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Ocean City : Real Estate Advice

  • All94
  • Local Info0
  • Home Buying30
  • Home Selling7
  • Market Conditions6

Activity 60
Mon Apr 11, 2011
. answered:
Hi Joan,

If you are planning on generating rental income, the indoor pool may have a higher desirability for a tenant. On rainy days, and in off season times, the pool can still be used.

There are many factors to consider in comparing properties/buildings. Both are newer masonry buildings (masonry is preferred for insurance purposes), as well as street location.. ie - Adagio is located right as you come across the Route 90 bridge. Mayfair Beach is considered North Ocean City closer to Delaware line. Properties in North Ocean City have sometimes garnered a higher price.

If I can help, please let me know.

My best from the beach.
... more
1 vote 1 answer Share Flag
Mon Apr 11, 2011
Myrna Wright answered:
The Mayfair Beach is located in North Ocean City; has larger units than the Adagio that is more centrally located. The Mayfair Beach was built in 2005 while the Adagio was built in 2002. Both have luxury units to offer for sale in mixed price ranges. Both have a water view, but not an oceanfront view except one unit at the Adagio that is for sale at this time is oceanfront. ... more
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Sat Mar 19, 2011
Vickie Rohrer answered:
CURRENT FORECLOSURES / REO PROPERTIES IN OCEAN CITY MARYLAND. http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/run_public_link.html&public_link_tech_id=20110319211114583835000000&s=11 ... more
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Tue Feb 8, 2011
Gary Carr answered:
If you look at a multi-unit property, also consider leveraging your risk by keeping some of the units for seasonal (summer/monthly/weekly) rentals and others for a full year lease term. There are plenty of locals that are looking for rentals and new leases during the "off" season too. You may collect less rent per month during the summer time, but it will be less aggravating than having an empty unit.

Also, follow the advice below. When buying an investment or commercial property - be insistent on reviewing the financials of the current owner.
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Mon Dec 13, 2010
Kevin & Monica McNamara answered:
I would suggest contacting Coldwell Banker's seasonal rental department. They can be reached at (410) 723-1000. Make sure you ask for the seasonal department.

Wishing you good luck in your search! ... more
0 votes 1 answer Share Flag
Wed Jul 7, 2010
Kman asked:
Wed Jul 7, 2010
Terry Looney answered:
I don't know of a list of experts. There are Realtors who have had experience with short sales either while representing the buyer or representing the seller by having the short sale listed. There are agents also that have taken a course to better understand the short sale process. I would call one of the Realtors you have been looking at and simply ask them their experience level with short sales. There are some basic things that pertain to all short sales but I have found that each is unique. One reason for that is the lender involved. I would suggest in addition to asking their experience with short sales, you ask their experience overall in the area you are looking. Don't be afraid to interview for a good agent. I would be happy to answer your questions if you called me.
Good Luck,
Terry Looney, CRS, GRI, WHC
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Thu Apr 15, 2010
tim zito answered:
There are a great number of anxious sellers in Ocean City.

The best answer will be on an individual basis. Some owners have had their properties for years and owe little to nothing on them and others are recent owners with large debt and mortgage payments and may need to sell quickly. And as more short sales and foreclosures enter the market, it will bring more opportunity for buyers to buy at great prices.

Staying in contact with an agent of choice to make sure you are constantly aware of the market is best. This way you won't miss out on the great buys that come along and sell quickly.
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Wed Apr 7, 2010
tim zito answered:
The foreclosure market can be full of fantastic opportunities for buyers, but know that it can be a long and frustrating venture. I have been very succesful in helping my clients with purchasing great homes in the foreclosure market.

My best advice is to hire an agent who is knowledgable in this market and have them send you info on homes that have fallen into the foreclosure or short sale arena.

Also know that you can purchase homes at great prices from sellers who are not in financial trouble as well. Foreclosures are not the end all in good home puchases today.

Feel free to contact me if you would like to get more information on the MD or DE market.
I look forward to helping in any way that I can.
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0 votes 6 answers Share Flag
Mon Jan 11, 2010
Joe Wilson answered:
Maria, While there are plenty of Foreclosures and Short Sales on the market and they are the current "Buzz Words" you can find JUST as good a DEAL buying a Developer's Close Out .Call Della Wilson for more details. In the meantime I would be very happy to send you a list of Foreclosuers and Short Sales to fill your needs. Best Always and You Have a Sunny Day!!!!
Della Wilson #443-235-4719
www.dellawilson.com
della@dellawilson.com
"Grab Your Beach Toys nad Get Down Here."
... more
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Mon Jan 11, 2010
lisa answered:
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 9 answers Share Flag
Sat Aug 22, 2009
Kevin & Monica McNamara answered:
Hi Maryellen,

Historically rental rates, like sales prices are determined by what the market will bear at a given time. In order to be competitive, and still generate nice income for your property, you should keep your rates competitive to similar properties in your building or area.

If your property shows exceptionally well and has fabulous interior upgrades, etc. and your potential tenants know that or have seen your pictures (a picture is worth a thousand words), then possibly you can generate a little more rental income each interval for your property.

Owners determine the rental rates for their property. But I strongly suggest that you consult with a rental agent for recommended price ranges.

