Buying Opportunities in the Long Beach Island NJ Real Estate Market Under $400,000
Single Family Homes in the LBI Real Estate Market under $400,000Nathan 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 and the LBI Real Estate Market
Like many real estate markets that border the coast, the LBI NJ real estate market is expensive. With an average sales price of over $1,000,000 on average, single family home prices on Long Beach Island are nearly 5 times the national average! Even with such a high average price, there are many buying opportunities for an affordable single family home. The summer 2013 and early fall 2013 real estate market saw some great activity for Single Family Homes in the LBI Real Estate Market under $400,000.
Single Family Homes in the LBI Real Estate Market under $400,000
Between June 1st 2013 and November 1st 2013 there were four Single Family Homes in the LBI Real Estate Market under $400,000 which closed and several more condominiums. They were:
- 245 W 17th Street Ship Bottom a 2 bedroom 1 bath single family which closed for $320,000
- 217 N 11th Street Surf City a 2 bedroom 1 bath single family which closed for $360,000
- 273 S 1st Street Surf City a 4 bedroom 1.5 bath single family which sold for $375,000
- 104 W Pennsylvania Ave Long Beach Twp a 4 bedroom 1 bath single family home that sold for 4400,000
These sales do not include the storm damaged single family homes that also sold over the summer and early fall on Long Beach Island as those homes require substantial work and are priced mostly for land value. It also does not take into account condominiums or detached condos such as 361 8th Street Ship Bottom a 3 bedroom 2 bathroom detached condo which closed for $. 361 8th Street is a new construction property in Ship Bottom that is totally detached and “feels” like a single family home. The homes listed above show that there are opportunities for Single Family Homes in the LBI Real Estate Market under $400,000. While the homes may need some work or may be on smaller than usual lot sizes, they offer an excellent opportunity to gain entry to the LBI real estate market.
Buying Single Family Homes in the LBI Real Estate Market under $400,000
The most important thing to consider when looking at homes is “compromise”. When looking at single family homes in the $300,000-$500,000 price point there will be some features that may not be ideal, but can be acceptable to achieve the dream of home ownership on Long Beach Island. For example, a house that needs work can be a great chance to gain automatic appreciation in the LBI NJ real estate market once the renovation is complete. Likewise, a smaller than standard lot size may also be workable depending on the existing structure that occupies the lot. There are many layer in a real estate transaction on Long Beach Island so if you would like more information about Single Family Homes in the LBI Real Estate Market under $400,000 please contact me, Nathan Colmer, and I will be happy to help!
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
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