Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Information about Single Family Homes For Sale on Long Beach Island Between $750,000 and $1,000,000 including recent sales updates and current market conditions. The LBI NJ real estate market has been very busy and Single Family Homes For Sale on Long Beach Island Between $750,000 and $1,000,000 have shown a lot of activity in recent months.
Single family homes make up the majority of the LBI NJ real estate market. While homes come in a variety of price ranges and locations, single family homes for sale on Long Beach Island between $750,000 and $1,000,000 offer some excellent opportunities for new construction or a renovated home. Homes in this price range make up about 1/5th of all single family homes for sale on Long Beach Island. There are usually between 120 and 150 homes for sale in the price range at any given point in time.
There are a few characteristics of homes in this price point all buyers should be aware of. They are:
There are some fantastic new construction properties available in this price point. It is possible to purchase a fully completed new home on the bayside with 4-5 bedrooms and views of the water well under the $1,000,000 price point. Likewise, you can purchase similar new construction on the oceanside (usually without a view) in the same price point. These homes, which are elevated above the current base flood elevation, will see a dramatic savings on flood insurance. Most new homes have an annual insurance rate of only $400-$600! Compared to an older Cape Cod which may see an insurance rate of $3,000-$4,000, the savings in flood insurance alone can increase your buying power in the real estate market on Long Beach Island.
There are some single family homes in this price point that fall into a "grey area" and can be difficult to sell. Typically, these homes will have been built in the 1970's or 1980's and elevated on pilings but lack the amenities of a new home. These older contemporary properties are not tear downs, but they will often need "big ticket" upgrades such as a new kitchen and bathroom or needing air conditioning. The renovation bill for these improvements can add up quickly! These homes can produce an excellent opportunity to negotiate the sales price and personalize the house to your taste, but you must be willing to undertake the project.
The State of New Jersey imposes a "mansion tax" or "millionaires tax" on all homes sold over $1,000,000. This tax, which is paid by the buyer, equates to 1% of the total purchase price. By staying under the $1,000,000 price point, a buyer is not required to make this payment to the State of New Jersey.