Home Selling in Ocean City>Question Details

Donna Kelly, Real Estate Pro in Warren, NJ

My mom is leaving her home here for assisted living in FLA. Any thoughts on either renting and selling in this market?

Asked by Donna Kelly, Warren, NJ Thu Sep 3, 2009

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Joanne Bernardini’s answer
Ocean City is a great place to have a rental property. If you are willing to hire a cleaning service, you don't even need to worry about the "change over" for weekly rentals. You should also consider the yearly rental market. There are precious few of these in Ocean City. You have the advantage of dealing with only one tenant.

Of course if the time has come that your mother doesn't want the worries of being a long distance landlord, then perhaps it is better to make a clean break and sell this home as she moves to Florida. Beach Homes will always be in demand so selling at the right price in today's lower mortgage rate market should be easy. If you would like a free Comparative Market Analysis of the value of this property, please call me, I'll be happy to help you establish a fair asking price!
Joanne Bernardini
Sales Associate
Certifies Short Sale Agent
Coldwell Banker- Casa Bella Realtors
609-947-2451
0 votes Thank Flag Link Fri May 25, 2012
Great Family destination. For those people going on vacation they are staying local. I've vacationed there regularly and know a few people who own property and rent it out seasonally with minimal issues. Good luck.
0 votes Thank Flag Link Mon Jan 18, 2010
Hi Donna -
My wife & I are looking to purchase in OC - If you are in fact looking to sell, I'd be interested in hearing about your property?
Thanks.
Regards,
Mike
(609) 668-8080
0 votes Thank Flag Link Wed Dec 2, 2009
Hi Donna,

There is a market for year around, as well as seasonal (summer) rentals in Ocean City. Being a landlord is a business and expect that there may be maintenance issues to deal with.

There ARE sales taking place in Ocean City, with prices VERY dependent upon the condition of the property.

You would be wise to get a price opinion on the property and weigh the need for the proceeds against any plans you (or any family) might have for the property over a longer term (say 5-7 years). At the same tine ask for rental comparables, both yearly and seasonal, and assess whether you want to become a landlord.

The more information you gather the better your ability to make the right decision.

Warm regards,

James I. (Jim) Marshall, CRS, GRI, e-Pro
Prudential Fox & Roach REALTOR (R)
Ocean City, NJ
email : jim@jimocnj.com
office : 1 - 609 - 399 - 0066
cell/pager : 1 - 888 - 602 - 3243
Web Reference: http://Beach4Sale.com
0 votes Thank Flag Link Fri Sep 4, 2009
Donna: My take? Sell! Your Mom is not going to come back, in all probability and if she does, she will need to be near friends and relatives. Friends, for folks up there in age, get fewer and less able to help. So, it would seem, unless she has other family in Ocean City, that she will need to move to another area, perhaps Warren. Is that in the one in Somerset County? If so, there's NO WAY you can be a good support for her in Ocean City.

If you want to get in the rental business for her (she is not going to be able to handle the property from Florida) you might do so. Rental property is a business. General management, inspections, maintenance and emergency issues might all be contracted out but they are not without cost and the net rental profits may be slim. There is always the capital appreciation that comes with property ownership, especially at the shore but that is a long range proposition. Your mom will probably not benefit from it although her estate might.

On the other hand, the profits from a sale, invested wisely, can yield better returns that the average real estate venture. The funds would also be much more liquid and would also be much easier to tap incrementally, should your mom need cash to maintain her appropriately in Florida or elsewhere.

There are trade-offs, obviously but unless you have a yen for property management and of property miles from where you live, I’d get out now.

If you are worried that you will miss a great rise in property value, remember no one knows if or when that might happen and you could just as well see a similar rise in any other investment that you might make for your mom.

I know that this is a disruptive and stressful time for you both. I wish you both well.

Bill Holt
0 votes Thank Flag Link Fri Sep 4, 2009
If her home is in Ocean City use a realtor to rent the home during the season only. Ocean City is a great place to have a rental. I know rentals a bit down but use a realtor as a property manager rent it weekly and you have no tenancy laws to deal with. You will at least get a years worth of rental out of just a few months of weekly rentals.

Make sure you instruct the realtor to carry enough of a deposit and restrict rentals to families only or over age 25.
0 votes Thank Flag Link Thu Sep 3, 2009
Have you considered renting the property determine if your mother prefers assisted living or her own personal home with care provider. Therefore your mother can "try out" some family members hate it however they no place to return after a property has sold.

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0 votes Thank Flag Link Thu Sep 3, 2009
If you can afford to list the property to be competitive with the local short sale and foreclosure markets, selling may be the best route.....there are so many liabilities associated with being a landlord that the loss of money on the sale may just be worth it.

Good luck
0 votes Thank Flag Link Thu Sep 3, 2009
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