I see there are already 5 answers to your question but I'll offer my 2 cents as well.
Someone once said you never know when you've hit the bottom until you're on the way back up. There's no real way any of us can know. Plus, "bottom" can be relative. What I can tell you is that generally speaking the Ocean City market has experienced price levels reminiscent of 2002/2003, pre-boom. Understand that this is a generalization and there will and are exceptions. There are buildings or developments in town where the prices have risen as mentioned by Carmen.
If you're specifically inquiring about Gateway, the questions you should be asking yourself is "Can you afford it? Can you qualify for a loan in that amount? Is it what you want? And to elaborate on Monica's response, have you seen other oceanfront units or buildings in town? The Gateway may appear to be a "bargain" compared to their inital pricing of a few years ago but there's the argument that those prices may have been inflated.
As I'm sure my colleagues would agree working with a Buyer's Agent is the best way to ensure that you have the representation and information you need to make such a decision. Hopefully you are.
Best of luck.
The Prices there were at the bottom about a year ago. They have actually gone up. You can keep an eye out on foreclosures in that building but i haven't seen much activity in there. There are other units that might be a better purchase if your looking for price, but if you want the best, then the Grand is a good choice. I have a lot of resources and information about the units if you would like to reach out to me I would be happy to send some over.
I will also be happy to add you to my Gateway Grand list and send you new price reductions and listings when they come on the market.
Simply email me your information to TheRoops@TheRoopGroup.com and let me know what you are looking for.
For other Ocean City MD deals and foreclosures please feel free to visit our website at http://www.shorelifehomes.com/community/area/Ocean+City/
I agree with the agents who have already responded in regards with pricing.
Provided as a courtesy of
Prudential PenFed Realty
9923 Stephen Decatur Highway Unit D3
Ocean City, MD 21842
Office - (410) 520-2600
Mobile - (410) 251-2196
Direct Line - (410) 520-2610
Toll-Free - (888) 597-2537
Are you looking for someone to validate a decision you have already made or are you just beginning the process?
Prices are on the rise in the area - but the interest rates are still so low - So now is the time to buy and take advantage of the low rates. We never know what an election will do to the rates or prices.
You can contact me at email@example.com and I can assist you with any other information you might need
Or you can call me directly 443 340 8973
Thanks and Good Luck with everything.
Shoot me an email or a phone call and I'd be happy to send you this listing and more info on it before its too late!