It's still early. We'll get a true reading starting the 4th.
SUMMER 2008 ATTENDANCE
Wed, 06/25/2008 - 18:56
#1
Wed, 06/25/2008 - 20:28
#2
Thu, 06/26/2008 - 03:02
#3
I'm noticing similar things. My kids and I frequently watch the web cams and have noticed that foot traffic on the Board Walk is lighter than we're used to seeing. We'll be adding to some of that in about 2 weeks though. Getting the camper ready, leaving the 8th of July and cannot wait.
I know the webcams can be deceiving so I'l reserve judgement until then. The only thing we can base things on is the fact that no sights have opened up for the State Park at Assateage during the 2 weeks we'll be down. I'm taking that as either a good sign or people just aren't cancelling their reservations.
Thu, 06/26/2008 - 15:34
#4
Thu, 06/26/2008 - 16:16
#5
Who knows, come July, we might all be in for a BIG surprize.
I've talked to a lot of people here in PA that normaly vacation in Myrtle, Hilton Head, Outer Banks, and a lot of other places further south, and from what I'm hearing these people are changing thier vacation plans to OC because it will save them 1/2 or better on the gas, because it just so much closer.
So it might be REALLY busy in a few weeks.
Wed, 07/09/2008 - 09:15
#6
A little update. We got down on Saturday (July 5). The weekend was very busy but then most people left. The condo complex that we are staying at is roughly 30% occupied if that means anything. We rode the boardwalk Monday morning and it wasn't busy at all. I drove to Bethany on Tuesday and traffic was a breeze. The beach is not packed at all during the days.
We went to Tequila Mockingbird last night and had no wait. I think that attendance is way down, unfortunately. I don't know if it can be blamed solely on gas prices. I think its a combination of gas prices and inflated rental prices. I know the place we're staying at isn't worth what we paid. I can only imagine what hotel rooms go for. Building continues so I would definitely expect to see some bankruptcies emerge in the not so distant future as well as possibly some local bank failures. Its a sad state of affairs in OC this summer.
Wed, 07/09/2008 - 10:11
#7
A lot of the folks who are renting their condos need the money to make mortgage payments.They all figured they could get 3 or 4 payments out of a month or month and a half worth of summer rentals. Isn't working out that way.With the glut it's a renters market.Some are now faced with a balloon payment and the bottom will fall out.
I expect a lot of marginal bars and restaraunts to be gone by next year.The local banks were smart enough to pass the mortgages on to mortgage companies. Can't say as much for larger banks. Mariner Bank has just been purchased by the Bank of Delmarva.
A lot of local folks consider what's going on as a clensing process and seem to want to hold onto their investing money until after the election.
A meaner and leaner Ocean City will survive.
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Beware of the Carona Cat !!!
Thu, 07/10/2008 - 12:00
#8
I havent been down yet..Since May... i go the 2nd week in AUgust.. but i feared with the prices, people can not afford to travel. We have our own place and it still costs of $60.00 in gas for a trip down. Then you need money to go out with. and with the prices of everything at home going up...people just dont have the extra cash. Sad but true.::(
Thu, 07/10/2008 - 15:27
#9
There's a guy building upscale townhouses right by where we're staying. Last year, the guy wanted to give me a deal at like $700k when the first 4 were being built. Now, 8 are built and more are under construction. Not a single unit has sold yet. The builder's name is Black Diamond Construction. Look for them to show up as one of the first to go bankrupt. We stayed at Cori Noel last year. There were units for sale for $995k-this year, they're $749.
Man, I would hate to be one of the ones who bought down here in the last 5 years. Places we were looking at that were near $500k 3 years ago are like $369k. I love OC but I'm fearful for what's happening. Also, several boardwalk vendors have laid off a lot of there personnel. I see tons of euro's at the bus station every day. Sad days with really no light at the end of the tunnel. I agree that some cleansing was necessary but this is going to kill the brick and mortar businesses as well.
Thu, 07/10/2008 - 16:15
#10
Cleansing is one thing but bankruptcy, building stoppages and empty spaces become eyesores. We were also looking at upgrading our townhouse a couple years back, and looked at a place right at $1 mil. Luckily the entire family couldn't agree on it. The economy is in a really bad spot right now.
I am not sure if any other city-goers have noticed, but the last two times I have visited OC, the summer attendance, as expected, has been WAY off. I knew it was going to be deflated because of fuel, disposable income levels, etc. But, it really threw me for a loop when I was able to get from 114th street to the inlet in ten minutes at night, instead of the normal bumper-to-bumper half-hour commute I am used to most summers. Things are changing!—And, I hope the businesses that we know and love do not suffer too much. I was blown away by all of the “vacant†signs brightly lit up and down the highway…:eek:
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