Any advice on buying at the gateway grand in ocean city md?

Asked by lisa, Ocean City, MD Fri Jan 23, 2009

Is it a good time to buy? did we hit bottom yet?only 17 units sold.

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9
Kevin & Moni…, Agent, Ocean City, MD
Sat Jan 24, 2009
BEST ANSWER
Lisa,
It's true, prices are at or near the bottom, and smart buyers buy when it is a down market. Anything worth having, is going to take a little more time and effort to acquire, and that is going to be the case in obtaining mortgage financing for a new construction condominium.

Having said that, I want to refer you to my recent blog post regarding condominium financing. With the banking crisis our nation has been experiencing, a purchaser has to understand if the property that they are considering buying will qualify under the new very strict secondary mortage market underwriting guidelines. This is especially true for new construction when the majority of the building is not sold.

You may understand this better if you read this artricle:

http://www.trulia.com/blog/monica_mcnamara_realtor/2009/01/c…

I predominantly sell properties held within a condominium regime, and I am a firm believer in their value in our marketplace. I just want a buyer to be fully educated prior to any purchase they are considering.

My best.
Monica McNamara
Coldwell Banker Residential Brokerage
1 vote
Dj, Home Buyer, Ocean City, NJ
Thu Feb 19, 2009
Never listen to a realtor who tells you it is an excellent time to buy; they don't care whether it is or not. Do your own due diligence and use your common sense. I own in OC right now, and am looking to pick up another unit for cash, but I won't be doing it any time soon because the market is no where near the bottom. Financing is difficult to obtain, people are continuing to lose their jobs, still plenty of unsold inventory on the market, prices still higher than there were just 5 or six years ago.
1 vote
lisa, Home Buyer, Ocean City, MD
Thu Jan 7, 2010
Yes. I did buy at the Gateway Grand and I love it! Amazing ocean views. It's everything I hoped for and more :))
0 votes
Cindy Garhart, , Gambrills, MD
Tue Jul 21, 2009
I currently own a condo in O. C. There is one community I will strongly recommend. Bayside, detached upscale homes, townhomes and condos. Great rental income if you are looking to invest. Great if you want it for yourself. Three beaches, crab pier, indoor pool/outdoor pool, fitness center, pool bar/restaurant, coffee bar/general store.
Beautiful Sunsets!!! One block from Ocean and great restaurants. I know the area well. Much better investment that the Gateway Grande. 17 sold ???concern about condo fees rising). Please let me know if you would like more info about where I own.
Web Reference:  http://www.cindygarhart.com
0 votes
Dawn, Home Buyer, Salisbury, MD
Sat Jul 18, 2009
I am curious did you buy a condo in Gateway Grand yet????
0 votes
lisa, Home Buyer, Ocean City, MD
Sat Feb 21, 2009
I agree with your comment though I do see an exception with beach front. There isn't a lot of beach front inventory and new construction has stalled. I do feel that the buyers are coming back and if you don't jump in now you will miss out on the few beach front properties available.Prices are 30 to 40% off their highs. With interest rates at under 5% it may not get better then this.
0 votes
Kevin & Moni…, Agent, Ocean City, MD
Wed Jan 28, 2009
Lisa,
As a follow up, other new construction projects are also going to be looking at price reductions in the near future. I can not stress enough about making a good decicison. If you have not already affiliated with a "local" Ocean City real estate agent my husband or I would be happy to help. Coldwell Banker represents the majority of the new construction at the beach.

Give us a call. My best.
Monica McNamara
877-490-7653
0 votes
lisa, Home Buyer, Ocean City, MD
Tue Jan 27, 2009
Dear Adam,
Thanks for your reply. I did hear about this letter that is going around. I was also told by an ocean city real estate lawyer that this may not be the bottom. Because the market moved so quickly from 95 to 2005 he feels that beach front new construction of the gateway caliber should be in the low 6's. He also said if buyers don't come in it could get worse then that. He told me to be patient. What do you think?
0 votes
voices member, , 21117
Sat Jan 24, 2009
Hi Lisa,

Yes, it is an excellent time to buy in O.C. right now. It is off season and the market is down. The only true way we know if we hit bottom is when the market starts to go up. Sales are down significantly in O.C., so either way you are bound to get a great deal. Good luck to you, please let me know if I can help further.
Lisa Devnew
LDevnew@cbmove.com
410-615-0990
0 votes
Hi all, Its Lisa. I found this blog from back in 2010 when I perchased my condo at the Gateway Grand. You all were so helpful back then. Will it's time for me to sell my Condo and perchase a house on the bay or beach. I'm looking for more outside entertaining space. I would prefer Rehobath since it's a shorter trip for me. Any suggestions on best time to sell? I was told to hold off until June. I have an Ocean front view at the Gateway Grand. Thanks
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