Nathan Colmer | Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Buying a Long Beach Island bayfront home involves a number of considerations that are not present in other property locations throughout the LBI real estate market. For example, a Riparian Right (the ability to construct a dock), can add a great deal of value to a property. Additionally, the location on Long Beach Island and, more importantly, the proximity to the inlets can have an impact on the value. If you are considering building a new home on the bayfront, CAFRA must also be taken into consideration when looking at the purchase of a property.
There are three waterfront locations in the LBI real estate market (oceanfront, bayfront and Lagoonfront), each with their own unique attributes. For boaters, bayfront and lagoon front homes offer great appeal, but these waterfront locations may come with a high price, depending on the home style and location. Tracking bayfront real estate sales on Long Beach Island is a good first step to understanding waterfront real estate in the area.
Bayfront homes offer excellent views of the famous LBI sunsets and ever changing scenery with boats and birds playing in the bay. It is harder to generalize the value of bayfront homes mainly because not all bayfront properties have Riparian rights. A Riparian right or grant allows the owner of the property build a dock into the bay. Bayfront properties that have these rights or grants have an added value. Prices for bayfront homes will vary with tear downs or vacant land trading around $800,000-$1,000,000 and developed sites being worth anywhere from $1,200,000 to over $2,000,000 on average.
Bayfront homes are located on the West side of Long Beach Island directly on the waterfront. They are not to be confused with Lagoonfront homes which, while waterfront, are located on man-made canals.
The map shown here is a small section of LBI showing Haven Beach, The Dunes and Beach Haven Terrace. The areas outlined in red are bayfront locations on Long Beach Island. The areas outlined in yellow are Lagoonfront homes. As you can see, the yellow lagoon front areas lack the views (and the price point) of their bayfront counterparts.
CAFRA deals with the following conditions on Long Beach Island which can have a surprising impact on the value of a home in the LBI real estate market:
Understanding LBI Real Estate CAFRA Waterfront Development is essential prior to buying or selling any waterfront property on Long Beach Island. Many older oceanfront and bayfront homes are sold as tear downs or with the possibility of expansion. Therefore, it is important to understand what value to place on the ability, or lack thereof, to expand. When looking at a bayfront property in the LBI real estate market, understanding what can be done with docks and bulkheads can add or detract a great deal of money in the transaction. When looking at buying a bayfront property, it is also important to understand Riparian grants and leases as they will be the instrument that allows for the construction of the dock. Riparian grants and leases are essentially ownership rights into the bay. The absence of a Riparian will prohibit the construction of a dock. Riparian grants and leases will also outline the size of the dock that may be built. It is important to have the right team of advisers to help you understand the rules and regulations associated with waterfront development on Long Beach Island as well as the value associated with it.