Nathan Colmer | Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Nathan Colmer | Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Buying a Long Beach Island bayfront home involves several 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 impact the value. If you are considering building a new home on the bayfront, CAFRA must also be considered when looking at the purchase of a property. These factors can add or detract hundreds of thousands of dollars!
There are three waterfront locations in the LBI real estate market (oceanfront, bayfront, and Lagoonfront), each with its own unique attributes. Bayfront and lagoon front homes offer great appeal for boaters, 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 the boats and the birds playing in the bay. It can be more challenging to generalize the value of an "average" bayfront home. Not all bayfront properties have Riparian rights, and the location on the bay, along with the amount of bay frontage present at the home, can significantly impact the value. A Riparian right or grant allows the owner of the property to build a dock into the bay. Bayfront properties that have these rights or licenses have an added value. Prices for bayfront homes will vary with tear downs or vacant land trading around $1,000,000-$3,000,000 and developed sites being worth anywhere from $1,500,000 to over $5,000,000 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 mostly artificial 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 their bayfront counterparts' views (and the price point).
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 necessary before 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. Oftentimes, these are sold without any promise or guarantee of what can be built. Therefore, it is crucial to understand what value to place on the ability, or lack thereof, to expand or build a new home. When looking at a bayfront property in the LBI real estate market, understanding what can be done with docks and bulkheads can also add or detract a great deal of money in the transaction. When 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/or leases will also outline the size of the dock that may be built. It is essential 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. Buyers should also be cautious of any past tidelands claims on bayfront properties. A title company should be able to check on this in the course of closing to make sure there are no infringements on the property that could impact the ability to develop a bayfront site.
