Pat Sepanak Interview on Current Conditions of LBI Sales and Rental Market
Posted by Pat Sepanak — May 18, 2020
LONG ISLAND BEACH, NJ - Who’s Who in Luxury Real Estate member Pat Sepanak, Broker/Owner of Sand Dollar Real Estate on Long Beach Island, NJ, was recently Interviewed by Bob Lieber of LBIBusiness.com about the effects of COVID-19 on the LBI real estate market.
LBI Market Update
Sales Market: Average Sales Price (ASP) shows a drop around four percent over 2019. However, there have not been as many high end sales ($3 million+) 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.