Long Beach Island Real Estate Single Family Home Sales in Peahala Park
The real estate market in Peahala Park showed a stable first-quarter with the same number of single family homes selling as we witnessed in the first quarter of 2015 however at a much higher average price. The trends we currently seeing the LBI real estate market point to higher activity in the $500,000-$750,000 price points , which comprise a great number of homes in the Peahala Park real estate market. The stable growth we saw with Peahala Park first-quarter real estate transactions in 2006 helped the overall Long Beach Island real estate economy.
Peahala Park First Quarter Real Estate Transactions in 2016
Single-family homes in the LBI real estate market were broken down as follows:
- There were three close transactions in Peahala Park
- The average price of a single-family home was $1,203,333.
- This translates to an average price per square foot of $455.66.
- On average, homes sold for 91.3% of their listing price and spent a total of 149 days on the market
The least expensive home to sell was 9312 Beach Ave. which was in Oceanside Cape Cod style home. This property had four bedrooms and two bathrooms and sold for $650,000 after spending 35 days on the market. It is important to point out that this was not the first time this house was listed for sale so in reality, it took much longer than 45 days on the property too clear market. Final sales price reflected a price per square foot of $457.42 and sales price to list price ratio was 93.67%. The most expensive home to sell was 120 East Herbert Ave. which was a large oceanfront property trading for $2,010,000. This home was essentially a teardown and a large lot size added to the tremendous value of the property. This home sold for 83.93% of the listing price which translated two $572.32 per square foot. This home spent 90 days on the market.
Peahala Park showed strong quarter in interesting trends in the LBI real estate market. As I mentioned above, the price ranges of $750,000 are seeing a lot of activity and this was certainly the case in Peahala Park as well. It is also interesting to note the high end new construction, which will be built at 120 E. Herbert. Essentially, a buyer catered for $2 million for a teardown with the intention to spend significantly more to build finished home. Perhaps the most amazing part of this entire transaction is. I would anticipate approximately $1 million worth of equity in the finished project, making this a very worthwhile undertaking. There is tremendous investment opportunity and potential in the LBI real estate market as they see with Peahala Park First Quarter Real Estate Transactions in 2016. For more information about the Long Beach Island real estate market, contact me and I will be available to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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