Home Buying in 08226>Question Details

Linda, Home Seller in Philadelphia, PA

getting ready to buy a condo in oc - 2 years old - for 590,000- do you think this is the time to buy

Asked by Linda, Philadelphia, PA Wed Mar 19, 2008

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18
If you want to lose $200k, go for it. What does the condo rent for per week, probably $1700? When rent equals mortgage payment (after 20-30% down) will be the time to buy. There will not be appreciation there for 10 years, so there is no reason to have a negative cash flow.

Money is getting harder and harder to get, even if not for you. That will make less buyers. Less demand makes bigger supply. Prices drop. The will be down for many years, maybe 2011 before they flatten.

If you have the cash and love OC, no matter if you lose money or not, then buy. Just don't think it is an investment, it is not.
1 vote Thank Flag Link Wed Mar 19, 2008
Have We Reached the "Sweet Spot" to Buy a Home at the Jersey Shore?
Blog Url http://www.trulia.com/blog/id2037017/
Flag Sat May 5, 2012
Couldn't disagree with you more! Our prices in Ocean City are doing well! We have seen an appreciation in pricing since this time last year! Our sales are up 25%! In addition if this customer is going to buy elsewhere the prices for the newly purchased property will be lower. Banks are starting to lend again and the mortgage rates are at historic lows! It doesn't get much better than that. Please see my Blog on this topic Have We Reached the "Sweet Spot" to Buy a Home at the Jersey Shore?
Flag Sat May 5, 2012
Yes , its time to buy. Call me anytime, lets look at some homes!. (609)231-6209 Joe Jauss Berkshire Hathaway - Realtor
0 votes Thank Flag Link Fri Dec 27, 2013
Question asked 5 years ago... maybe she bought something?
Flag Sat Dec 28, 2013
I've owned for personal use in Ocean City for 8 years. Are you buying it for investment/rental or personal use? If it's for personal use, YES.......now is a great time to buy. If it's for investment/rental purposes, you should know whether or not the numbers/rental income will work for you and then you'll have the answer to your question. Consult with your accountant also if it's for investment. Good Luck.
0 votes Thank Flag Link Tue Dec 24, 2013
Do your homework! Income producing vs. personal vacation spot at the shore. Educate yourself on the current market and what you want from the property - then move forward. .
0 votes Thank Flag Link Mon Nov 18, 2013
This is absolutely a GREAT time to buy in Ocean City! In 2012 the mortgage rates are at historic lows and beach/shore town real estate is always in demand!
If I can hel you please give me a call!
Joanne Bernardini, SFR,CSSA
Sales Associate
Coldwell Banker Casa Bella Realtors
C609-947-2451
Ofc 609-601-1009
0 votes Thank Flag Link Fri Oct 12, 2012
I will join the "great time to buy" chorus - with prices corrected and rates so low, it is tough to imagine better conditions. Yes the market may correct further, but most think we are at or past the bottom. Most markets in the NE are tough to justify on a purely cash flow basis. Much will depend on what you hope to achieve. If for solely investment purposes your decision may be different than if you intend to enjoy it yourself.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Wed Mar 21, 2012
Now is a great time to be buying in Ocean City, NJ. See mt blog on this very topic!

Have We Reached the "Sweet Spot" to Buy a Home at the Jersey Shore?
http://www.trulia.com/blog/id2037017/

Mortgage rates are just turning upwards, and sellers are holding firmer to their prices!

Joanne Bernardini
Sales Associate
Certified Short Sale Agent
Keller Williams Realty
One Atlantic Ave.
Ocean City, NJ 08226
Direct 609-200-1321
0 votes Thank Flag Link Wed Mar 21, 2012
WIthin the price range you cite, business is good. We are seeing some properties have multiple offers, something we had not seen since 2006. Prices may come down, they may go up, but unless something significantly adverse affects the economy as a whole, I don't think it will get any better for buyers in Ocean City. See my blog post on the subject via the link below.

The question you should be asking yourself is not "is this the time to buy" but "is this condo a good buy?" Make sure you have learned enough about the market to learn how this particular property stacks up against others in the price range. Also make sure it is right for you. Location is the one thing you cannot change about a property, so consider how you are going to use it, and whether or not you want to rent it out, before making a final decision.

Best of luck to you in making your purchasing decision.

