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Buying In The LBI NJ Real Estate Market
The Long Beach Island real estate market offers buyers some excellent opportunities and the LBI real estate market has remained strong even in this economic downturn. Buying opportunities still exist on LBI for several reason:
The LBI market did not see as significant a drop during the 2008 recession as other markets around the country.
There are a comparatively low number of foreclosures, short sales and other distressed homes in the LBI real estate market.
Historically, shore real estate has proven to be an excellent investment
Buying real estate on Long Beach Island, like buying any investment, comes down to timing and price. With the available inventory and some patience, a buyer can purchase a great property for a great price and still be in a strong financial position. You can read more on some of my most popular blog postings about buying real estate on Long Beach Island here.
The Long Beach Island NJ real estate market is comprised of three major categories. They are:
Single Family homes in the LBI real estate market
Condominiums in the LBI real estate market
Multi family homes or "duplexes" in the LBI real estate market
In addition there are vacant parcels of land available, commercial real estate and interval ownership which is a form of timeshare on Long Beach Island. Each property type carries with it different lending rules and requirements so it is important to understand each type of property available in the Long Beach Island real estate market.