By KIMBERLY ACEVEDO
Listing prices for local homes have skyrocketed over the past four years, which some brokers attribute to up-and-coming city development, like the superblock hotel and condo proposal. Other brokers say it's the city's reputation as a hot spot that's attracting buyers. Regardless of the reasons, more Long Beach home prices are reaching the millions.
An Indiana Avenue home on the beach recently sold for $1.85 million. The two-story, four-bedroom home has a large deck overlooking the ocean, vaulted ceilings, a fireplace and a separate garage, according to owner/broker Dan Ryan of Ryan & Walis Realty. Adding to its value, the West End beachfront offers both the best view of the ocean and the best storm protection, he said. Yet even some inland homes are selling for as much as $800,000.
Homes in Long Beach aren't known for selling in the millions, Ryan said. It's a new thing. Long Beach offers the best oceanfront homes, and on the whole barrier island, the West End offers the best ocean view. Besides the view, Ryan said, Long Beach is a vibrant, growing community that's close to the city, the airports and major highways and offers an alternative to the Hamptons.
While waterfront homes are on the market ranging from $900,000 to $2.1 million, Joe Sinnona, owner of Joe Sinnona Realty Inc., said the real estate sticker shock won't last forever. In 2003, home values won't continue to increase drastically, he said. In fact, they're beginning to level off, and he believes there will be a slight decrease Ñ though hardly enough to make a drastic impact on prices. The town certainly isn't about to fall off buyers' radar screens.
The infrastructure of Long Beach has changed dramatically, Sinnona said. People are finally waking up and realizing that Long Beach is a hot spot.
The city has attractive qualities that most communities on Long Island don't offer, said Miriam Gold, broker and vice-president of Paul Gold Realty. She believes Long Beach has become trendy, yet maintains its neighborly familiarity and reputation for safety.
Long Beach is the hottest spot on the island, Gold said. It's a nice, fun, happening place, and the Hamptons are difficult to get to.
While it's still a seller's market, Gold said, buyers are eventually going to see things change. Sinnona believes the market is hanging in a cross between stage, which he considers a trend toward a buyer's market, though it's not there yet.
Since last summer, the number of homes on the market has increased 42.6 percent. Currently, there are 108 Long Beach homes on the market, with listing prices ranging from $335,000 to $2.1 million, Sinnona said. But the listing prices don't necessarily reflect the selling prices, he said, because prices are always negotiable. The Indiana Avenue home, for example, was listed at around $2.2 million before eventually selling for $1.85 million.
Listing prices are arrived at through consideration of a variety of factors, Sinnona said. Sometimes sellers use a comparative market analysis, which compares the value of similar homes in the area, to assess their value. And, he said, while some people have a million to spend, the values are just there because of the previous sale that established a marketable price for that home.
Gold said that an average two-story, four-bedroom home with 2 1/2 bathrooms could sell for $650,000. Even a contemporary home in the West End has sold for $425,000, Sinnona added. But as the market begins to stall, Ryan believes that the upward trend, which began four years ago, is finally leveling off.
