substantial dune system.

In general, the changes made to Long Beach Island have had a positive impact on the LBI real estate market. These new or improved homes are worth considerably more than a home that is below base flood. While there is certainly a market for older homes on LBI, the demand is clearly higher for homes that meet current codes. In addition, the completed beach replenishment program will, in theory, make Long Beach Island more storm ready and more protected against future flooding.

Long Beach Island and the LBI NJ Real Estate Market

The changing face of Long Beach Island is largely viewed as a positive trend. New construction and elevated homes are far less likely to flood, and generally increase the overall market value of Long Beach Island. There are some who feel these changes have ruined the classic look of Long Beach Island, and frankly, this cannot be disputed. The changing face of Long Beach Island does have an impact on the quintessential Cape Cod style homes that have lived with families on the streets throughout Long Beach Island for many decades. Whether this change is a positive or a negative greatly depends on one’s personal opinion, but strictly speaking from a market standpoint, the changes to LBI New Jersey are largely positive and have helped to greatly increase the market value of homes in the Long Beach Island real estate market.

By : Nathan Colmer | The Van Dyk Group

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

www.BuyLBI.com

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