Home buyers now have two chances to scoop up new condos at Bahia Vista I, the bayfront condominium building in Ocean City, Maryland, that’s closing out remaining inventory with an auction. We announced late last month that Max Spann Real Estate and Auction Company will auction off 9 luxury condos in the building on Saturday, February 27th. Now in a very interesting development, a separate auction for condos in the same building has cropped up — and this auction is designed to compete.
The second auction for condos at Bahia Vista I is by Marshall Auctions and will take place at the Grand Hotel in Ocean City on February 27th — same date as the Max Spann auction which takes place in Annapolis. Marshall Auctions will auction 11 furnished condos and available boat slips owned by Spiro Buas, a partner in the development of Bahia Vista. Buas openly admits his initial partnership with the other developers at Bahia Vista grew contentious. That partnership eventually dissolved with Buas retaining ownership of some of the condos, 11 of which have remained unsold.
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8 comments:
There are two buildings, one blockedby another, BIG differance in desireability. Also, these auctions are coming more all the time, Ocean City has not seen the bottom yet. Buy right, otherwise walk, many more to come.
I have owned condominiums in OC several times over my lifespan.
Personally, I can no longer afford the property taxes and other associated fees.
Here is a breakdown of fees associated with Ocean City property secondary homes:
1. Fixture tax - (toilet, dishwasher, etc) - these charges are annual.
2. Real property tax - (beware secondary non-resident property owners because your appraised rate increases are not pegged to permanent residency rates currently 5% annual increase. For secondary home non residents - lookout!!!! You will be assessed the full appraised value with NO CAP.
3. Condominum association fees
4. Special assessments
5. Water bill - among the highest rate in the country.
In fact, I'll go as far to say that even if I were to win the condo I wouldn't accept it because it is such high maintenance and thus a liability.
Better off to look at Delaware property.
These condos aren't anything special. Located around 10th street, in a part of town (downtown) that is the least desirable on the island. You can bet that real estate in OC hasn't hit bottom yet, but those new condos that were built downtown, on the water and on the boardwalk, will take the worst hit.
9:11 well said. There is no way anyone could cover these taxes with rent. Condo fees for this building are around $3,000, and taxes were about $9,000. DE is the place to buy.
way off base. i own one in the back building. and i have a great view. rent covers cost and i still get 4 % return on my money. next time do your homework!
4:57, and I have a fireboat in Salisbury to sell ya!
anon 4:57 Lets see, when they auction at30%-50% less than you paid, minus your yearly taxes, condo fees etc., yep I bet that will be some investment you made. It's called denial, or Obama math, which is it?
Since over 600 condos sold in 2009 in Ocean City I would say SOMEONE is buying and I would rather buy them at auction and save from paying market price. I live on the Western Shore where I pay that amount for taxes on my primary residence so why wouldnt I on my second home. I can use it when I want and rent it when I dont. Life must suck for all you negitive nellys!
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