Single Family Homes in the LBI NJ Real Estate Market

Higher end homes priced between $1,500,000 and $2,000,000 offer buyers wonderful properties in fantastic locations. Most homes in this price point will offer top of the line amenities and some of the best property locations in the LBI real estate market. Most homes in this price point will offer some impressive views of the water and easy beach access and are either brand new or near new construction. As with other high end price points there will be a number of tear down homes in this price point which can offer excellent investment opportunities.

There are usually between 50 and 75 single family homes for sale in this price point which is less than other price ranges in the LBI real estate market. These higher end homes can be summarized by the following:

• Most homes will be new or near new construction offering posh finishes and breathtaking views
• It is also possible to find investment opportunities in this price point with older homes on very large lots that are eligible for subdivision.
• On average there is a 4%-6% reduction off the sales price of a single family homes listed between $1,500,000 and $2,000,000 in the LBI NJ real estate market

It is important for all buyers to remember that all homes in this price range are subject to the "mansion tax" which equates to 1% of the purchase price paid by the buyer to the State of New Jersey. This expenses is due at closing and must be factored into the overall transaction.

This budget 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.