Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Search LBI oceanfront homes for sale on Long Beach Island NJ. Browse all waterfront real estate and find your perfect beach house!
Oceanfront Homes, also referred to as beach front homes, are properties that directly adjoin the Atlantic Ocean. All things being equal, this is the most expensive real estate on LBI. Single family oceanfront homes will range in value with "tear down" prices starting around $900,000 to beautiful estate homes selling for over $10,000,000! A more affordable option in the oceanfront home market would be to purchase a condo. Oceanfront condos have a wide price range as well with prices starting in the $300,000 to $400,000 area and capping over $1,000,000.
Simply put, oceanfront homes offer the best views, highest rental income and best appreciation in long term value. They are also the most expensive home to buy in the LBI real estate market! Oceanfront homes come in a variety of styles and price ranges. While the majority of oceanfront development consists of single family homes, there are duplexes and condos available for both sale and rent. Specifically, Ship Bottom and Beach Haven offer some very nice oceanfront condos with prices starting in the $400,000 range. By comparison, single family homes start in the over $1,000,000and will exceed $10,000,000! Below are some recent single family oceanfront transactions in the oceanfront real estate market on Long Beach Island.
For anyone looking to move on the water, a basic understanding of CAFRA is an essential prerequisite. This is specifically important for oceanfront homes and it will dictate what can and cannot be built on an oceanfront lot. A large CAFRA building envelope can allow to expansion of a home or the creation of larger decks. This knowledge can help both buyers and sellers determine the correct price for a home in the real estate market on Long Beach Island. CAFRA is a government agency that oversees certain development of residential and commercial properties in the defined CAFRA area (of which Long Beach Island is a part). CAFRA, along with the local township, determines what kind of building can be built in a certain area. The following items are regulated by CAFRA:
On Long Beach Island, CAFRA is most commonly invoked when building an oceanfront or bayfront property. When building an oceanfront home, there are a number of points to be considered. A property owner has to consider both CAFRA and the local township. CAFRA will establish a building envelope that does not interfere with the local environment. The local township will then determine what can be built within the CAFRA approved building envelope. There are a few exemptions to CAFRA. While there are far to many to list, there are some commons exceptions that should be understood. For example. CAFRA is not required for building, renovating or elevating (commonplace on LBI) in the same footprint of a structure which was legally existing on July 19th 1994 with no expansion. CAFRA also allows exceptions for decks and patios provided they do not result in the grading or excavation of any beaches, dunes or wetlands.
Understanding LBI Real Estate CAFRA Waterfront Development is essential prior to buying or selling any waterfront property on Long Beach Island. Many older oceanfront homes are sold as tear downs or with the possibility of expansion. Therefore, it is important to understand what value to place on the ability, or lack thereof, to expand. When building on the oceanfront, CAFRA is almost always required however exceptions do apply such as the permit by rule. A home with a restrictive CAFRA building footprint will be worth less regardless of the physical lot size.
Most oceanfront homes on Long Beach Island will fall into a "V" flood zone. A “V” flood zone is considered to be an area of higher risk. Therefore, flood insurance rates tend to be higher in a V zone as compared to an A zone. Likewise, there are building restrictions and additional methods that are recommended to safeguard the house. It is very important to understand New Construction in a V Zone on Long Beach Island NJ but in short homes but be built higher, with breakaway walls and, to achieve the best rate, built without enclosures below the structure. When building in an A or a V zone, both FEMA and the towns have established a minimum required height, often known as the BFE (Base Flood Elevation) however building higher than the BFE will lower both the flood insurance premium on LBI as well as future flood risk in general. A helpful example is offered by FEMA’s to demonstrate how by building higher, the flood insurance rate (premium) on Long Beach Island will drop significantly
Oceanfront homes represent the best real estate Long Beach Island has to offer, however there are many details buyers should be aware of before entering into a real estate transaction. Maintenance costs are higher on the oceanfront, most oceanfront homes are in a "V flood zone" which carries more strict regulation and there are zoning issues that must be understood. For more information about buying an oceanfront home on Long Beach Island, contact me, Nathan Colmer, and I will be happy to help!