PROPERTY TYPES IN LONG BEACH ISLAND, NJ
Everything You Need to Know About Property Types on Long Beach Island
Single Family Homes Under $500,000
Single-family homes under $500,000 are among the most active segments of the LBI real estate market. Due to high land values, many homes in this price range may be located on Long Beach Blvd, sit below base flood elevation, or require renovations. However, there are still great opportunities to find a move-in-ready home or an excellent investment property for use as a summer rental or vacation getaway.
While this price point represents the lower end of the market, competition remains strong, and well-priced homes can sell quickly. Some properties are already above base flood elevation, reducing flood insurance costs and offering added peace of mind. With single-family homes leading the way in overall sales on Long Beach Island, buyers seeking affordability should be prepared to act fast when a desirable home becomes available.
Single Family Homes For Sale in the LBI NJ Real Estate Market
While the LBI NJ real estate market consists of many different property types, single family homes are by far the most active. Single family homes can range in price from under $300,000 to over $15,000,000 and there are excellent opportunities in all price ranges. There are usually about 40 single family homes listed for sale on LBI under $500,000 with some as cheap as $300,000! Homes in this price range will typically be a Cape Cod or ranch style home with anywhere from 1-3 bedrooms and 1-2 bathrooms. Most of these homes will be located on the bayside or on the oceanside near Long Beach Blvd or a commercial property. Some homes will require cosmetic updates and some will require total rehab. A single family home for sale on Long Beach Island under $500,000 will usually be a starter home and offer the opportunity to own a piece of LBI at an affordable price.
Single Family Homes For Sale on Long Beach Island Under $500,000
There are many single family homes on Long Beach Island under $500,000. Since this is the lowest price point, there will usually be some negative associated with them. Even with their inherent negatives, these homes will offer excellent opportunities for a starter home on LBI. A few characteristics of these properties are:
The lots may be undersized for new construction (thus requiring a simple variance should you decide to build new in the future)
Some properties may back to a commercial property such as a retail store or a restaurant
Some homes will require renovation or total rehab in the case of a storm damaged property
Lot size and location are the most important aspects of a home's value in the LBI real estate market. Generally speaking, the closer a property is to the ocean or bay, and the larger the lot is, the more expensive a property will be. A single family home under $500,000 may be on an undersized lot (less than 3,000 sq. feet) meaning it would need a variance in order to build a new home. This is usually not an issue...just an added expense in the cost of construction! On the plus side, the property taxes will be lower to a smaller lot.
Many single family homes listed for sale under $500,000 in the LBI real estate market are storm damaged and therefore in need of total renovation or demolition. These homes, while listed for sale as single family homes, are really being marketed as tear downs.