PROPERTY TYPES IN LONG BEACH ISLAND, NJ
Everything You Need to Know About Property Types on Long Beach Island
Single Family Homes Between $1,000,000 and $1,500,000
Single-family homes priced between $1,000,000 and $1,500,000 on Long Beach Island offer high-end living with modern amenities and desirable locations. In this price range, buyers can expect newer or recently built homes featuring upscale finishes and spacious layouts. Some properties even include oceanfront or bayfront locations, providing stunning water views and direct access to the beach or bay.
This segment of the LBI real estate market presents attractive opportunities for buyers looking for luxury and convenience. With many homes offering top-of-the-line amenities, premium design, and prime locations, these properties are highly sought after. However, buyers should be aware that purchases exceeding $1,000,000 in New Jersey are subject to the state's mansion tax, an important factor to consider when budgeting for a home in this price range.
Single Family Homes on Long Beach Island Between $1,000,000 and $1,500,000
Single family homes on Long Beach Island in this price range will go through waves of strong and weak activity. Sometimes, spending a little more can result in the purchase of a much "better" house which can soften the market for homes in this price point (for example $100,000 more in the price of a home may be the difference between an oceanblock and an oceanfront home in the LBI real estate market).
There are usually about 100-125 homes on the market in this price range and sales tend to be competitive for quality properties. This is especially true of new homes that are built as spec projects. An important cost consideration is the mansion tax or millionaires tax imposed on homes in this price range. Homes in New Jersey that sell over $1,000,000 are subject to the "mansion tax" which is a 1% tax based on the purchase price paid to the state of New Jersey. This is a statewide tax and not exclusive to the Long Beach Island real estate market. This can be an unexpected expense at closing so it is important to plan for this when shopping for single family homes on Long Beach Island priced between $1,000,000 and $1,500,000.
Buyers looking for homes in this price point may also consider building a new home on Long Beach Island. A total budget of $1,000,000+ will easily allow for the purchase of land and the building of a new home. While this is a significant investment of time, approximate one full year from start to finish, the finished home should have between 20% and %30% equity in the home relative to the project cost. This kind of appreciation makes such an endeavor highly attractive for both personal enjoyment and long term investment in the LBI real estate market.