Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Side by Side townhomes on Long Beach Island tend to be the most expensive form of condo ownership. More of a single family home than a condo, side by sides share a common wall with the neighbor next door (they are almost always only 2 units). Most side by sides in the LBI real estate market offer 3-5 bedrooms, 2-3 bathrooms and are usually around 1,500-2,500 sq. feet!
Side by side condos share many similarities with converted duplexes and in fact, most side by side condos are rebuilt on pre-existing duplex lots. In most municipalities on Long Beach Island, this multi-family home zone is a requirement for a new side by side townhomes to be built. These small associations will only consist of the two "side" of the condo, usually labeled "Unit A" and "Unit B". Side by side condos offer an excellent and affordable option in the LBI real estate market allowing buyers the ability to purchase a new or near new home in a great location for much less than a single family home.
HOA fees associated with side by side condos & townhomes in the LBI real estate market are generally limited to insurance only. The annual flood insurance and hazard insurance premium will be split between the two owners of the condo. Any major expenses will generally be paid for on an, "as needed" basis and the cost will be divided between the unit owners.
Due to their size and generally favorable locations, side by side condos make excellent rentals. In many cases, they can fetch as much as a single family home. This high rent coupled with the lower purchase price can make side by side townhomes excellent investments
Obtaining a loan on a side by side condo in the LBI real estate market will follow the same general guidelines as any second home purchase. Most side by side condos will meet the requirements for lenders.
Pictured here are two excellent examples of side by condo sales in the LBI NJ real estate market.
Both unites were built in the early 2000's which many deem as the height of side by side new construction on LBI. These units offer updated amenities seen in many new homes such as roof decks, reversed living floor plans and garages below the homes.
Side by side condos and townhomes in the LBI real estate market will range in price from the mid $500,000's to over $1,000,000 depending on the size, condition and location. The units shown here fall in the average sales price for side by side condos on Long Beach Island.
The price point of these homes and their updated amenity list make them attractive options for not only condo shoppers but also those looking for a single family home on LBI>
Side by side condos offer a large, new or near new condo for much less than a new single family home.
Like a converted duplexes, there is little to no management of the condo association so any disputes or expenses can be difficult to work out among the owners.
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.