Home Buying in Ocean City>Question Details

E.M.Schulz, Home Buyer in Ocean City, MD

NEED ADVICE FOR PURCHASING a 3BR/2BA penthouse condo in Ocean City ,MD direct ocean front. The place is 30 year old and 100% unimproved.

Asked by E.M.Schulz, Ocean City, MD Tue Jun 21, 2011

It's been on the market for 690 days. Any advice on the going rate per square foot, considering that total renovation is required?

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2
Dave Leiderman’s answer
Unfortunately time elapsed on the market doesn't always have the impact that you'd hope for. Its usually a clear sign that the Seller(s) are unrealistic to the value of the property and even after almost 2 years their opinion of value may not have changed much. There is no going rate per se, certainly not in the form of square footage. The best way to propose an offer is to try to find similar value from recent sales. Pardon the plug, but working with an experienced Realtor will ensure that whatever offer you make will be an educated one. Feel free to contact me with any questions, dleiderman@cbmove,com.
0 votes Thank Flag Link Sat Jul 23, 2011
It depends on the building you are talking about and how outdated or "tired" the unit is. I have seen owners renovate condos for a great price and turn around and resell for a profit fairly quickly even in this slow market.

It's a difficult question to anser without knowing more detail. I would hate to give you unuseful information.

Please feel free to contact me and we can discuss your strategy.

I am an Ocean City agent and have been succesful in guiding my clients to great purchases and sales in town as well as in DE.
Web Reference: http://Rhondafrick.com
0 votes Thank Flag Link Wed Jul 13, 2011
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