“You buy the land…and get the house for free.”

This phrase may sound odd, yet it’s often true for residential real estate along the coast.

An older home may be well maintained and charming; but if it doesn’t suit the life style of today’s buyer, the building’s value is minimal.

Our other reality: building codes/elevation.

The federal government is phasing out the subsidies in the flood insurance program.  Homes built prior to 1974 (before elevation codes enforced) are likely to sit lower than required, and if so, cost more to insure.

And if a buyer decides to take on a major renovation project, the municipality will require the home be brought up to code (including elevation).  We are seeing several island properties getting a “lift” – an expensive option, but certainly far less than brand new construction.

If you have any questions regarding market values in Avalon or Stone Harbor NJ, please let me know.

I appreciate the opportunity to help!