The Beach Haven Crest real estate market reported only one closed transaction during the first quarter of 2016. This is not an alarming statistic, as it is important to remember that these small sections of Long Beach Township often only have a few transactions in any given quarter, thanks to their small size. Thesingle family homethat sold was located at 7707 Ocean Blvd. and offers the unique case study for the greater Long Beach Island real estate market. This home was three bedrooms with 1 1/2 bathrooms, and approximately 2,242 square feet. The ocean block location and large lot size made it a unique home and it ultimately sold for $830,000. This represents the sales price of 94.43% at a price per square foot of $370.21. What makes this interesting is the fact that it was not elevated on pilings. The first floor elevation was approximately 15 feet above sea level. It is a common misconception that homes which are not elevated on pilings will suffer outrageously high flood insurance rate. This is simply not the case. Many homes on Long Beach Island, even if they are not elevated on pilings, will have a sufficient ground elevation to ensure they aremore than compliant with the current flood zones. It is important to understand this before buying or selling any home in the LBI real estate market.
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Data last updated: July 2, 2020 12:50 AM
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