Winter 2014 Condo Sale Market on Long Beach Island
Home sales have been strong in the LBI NJ real estate market. While there was a drop in activity immediately after Hurricane Sandy, the market has recovered and home prices have been on the rise. One area of particular interest in the LBI real estate market has been for condominiums as they offer an affordable price point and, for many units, ease of maintenance. It is important to understand the Long Beach Island Condo Real Estate Market regardless if you are looking for condo, single family home or duplex!
Long Beach Island Condo Real Estate Market
There are many different kinds of condos for sale in the LBI real estate market. There are large complexes with professional management such as Shelter Harbor in Beach Haven and small condo associations with 3-10 units. Regardless of the complex or the number of units, it is helpful to look at the condo sale market as a whole.
- There are currently about 71 condos listed for sale in the LBI real estate market
- The least expensive condo is listed for $160,000 and the most expensive is listed just under $1,000,000
- Over the past 6 months there have been 23 condo sales in the LBI real estate market
Buying a condo in the LBI real estate market can offer some excellent opportunities for those looking to enjoy summer at the Jersey Shore. With all the different options available in the condo market, it is important to understand what you are buying. For example, there are many condo complexes on Long Beach Island that are only available for use during the summer months. Typically, these complexes were at one time motels which have been converted to condos. Since they were designed to be motels, they are commonly on one main water supply and therefore the entire complex needs to be winterized to avoid freezing pipes. As such, these units are only available for use from roughly the middle of April through the middle of November. The majority of condos for sale on Long Beach Island are the more traditional complexes built to be a condo complex with individual water supplies for each unit.
There are also side by side condos which share many similarities with single family homes on LBI yet at a lower price point since they are in fact, condos. A side by side will typically be built on a lot that was originally a duplex and offers 2 independent units that share a common wall. These units are typically larger and will have extensive decking but can have limitations as well. Mainly, they lack a formal management company so if there are any disputes, it is up to the two individual owners to resolve their differences.
Buying a Condo on Long Beach Island New Jersey
There are many factors that go into buying a condo in the Long Beach Island real estate market. The Long Beach Island Condo Real Estate Market offers some great options, but it is important to understand the individual condo and what the costs associated with the unit are. One area that cannot be overlooked is insurance. Typically the monthly maintenance fee will cover the insurance for the complex but with all the changes to insurance costs it is important to make sure you know what the current and future costs will be. For more information about the LBI real estate market or the Long Beach Island Condo Real Estate Market please do not to 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 | firstname.lastname@example.org
- Side By Side Condos In The LBI NJ Real Estate Market
- Lot Sizes on Long Beach Island New Jersey
- Winter Seasonal Trends in the LBI NJ Real Estate Market
All data taken from the Jersey Shore MLS as is accurate as of the date of publication. Potential buyers and sellers are encouraged to contact Nathan Colmer for the most up to date condo sale information.