Vacant Land Real Estate Transactions on Long Beach Island between January 1, 2015 and June 1, 2015
Vacant Land Sales in the LBI Real Estate MarketLong Beach Island Real Estate
One of the best areas of investment in the LBI real estate market can be found in the construction of a new home. Building a new home on Long Beach Island offers many advantages, including the ability to customize the design to fit your tastes. Assuming the property was purchased at the right price and the construction budget is realistic, immediate equity in the finished home should be realized. There are some excellent opportunities to build a new home on LBI, but first you need a site to build. Building sites on Long Beach Island are comprised of both vacant land and teardown homes (older style homes in need of a lot of work found in favorable locations). An excellent gauge of the local economy is to track vacant land sales in the LBI real estate market.
Vacant Land Sales in the LBI Real Estate Market
Between January 1, 2015 and June 1, 2015 vacant land sales in the LBI real estate market were as follows:
- There were 10 closed transactions during this time period
- The average price of vacant land on Long Beach Island was $410,950
- The average price per square foot of vacant land was $71.99
- On average, vacant land spent 178 days on the market
The least expensive vacant parcel of land to sell was 2501 Long Beach Blvd. This was a commercial or residential zoned property located in Ship Bottom which sold for $242,500. In contrast, 221 Essex Ave. was the most expensive vacant land sale, trading for $650,000.
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Building a New Home in the LBI Real Estate Market
As I mentioned above, building a new home on Long Beach Island can be an excellent investment opportunity. On average, a return of between 20% and 30% can be expected for such an investment. Tracking vacant land sales in the LBI real estate market is an excellent way to gauge current market trends, and explore how much buyers are willing to pay for investment on LBI. In addition to the vacant land sales, there have been a number of storm damaged homes or teardown properties which have sold to make way for new construction. This greatly increases the overall investment taking place on Long Beach Island. For more information about vacant land sales in the LBI real estate market, contact me and I will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market