Vacant Land Sales in the LBI NJ Real Estate Market
Vacant Land Sales in the Long Beach Island New Jersey Real Estate Market
LBI NJ Real Estate
One of the best investments in the Long Beach Island real estate market can be building a new home. New construction not only allows for the complete design and personalization of a home, but if handled properly, anywhere from 20% to 30% immediate equity in the finished product as well. Of course to be able to build a new home, you first need a site to build on! Therefore, it is helpful to understand vacant land sales in the Long Beach Island New Jersey real estate market.
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Vacant Land Sales in the Long Beach Island New Jersey Real Estate Market
Vacant land sales in the Long Beach Island New Jersey real estate market over the past six months are broken down as follows:
- There were 19 sold vacant lots any LBI real estate market.
- The average price of vacant land was $620,816.
- The average price per square foot of land in the LBI real estate market was $134.65.
While the overall average price for vacant land in the LBI real estate market seems quite high, it is important to remember that it is offset by a few very expensive oceanfront parcels and double lots which trade at well over $1 million. The median sale price of vacant land in the LBI real estate market was $420,000, which tends to fall more in line with the average purchase.
Buying Vacant Land in the Long Beach Island NJ Real Estate Market
Building a new home in the LBI real estate market is, as I mentioned above, one of the best investments one can make. At current prices, if you were to invest in the purchase of a $450,000 lot and build a new construction home at approximately $350,000-$400,000, the finished product should be worth well over $1 million. This scenario has been shown time and time again and can be a great way to beat the market. For more information about vacant land sales in the Long Beach Island New Jersey real estate market, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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