Welcome to LBI!
June 11, 2020
Just to give you a quick update on our current market conditions…
- 15% behind in units sold (39 units) over the same time last year. This was expected as the ‘shelter in home’ took place in mid-March and is only now beginning to be lifted. Also, closings have been taking a bit longer as we all adjust to `distance closings’.
- On the flip side, there are 80 homes in a pending status. Normally, we see around 45-60 at one time and depending on the time of the year. So, this is a high number and should make up for the prior slowdown in units sold.
- Average Sales Price fell about 3% over this time last year. Part of this is due to the mix of sales, there have been no high-end sales – over $4M+. This will change as some of the `pendings’ begin to close as there is an oceanfront in pending at $5,999,000.
- Days on the market are a bit longer, but again it is taking longer to get a deal from contract to closing so this is expected as well.
- % of Sales Price to List Price is still around 95% to 96%.
- Inventory remains low.
So overall, LBI is weathering the COVID-19 rather well. The Island has always shown its resilience!
May 13, 2020
Pat Sepanak Interview on Current Conditions of LBI Sales and Rental Market
Hello from the Beach!
May 7, 2020
LBI Market Update
I thought I would give you a quick update as to what we area seeing in our sales and rental markets. I will update as I see news worth reporting to you. I have also just completed an LBI MarkeTrends Quarterly Update Newsletter. If wish to receive a copy, please email me at PatonLBI@att.net with your request.
Sales Market: Average Sales Price (ASP) shows a drop around 4% over 2019. However, there have not been as many high end sales ($3M+) as in previous years. Reviewing most other sales, no overall decline in prices are noted. Inventory remains on the low side as do ‘under contract’ sales. Some sales did fall through as buyers choose not to continue with their purchase due to the economic uncertainty of the impact of COVID-19. The mid year numbers will be a better indication on the health of the LBI real estate market. So far, LBI is holding pretty steady.
Rental Market: We have experienced a few cancellations at this time due to concerns about COVID-19. We have fielded many phone calls with questions about how LBI will pan out. The majority of our summer guests seem to be looking forward to a vacation on LBI. Prior to the outbreak, our bookings were up. We are still receiving inquiries which we take as a very good sign. If there is improvement with the handling of COVID-19 there is expectations that we could have a surge as LBI may be deemed safer than many other choices.
WE ARE OPEN FOR BUSINESS!
Have a question about LBI real estate? Want to learn more about the market? Maybe want to do a little window shopping for a beach house?
Sand Dollar offers you these new programs to alleviate some boredom and learn about LBI.
Have an LBI Real Estate Question? Check out ‘Chat with Pat’ – a new interactive Q&A blog to answer your questions and encourage input from other current and future LBIslanders. We will start with: Is this a Good Time To Buy or Sell on LBI?
Want a Good ‘Read’ About the LBI Market? I am posting the latest issue of my LBI MarkeTrends Newsletter written in January. My forecast at that time may not be my forecast at this time. However, I will be updating my Newsletter & giving my thoughts as we progress through this difficult time period.
Want to do some Window Shopping? Browse our new MLS search site. Connected to the same MLS that we Realtors use. More “Zaccurate” then other large national sites. Clean, Easy and No Registration needed. Choose one of our searches, make your own or map search an area. You can also search under contracts and solds. Find your perfect beach house at: FreeLBIHomeSearch.com
Want to learn about purchasing on LBI? Then this new publication is for you. A GUIDE BUYING ON LBI – A great place for potential buyers to begin their education if considering a purchase of an LBI beach house. Fact filled ‘Guide’ with information on: Why LBI along with past and present sales/value statistics. Thoughtful questions to help you determine the right home, town, location and price range. As well as financing alternatives and an overview of the tax advantages of owning an LBI beach property. This Guide will lead you through the entire process of first making the decision to buy right up to what to expect on closing day.
Want to Know What’s Happening on LBI?
