Values of LBI Single Family Oceanfront Property at an All Time Record High
The average oceanfront price on LBI has increased to an all time record high of $2,959,529 for 2013! This is partly due to the numerous sales of oceanfront property on the north end of the Island which increased values much higher than expected. In general oceanfront property values have turned around and are beginning to appreciate once again!
The average price of an oceanfront sale in 2013 had an inflated value of $2,959,529 (vs. $1,851,048 average in 2012). The average oceanfront property sold also had 84 linear feet on the oceanfront (vs. 69 in 2012). This average was extremely high. 10 of the 17 oceanfront sales were on the North end of LBI (North Beach, Harvey Cedars, Loveladies, and Barnegat Light). Here the average sale price was $3,836,950. It’s great to know the high value dollar sales are back and high end buyers are once again investing on LBI!
However, looking into the future, we can see the value is very inflated, as a tear down with 84′ on the water in Brant Beach just sold for $2,000,000 and 3 others currently under contract have a similar low price value per foot of oceanfront sale.
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This study has been created for Long Beach Island homeowners and buyers as a guide to evaluate the current market values of single-family Oceanfront properties on Long Beach Island. The above is just a portion of the analysis. The LBI Oceanfront Newsletter contains data from 1992 as well as all Long Beach Island single family home sales for 2013 for this year-end study.