Oceanfront Homes in the Long Beach Island Real Estate Market
- High Tides Digital Marketing
- Nov 29, 2019
- 2 min read
Oceanfront Homes and the LBI Real Estate Market
Long Beach Island Real Estate Oceanfront Homes
Oceanfront homes in the Long Beach Island real estate market are, assuming all things are equal, the most expensive homes on LBI. Oceanfront homes are located directly on the beach and offer unobstructed views of the ocean, beaches, and dunes. Along with the higher price tag, oceanfront homes also have a much higher cost of ownership. Buying an oceanfront home in the Long Beach Island real estate market requires additional investigation to ensure the purchase is a sound one.
Oceanfront Homes in the Long Beach Island Real Estate Market
There are a few crucial differences with oceanfront homes in the LBI real estate market. Buyers should be aware of these differences when learning about the market. Most significantly, they are:
The cost of flood insurance will be much higher than in other areas since oceanfront homes are usually located in the V flood zone
The maintenance costs will be higher as there is no protection from the salt air and Seaspray other than the dune.
Construction methods are different for homes on the oceanfront.
There are additional setbacks and restrictions through a government agency known as CAFRA.
It is clear from the above that owning a home on the oceanfront in the LBI real estate market will cost more money. As I mentioned, there are higher ownership costs with flood insurance, and with the additional upkeep. One of the most significant points to consider is how the lot may be developed in the future. The setbacks can vary significantly for homes on the oceanfront, and this can quite literally be a seven-figure difference in the valuation of the asset. Understanding how construction takes place in these areas is an essential component of any investment made in the oceanfront real estate market on Long Beach Island.
Buying an Oceanfront Home in the Long Beach Island Real Estate Market
Buying any home in the LBI real estate market is a significant investment, but buying an oceanfront home requires additional steps to ensure mistakes are not made and that the investment is sound. Apart from the generalizations that I have made above, there are specific nuances for each town of Long Beach Island that can also impact the investment. Oceanfront homes offer many advantages including higher rent rolls, stunning views, and some of the highest elevations found on Long Beach Island but like anything, knowledge is power and understanding how the dynamics of the oceanfront real estate market operate is a necessary step before the purchase of an oceanfront home on Long Beach Island can be completed. 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
