PROPERTY TYPES IN LONG BEACH ISLAND, NJ
Everything You Need to Know About Property Types on Long Beach Island
Single Family Homes Between $500,000 and $750,000
Single-family homes priced between $500,000 and $750,000 make up one of the most active segments of the LBI real estate market, typically accounting for around one-fifth of all listings. In this price range, buyers can find a mix of move-in-ready Cape Cod-style homes, raised ranches, and even some new construction properties in various locations throughout Long Beach Island. Additionally, there are opportunities for tear-downs, offering buyers the chance to build their dream home in a desirable coastal setting.
With between 125 and 150 homes usually available in this price bracket, there are plenty of options for those looking to enter the LBI market at a mid-range price point. Whether seeking a renovated home or a property with investment potential, buyers will find a variety of choices, making this one of the most dynamic areas of the Long Beach Island real estate market.
Single Family Homes in the LBI NJ Real Estate Market
Homes in the $500,000 to $750,000 price range offer buyers two options. The first is an end user home at an affordable price point. These homes will usually be in a good location that should not require major renovation or updating. The second option is a home in an excellent location, for example oceanblock or a bayside home with views, that will require substantial renovation or demolition. These homes are usually be sold for land value with the intention of new construction.
There are a few things to keep in mind when searching for single family homes for sale on Long Beach Island between $500,000 and $750,000. They are:
Many end user homes in this price point will have been damaged by Hurricane Sandy and since renovated. It is important to make sure all renovations were completed safely and with permits.
You can find some good deals on expanded raised ranches and other homes that are elevated on pilings however these homes may require some cosmetic updates.
Tear downs in this price point can give you some excellent opportunities to build a new home on LBI with views and a short walk to the beach or bay.
Be sure to check the elevation of a property as some homes can have issue with flood insurance rates after Hurricane Sandy.It is also important to check for letters of substantial damage for homes in this price point. Many times homes were renovated beyond the scope of what they should have been and the seller may not fully disclose the amount of work. Sadly we do see this with homes priced in the range and it is important to understand this prior to buying any home in the LBI real estate market.