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!
One of my favorite things about Ship Bottom is its walkability. You not only are steps away from the beach but also you are steps away from the finest restaurants, ice cream, bakeries, playgrounds and mini golf. Living by the beach is an amazing experience. Think about those days when you are packing your car up with a million things you might need for a day at the beach; now imagine waking up and taking a few short steps to your LBI beach paradise. You don’t have to worry if you forgot something because you can just walk to the house and get whatever you need. When you are hungry and the kids are crying to use a bathroom, you can just walk back to the house. It really is a relaxing lifestyle at the beach and if you are lucky enough to visit your vacation home every weekend, you’ll feel the stress melt away as you come across the bridge to LBI each and every time.
Check out 109 E. 20th St. in Ship Bottom, it’s For Sale and waiting for you. Call Us today to look at your new Ship Bottom beach house on LBI.
Craftsman Beach Bungalow updated and maintained immaculately. Charming enclosed front porch with plenty of sunshine, large living area with new wood burning fireplace and hot air blower, Hard wooden floors, Newer Gas Baseboard Heat for year round living, recently updated kitchen and bath, formal dining area, 3 bedrooms, new cedar impression vinyl siding and new timberline roof, laundry room, large recently updated garage with cable and electric for home office and shed for plenty of storage. Welcome to the “Tumble Inn”, just steps to the beach with no roads to cross!