Ocean City Maryland’s condominium sales have continued on a downward trend through the 1st quarter of 2008. The source data comes from the Coastal Association of REALTORS MLS Ocean City MD data. The bottom of this market apparently has yet to be seen! Obviously at some point in time, economic and other market conditions, along with lowered condo asking prices will meet the conditions of buyers and the purchasing activity will reverse the downward trend. The majority of the condo’s are 2nd vacation homes or rental investment properties or a combination of both. In March of 2007, there was reported 101 new contracts of sale, compared to 66 new contracts of sale in March of 2008. This would be compared to over 150 new contracts of sale in March of 2005.
Condominum Listings of available properties on the market for sale in Ocean City MD have now been on an increase for the past 3 months. More inventory and fewer buyers? MLS data reports 1,726 condos on the market in Ocean City MD and this does not include many new construction condos now under construction or ready for occupancy and vacant units and being marketed solely by the developer.
If you are in the market for a 2nd home At The Beach – or a rental investment of LONG TERM NATURE, then it may be a good time to investigate and consider such a purchase, obviously making sure the investment is within your economic means! Surely there will be many condo’s now discounted heavily in selling price with anxious sellers motivated to discount their selling prices. My advice then is to consult with an experience Real Estate Agent, who will represent you as a BUYERS AGENT exclusively. You will find pedominantly experienced agents listed on our Real Estate Agents for Ocean City MD and the Delaware Coast Regions.
Real Estate is a long term investment – A place at the beach can also allow you to enjoy your investment and derive some tax benefits from the rental income as well if you choose to rent it during the summer during periods of non use by you!
I hope this is of some help for those seeking a Vacation Condo or Home Get A Way on the Ocean or Bays of Ocean City Md and Coastal Delaware.
I welcome your comments – thoughts – and feedback on this article.
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