At The Beach – Ocean City Maryland

Ocean City MD Condominium sales ( ratified contracts ) trend over previous year declined again. This is a continuance of the ” BURSTING OF THE BUBBLE ” which commenced in late 2005 and into 2006. After skyrocking demand and increases in real estate prices, market conditions changed and as we all know, real estate market values have dropped significantly from their ” Lofty HIGH ” in 2005. These conditions are not just in Ocean City Md but throughout the USA and especially for 2nd home and vacation home markets along the coastal resort areas of the USA. Primary home sales “off and nearby the beach areas still remain a viable “relocation or retirement” purchase however. Click here to view the source for the Ocean City MD Real Estate Condo Sales Statistics …

The question is – Is Real Estate still a good investment ? – the answer is YES … but be certain it is a long term investment of 10 or more years for you, not a few years investment. The other obvious benefit is a 2nd home at the beach provides the investor with off season usage (provided they rent the property during the summer months) – thereby minimizing the costs associated with owning a 2nd home at the beach. Of course some can simply just afford to purchase a 2nd home for their personal usage at the beach – so IT IS A GREAT TIME TO BUY Real Estate in Ocean City MD and Coastal Delaware in this scenario. Sellers are anxious and buyers can negotiate a fair price given today’s real estate market At The Beach.

I recall in the mid 1970’s when Ocean City MD real estate highrise development went balistic. The result was that speculators were fueling the fire and there weren’t actually real buyers behind the seeming surge in demand. Certainly a similar situation occurred in 2005 ..

Another drag of course is the economy and serious situation with our financial markets. Hopefully over the course of the next few years our economy will return to a growth status and our economy in the USA may return to a healthy status.

If you want to explore available 2nd homes, primary residential properties or a beach rental investment, you will find qualified real estate agents in our Ocean City MD and Coastal Delaware Real Estate Center

Should you travel to Ocean City Maryland for a weekend get-a-way – you will find the Best Ocean City MD Hotel Rates here! ( Guaranteed )

If you wish to RENT a condo during the summer for a vacation .. click here and visit our Vacation Rentals Ocean City Md and Coastal Delaware including Fenwick Island, Bethany Beach and Rehoboth Beach Delaware to help you get started.

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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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Please DON’T SHOOT THE MESSENGER! Despite what one may read in the local free newspapers in Ocean City MD ( who rely upon the real estate industry heavily for advertising income) publishing articles which sort of juggle and interpret statistics to thereby reflect a coming upswing in condominium real estate sales in Ocean City MD … The truth lies in the just published sales data published by the Coastal Association of REALTORS – Ocean City MD. The January 2008 Condominium Sales Report by the Association, which tracks and compiles essential sales and listing of Ocean City Md Condos indicates the market has probably not yet hit the bottom. CLICK HERE TO REVIEW that Ocean City MD Real Estate Condominium Sales Report for January 2008.

Actual real estate settlements for January 2008 (condominiums only) reflects a modest decrease from a dismal 34 units sold (went to settlement) in 2007 to 31 units in 2008, however in reviewing the PENDING CONTRACTS, which will reflect pending “settlements” in the coming 30 to 60 day period, this new contract activity decreased significantly from 68 in Jan 2007 to 48 in Jan 2008, which is a substantial decrease in new buyer activity compared to January of 2007 and certainly a huge decline from January of 2006.

Certainly, there MUST now be some great buys for active purchasers of Condominium Rental Condos or Summer Homes at the beach in Ocean City MD. Obviously it’s good logic that the time to buy is when prices are on the low side, and it’s obvious that buyers can likely obtain significant concessions and price reductions when negotiating to purchase real estate in these times, especially 2nd home condo’s or rental condo investments. These market conditions are prevelant of course throughout the USA and all (to my knowledge) resort property markets are very depressed and wanting buyers for overbuilt numbers of condo’s on the beaches around the USA.

Real Estate is a LONG TERM INVESTMENT! It is certainly secure and historically will appreciate over the very long term in value. Make your investment today or next year when the market is at a low point, then reap the benefits (not next week) but in 10 or 15 years with price appreciation, and the benefit of using your beach getaway in the interim.

If you are considering purchasing a place at the beach, in getting started, I really suggest retaining a “buyers broker” with experience who will dilligently provide you with all the relevant details, market history and other unique factors one needs to consider when purchasing a condominium as a 2nd home or rental investment in Ocean City MD. You may interview 2 or 3 before committing to any real estate agent to represent your investment. Ocean City MD does have many experienced and highly qualified agents who are found here Ocean City MD Real Estate Agents, so find one whom you trust, are honest, hardworking, are comfortable with and respect their experience in this real estate market.

