Where to Find LBI Real Estate Foreclosures in 2015

Short Sales and Foreclosures in the Long Beach Island Real Estate Market

Where to Find LBI Real Estate Foreclosures in 2015
Where to Find LBI Real Estate Foreclosures in 2015

Distressed Sales in the LBI Real Estate Market

Short sales, foreclosures, and bank owned properties, while not very common on Long Beach Island, do enter our market from time to time. At any given point, there are between three and 10 distressed sales in the LBI real estate market. The absence of distressed sales, actually helps to keep the values of homes stable in the LBI real estate market. There is perhaps no greater drain on area’s economy than a distressed sale. Long Beach Island is somewhat immune to short sales, foreclosures, and bank owned properties thanks to a vibrant summer rental market which is an instantaneous income producing element. The ability to rent a home helps to stave off many distressed sales in our market. That said, there are opportunities to buy a short sale, or foreclosure on Long Beach on. One of the best ways to determine where these opportunities will present themselves, is by looking at pre-foreclosures to plan for future inventory. Determining Where to Find LBI Real Estate Foreclosures in 2015 will greatly depend on the pre-foreclosure inventory today.

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Where to Find LBI Real Estate Foreclosures in 2015

There are a few trends we can anticipate when looking for short sales, foreclosures, and bank owned real estate in the LBI real estate market. They are:

  • Over the past three months. There have been 25 instances of a distressed property classification
  • Of the 25 instances, 17 are pre-foreclosures
  • The rest of the distressed sale inventory consists of seven auctions, and one bank owned property

The majority of the pre-foreclosure inventory in the LBI real estate market is located in Long Beach Township. Of the 17 pre-foreclosures, 14 are centered in Long Beach Township. This is not surprising, nor is it a negative impact on the real estate value of a home in Long Beach Township. Rather, Long Beach Township would be expected to have the highest concentration as it is by far the largest area of Long Beach on comprising roughly 12 of the 18 miles. It is also important to know, that the majority of these pre-foreclosure homes will never, on the market. Instead, the homeowners will clear up whatever issue created this scenario and the pre-foreclosure status will be removed.

Buying Short Sales, Foreclosures, or Bank Owned Real Estate on Long Beach Island

When determining Where to Find LBI Real Estate Foreclosures in 2015, it would appear that Long Beach Township is the best place to start your search. There are many nice areas of Long Beach Township in close proximity to both the beach, the bank, and local attractions. It is also advisable to look in Ship Bottom, as we typically will see many distressed sales in this area as well. Buying a distressed sale in the LBI real estate market can, under the right circumstances, be a smart investment however is not advisable to limit your search to only distressed sales. The lack of overall inventory can restrict your search and in many cases result in overpaying for a home. For more information about the LBI real estate market or Where to Find LBI Real Estate Foreclosures in 2015 contact me and I will respond right away.

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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