PROPERTY TYPES IN LONG BEACH ISLAND, NJ
Tear Down Homes & Vacant Land
LBI Real Estate Vacant Land & Tear Downs on Long Beach Island
Vacant land and tear-down properties on Long Beach Island offer some of the best investment opportunities in the LBI NJ real estate market. Before Hurricane Sandy, empty parcels of land were scarce due to the island's long history of development dating back to the 1950s and 1960s. However, the storm significantly altered the landscape, leading to an increase in properties being sold for land value.
Many homeowners with storm-damaged houses have opted to demolish and sell their properties as vacant land, while others list their homes at land value prices. These shifts in the market have created new opportunities for buyers interested in building new construction on Long Beach Island, making it an appealing option for investment and development.
Zoning Laws & Building Guidelines for Tear-Downs on Long Beach Island
There are many local zoning laws and setback requirements you must be aware of before attempting to purchase a "tear down" property. Lot size is important but so is the distance between neighboring structures, distance to the water (bay front and oceanfront must adhere to CAFRA) and local laws.
Building guidelines will vary from town to town. For example, in Long Beach Township you can build a footprint of +/- 33% of the lot with normal setbacks. Therefore, a 50x100 (5,000 sq. foot) lot will allow for a 1,650 sq. foot footprint (5,000 x 33% = 1,650). This footprint can then be doubled to allow for the second floor. Note that decks count towards the living space. Beach Haven stipulates that the total living space cannot exceed 50% of the lot size. Therefore if you have a 5,000 sq. foot lot, the largest house that can be built is 2,500 sq. feet.
It is important to point out that the above equations would result in a perfect box with no architectural style. Typically, cut-ins, pitched roofs, etc. will deduct 5%-10% from the total sq footage.
Most areas require at least 15 feet between structures and a 4 foot and 11 foot setback on each side of the property. Front yard and rear yard setbacks are also required.
New Construction will cost about $175-$200/ sq foot depending on the style of house and the upgrades you want to include. Therefore, a 2,000 sq. foot house should cost you about $350,000-$400,000 depending on the house plus the cost of the land.
Vacant Land and Subdivisions in the LBI, NJ Real Estate Market
Vacant land on Long Beach Island is an extreme rarity these days. Most of LBI has been developed and the few empty parcels of land are either attached to other properties (therefore requiring subdivision) or protected preserves.
In most towns, a new lot (after subdivision) must be 60 feet wide by 100 feet deep or larger (a 60x100 lot). There are certain exceptions to this rule. For example, if a neighborhood consists of lots mostly smaller than a 60x100 lot, a subdivision can be considered "conforming" if the new lot size matches the majority of the surrounding lots. There are many rules governing subdivision on Long Beach Island and it is best to speak to an attorney or engineer who can help you understand them.
On the South end of LBI especially, there are large swaths of land that have been left in their natural state but these are protected by the state and beyond the reach of development. Therefore, new construction typically is realized by tearing down an older house and building new. LBI Real Estate Vacant Land and Tear Downs on Long Beach Island NJ can offer exceptional opportunities for those looking to build a new home on Long Beach Island.
REAL ESTATE TIP:
Be sure to check for any restrictions or limitations when looking at vacant land and tear down opportunities. While building a new home can be one of the best investments in the LBI real estate market, it is important to have the right plan in place for your building location.