April 2014 Update on the Commercial Real Estate Market on LBI NJ
Commercial Real Estate Update on Long Beach Island New Jersey
The Real Estate Market on Long Beach Island New Jersey
The LBI NJ real estate market is comprised of several different types of properties. By far the most active (in terms of overall number of units sold) is single family homes followed by duplexes and then condos. Commercial real estate tends to show an overall lower number of units sold however it is still an area of great significance to the Long Beach Island economy and the LBI NJ real estate market. Therefore, it is important to understand the commercial real estate market on LBI.
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Commercial Real Estate Update on Long Beach Island New Jersey
The commercial real estate market in April 2014 showed the following trends:
- There are currently 49 active commercial listings for sale on Long Beach Island
- There is only 1 commercial listing under contract
- Over the past 6 months there have been 2 closed commercial real estate transactions on LBI
Of the 49 active listings, 5 are rental properties ranging in price from $1,300 to over $7,000 per month. The remainder of the active commercial real estate listings, all of which are sale properties, range from $195,000 to $3,400,000. It is not surprising to see a high number of commercial real estate listings on the market especially after a slower than normal summer 2013. Hurricane Sandy caused major damage to the Long Beach Island area and subsequently a slower rental season. As the rental market is a major base of business for the Long Beach Island economy, some businesses decided to sell after lower sales numbers. The good news is, the summer season is looking to be a very busy year on Long Beach Island. Rentals are up about 60%-70% over summer 2013 which will almost certainly lead to stronger sales numbers for the local businesses.
Buying Commercial Real Estate on Long Beach Island
When looking to invest in the commercial real estate market on Long Beach Island, it is important to understand the current trends in the local market. While commercial lending can be difficult, many owners are willing to finance a commercial project in order that they can help to move the transaction forward. For more information about this Commercial Real Estate Update on Long Beach Island New Jersey or the commercial real estate market in general, please do not hesitate to contact me, Nathan Colmer, and I will be happy to answer any questions you have!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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Related Articles:
- Duplex Sales Update in the LBI NJ Real Estate Market
- LBI Real Estate Market Shows Improvement in March 2014
- Trends in the Long Beach Island Real Estate Market