Stanley,
The best source for an answer would be a local agent for your area... having said that, here is my two cents.

The answer: "There are good deals in any market. Go out and look and see what you can find, and ask your local pro for thier honest opinion."

You are trying to time the market. This can be critically important if your condo is a short term purchase, but becomes less critical if it is a buy and hold property. Traditionally Dec/Jan is a slower month for waterfront, this also equates to less homes on market as well as less buyers. Therefore logic would say you can probably find sellers more willing to wheel and deal. However, you may be settling for whats available.

A more relevant question is..."Has the market bottomed out?" More personal / professional opinion is "maybe," I think we are getting close. The reality is we won't know until after the market has started climbing, and stats tend to be 1-2 months old before the become available. If we are currently at the bottom, waiting could be a bad idea, if we are still sliding, a good one. Personally, If I can find a good property, qualify for a fixed rate loan, and can afford the payments, I would buy now.

Stanley,

I'm curious what you would be waiting for by waiting until December/January. The market is ripe for some serious negotiating today!

Base prices start around $195,000 - $198,000 but after standard upgrades, these units sell for around $212,000 - $224,900.

There's also a 1st floor former master model for just $198,600, and that's the deal of the moment. A buyer can receive the upgrades for nothing, and I could get the builder/seller to pay for about $4,000 of your closing costs as well - if not more.

Many of my clients are receiving interest rates as low as 5.50% - 5.875%, 30 year fixed rates too. Add all of that up, and factor in location to the beaches, and I see great opportunity.

They'll be units for sale in a year from now, but I don't foresee prices going down. They've held steady since they first hit the market this past January 2007.

Email me for a list of condos currently for sale.

Frank Biganski, Realtor ABR

Ocean Trace was originally an apartment complex. The builder started the renovations a couple of years ago and as affordable condos in the beach borough, they have sold fairly well. Ocean Trace is not considered to be within walking/biking distance of the beach. If you travel further inland on Norfolk Ave. & 24th St. there are also condos around that price range which sell well and are closer to the beach. Also, don't forget the "other" beach over by the Bay off Shore Drive. This is more of a "locals" beach (only 2 hotels) and there are also great condos over there.

As I said before, I recommend to my buyer-clients that if they are not in a time crunch, choose 5 condos and try to find a motivated seller. If that doesn't work, wait a few weeks and try again. When it comes to properties near the water, I disagree with a lot of other agents who say the best time to buy is now. After 10 years in the business, I have found that I can usually negotiate the best deals in the cold months. Why? Because, as silly as it sounds, the resort market is very seasonal and driven by the weather. As soon as the sun comes out and the weather starts to warm, the buyers come out and everyone wants to be near the beach.

"They'll be units for sale in a year from now, but I don't foresee prices going down. They've held steady since they first hit the market this past January 2007.

Email me for a list of condos currently for sale.

Frank Biganski, Realtor ABR"

As with most real estate agents who think prices will never fall it looks as if Frank got this one wrong. Ocean Trace is now listing in the 180's with closing cost asst. This is only the start of a prices coming down.