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Short Sales Foreclosures Bank Owned Real Estate And Storm Damaged Homes On Long Beach Island
Buyers in the LBI real estate market should expect to see fewer distressed homes for sale. As home values continue to improve on Long Beach Island, this lessens the chances for distressed sales. While short sales, foreclosures, and bank owned real estate are not particularly common in the LBI real estate market, they do come on the market from time to time. With the improvements we have seen in 2014, the expectation is that the number of these distressed sales will lessen. Far more common, and also classified under a distressed sale, are storm damaged homes. These homes, which sustained flooding in Hurricane Sandy, are sold for land value and are typically viewed as a good opportunity. While many of these homes have cleared the market, there are still storm damaged homes for sale. However as 2015 progresses, the expectation is the number of options will diminish. Therefore, buyers will find fewer distressed properties on Long Beach Island.