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WIlly Kahl, Broker AssociateWIlly Kahl, Broker Associate

Long Beach Island, NJ Real Estate

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27 Years of LBI Oceanfront Data Analysis

In 1987, the Oceanfront sales market had peaked on LBI.  Six and seven years later I was selling oceanfront homes for approximately 25% less than the 1987 climatic sales market.  Then Oceanfront land began appreciating slowly from1992 to 1998.  In that time period, the average oceanfront 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 Selleris 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!

Click here to sign up for the Summer 2014 Long Beach Island Oceanfront and Bayfront Newsletters

Posted in: LBI News, LBI Real Estate

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Contact

Egon "Willy" Kahl-Broker Associate
REALTOR®
LBI Waterfront Expert
Author of LBI Oceanfront & Bayfront Newsletters

6097091020

willykahl@gmail.com

Ann Kahl, REALTOR®
ann@lbisales.com

Jersea Realty
1415 Long Beach Blvd.
Ship Bottom, NJ 08008
Office: 609-492-1666

Send Me a Message HERE Using My Contact Form


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The data relating to real estate for sale on this website comes in part from Jersea Realty participation in the IDX /Broker Reciprocity Program of the Jersey Shore Multiple Listing Service, L.L.C. The information has been provided by Ocean County Board Of Realtors®, Inc. Real estate listings held by other brokerage firms are identified with the Seller's Representative. Information deemed reliable but not guaranteed. This information is being provided for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing..

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