27 Years of Waterfront Data Analysis
In 1987, the Waterfront sales market had peaked on LBI. Six and seven years later ,I was selling waterfront homes for approximately 25% less than the 1987 climatic sales market. Then Waterfront land began appreciating slowly from 1992 to 1998. In that time period, the average waterfront home increased a total of 24%. Over the next seven years (1999-2006), they increased another 329% – bringing total appreciation up 353% from the low of 1992 to the high of 2006! The average oceanfront value in 1992 was $553,844 and had peaked in 2006 to $$2,508,891. (Multiplied by 453%, subtracting the initial price brings us up 353%).
I feel history is repeating itself with approximate timing, appreciation & depreciation. We have already experienced the seven or so years of a depreciating LBI home sales market from the 2006 peak. From the peak, values were down approximately 20% on oceanfront and approximately 30% on bayfronts. Oceanfronts are slowly going back up in value and bayfronts should follow soon .
Most Buyers are more likely to purchase a property if the Seller is asking a fair price reflective of today’s market value. These buyers are excited that they are able to afford a vacation home on LBI! With attractive mortgage interest rates and competitive asking prices, along with a variety of properties to choose from, it’s a great time to buy or sell on LBI!
Willy publishes the LBI Bayfront Newsletter with statistics of all MLS single family home bayfront sales since 2004 and the LBI Oceanfront studies since 1992.
Bayfront Supply vs. Demand
After many years of working with LBI Oceanfront Buyers and Sellers (since 1992), I saw that the LBI Oceanfront Buyer/Seller often became the LBI Bayfront Buyer/Seller. So, the LBI Bayfront Newsletter was published.
The LBI Bayfront Newsletter contains statistics of all MLS bayfront single family home sales since 2004 including average sale prices on bayfront properties, LBI single home bayfront sales spreadsheet, Supply vs. Demand curve, and data analysis.
Sign up HERE to receive your FREE LBI Bayfront Newsletter with Bayfront single family home statistics by email. If you prefer a hard copy, include your mailing address.