Brian
I would be a little leery of overly 'pimping' the OC real estate market. Even at the current price levels - the Town is still way out of control. Case-in-point - look at the municipal salaries for most of OC personnel. And other important considerations - look at the shear number of taxes - (i.e. - Front foot assessment, fixture tax - (dishwasher, washer, lavatory, toilet) - and then you can pile on the Ocean City town taxes, and Worcester & State real estate taxes - not to mention the Federal Flood insurance premiums and Condo fees.
I know first hand because I developed many of Ocean City's multi-family projects like Hide-A-Way Harbor, Salt Spray Condominium, Villa White, among others. I can tell you first hand that the place is literally a TAX HELL.
And another observation - Memo Diriker is not the 'economic guru' that you make him out to be. In his economic classes - he use to tout that the US loss of key manufacturing jobs like textiles, rivets, steel, was no big deal as the US is still the economic engine for technology. BULL SH!T!!! I have informed him on numerous occasions and now I am informing you;
"That when a nation looses its economic base - the technological edge goes down the drain."
WE ARE ALREADY THERE.
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The view of this blogger is absolutely correct. I had a waterfront unit on a canal. Sold it a couple of years ago, when I could no longer afford the taxes and fees. Its value has dropped more since then.
ReplyDeleteSomeone better start paying attention to those salaries, before it is too late!
The town employees don't seem to understand that money does not grow on trees. In 5 years so many postions were created so promotions could occur and the budgets more than doubled.
ReplyDeleteThe ~then~ council minority were the only ones (besides the voters) with the aptitude to know the property assessement gains were a fluke.
Ocean City is eating itself alive.
ReplyDeleteUsed to be the hotels were reasonable. Then the 4 night minimums and higher rates made it prohibitively expensive.
Smarter consumers staying 1-2 weeks then looked at condos as a cheaper place to stay. Not to mention, you can end up with more room and gain the ability to save some money by cooking your own meals.
THe hotel occupancy drop lead to higher rates. The high occupancy rate of condos lead to higher prices, investment purchases, and the redevelopment of year round residences into condos intended for rent or investment.
The year round residents fled the city. High property values meant landlords and owners selling out. High rents meant they couldn't afford to stay in town if they didn't own. They moved across the bay.
The c-stores and other businesses favored by locals saw their sales numbers drop substantially. Many of them have gone out of business or seem to be dangerously close each year.
The cyclical high property incomes and prices led to a city government that became a burdon to the town. Heck - now businesses aren't even content to market themselves to visitors. They rely on the city to do it for them. How often does the government make good business decisions, anyway?
Now that there's no sustained local spending, property values fell through the floor, and the burdon of government is unsustainable, the city is starting to fall apart.
I saw it starting a decade ago. The trend still hasn't reversed itself.
About the only thriving business in OC these days is the perpetual replacement of sidewalks. You only need to drive West over the Route 50 bridge to see where the new commercial investment is being made.
ReplyDeletememo diriker? lmao pray tell me what business has he started and run? how many people does he employ? Oh that's right he's from the same background as that guy who said if you own a business you didn't build it, someone else built it. We always had a saying, those who can't do teach. Memo ought to just stfu and stay in his classroom!
ReplyDeleteI think anyone buying real estate in OC is throwing their money into the ocean, because it will be so far under water in the next 50 years, the only way it remains economically viable is if the taxpayers are forced to build a big dike all the way around it.
ReplyDeleteMuch Much cheaper ( and more fun ) to vacation in Myrtle Beach.
ReplyDeleteOcean City is becoming for us locals only (Salisbury, Milsboro, etc). We don't need to "stay there". We can enjoy what we want (beach, boardwalk,) and then drive home!
Ocean City has priced itself out of business
GREAT POST, FIRST LETS LOOK AT THE CASH BEING HANDED OUT FOR THE MOVIE AND THE 7 CENT TAX INCREASE.LOOKS AS IF BUD CHURCH HAS BEEN DRINKING RICK POLLITTS COOL AID. ABOUT MEMO DIRIKER, ANON 143 IS CORRECT ON THAT ONE HE HAS BEEN EATING AT THE PUBLIC TROUGH ALL HIS LIFE. I MOVED TO SEAFORD FROM WICOMICO 2 YRS AGO. GOOD LUCK SUCKERS.
ReplyDeleteI have owned condos in OC since 2002 and currently monthly bills cost more than what the condos rent for.I dont advise anyone to fall into the trap of thinking you can buy a cheap condo and make money-it cant be done.
ReplyDeleteTelevision has viewers. Print sources have readers. Semantic difference there.
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