How Much Does A New House Cost On LBI NJ
In the wake of Hurricane Sandy, there has been a massive wave of new construction taking place on Long Beach Island. With many homeowners concerned about damage from future storms and increased insurance rates, many have taken the opportunity to build a new home and maximize their investment in the LBI NJ real estate market. With such rapid change taking place on Long Beach Island, it is important to understand how these changes will impact the Long Beach Island real estate market. New construction has always been highly sought after and now, with so much of it taking place, buying a new home on Long Beach Island presents some excellent opportunities. Therefore, understanding the Price Per Square Foot For A New Home On Long Beach Island is essential prior to making any investment on Long Beach Island.
Price Per Square Foot For A New Home On Long Beach Island
There are two ways to look at the Price Per Square Foot For A New Home On Long Beach Island. The first is by examining recently closed Long Beach Island real estate transactions and the second is by looking at the current active inventory of new homes for sale on LBI. Below is a breakdown of new construction single family home sales in the Long Beach Island real estate market between September 1st 2013 and March 1st 2014:
- There were 8 closed new construction transactions closed in the real estate market on Long Beach Island
- The average price of a new construction home was $1,201,125
- The average price per square foot of a closed single family home was $500.36/ sq. foot
It is also helpful to understand the current market for new construction homes on Long Beach Island. As of the date of this article, the market for new homes on Long Beach Island is as follows:
- There are currently about 40 active new constructions for sale on Long Beach Island
- The average listing price of a new home on LBI is $1,479,219
- The average price per square foot of a new home on LBI is $575.91/ sq. foot
Of the current active inventory, there are about 12 new constructions under contract or “pending” in the LBI NJ real estate market. While the average listing price of a new home on LBI is about $1,500,000, prices range from the low $600,000’s up to over $4,000,000! Location, size and the finishes used in the house will greatly influence the final sales number and the Price Per Square Foot For A New Home On Long Beach Island. New construction can prove to be a very smart investment as the house will be built to current codes including safety features such as break-away walls, hurricane impact windows and an elevation above the current base flood elevation. A buyer in the LBI real estate market can also do well by looking at vacant land or a knock down and building the house themselves. This is a long process (about a year) but can create instant equity in the real estate market on Long Beach Island.
Buying New Construction in the Real Estate Market on Long Beach Island New Jersey
Buying a new home can be a smart investment but it is not without challenges. It is important to understand who the builder for the new home was and what his or her reputation is. There are many modular homes currently under construction which tend to not be the best option for a new home on LBI. It is also advisable to have a home inspection on a new home so as to be sure the finished product is as it was advertised to be! For more information about the Price Per Square Foot For A New Home On Long Beach Island or about buying new construction in the LBI NJ real estate market feel free to contact me, Nathan Colmer, and I will be happy to answer any questions you have!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org