Joan Farrell
Monihan Realty Inc.
609-399-1311 office, 609-517-7644 cell
http://www.joanfarrell.com
0 votes Thank Flag Link Tue Nov 23, 2010
Don't forget a home inspection! I cover all of New Jersey and I am available seven days a week. In addition to the home inspection, I do radon testing and termite / wood destroying insect inspections.

John Falco
FHA Home Inspections, Inc.
201-500-7460
john@fha-homeinspections.com
0 votes Thank Flag Link Thu Nov 11, 2010
Hi Linda,

If you feel you found the right home than now is the perfect time to buy. If you would like to look some more, let me help you.

Carolee Drinkard
Broker Drinkard Real Estate
877-697-8984
0 votes Thank Flag Link Thu Nov 11, 2010
Are you still looking to buy in Ocean City, if so you should no that mortgage rates are at a 50 year low and that prices have stabalized at 2003 rates.
The price you said you wished to spen can get you a 4 bedroom condo within 2 blocks of the Beach.
Let me Know if I can be of assistance in your search.
Michael rayno
Prudential Fox & Roach Realtors
800-815-1790
0 votes Thank Flag Link Wed Oct 20, 2010
Linda;
Matt gives very good advise, I agree with him. There are a few good buys, but there will be many more in the coming year. Inventory is growing weekly That actually is a clear indication of what will happen in the future. Simple Supply and Demand. Here are the recent trends in OC:

Status Condos Single Family
3/14-3/20 3/7-3/13 3/14-3/20 3/7-3/13

Active 878 866 248 244
New 37 38 15 17
Under Contract 16 12 6 4
Sold 8 14 7 4
Price Change 40 51 8 16
Removed 14 13 3 7



14 sold condos and 38 new ones. Think inventory is growing?

Get a good honest Agent like Matt that can find you one of the buys, or wait until Fall. Your situation will dictate which is a better decision for you. Good Luck.
0 votes Thank Flag Link Sat Mar 22, 2008
Hi Linda,

Right now we have a tale of two markets. 80% of the homes for sale are overpriced and 20% are priced well. The homes that are in the 80% are sitting and the homes in that are priced well are getting multiple offers. It's a good time to buy if you purchase a good buy. Also right now there are some great opportunities. Inventory is up, prices are down and rates are low. Just make sure you buy one of the properties that are in the 20%.

Best wishes,

Matt
Web Reference: http://HavilandGroup.net
0 votes Thank Flag Link Thu Mar 20, 2008
Hi Linda,

Let your personal needs be your guide. Nobody knows what direction prices will take. And I do mean nobody. If you are buying your unit because you love the location and amenities, and the price makes sense right now given the comparable sales available, and you plan to live there for 5 years or more, then go for it.

"Good time to buy" is really a meaningless concept in the larger sense. If you really want a house or condo, and you can comfortably afford the payments, and the whole thing "makes sense", then it's a good time to buy.

They say "all real estate is local", but really, all real estate is personal.
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Thu Mar 20, 2008
Don't listen to national economists like Shiller, now is a great time. Just remember the people that are telling you to buy, you will want to look them up again in 2 years. lol

Look at the link, I wonder who told them it was a great time to buy?

Again, don't think it is an investment, it isn't. Real estate DOES go down, and is doing it right now.
0 votes Thank Flag Link Wed Mar 19, 2008
Great Time to buy, Interest Rates Low....Prices down in OC....please do not listen to anyone or any media telling you that OC will continue to drop....it is not true...the Media focuses on National statistics, not regional or specific areas...and...historically, OC is ALWAYS a great investment....we were just reassessed 100%...there is new construction happening too, which is always a great sign. The question is, is the particular property that you are getting ready to buy a good one....I have recently sold condos in OC, one of which was only 3 years old...and it was a second floor not far from the beach...was not as high as $590k.....but are you right on the beach, etc.....the best thing to do is to run comps of recently sold and active condos....your agent should do this for you before even making your initial offer....if you do not have an agent, or would just like someone to help you with running some comps, let me know....you can contact me anytime via e-mail or my cell phone.......Good Luck!

Tara Penn-Tara@WeichertOC.com or 609-517-0029 (cell)
0 votes Thank Flag Link Wed Mar 19, 2008
Is the time right for you? If you have the downpayment, the desire, and the love for the unit, buy it! Rates are phenominal. Good luck!
0 votes Thank Flag Link Wed Mar 19, 2008
This is definatly the time to buy.. rates are low.. prices are down.

Go for it.
0 votes Thank Flag Link Wed Mar 19, 2008
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