Peahala Park Real Estate Market Sales Update
Peahala Park real estate 2016 fourth-quarter sales were strong just like we have seen throughout the entire LBI real estate market. There were only two closed transactions in Peahala Park, yet they highlight the opportunities that exist throughout the LBI real estate market. While only two transactions may seem insignificant, it is important to remember that Peahala Park is a small section of Long Beach Township and it is common to see only one, if any, closed transactions in any quarter, given the small area we are focusing on. The fact that there were two closed transactions shows the higher level of interest in the Long Beach Island real estate market.
Peahala Park Real Estate 2016 Fourth-Quarter Sales
Sales of single-family homes are broken down as follows:
- The first house to sell was 18 E. Cape Cod Lane which was a three bedroom one bathroom Cape Cod style home selling for $562,000.
- The second home to sell was 22 E. Oceanview Dr. which is a brand-new construction built as an investment. This home had five bedrooms with 3 1/2 bathrooms and sold for $1,275,000.
It is impossible to draw an average price with such a small sample size, however we can note that the average time these homes spent on the market was 133 days, which is in line with the trends we see throughout the LBI real estate market. What is interesting is the dichotomy between these two sold properties. They are essentially a before and after of real estate investment in the LBI real estate market. 18 E. Cape Cod very likely was purchased as a tear down with the intention to build a new home. 22 E. Oceanview is an excellent example of what a finished home on 18 E. Cape Cod would sell for. Given the cost of construction, it shows the amazing potential for investment in the LBI real estate market. For more information about Peahala Park real estate 2016 fourth-quarter sales, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com
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