Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
These are the traditional condo scenario with many units, common amenities (like a pool or tennis courts) and professional management. Typically the monthly fees are higher in these units as they have to cover more amenities but these units offer resort style living on Long Beach Island.
Long Beach Island has a number of custom designed condominium complexes in a variety of locations, styles and price ranges. These condo complexes differ from a converted motel or a converted duplex in that they are purpose built and will often offer special amenities like a pool or a boat dock. There are some large complexes like Shelter Harbor in Beach Haven that offer top of the line amenities but carry a higher monthly HOA to support these features. There are also smaller condo complexes of between 8 and 10 units that offer great locations and amenities but lack the professional management of the large complexes.
Generally speaking, the monthly HOA fee will be higher in a large condo complex than that of the other forms of condo ownership on Long Beach Island. These HOA fees will vary but usually they are allocated to insurance, general property maintenance, a reserve fund and in some cases professional management fees.
These condos will usually be excellent rental in the LBI real estate market thanks to the impressive amenity list associated with the units. Things like boat slips and pools are not common in the LBI rental market so being able to offer such amenities can be highly attractive to potential tenants. It is important to check the rental guidelines as some ownership associations on LBI will prohibit or at least restrict rentals.
It is generally easy to obtain a mortgage on a condo in a large complex. The lender will take the monthly HOA fee into account when determining the loan amount so if a loan limit is close, a high HOA could be an issue for being approved for the loan in the LBI real estate market.
There are many professional managed condo associations in the LBI NJ real estate market. The majority of these are located in Beach Haven and in Ship Bottom with a few located in Barnegat Light and Long Beach Township. Some condo complexes, like Sea Place Condominiums, were at one time motels that were converted to condos however they were expanded and renovated to look and feel more like a purpose built condo association.
A few examples of these condo complexes are:
In most cases, condominiums in the LBI NJ real estate market offer a well run association and a long amenity list making them excellent vacation homes or rental properties.
The monthly HOA fee can be expensive so be sure to budget accordingly.
There is a unique form of ownership in the LBI real estate market known as "Interval Ownership". This combines elements of a time share and a condominium ownership. They are similar to a timeshare in that there are several owners who share the use and expense of an individual property and they are similar to a condo in that an individual deed is issued to each owner.
Interval ownership is often confused with condominiums in the LBI real estate market and many buyers incorrectly assume interval ownership are inexpensive condominiums. Buyers should be aware of the extensive differences between the two and understand that interval ownership IS NOT a condominium.