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General Area in Ocean City : Real Estate Advice

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  • Home Buying50
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Activity 6
Wed Jun 4, 2014
workshopstructural answered:
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Sun Dec 23, 2012
Edward ( Augie ) Augsberger answered:
Heidi,

I have a Bank Owned Townhouse coming in town
if you are giving thought to selling the bayfront.

Augie

Edward Augsberger
WEICHERT COASTAL
Cell 609-338-1189
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Fri Nov 2, 2012
tvisco answered:
Sun Mar 18, 2012
Joan Farrell answered:
Yes....those who were trying the process on for size have generally realized that the banks are not giving anything away; those few properties that went through to foreclosure are selling at market pricing; short sales left on the market are either moving with the market or non salable due to damage and misuse. Buyers who decide to chase a short sale are disappointed to find out that they have to pay retail after all. ... more
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Sat Jun 11, 2011
Joanne Bernardini answered:
I have lived in this neighborhood part time since 1962 and now am here full time. I grew up in Philly where low income housing had an entirely different meaning than it does here in Ocean City. Have you taken a drive past there? Neat little rows of clean little homes.I just sold a condo at second and Simpson and the buyer is thrilled! You can't paint an entire neighborhood with the same brush! ... more
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Tue Nov 23, 2010
Joan Farrell answered:
You can charge whatever you like for rentals. The key question is "what are people willing to pay?" If this property has not been rented previously, and has no customer base, you are going to have to steal tenants from someone else. Adding a property to the rental market does not increase the number of tenants available, so initially, at least, you are going to be able to get bookings at prices at or below those for similar properties. I do not think that central air is your first investment, as long as you have window a/c in each of the bedrooms and one in the main living area. I have rented the lower half of my beach block duplex for more than 10 years, and I can tell you that people want decent kitchens and bathrooms, a spotless property, and decor that makes them feel like they are on vacation. This means that chlorox and paint are your new best friends. If the kitchen is dated and/or hard to keep clean, put some money there. Are the beds in good shape? Comfortable seating in the living room? A table and enough chairs to sit at for dinner? Keep in mind that most people look only online before they select a vacation property, and you will be competing against those properties that are already listed. We have a large north end rental inventory, and you can go to monihan.com and search our rentals by location and amenities to see what your competition looks like.

With respect to insurance, your flood insurance depends on the elevation of your first floor and the distance to the beach more than any other factors. If you are financing the deal, your lender may require specific amounts for your homeowner policy. Regardless, it makes sense to have your place insured for replacement cost, and you want liability insurance that covers tenancy as well.

The sooner you settle, the better. You want to get the place into shape and get it listed with local realtors and live on their websites as soon as possible!


Joan Farrell
Realtor Associate
Monihan Realty Inc.
717 Battersea Road
Ocean City NJ 08226
800-255-1311 office
609-517-7644 cell
joan@monihan.com
... more
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