Long Beach Island Real Estate Under $100,000
A Home on Long Beach Island for $100,000? 
A Home on Long Beach Island for $100,000? 
A Home on Long Beach Island for $100,000?
Long Beach Island Real Estate
It is no secret that homes on Long Beach Island are expensive. With the average price of a single-family home around $1,000,000, many buyers are surprised to find that there are many affordable options. There are opportunities to buy a single-family home or condo for FAR less than this average, but there are some listings that are even less than this. So can you buy a house on Long Beach Island for $100,000? Yes-and No.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Long Beach Island Real Estate Under $100,000
While it is true that there are listings for sale for around $100,000 in the LBI real estate market, they are not single-family homes or condos. They are usually something called interval ownership. This is a combination of a timeshare and a condo. Generally, there are multiple owners, ten or so, who divide up the weeks of usage in the property throughout the year. These types of sales can present some real challenges and are not something I generally recommend. This is for a few reasons:
- These units are hard if not impossible to finance
- The monthly cost of ownership is very high
- The units have a very poor appreciation in the market and can take a long time to sell
While there is undoubtedly a market for these units, and they make sense in some cases, they can be challenging to justify. The simple cost of ownership per month is usually around $500-$800. While this covers all the day to day expenses, for the same annual cost, you could probably rent a comparable property on Long Beach Island and not have to worry about owning a home. My advice would be to take the money that was intended for one of these units and buy something with a little more versatility like a small condo. There are opportunities in the LBI real estate market for two-bedroom condos in the mid $200,000 range and higher. For the investment made in an interval ownership property, you could buy and use a condo for the entire year!
Buying in the Long Beach Island Real Estate Market
As I mentioned above, there are situations where these interval ownership options make sense, but a buyer should be aware of all the rules and regulations associated with such ownership. Like any investment in the LBI real estate market, this purchase should only be made after all you weigh all the pros and cons. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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