Hello, I am new to the Long Beach, NY market and I am looking at this market both in terms of a primary residence and an investment opportunity.
I have noticed a number of duplexes and triplexes on the market and am considering a house-hack approach.
What are some of the pitfalls with owning in Long Beach, NY generally and owning rentals?
Are there any special assessments / local taxes/fees to be weary of from Sandy or in general?
What sub-markets in Long Beach are most recommended (Lido, northshore, southshore, close to train, does it matter?)
I'd love any of your thoughts / opinions on the market!
Don't know too much about the area from an investor standpoint, but I do know this...
- Be aware of what's required with flood insurance here. Premiums look to be very high.
- Sub-markets - Not too sure, but have you driven through the area? Take a ride through the area and get a better feel. Many of the bars/restaurants are on W Beech St with some of the hottest multi-families on the state named streets that run perpendicular.
Hope this helps some. Feel free to reach out to me.
I'm not an investor in Long Beach, but I grew up on Long Island and my girlfriend was a former teacher at Long Beach Public schools. Here's what we know:
-There's only a few bridges to get in and out of Long Beach, which means that traffic gets really bad during rush hour. The train is a great way to get in and out of Long Beach, and I know a number of people who do the hour commute into downtown.
-I would think that rentals closer to the train station would attract higher quality tenants that work in the city. Long Beach is a mix of working class people and 'young professionals' that enjoy the beach and bars there.
-Definitely be careful about what you buy in terms of water damage and foundation issues. I volunteered in the area after Sandy witnessed a lot of completely flooded houses. Since then, a lot of homeowners have begun raising the foundations, and if you can you may want to buy one that is already raised and less susceptible to future storms.
Overall I've noticed trends of younger people looking to rent in Long Beach and would think it is a good place to buy.
I can't speak to the investing side of this, but I live in Long Beach currently! I moved here from PA, so I'm not a NY native. There are only 3 ways on/off the barrier island:
- West (Atlantic Beach Bridge)
- North (through Oceanside and Rockville Center)
- East (Loop Parkway)
Traffic actually isn't too bad. I usually leave by 6am and never hit traffic going in any direction. IT really only gets backed up at about 4pm every day. The LIRR (Long Island Railroad) has a station here that is very accessible. However, it is fairly expensive so I'm unsure of how popular it really is.
The "hot spots" on Long Beach are in the West End. Any of the "State Streets", (i.e.,Ohio, Connecticut, Florida, etc.) are where the action is at. The houses are almost connected to one another there - it's very tight. The remainder of Long Beach is a bit more spacious and suburban.