Andy Mehra, Other/Just Looking in New Jersey

What are the trends in Barnegat Light with regards to inventory, listings, bid/asks ? Any weakness seen in?

Asked by Andy Mehra, New Jersey Tue Oct 23, 2007

other parts on NJ ?

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Melinda Deck…, Agent, Ship Bottom, NJ
Mon Feb 10, 2014
Barnegat Light had a great 2013 when compared to the rest of Long Beach Island. Part of that reason may be the fact that the town withstood Superstorm Sandy quite well. As with any discretionary market, LBI in general lags a little behind the rest of NJ in terms of market improvement, but with 2014 has come increased buyer interest.

As a resident and real estate professional I'm happy to answer additional questions about our town.
0 votes
Edukatd, , 08840
Wed Sep 19, 2012
Asking prices for most homes in Barnegat Light are STILL unreasonably high given market conditions. Local brokers have the story that the "market is tightening (or improving, or heading up...)". The closed sale FACTS do not support this lie! Some local brokers will advertise the ratio of selling price to LIST and put it in the high 90%+ range... also misleading particularly where MANY price reductions have occurred and/or houses have languished on the market for 12-30 MONTHS.

I find a more objective view of sales is to compare ACTUAL selling price to ACTUAL tax assessment. This takes opinions, gaming the system and non related items out of the process. Tax assessments also generally reflect value differences due to location, size of property, age of the improvements and other factors.

The BL tax assessor revalues properties every three years on a rolling 1/3 every year. Still the overall BL assessments continue to be HIGHER than actual selling prices. In 2008 the average ratio of selling price to tax assessment was in the 90-95% range. In the past twelve months I have identified thirteen closed sales where this ratio is .8243% (range of .6594%-.9740%). Sand Dollar Real Estate has interesting statistics for the overall island if you are interested.
0 votes
Bill Roberts, , 08050
Wed Oct 24, 2007
This is a market that presents great opportunities for qualified buyers. There is a larger inventory which brings prices down, and buyers are typically making offers significantly below the asking price. The resulting negotiations usually work out to the buyers benefit. Now that the summer season is over, more homes in this area are on the market. I would be glad to provide more information regarding this market as well as links to the homes that are currently available. You can contact me at broberts@vandykgroup.com I hope this information is helpful to you.
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