Condos in the LBI real estate market can be tricky to determine There are options ranging from units in large professionally managed complexes to the "side by side" condo where the complex consists of only two units on one lot. Many buyers mistake this for a single family home-it is not! There are many different kinds of condos for sale in the LBI real estate market. There are large complexes with professional management such as Shelter Harbor in Beach Haven and small condo associations with 3-10 units. Regardless of the complex or the number of units, it is helpful to look at the condo sale market as a whole.
While condos generally offer less maintenance and upkeep, one must keep in mind the rate of appreciation of a condominium is slower than that of a single-family home. They are also far more affordable allowing for greater selection for those who are trying to purchase a home on a budget. That said, condos can offer a great opportunity to buy a home in the LBI NJ real estate market. Condos range in size and price range. There are small one bedroom units that will sell for under $200,000 and there are large, oceanfront condos that sell over $1,000,000.
Buying a condo in the LBI real estate market can offer some excellent opportunities for those looking to enjoy summer at the Jersey Shore. With all the different options available in the condo market, it is important to understand what you are buying. For example, there are many condo complexes on Long Beach Island that are only available for use during the summer months. Typically, these complexes were at one time motels which have been converted to condos. Since they were designed to be motels, they are commonly on one main water supply and therefore the entire complex needs to be winterized to avoid freezing pipes. As such, these units are only available for use from roughly the middle of April through the middle of November. The majority of condos for sale on Long Beach Island are the more traditional complexes built to be a condo complex with individual water supplies for each unit.
There are five LBI Real Estate Condo Questions you should always ask when looking to buy a condo on Long Beach Island. They are:
Buying Side By Side Condos In The LBI NJ Real Estate Market offer some great advantages but they also have limitations. Generally speaking, a side by side condo will offer a large beach house, most are 3-4 bedrooms with 2-4 bathrooms, at a lower price than their single family home counterparts. This can enable a buyer to purchase a well appointed home on Long Beach Island at a very affordable price. There are a few distinguishing features of side by side condos to understand: