OK, so you are ready to purchase your vacation place. A condo in Ocean City, Maryland, but you are waiting to get that bottom-dollar deal. Keep waiting!!!- Sure you might be able to find one in an old ran down building. Or you may find a brand new one from the Builders who have gotten stuck with them, and in that case, here is the deal:
Is the "Bargain" really worth getting if the maintenance and association fees will be almost as high as the mortgage?
What about the taxes? A big Luxurious building will pay a lot more than a smaller and modest one.
Are people looking for a summer rental based on it's luxury and willing to pay the price when they can barely afford the much needed vacation with their families? Or will they be looking for a better price you can't afford to rent for because your condo's expenses are way too high!
When we purchased our condo, we knew how much we could afford, so we didn't even bother to look at the new ones that were being built. We didn't want our falling in love get in the way of our straight thinking. So now we have it. There are tons of people stuck with their expensive-luxurious-condos and unable to sell. What good did it do. We bought at a modest price and are selling the same way.
A year, or so, after we purchased our Ocean City condo, we could have turned around and sell it for a bigger profit than what we would get these days. But we were enjoying it too much to part with it. We were able to rent and use it, time in-between-rentals, which helped pay for it. But since we are planning our retirement soon, I finally convinced my husband to part with it. It is too bad there are only (as someone I know said) Bottom Feeders looking for bargains!
SO, HERE IS WHY YOU SHOULD BUY MY CONDO.
*** Because It is listed at a good price of $299,900.
*** We have a very good Condo Association.
*** It is in Nice-Quiet Area on the Bayside
*** It is close to everything and,
*** Within walking distance to the beach!
*** It has all the indemnity as the Luxurious ones, only less expensive.
*** And best of all, it has a beautiful view!!!!!***
Take a look at it at www.occondo.com and give my Agent a call.
What you need to realize is that no matter how low a price goes down, it will not be a give-away. Everyone has invested a lot in their condo, especially those who paid the high prices. They are not going to sell for less than they got it for. I suspect they can't even sell it for the same price. And don't think you are getting that Bottom Dollar price at an Auction either. Even if it is Bank owned, they are not ready to loose a lot of money. At Auction, you are buying at the same price you would have gotten it from a Real Estate Agent. I looked into it, and I found out that If I were to Auction, I could hold out for the price I'm asking and hope that someone bid for that amount or more. It is my opinion that Auctions are not what they used to be. In fact, if when you bid on a price, you have to be ready to settle within a short period of time and have that money ready. You could loose your deposit very easily, if your're not careful. When we were in the market for our condo, we were shown a nice three story town house which at one time had a beautiful view. Shame on Ocean City Officials who allowed for someone to put up a building right in front of that Town House's window, leaving a brick wall to look at instead of the water. Well, my point is that we wouldn't even make an offer on it, but found out later that it was purchased at Auction for more than the asking price! What fool did that?
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