At The Beach – Ocean City Maryland

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.

Subscribe to the Blog.AtBeach.com Blog RSS Feed!

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