Sand Dollar Real Estate
Offers You the Latest LBI Market Statistics & Analysis
In today’s real estate climate, you need a resource that gives you the latest market stats and keeps you appraised of the latest issues affecting LBI. This type of information is paramount when making your decision to buy or sell. This website hosts the most comprehensive LBI sales statistics, past and future analysis as well as information on current topics that affect our local economy and real estate market.
Exclusive Sand Dollar Real Estate Programs
SEARCH OUR LOCAL MLS – Custom search module links directly to the MLS that LBI Realtors use. Choose from pre-defined popular searches to start and then create your own custom search. Can use quick or advanced search modules or a map location search. More accurate and easier to use than other major web site portals.
EARLY BUYER’S ALERT – Rather we created your search, no problem! Fill out a simple form with your preferred buying parameters and be emailed from our local MLS every appropriate new listing on the day it appears. Includes price changes & properties under contract and closed, with full details & photos. Find the finds first.
DRIVE BY LIST – A great way to learn about LBI at your pace. Choose your preferred buying parameters based on Location, Style & Price Range. We will provide you with addresses & property information organized with a planned car route to explore the various neighborhoods on LBI.
THIS WEEK ON LBI – Updated weekly with a Market Snapshot of what’s just been “listed”, went “under contract” and “closed”, list of prior months closed sales, plus local headline news and links to web sites of LBI importance. This is our most visited page each week!
ONLINE MARKET EVALUATION – Fill out a short form about your LBI property and you will be sent an email report chock full of information about the trends and current LBI sales market along with ‘comps’ and a detailed analysis explaining your property’s price
range of value. In a changing market this is a must for our LBI homeowners.
LBI NEIGHBORHOOD TRACKER – For LBI Homeowners who want to know what is happening in their LBI neighborhood. Initially we fill your ‘electronic cart’ with info about all homes currently for sale in your neighborhood. Thereafter, all new listings and price changes and sold properties will be added as they occur.
MARKETRENDS – Visit our Market Statistics page for historical comparison data plus quarterly updates on the LBI real estate market. Don’t forget to preview LBI Quarterly Sold Properties broken down by area.
SUMMER RENTALS – LBI Visitor’s – See the particulars on the various styles and locations that we offer so you can have the best LBI vacation possible. Need some extra help, use our Concierge Service for guidance. LBI Homeowner’s – Not booked as much as you like? Ask for our ‘Rental Review’. We will take a look at your property and make suggestions on how to increase your rental bookings inexpensively and review your current rates. You can even fill out our Rental Authorization online and review our Guidelines.
This web site is dedicated to the luxury real estate market on LBI. These homes stand out in design and location.
Potential Purchasers: Learn about the LBI Beach Lifestyle, what makes LBI such a special place. Or Preview our Luxury Beach Collection. You can choose from our most popular predefined searches or create you own.
LBI Luxury Homeowners: We have a special section for you if contemplating parting with your lovely beach home. You have a luxury home that needs to have unique marketing and a comprehensive Marketing/Business Plan.
LBI Real Estate Seminar
Thinking of Selling? Thinking of Buying?
Then, this is a must, you should have the most up to date
LBI real estate information to make the right decision for you.
No hype, just factual information.
- LBI MarkeTrends – Historical Overview, Recap & Forecast for Rest of Year
- Latest LBI Sales Statistics – Average Sales Price, Days on Market, Inventory Levels, Percent of sales price to sold price, comparison reports & more
- Tax Advantages – Second Home vs. Investment with explanation of write offs
- 1031 Tax Deferred Exchanges – Still here and a great way to trade up
- Financing – Many programs available
- Local & State Building Regulations – Know what you can and can’t do prior to buying
- Flood Insurance Update – Ever changing and ways to lower your flood without lifting
- LBI Rental Market – Latest Trends and how to meet them with your rental property
- LBI Local News – Beach replenishment, the bridge and other news
- Q & A Period – Always lively & informative
RESERVATIONS: For more information or online reservations, click here or call 609-494-1130
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