rickjones posted on May 02, 2011 14:05
Lots of inventory, low interest rates (for now) and “bargain basement” prices have lots of buyers out looking for opportunities on LBI. There are some out there, but those folks that are “foreclosure” or “short sale” obsessed can miss some of the best values on LBI.
The tried and true way to enhance value on this Island remains in purchasing a fixer-upper, building a strong rental book, and reselling or holding on to the property and enjoy the profits from rental income.
For those who insist on focusing on short sales etc., sticking to the basics is important. On the mainland, quality of neighborhood is important. On LBI, location and lot size rule the roost. Ocean front and Ocean block houses always rent well, and are always good candidates for smart improvements. Homes with a water view will always command a premium, and a location close to attractions and things to do carry weight.
Many folks are recognizing that the best time to “trade-up” is in a “down” market. They wait to get a good price for their existing house and then drive a hard bargain in stepping up.