One would also think that the significant reductions in Interest Rates by the Federal Reserve will make such real estate investments much more affordable and bring more buyers into the market place over the coming months.

I welcome your comments – thoughts – and feedback on this article.

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Have a comment? Visitors are welcome to register and advance this topic, offer other views, etc.. You MUST FIRST REGISTER, AND A PASSWORD WILL BE EMAILED TO YOU: Simply CLICK HERE to login or CLICK HERE to register so that you may post a comment.

Regards,

dan

Through Sept of 2007, the Ocean City MD real estate market for Condominiums has continued to be very soft! Compared to statistics through Sept of 2006, average days on the market has increased from 180 days to 268 days. Average list price has decreased from $459,591 to $425,132. Inventory of on the market “for sale” condos has remained fairly constant now at 1650 units. Condos on the market in mid 2005 were about 800 units. These statistics do not include many NEW Condos still under construction or those new condos completed but not yet sold out. Actual settlements for Sept 2007 were 46 condos compared to 59 in 2006. Ocean City MD Real Estate source data can be found at the Coastal Association of REALTORS web site. Certainly the bursting of the sub prime mortgage financial market has had a continued dampening affect on 2nd home sales of condos in Ocean City Md as well as other 2nd vacation condo markets around the USA. If you are planning to purchase or sell a condo in Ocean City MD .. We suggest enlisting the aid of an experienced REALTOR. You may find just that type of real estate professionalism and experience in the At The Beach Real Estate Center.

An article in the Baltimore Sun Newspaper dated Aug 25, 2007 titled “Tide is ebbing for Ocean City condo market” may be of interest.

Ocean City MD vacation condo rental activity has likely remained constant over the past years, however, due to the many new condos now available for vacation rent, one may see a decreases in condo vacation rental rates due to the increased competition. Each rental unit now has a smaller slice of the pie and decreases in rates charged, increases in amenities, comfort, etc. play a factor in successfully renting a condo throughout the summer months. There are many more requests for Condo Rentals of a shorter duration than the historically 7 day stay also, suggesting consumer changes in desires, affordability, and other options available for vacationing tourists. Certainly the internet plays a huge part now with increased easy access to vacation options, deals and vacation destinations one would not have considered in years past. You will find quick access to various Ocean City MD Condos for rent here.

If your just looking for a short 2 or 3 day stay, then we have BEST HOTEL Rates Guaranteed – For Ocean City Md – CLICK HERE

Most likely, the real estate market will recover in the coming years. The question is really not “if” but “when”. Historical indicators suggest this may be years away, but certainly doesn’t suggest that real estate investments are not good investments. Real estate is a LONG TERM investment. An interesting article discusses the long term prospects of real estate authored by the Vice President of the National Association of REALTORS.

So .. stay informed and get a professional real estate agent who is best able to serve your buying or selling needs for Ocean City MD – Coastal Delaware Real Estate

The April 2007 Condominium Sales Statistics provided by the Coastal Multiple Listing Service serving Ocean City MD reflect a continued downward trend when compared to April 2006 and 2005. While actual settlements on properties remained constant, new contracts executed during the month declined from 221 in April 2005 to 86 in April 2006 to 74 in April of 2007. Average Selling price against list price reflects approximately a 7 percent lower selling price than the asking prices. CLICK HERE TO VIEW THE COMPLETE Ocean City MD Condo Sales REPORT. Possibly this current level of sales activity is where the constant will remain for a few years?  Will the resort market ever see the real estate speculation that occured in the few years prior to 2006?

The Delmarva Coast continues to be a prime destination for primary home buyers, typically across the bay. As a great place for retirement or re-location with families the area offers much in amenities, lifestyle, etc.. compared to the hustle and conditions in crowded suburbia’s of DC, Philly, NYC, etc.. Some quality communities being developed along the Coastal Maryland and Delaware Coastline can be examined here.

The purchase of a condo vacation property in Ocean City MD is a great LONG TERM investment for those who will use and enjoy it and possibly subsidize some of the expense by renting some weeks during the summer. It does not, in my opinion, offer any realistic potential for other than very long term increase in value. I encourage buyers to view such purchases as a way to realize your “dream” of owning a place at the beach, but to understand that there is not likely to be any significant appreciation in value of your “place at the beach” investment. One should also enlist the services of an experienced and professional real estate agent when considering the purchase or sale of a property around Ocean City, Berlin, Ocean Pines MD and The Delaware Coastline.