I currently own a condo in O. C. There is one community I will strongly recommend. Bayside, detached upscale homes, townhomes and condos. Great rental income if you are looking to invest. Great if you want it for yourself. Three beaches, crab pier, indoor pool/outdoor pool, fitness center, pool bar/restaurant, coffee bar/general store.
Beautiful Sunsets!!! One block from Ocean and great restaurants. I know the area well. Much better investment that the Gateway Grande. 17 sold ???concern about condo fees rising). Please let me know if you would like more info about where I own.

Prices are still holding at the current reduced prices. Buying ocean front in this market would be a wise choice. This year already 47 condos in ocean city have sold that were listed for sale for over 1 million. People are moving on these deals - someone is taking notice!

If i can be of any assistance please dont hesitate to contact me.

SIncerely,

Adam Roop
Realtor
EXIT Shore Realty
The Roop Group
http://www.TheRoopGroup.com
410-912-0310
Cell: 410-603-9600

Lisa: it was great speaking with you regarding the Gateway Grand units...is there anything else i can help you with?

I am curious did you buy a condo in Gateway Grand yet????

I agree with your comment though I do see an exception with beach front. There isn't a lot of beach front inventory and new construction has stalled. I do feel that the buyers are coming back and if you don't jump in now you will miss out on the few beach front properties available.Prices are 30 to 40% off their highs. With interest rates at under 5% it may not get better then this.

Never listen to a realtor who tells you it is an excellent time to buy; they don't care whether it is or not. Do your own due diligence and use your common sense. I own in OC right now, and am looking to pick up another unit for cash, but I won't be doing it any time soon because the market is no where near the bottom. Financing is difficult to obtain, people are continuing to lose their jobs, still plenty of unsold inventory on the market, prices still higher than there were just 5 or six years ago.

Lisa,
As a follow up, other new construction projects are also going to be looking at price reductions in the near future. I can not stress enough about making a good decicison. If you have not already affiliated with a "local" Ocean City real estate agent my husband or I would be happy to help. Coldwell Banker represents the majority of the new construction at the beach.

Give us a call. My best.
Monica McNamara
877-490-7653

Dear Adam,
Thanks for your reply. I did hear about this letter that is going around. I was also told by an ocean city real estate lawyer that this may not be the bottom. Because the market moved so quickly from 95 to 2005 he feels that beach front new construction of the gateway caliber should be in the low 6's. He also said if buyers don't come in it could get worse then that. He told me to be patient. What do you think?

I have just received insider information on The Gateway Grand in Ocean City, MD. If you are planning on buying soon you should call me at your earliest convenience!!!!

I usually post more details (as my past blogs show) but have been asked by not to publish this information online. These details have not been made public and only given out to people affilated with The Gateway Grand, past clientel, and a few Realtors in the area.

If you call me i will explain these unbelievable details over the phone. I was shocked when i heard!

Personal cell: 410-603-9600

Time is of the essance,

Adam Roop
Realtor
Ocean City, MD; Eastern Shore MD & DE
410-912-0310 http://www.theroopgroup.com

Lisa,
It's true, prices are at or near the bottom, and smart buyers buy when it is a down market. Anything worth having, is going to take a little more time and effort to acquire, and that is going to be the case in obtaining mortgage financing for a new construction condominium.

Having said that, I want to refer you to my recent blog post regarding condominium financing. With the banking crisis our nation has been experiencing, a purchaser has to understand if the property that they are considering buying will qualify under the new very strict secondary mortage market underwriting guidelines. This is especially true for new construction when the majority of the building is not sold.

You may understand this better if you read this artricle:

http://www.trulia.com/blog/monica_mcnamara_realtor/2009/01/c…

I predominantly sell properties held within a condominium regime, and I am a firm believer in their value in our marketplace. I just want a buyer to be fully educated prior to any purchase they are considering.

My best.
Monica McNamara
Coldwell Banker Residential Brokerage

Hi Lisa,

Yes, it is an excellent time to buy in O.C. right now. It is off season and the market is down. The only true way we know if we hit bottom is when the market starts to go up. Sales are down significantly in O.C., so either way you are bound to get a great deal. Good luck to you, please let me know if I can help further.
Lisa Devnew
LDevnew@cbmove.com
410-615-0990