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In 2007, the previous property owner gained site plan approval for an attractive mixed use townhome and condominium project on the historic property at the entrance to Ocean City, but the property has changed hands a couple of times in recent years and the site plan approval was set to expire in November.
In May 2011, the property was acquired at auction for just over $4 million by a prominent West Ocean City development family, and while the new owners did not have an immediate plan for the property, it now appears they are prepared to move forward with the approved project for the site.
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It will be nice to see something other than that old concrete plant.
ReplyDeleteTo 3:51 -
ReplyDeleteWait and see what these condo owners will be paying in condo fees, real estate taxes, front foot assessments, fixture tax, flood insurance. Talk about having a 'ball and chain' tied around your neck. These purchasers are fools - and are about to experience a rude awakening.
524-Who cares? It's their money.
ReplyDeleteAs for myself - with what I have witnessed in OC - I would not want any one of those condos even if they deeded it to me debt free. The reason - you'll end up paying for it twice - (taxes, insurance, condo fees).
ReplyDeleteOC is a mess - politically, spiritually, economically - it is a train wreck. I'm with you 8:05.
ReplyDeleteAwesome idea...build more eyesores that will sit there vacant for years to come.
ReplyDeleteRight now, buying a piece of land and building a 3-2 with attached garage 1200 s.f. would cost $200k. I can buy them all day long finished and vacant for $100k.
ReplyDeleteWhy build in times like these?
Response to 8:05 AM
ReplyDeleteNicely spoken - and true. These condo buyers really will end up paying for them twice - if not three times in a 25 - 30 year period.
I also agree with 6:35 AM - the market is ripe with repos & bank foreclosures. Tax sales are also rhampant. These condos will be most likely end up like those that are presently on the Wicomico ditch.