OCEAN CITY, Md. (AP) — Real estate in Ocean City is moving off the market at a brisk pace.
Data from the Coastal Association of Realtors shows a 25 percent reduction in the inventory of unsold condominiums in Ocean City, including multi-million-dollar properties.
The data from CAR also shows that contracts are up 14 percent year to date, with settlements up 5.6 percent. More
The only people selling now need to sell. Good place for investors and those looking to add some real estate to their portfolios. Although I'd rather buy in Myrtle Beach or FLA. More bang for the buck and much longer tourist seasons.
This cycle has happened before. The difference was that investors then had other nearby OC investments to choose from. Gambling changes all of that because it brings a NEW audience similar to what golf courses did. It can be either a draw to existing OC businesses or a totally NEW opportunity. There's little more new investment opportunities here unless people start looking East of the boardwalk. Don't see that happening.
Yeah you are right, 6:00. Condo's that were selling during the boom for a million, you can now pick up for considerably less. Ocean City was ruined by the power's that be attempting to make it into something it was never going to be. The quaintness is gone and it's nothing but a cement and plastic city by the ocean now.
The only people selling now need to sell. Good place for investors and those looking to add some real estate to their portfolios. Although I'd rather buy in Myrtle Beach or FLA. More bang for the buck and much longer tourist seasons.
ReplyDeleteFails to mention the severe devaluation of the properties.
ReplyDeleteSome 50% below cost...
This cycle has happened before. The difference was that investors then had other nearby OC investments to choose from. Gambling changes all of that because it brings a NEW audience similar to what golf courses did. It can be either a draw to existing OC businesses or a totally NEW opportunity. There's little more new investment opportunities here unless people start looking East of the boardwalk. Don't see that happening.
ReplyDeleteWhy is this it will be in the ocean within 50 yrs...?
ReplyDeleteFunny they been saying this for the past 4 years
ReplyDeleteYeah you are right, 6:00. Condo's that were selling during the boom for a million, you can now pick up for considerably less.
ReplyDeleteOcean City was ruined by the power's that be attempting to make it into something it was never going to be. The quaintness is gone and it's nothing but a cement and plastic city by the ocean now.
Devalued? How about people are able to buy some of that garbage for closer to what it's really worth.
ReplyDelete