Resort Condo Sales Bouncing Back With Market Improving; Settlements On Condos Up 10% Through October
OCEAN CITY – As the resort feels the largest hotel boom it’s seen in more than a decade, the condominium market is quietly reaffirming its footing in the coastal real estate game.
During the early- to mid-2000’s, condominiums were exploding in popularity. Prices soared and local Realtors made huge chunks of cash, but once the market crashed in 2008, everything came to a screeching halt.
Since then, the market has been slowly recovering, but according to statistics and local experts, it appears to be on the front foot again.
The timing is just about right. The first and hardest hit areas (FL/AZ/NV) have been on the uptick for the past three years or so. In some areas even surpassing pre-2008 prices. Combine that with the potential for a change in DC and some wealthy democrats retiring from public service/selling valuable western shore real estate, you might have lower inventories and a sellers market for OC and waterfront estates. Salisbury won't be included, sorry.
The timing is just about right. The first and hardest hit areas (FL/AZ/NV) have been on the uptick for the past three years or so. In some areas even surpassing pre-2008 prices. Combine that with the potential for a change in DC and some wealthy democrats retiring from public service/selling valuable western shore real estate, you might have lower inventories and a sellers market for OC and waterfront estates. Salisbury won't be included, sorry.
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