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 under $500000. The LBI real estate market has been seeing a lot of activity and single family homes lead the way in overall number of units sold. Single family homes on Long Beach Island under $500,000 are one of the most active areas of the real estate market on Long Beach Island.
While single family homes under $500,000 represent the lowest price point in the LBI real estate market, there are some fantastic properties in this price range that are move in ready and above base flood elevation! Homes in this price point can be very competitive so it is important to act quickly when a good value presents itself.
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.
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:
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.