Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Information about Single Family Homes on Long Beach Island Between $1,000,000 and $1,500,000 in the LBI NJ real estate market. Single Family Homes on Long Beach Island Between $1,000,000 and $1,500,000.
Single family homes listed for sale on Long Beach Island in the $1,000,000 to $1,500,000 price range offer some interesting and attractive options. These homes will typically be newer construction and in a good location with views of the ocean or bay. This includes some oceanfront and bayfront properties that offer top of the line amenities.
Single family homes on Long Beach Island in this price range will go through waves of strong and weak activity. Sometimes, spending a little more can result in the purchase of a much "better" house which can soften the market for homes in this price point (for example $100,000 more in the price of a home may be the difference between an oceanblock and an oceanfront home in the LBI real estate market).
There are usually about 100-125 homes on the market in this price range and sales tend to be competitive for quality properties. This is especially true of new homes that are built as spec projects. An important cost consideration is the mansion tax or millionaires tax imposed on homes in this price range. Homes in New Jersey that sell over $1,000,000 are subject to the "mansion tax" which is a 1% tax based on the purchase price paid to the state of New Jersey. This is a statewide tax and not exclusive to the Long Beach Island real estate market. This can be an unexpected expense at closing so it is important to plan for this when shopping for single family homes on Long Beach Island priced between $1,000,000 and $1,500,000.
Buyers looking for homes in this price point may also consider building a new home on Long Beach Island. A total budget of $1,000,000+ 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.