LBI Real Estate Condo Associations
- High Tides Digital Marketing
- Nov 17, 2019
- 2 min read
Condominium Associations in the Long Beach Island Real Estate Market
Long Beach Island Real Estate Condominiums
Things have been busy on LBI! The Long Beach Island real estate market has been seeing a phase of steady growth and overall expansion. While the market is active and the climate is suitable for investment, single-family homes, which dominate the market, are trading ever higher. The prices of these single-family homes may price some buyers out of the market. The higher market can make condominiums an alternate source of investment. The most important things to consider when evaluating a Long Beach Island condominium association before purchasing a unit are:
The solvency of the association
The length of time an association has been in operation.
Who is running the condo association
LBI Real Estate Condo Associations
While condos can be an attractive investment and have positive price appreciation, it is essential to consider how they fit into the LBI real estate market. The size of the complex can make some buyers more or less comfortable, depending on their point of view. The general rules of the condominium association are unchanged regardless of the size of the association (meaning there is a master deed, rules, regulations, etc.). The LBI real estate market has different sized condominium complexes varying from two members to dozens of units in an association. The current balance sheet and the reserve are vital documents to check to make sure that a condominium association is financially solvent. There should be reserves for unplanned expenses and budgeted amounts for routine maintenance. A great example of this is flood insurance. If the insurance premiums are not paid in full, the association may not have any coverage, which can also void the terms of a mortgage if one is in place. The length of time a condominium association has been established is undoubtedly a good indicator of past trends, but it does not guarantee future success. That said, it is helpful to know if the current management has been doing their job! Buying a condo in the Long Beach Island real estate market can have numerous advantages.
Buying in the Long Beach Island Real Estate Market
While condos generally offer less maintenance and upkeep, they also tend to appreciate slower in the LBI real estate market than a single-family home will. Interestingly enough, however, they are popular rentals, and this popularity, coupled with the lower entry cost, can make them an appealing investment. Condominiums can be great buys Long Beach Island under the right circumstances. If you have any questions about buying, selling, or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
