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Home Buying in Ocean City : Real Estate Advice

  • All189
  • Local Info13
  • Home Buying50
  • Home Selling9
  • Market Conditions6

Activity 55
Annette Levi…, Other/Just Looking in New York, NY
Fri Jun 10, 2011
Annette Levinson answered:
David Green, Real Estate Pro in Cape May, NJ
Sat May 21, 2011
David Green answered:
Congratulations on your new property, David Schick is right " Suck it up and move one" there are bigger fish to fry.
0 votes 11 answers Share Flag
Barbara Smith, Real Estate Pro in Marlton, NJ
Wed Jan 5, 2011
Barbara Smith answered:
Will, what is the exact address? If you saw it hear on Trulia or the info was supplied by Realty Trac, its not actually for sale, it just may be in the early stages of a foreclosure proceeding and since they are public records, many sites gather and publish the information. The low price would represent the balance owed to whoever is trying to collect a debt.

If you can get me the exact address, I can work on getting you more detailed info. There are other homes available on West Surf, but over the half mil price tag.

Barbara Smith
Cell/Text: 609-980-7593
Email: BarbSmith321@comcast.net
Weichert Realtors
SFR Short Sale & Foreclosure Specialist
... more
0 votes 3 answers Share Flag
Tim Robbins, Real Estate Pro in Northfield, NJ
Fri Nov 12, 2010
Tim Robbins answered:
Tom

For around 500k you should be able to move closer to the beach but if you want to be away from the action then you should be able to find something real nice on Haven or Simpson with a least four bedrooms and even newer. You may also be able to find a single if you want to own the whole building and not share. just click and you will be able to search the entire MLS http://njbuyersonestoprealty.com

Tim Robbins

Exclusive Buyers Broker

Bettter Homes Realty

800-610-3599

20 Years of Buyers Service at the Shore
... more
0 votes 6 answers Share Flag
Joanne Berna…,  in Ocean City, NJ
Tue Sep 28, 2010
Joanne Bernardini answered:
Cash is always attractive to sellers for some very practical reasons. Cash eliminates the sellers distress as to whether his buyer will qualify for a mortgage. Banks have really tightened the requirements for committing to loan money to everyone. Not being able to obtain a mortgage allows the buyer to walk away from the contract and forces the seller to start all over again. In this market the strongest buyer is the cash buyer. If the seller is in financial distress, weeks matter! There is a fine line between getting out by the skin of your teeth and financial disaster requiring a short sale or foreclosure. Sadly. many sellers that originally bought at the top of the bubble are now finding themselves in trouble.
Wesley Avenue is a desirable location. Four bedrooms condos rent well in Ocean City. They also rent well in the winter! Be aware that although the average rental commission on the island is 12% to 15%, Weichert Realtors- The Asbury Group only charges a 10% commission. Over the summer rental season that can really add up!
As a Certified Short Sale Agent, I would welcome the opportunity to help you get the most out of your cash!
Joanne Bernardini, 609-947-2451
... more
0 votes 4 answers Share Flag
Carl Bradley,  in Ocean City, NJ
Wed Mar 31, 2010
Carl Bradley answered:
Jack,
Contrary to what the news would have you believe, there are still a few financing alternatives for people making a purchase without 20% down. As for your offer of 850k for a home that the seller is asking 1.1 million.... Without knowing the actual unit I oviously can't say if her asking price is exessive or not. What I can say is every seller has a different set of circumstances and if you offered 6 months ago and both parties have yet to agree on an adjusted price, it may be time for you to move on to other homes you like. I have been a Realtor in Ocean City for nearly 10 years and know market well. I also would be happy to try to connect you to a mortgage bank that can work with your lower deposit money parameters.
Carl Bradley ReMax of Ocean City 609-399-HOME.
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0 votes 11 answers Share Flag
Eric Booth, Real Estate Pro in Ocean City, NJ
Mon Sep 21, 2009
Eric Booth answered:
Nantucket is a great condo complex. They don't come up that often due to the owners loving it so much. Most units are 2 bedrooms and usually the owner sells due to moving into a larger unit. I would be happy to keep you updated of any new listings, please contact me with your info. The Management company doesn't handle the sales, they are listed through the MLS. ... more
0 votes 2 answers Share Flag
Ocean City B…, Real Estate Pro in Ocean City, NJ
Mon Aug 24, 2009
Ocean City Beachcombers Group answered:
Hi William,

There continue to be segments of our real estate market that are seeing lower prices, however, activity has picked up (as have pending contracts). We will remain in a buyer's market for a while yet. In some price ranges we have about 12 months inventory, in others we have more than a years inventory.

