Million Dollars Homes on Long Beach Island
LBI Real Estate Sales Over $1,000,000Long Beach Island Real Estate
The real estate market on Long Beach Island has seen some significant improvement in 2014. Compared to 2013, when Long Beach Island was still dealing with the aftermath of Hurricane Sandy, 2014 showed a return to normal. LBI has shown significant recovery and the number of new homes that are being built combined with the number of renovated homes, have helped to increase property values Island wide. LBI Real Estate Sales Over $1,000,000 reflects these trends with strong sales activity and one of the highest prices per square foot we see in the LBI real estate market.
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Sales Over $1,000,000
Sales of some of homes priced over $1 million were as follows in 2014:
- The most voluminous month for LBI Real Estate Sales Over $1,000,000 was October with 19 closed transactions
- The highest average price per square foot was in May at $790 per square foot
- The time period with the most combined sales was March through June which saw 11 transactions in March, 13 in April, 13 in May, and 10 in June
High-end real estate sales on Long Beach Island are not uncommon, however they do point to improving market. When homebuyers are willing to invest significant sums of money in a home on LBI, this helps to improve property values everywhere. One interesting statistic, and one that is almost impossible to measure, are homeowners who purchased the teardown and built a new home in its place. This project, the combination of the real estate purchase and the construction costs, will often times meet or exceed the million dollar mark. This creates a scenario in which there are far more million-dollar home sales on Long Beach Island and the data points to.
Long Beach Island Real Estate Trends
Buying a home on Long Beach Island is a significant financial investment. While there are many opportunities to make a smart purchase, there are equally ways to lose money. For example it is important to consider, especially when buying a home over $1 million, the value that is placed on the view. It is not uncommon for a home priced over $1 million to have a great view of the ocean or Bay. What is sometimes not evident, is the potential obstruction of this view if the homes surrounding the subject property are rebuilt. If a buyer in the LBI real estate market places too high a value on a view that could potentially be lost, that buyer stands to have instant property depreciation if the surrounding homes are rebuilt. Therefore it is important to consider all aspects of the purchase to ensure your investment is secure. More information about the LBI real estate market or LBI Real Estate Sales Over $1,000,000 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
Click here to search all homes for sale in the Long Beach Island NJ real estate market