Average Price Per Sq. Foot For A Home On Long Beach Blvd. and A Home Off Long Beach Blvd
Long Beach Island NJ Real Estate
The Long Beach Island NJ real estate market is a very diverse market with a wide range of properties in different price ranges and locations. There are single family homes, condominiums, duplexes, Co-Op properties and even some timeshares known as interval ownership! The LBI real estate market offers everything from traditional beach bungalows to new construction with every amenity. While the size and condition of a home will partly determine the sale price, perhaps no factor has a greater influence on price than location. When buying or selling in the LBI NJ real estate market, it is helpful to understand how the different locations of a home will influence prices. One area of the LBI real estate market that is helpful guide to understand the influence of location is by determining How Much Is A House On Long Beach Blvd Worth. A home on Long Beach Blvd will usually see a negative impact in the sale price thanks to the location. It is common for a house to sell at a significant discount when compared to a similar house in another location simply because of the Long Beach Blvd location.
How Much Is A House On Long Beach Blvd Worth?
To illustrate how location impacts the sales price of a home on Long Beach Island, I have put together some information for oceanside single family homes in Long Beach Township priced to $750,000 in both Long Beach Blvd locations and homes located off of Long Beach Blvd which have sold between February 1st 2013 and February 1st 2014. The market sales were broken down as follows:
- There were 3 closed oceanside single family homes on Long Beach Blvd
- The average sales price of these oceanside Long Beach Blvd homes was $515,667 or $303/ sq. foot
- There were 24 closed oceanside homes during the same time period not located on Long Beach Blvd
- The average sales price of these oceanside homes that were not located on Long Beach Blvd was $553,281 or $386/ sq. foot
While the Long Beach Island NJ real estate market has been improving, the information shows a trend that has persisted for a long time in the LBI real estate market. Location is an important factor in the evaluation of a property and a house on Long Beach Blvd will sell for less money that its counterpart not located on Long Beach Blvd. This is important information to understand if you are buying or selling a home on Long Beach Island. Using the price per square foot as an example a 1,500 sq. foot house could be expected to sell for $454,500 on Long Beach Blvd whereas the same house could be expected to sell for $579,000 in a location away from the main road. This is a dramatic difference in price and one that can lead to overpaying or overpricing a home if the market is not fully understood.
Buying a house on Long Beach Blvd can enable you to “get more house for your money” and apart from the traffic there are no negatives to owning a house on Long Beach Blvd (that being said certain areas of Long Beach Blvd can be prone to flooding but they are mostly in commercial areas). There are certain upgrades which can be made to a house that will limit the impact of the traffic noise such as soundproof drywall, thicker insulation and higher grade windows. While adding to the cost of a home, these upgrades can greatly enhance the enjoyment from owning a house on Long Beach Blvd and also influence How Much A House On Long Beach Blvd Is Worth in the LBI real estate market.
Investing in the Real Estate Market on Long Beach Island
When looking to enter into a transaction in the real estate market on Long Beach Island, it is important to understand what comprises the market and what trends we are currently experiencing. It is also important to understand that every home and every situation is different so each LBI NJ real estate transaction must be planned for independently. The average price per square foot cited above will not apply to every home in every location as things like condition, distance to the beach, likelihood of flooding, insurance costs, elevation and the motivation of the seller will all play a role. For more information about homes for sale in the LBI NJ real estate market or help in determining How Much A House On Long Beach Blvd Is Worth, feel free to contact me, Nathan Colmer, anytime and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org