Good luck. My best from the beach.
... more
0 votes 2 answers Share Flag
Mon Jul 13, 2009
Kevin & Monica McNamara answered:
Stacey,
Following up to Markney's Kirk response to you...lf indeed that is the question you are asking.. there are currently no projects in Ocean City, Md. that have been abandoned, and left uncompleted by the developers. There are some fabulous incentives being offered to purchasers in order to move the new construction inventory at a much faster rate. Overall, given the amount of new inventory that came on the market in the past several years..our saturation rate is higher then the national average.

I hope I was of some assistance.

My best from the Beach.
... more
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Tue Mar 3, 2009
Michele Pompa answered:
If you do not want direct bayfront you price point is realistic. There are condos available in that range. If you would like you can e-mail me at www.mpompa.com and I will send you some listings that will meet your needs.

Thank You,
Michele Pompa
www.michelepompa.com
mpompa@cbmove.com
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0 votes 5 answers Share Flag
Thu Jan 15, 2009
Truman Crist asked:
I'm interested in renting 10 Native Son in OC, Md. 21842 if they rent their unit. Email me at tacrist@comcast.net. Thank you.
0 votes 0 Answers Share Flag
Tue Dec 16, 2008
Kevin & Monica McNamara answered:
Emily,

Most property that you would purchase here in Ocean City, Maryland would be eligible to become a rental property. We can assist you by determining, in conjunction with our rental department, what amount of rental income a particular property would rent for.

There are many factors to consider. Do you want to make the property a year round rental... a seasonal rental... or a summer weekly rental? Do you have plans to use the property yourself?

Give me a call or email. I will be happy to discuss further.

My best from the Beach.

Monica McNamara
Ocean City, Md.
877-480-7653
... more
0 votes 5 answers Share Flag
Sun Sep 21, 2008
Sharon Curtiss answered:
Now that the summer season is over, I think you will find that you are now able to visit some of the properties on the market that were rented and had limited access. If you have not found a buyer's agent yet, feel free to visit my website for FREE first-time home buyer information. I am an Accredited Buyer's Representative and would be happy to assist you with the process. I have worked with many first-time homebuyers and before becoming a REALTOR, I was a manager at a major financial institution for almost 20 years. I am very experienced with the entire process. Check out my testimonials on my website www.sharoncurtiss.com

I look forward to hearing from you. Sharon
... more
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Wed Aug 27, 2008
Gary Byers - REALTOR® answered:
Hello Mrs. Dwight K Schrute,

You are quite correct in assuming that condos will have a fee.....

However, while "most" (Home Owner or Condo Owner) Associations collect the fee "monthly" there are others that collect the fee quarterly / semi-annually / annually. The fact that the HOA/COA fee field is blank should not lead to the assumption that there is no fee.

Since your profile indicates "just looking" my assumption is that you have not yet selected an agent to assist you with buying your new home. My suggestion is that you select a knowledgeable agent in your area. A good agent will likely have an idea what fees are in the community you might be considering, and if not should be able to obtain this information quite easily.

For homes that are part of an Association, many states require that once your offer has been accepted the seller is to notify the Association who then has a limited amount of time (but always prior to final settlement/closing) to provide you a "Condo Resale Certificate or Public Offering Statement". Because the documents needs to be current and because there is a fee associated with the documents, they are usually prepared "only after an agreement has been entered."

These documents are typically prepared by the HOA / COA (or their property management company), they should be up-to-date, they will provide a wealth of information and should disclose:

1. All Association Fees (including the initiation fee, if one exist)
2. A copy of the existing Budget with Balance Sheets
3. A copy of any Notices of Association Assessments or fee increases, pending or otherwise..
3. A complete copy of the Covenants & Restrictions (Rules & Regulations) including any amendments.

Hope this helps!

Best Regards,

Gary Byers - REALTOR

RE/MAX 1st Advantage
Mechanicsburg, PA 17050
... more
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Wed Aug 27, 2008
. answered:
First let's talk about the difference between a management company and a rental company. A management company deals with the day to day operation of the building. Which includes cleaning walkways, parking lot, etc. dealing with contractors, preparing and administering the condo's budget and insurance brokers. The management company has been hired by the Board of Directors to act on behalf of the owner's. If you buy a condo that you want to rent, you will hire a company to coordinate the rentals for you. They will find the tenants, assist with cleaning between check ins, accept monies for the rental on your behalf. They will be the check in location for the renter to get their keys, instructions and for tenant to call if there are any problems with the property when they get there. If a rental company provides full service for the owner they will charge you a percentage of the actual rental income that they book for you. For example, Coldwell Banker charges 16% of the gross rental income if they find the tenant, and 8% if you find the tenant and send them directly to Coldwell Banker. ... more
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Mon Aug 18, 2008
Alaric Gothic answered:
To get you started on a sale of $180,000 the total of State Record/Transfer &County Transfer is about $3,000.This works out to .0166 of sale price(so a condo with $360,000 sales price will be $6,000 an so on).I am assuming you are not a first time buyer because of the location.Mostly all of the other costs are based on your loan.BTW their are alot of taxes and fees on property in Ocean City look into those before buying also. ... more
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