Your needs, your affordability and desires are what you need to consider. Everything at the shore is great. But realistically the closer to the water the more valuable the property now and going forward. But for some it doesn't matter. Almost everyone buying further from water regrets it later.
Even "rentability" is greatly dependent upon the location. Most people want to rent as close to the beach as possible. Desire to get close to the entertainment is personal. If your intentions are to rent then close to water and entertainment is very important.
I would be more concerned whether its a condo or single home. Two different variables of living styles.
For around 500k you should be able to move closer to the beach but if you want to be away from the action then you should be able to find something real nice on Haven or Simpson with a least four bedrooms and even newer. You may also be able to find a single if you want to own the whole building and not share. just click and you will be able to search the entire MLS http://njbuyersonestoprealty.com
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Great question. There are several follow up questions that may want to ask and consider:
1. How many bedrooms will you personally need? In the 500K range, Simpson and Haven Avenues in most parts of the Island typically offer 4 BR units with about 400-500 Square more living space than the smaller units closer to the beach on West & Asbury (again typically).
2. Whats your appetite for old vs new? The price range of 500k most likely means newer on Simpson & Haven Avenues and Older along Asbury. The newer the home the less out of pocket "up front" expense to consider.
3. West Avenue.. If you are buying along the BAY side of West Ave and you have younger childern this is a major consideration as to West being the "main Drag" in Ocean City. Navigating West Avenue in the heart of summer with small children can be a bit of a chore.
For further insight and or to discuss rentabilty/history's in person, please feel free to give me a call at my office. I can be reached at Prudential Fox & Roach Realtors In Ocean City at 1-800-345-7863 and or directly at 609-602-2627. Also, please visit my personal website at http://www.ockevin.com.
I was born and raised here in Ocean City and have been one of the top agents in the area for over 15 years,
Summer rentability is not a problem there are many duplex condos on asbury, west, haven and simpson in your price range in addition there are some single family homes now in that price range.
Call or e-mail me with any questions or to see any homes in the area
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As a lomgtime agent in Ocean City there are a few areas where 500k can buy you a decent home in Ocean City, Such as the Gardens there are a few. There is also a few on West ave. As to Simpson there this prodominatly single family homes accept for a few blocks. The Southend on simpson has many singles along with the area from 18th to 26th street.
Some of the homes that are built there are only 10 plus years old, the one thing to remember is in the 20's there are low lying areas that flood more then others, but that being said it is and island and flooding is part of the deal. I was looking yesterday which I do everyday and came across a few single also in the Northend of town.
If you want to see what is available for around 500k click on the link below and it will take you to my website where you can search the MLS. Or you can call me I am an Exclusive Buyers Broker meaning I only work with and for Buyers.
I hope this helps
Better Homes Realty