Ocean City "Realty Reality"
Insights into our unique Ocean City Real Estate Market...
OCtheBeach.com is fortunate to have a contributing author with over three decades of experience in ocean city, both professionally and personally, offer to share some of her experiences with you, our readers. What follows is the first in a series.
I Remember When...
I remember the mid-eighties, when 2 bedroom ocean front units were selling for $155,000 and our market values remained flat for many years. Prospective buyers looked at 20 or more units before making an offer on one. This is happening today.
I remember interest rates being 8, 9, and 10 % in different years and markets. They went up as high as 18%. What are the rates now? Email me at firstname.lastname@example.org for a current rate sheet at no obligation to you.
Why is this really the best time to buy real estate as a long term investment? Now you can purchase a 2 bedroom direct ocean front condominium between $300,000 to $400,000 with a few under and above these price points. I remember when these same condominiums were selling for close to $600,000. I have seen the ebb and flow of the Ocean and real estate values during my 25+ year career. My experience tells me that now is really the best time to buy.
Be sure to see the next in this series: What do Realtors do in the Winter?
June 19, 2013