In 2013, the average oceanfront price on LBI had increased to an all time record high of $2,959,529! This over inflated price was 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!
In 2014, the average oceanfront property sold was much smaller in size than those sold in 2013. There was an average of 84 feet of ocean frontage sold in 2013 versus the average in 2014 of 67 feet on the oceanfront.
The average price of an oceanfront sale in 2014 had a value of $2,086,948 (vs. $1,851,048 average in 2012). The average oceanfront property sold also had 67 linear feet on the oceanfront (vs. 69 in 2012 and 84’ in 2013). Fifteen of the twenty-nine sales this first half of 2014 were tear down Oceanfront homes, bringing prices down a bit.
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