Single Family Bayfront Sales in the LBI Real Estate Market Over the Past 12 Months
Long Beach Island Real Estate
The Long Beach Island real estate market is comprised of many different locations. Depending on your needs and your budget, different locations will appeal more than others. One location that has definite pros and cons is the bayfront. On the negative side of things the bayfront location will have additional wear and tear, a higher overall cost of ownership (especially when you factor in maintenance and replacement of a bulkhead) and a longer walk to the beach. Bayfronts do have the all famous LBI sunsets (which are almost priceless), an unobstructed view of the water (at a lower price than an oceanfront home) and the ability in most cases to dock a boat right at your front door! For buyers who are interested in buying a home on the bayfront on LBI it is helpful to see where the market has been trading over the last year in terms of both number of sales and the average price point. Interestingly, bayfront home sales make up a rather small percentage of the LBI real estate market. This is due to the simple fact that they do not come up for sale as often as other locations in the LBI real estate market do. Long Beach Island real estate bayfront single family home sales are still a very helpful insight into the greater Long Beach Island market as they constitute one of the higher price points on LBI.
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Single Family Bayfront Sales in the LBI Real Estate Market Over the Past 12 Months
Long Beach Island real estate bayfront single family home sales are broken down as follows:
| Month | Sales, Number of | Sale Price, Average |
| Dec-17 | 3 | $1,454,167 |
| Jan-18 | 2 | $3,500,000 |
| Feb-18 | 0 | 0 |
| Mar-18 | 2 | $1,525,000 |
| Apr-18 | 2 | $1,285,000 |
| May-18 | 2 | $1,975,000 |
| Jun-18 | 2 | $1,605,000 |
| Jul-18 | 4 | $1,643,750 |
| Aug-18 | 2 | $1,850,000 |
| Sep-18 | 1 | $920,000 |
| Oct-18 | 1 | $849,000 |
| Nov-18 | 5 | $1,024,900 |
Looking at the data we can see it is all over the map! Some months have a very low average sale (sub $900,000) while others are over $3,000,000! If we take the sum total of all the averages and divide them by the past 12 months we come to an average price of a little under $1,500,000. Personally I think that is a very reliable statistic. Many bayfront homes trade in this range and that is a helpful starting point for a discussion about bayfront home values. There are some major factors that can influence the value of a bayfront home and these must also be considered. For example the presence or absence of Riparian Rights can add or detract a great deal of value from a home.
Buying a Bayfront Home in the LBI Real Estate Market
When looking to buy a home on the bayfront in Long Beach Island there are a few extra steps that need to be taken. As I mention above any buyer must understand if there are Riparian Rights and what kind of rights those are. It is also important to check for title and tideland issues which can be more commonplace on the bayfront. Of course understanding the bayfront market is essential to the buying process and knowing where the market is trading is the best way to begin your valuation of any bayfront home for sale on LBI. I am happy to expand on Long Beach Island real estate bayfront single family home sales over the past 12 months and how these statistics impact current homes for sale in the LBI real estate market.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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