Single-Family Homes on LBI? (Barnegat, Beach Haven: for sale, real estate market, oceanfront)

[delusianne]

I cross-posted this at the Real Estate forum. Any help and opinion is greatly appreciated!

It's my SO's dearest wish to retire on LBI. He hasn't been there in years, and he's hoping against hope that there remains some area that is oceanfront but close-to-affordable.

We've looked at real estate sites, even foreclosure ones, but the only places for sale we've seen are the big ten-bedroom investment properties and shacks sitting on valuable sand, I mean land.

We know about the beach erosion, hurricane threats, summer visitors and all the negatives...not so sure what the erosion problem has done to the taxes but Im sure nothing good. It doesn't appear the big investment properties' prices have been much affected by the deflation in the RE market.

Is anyone familiar with Lavalette, Harvey Cedars, and thereabouts, and the present LBI real estate market in general?

Thanks! - delusianne

[delusianne]

Originally Posted by delusianne

Is anyone familiar with Lavalette, Harvey Cedars, and thereabouts, and the present LBI real estate market in general?

Thanks! - delusianne

And Barnegat Light?

[tahiti]

my *personal* opinion, for whatever it's worth, is that LBI is still horrendously overpriced. yes, there are modest 1 families on the market, especially in the brant beach, haven beach, the dunes, peahala park, area. these are older cape cod style houses. houses that sold 12 years ago for $100K were recently going for as high as $800K. i saw not too long ago that LBI was one of the most expensive, overpriced areas in the country.

it's gone down *some*, but has a long way to go. will it ever get there? i don't know, I tend to think not because the island in general is more "high class" than it was even a decade ago. as long as you have people with the big bucks willing to spend a bundle on a small shack, prices will stay relatively high.

makes me sad b/c i'd like to retire there someday too.

[yankeemom]

Prices have come down about 12% compared to 2006. If you want ocean front you will pay dearly for that. Lots on nice streets in Beach Haven that are not water front can go for $700,000. Beach Haven has a small, stable year round population and there are still a selection of capes or ranches. If you don't mind beeing on Bay AVe, there are some more reasonably priced homes. If you haven't been in years, I would recommend renting a couple of weeks in the fall, when there is less traffic and do some serious house hunting. Then spent time midweek in the winter to ensure that you want the lifestyle. DH's grandparents lived in Beach Haven year round and had a full schedule of activities. MIL now splits her time between Beach Haven and TX (near my BIL). There are several year round residents in my neighborhood. I would definitely recommend making sure you want both the lifestyle as well as the $$.

[DodgeViper01]

Originally Posted by tahiti

my *personal* opinion, for whatever it's worth, is that LBI is still horrendously overpriced. yes, there are modest 1 families on the market, especially in the brant beach, haven beach, the dunes, peahala park, area. these are older cape cod style houses. houses that sold 12 years ago for $100K were recently going for as high as $800K. i saw not too long ago that LBI was one of the most expensive, overpriced areas in the country.

it's gone down *some*, but has a long way to go. will it ever get there? i don't know, I tend to think not because the island in general is more "high class" than it was even a decade ago. as long as you have people with the big bucks willing to spend a bundle on a small shack, prices will stay relatively high.

makes me sad b/c i'd like to retire there someday too.

I agree highly. There is no reason that a somewhat decent beach front home there should be at least $2.5M! I remember working with a client and he bought the home for $500,000 or so and then put about $100,000 into it in 1999/2000 and then it appraised for OVER $3M. WHY?!?!? I will never undestand that area.

[sligogirl]

If, you're on the beach, it's all about the view.......

[SPNARD1]

LBI is arguably the best the shore has to offer....

Overpriced....I guess so, depends who you ask.
I'd recently read somewhere that the Real Estate market( esp LBI has suffered a 20% correction in pricing.

Not sure how true, but whatever the price...IN THIS MARKET...everything is negotiable...especially 2nd/vacation homes

[tahiti]

Originally Posted by SPNARD1

LBI is arguably the best the shore has to offer....

Overpriced....I guess so, depends who you ask.
I'd recently read somewhere that the Real Estate market( esp LBI has suffered a 20% correction in pricing.

Not sure how true, but whatever the price...IN THIS MARKET...everything is negotiable...especially 2nd/vacation homes

i don't know - houses selling for 800% more than 12 years ago, and the fact that there are nearly 700 houses for sale in 08008 (in a time when most available real estate would be snapped up for the upcoming summer) indicates overpriced to me. if prices were more in line with median income for those purchasing modest vacation homes, inventory would drop like a rock.

[SPNARD1]

Totally understand your point...but it's hard to find an area anywhere in NJ that the prices haven't gone up 200+ % in the past 12 years.

LBI- Hard to justify for the price...I think so, but it's a fantastic place nonetheless

[tahiti]

Originally Posted by SPNARD1

Totally understand your point...but it's hard to find an area anywhere in NJ that the prices haven't gone up 200+ % in the past 12 years.

LBI- Hard to justify for the price...I think so, but it's a fantastic place nonetheless

agree 100% - i spend several weeks there during the summer, and several weekends off season and always look forward to it!