That said, you need to do your homework on what HAS sold to be sure that anything you purchase appraises. There ARE motivated sellers right now, sellers who have an interest in upgrading their portfolio (sell on West Avenue, buy on Asbury Avenue, etc.) so it's smart to look, you may find a reasonable seller who realizes that you're helping THEM realize their dream of a newer home/closer to the beach/new construction, etc.

Don't expect appreciation any time soon, in ANY market (not just Ocean City), but look at where you would otherwise be investing your money and compare the returns each might get you over the next five years, weighing the benefits ( family memories - what I call workmen's compensation ).

WHEN the real estate begins to appreciate you can expect that Central Avenue will appreciate at about the SAME rate as Wesley Avenue, and at the same rate as Asbury Avenue or West Avenue.

I did a study several years ago of appreciation rates by location and was surprise that location wasn't a large a factor as I expected. With appreciation rates being "equal", make your selection based on your needs, wants and preferences for location. Chances are that the things YOU are looking for will ultimately also appeal to the NEXT buyer.

James I. (Jim) Marshall, CRS, GRI, e-Pro
Prudential Fox & Roach REALTOR (R)
"Delivering Waves of Memories Since 1977"
email : Jim@JimOCNJ.com
1-888-602-3243
Ocean City Blog : http://OCNJMemories.com
... more
0 votes 4 answers Share Flag
Fiamartin, Home Buyer in Baltimore County, MD
Wed Jul 15, 2009
Fiamartin answered:
Insects- no more than any other homes within a block of wetlands. You will be more likely to pick up a tick if you walk in/brush up against the vegetation, but otherwise have no concerns. The big things you saw are the sewage treatment plant tanks. We have owned in this block for a year and I have never smelled the plant's activity. It is only visible on Google Earth, and not from the ground around these condos..
Ocean Aire South condos are the best value on the island!

I hope this helps.
... more
0 votes 2 answers Share Flag
Laura Gianno…, Real Estate Pro in Manahawkin, NJ
Thu Jul 2, 2009
Laura Giannotta answered:
Exactly where is this property located? You've asked this question in Perth Amboy, Trenton and Brick. See my answer in your Perth Amboy question.
0 votes 3 answers Share Flag
Tara Penn,  in Ocean City, NJ
Fri Jun 19, 2009
Tara Penn answered:
You also have OC Homes, Riviera, Merion Park which is mostly all year round homeowners.

Call me if you have any additional questions.

Tara Penn
Weichert Realtors-The Asbury Group
609-517-0029 (cell)
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0 votes 2 answers Share Flag
Ken Herrera…, Real Estate Pro in Las Vegas, NV
Thu Feb 7, 2008
Ken Herrera Group answered:
Hello Sue,

You should contact a local Realtor and or check the county public records web site if one is available to you.
Good Luck
0 votes 1 answer Share Flag
Steve Ostrom, Real Estate Pro in Roseville, CA
Wed Sep 19, 2007
Steve Ostrom answered:
Good morning (or near afternoon) to you Stacey. I noticed you classified your inquiry as New Jersey, but mentioned Maryland. Ocean City hosts many of my happiest memories as a child with my family and LOVE that boardwalk. Many Maryland Realtors or investors may have their "trulia" reminders set to a specific area (state, county or city level settings) so you may want to repost to the correct area if this was an oversight if you don't get the answer you are looking for (as an FYI).

Perhaps a Maryland or Delaware) investor or REALTOR® can provide good insight to your response if they happen to see the posting.

What were your intentions if you were to buy in Ocean City, MD?
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