Sign Up|Sign In|Contact|Advertise
+ Reply to Thread
Page 1 of 2 12 LastLast
Results 1 to 10 of 12
  1. #1
    NY-MD
    Join Date
    Jan 2004
    Posts
    736
    Sand Dollars
    1,179

    2,100+ Condos On The Market Now In OC

    OC Real Estate Picture Returning To Normal Market, Figures Say
    Shawn Soper

    News Editor

    09/07/2006 OCEAN CITY – Bubble was a word that came up often when resort business leaders got an end-of-the-summer update on the area real estate market this week as the raw numbers appear to indicate supply is now outpacing demand.

    During Wednesday’s meeting of the Economic Development Committee (EDC), town business leaders learned what many have suspected for the last year or so. A sluggish economy and interest rates creeping back up after hitting historic lows over the last several years, coupled with a glut of new construction in the resort over the same time period has resulted in a dramatic slow-down in the real estate industry.

    The most recent available data shows the number of properties available in the resort rising dramatically, while the number of settlements and contracts is heading in the opposite direction. For example, the most recent data available from August 2006 shows there are nearly 1,700 condominiums for sale in Ocean City alone compared to just over 900 at the same time last year, representing an increase of just over 84 percent.

    While the number of available units continues to rise, the amount of contracts and settlements has not kept pace. For example, 709 contracts for Ocean City condominiums have been written through August of this year compared to 1,300 during the same time last year, representing a drop-off of 45 percent. Similarly, the number of settlements on Ocean City condominiums through August 2006 is 600, compared to 1,052 through August 2005, representing a 43-percent decrease.

    The numbers are similar for Ocean City’s single-family home market, although the sample size is obviously much smaller. For example, there were 48 contracts written for single-family homes in Ocean City through August 2006, compared to 56 contracts through the same period in 2005. The number of settlements followed the same trend with 45 in 2006 compared to 56 through the same period in 2005.

    Other key indicators also point to a slow down in the market. For example, the average number of days on the market continues to increase and more often than not, the properties that are getting sold are going for prices consistently lower than the list price.

    For example, the average list price for a single-family home in Ocean City in August 2006 was $874,450, but the average sales price during the month was $742,500. A similar trend was reported for condominium sales in the resort, but the difference is not as pronounced. The average list price for an Ocean City condominium in August 2006 was $466,803, while the average sales price as $439,893.

    Clearly, the most recent data available confirms the softening of the market that everyone involved has speculated for the last year or so, but it certainly does not necessitate panic, officials say. Real estate in the Ocean City area has always been cyclical and the most recent trends likely indicate a correction in a market gone wild for the last several years.

    Resort-area Realtor Kathy Panco, of Coldwell Banker Residential Brokerage, who presented the data to the EDC on Wednesday, told local business leaders there was no reason for alarm.

    “All we keep hearing is that the bubble is bursting, but that’s simply not the case,” she said. “There is clearly a slow-down, but that’s likely a correction and a dip in an otherwise long cycle.”

    Panco said the market appears to be recovering after a brief setback.

    “The phones are ringing, people are making appointments and everything is looking up,” she said. “I’m not worried and you shouldn’t be either.”

    EDC President Dr. Lenny Berger agreed the apparent slump is just an adjustment after a banner couple of years.

    “We had a huge, huge market for two years, but it’s come back to a normal market,” he said. “It’s going to take a little more work, but there are sales going on out there.”

    The real estate market in the resort area and across much of the north end of the county was so hot for so long, when it returned to normalcy somewhat, it appeared to be crashing, which is not entirely accurate. By way of analogy, a career .300 hitter in baseball will almost certainly get to the Hall of Fame, but if that same player goes on a tear for three years and hits .360 and then returns to his .300 average, his detractors will say he has lost a step or his career is finished, despite the fact he is still hitting for a higher average than most of his competitors.

    Comparatively, if an already strong real estate market goes off the charts for a few years and then returns to its traditional levels, some will predict doom and gloom. It might be far too early to predict a long-term decline in the market, but the most alarming statistic in the report presented on Wednesday is the sharp increase of properties available on the market.

    The 1,700 condominiums currently listed for sale in Ocean City do not include all of the development projects underway or in the planning pipeline, which will only add to growing inventory. For example, the resort’s Planning Commission on Wednesday approved site plans for the redevelopment of the old Ocean Plaza Mall property on 94th Street, which will add 380-plus units spread out over phases over the next five years or more.

  2. #2
    Senior Member
    Join Date
    Jun 2006
    Posts
    522
    Sand Dollars
    2,176

    ???

    Where are you getting 2100+??? The new project being proposed for 94th St. would add another 380+ units over the next five years. The current and unsensationalized number is about 1,700.

  3. #3
    NY-MD
    Join Date
    Jan 2004
    Posts
    736
    Sand Dollars
    1,179
    The 1,700 condominiums currently listed for sale in Ocean City do not include all of the development projects underway or in the planning pipeline, which will only add to growing inventory. For example, the resort’s Planning Commission on Wednesday approved site plans for the redevelopment of the old Ocean Plaza Mall property on 94th Street, which will add 380-plus units spread out over phases over the next five years or more.


    1,700+380= 2080 either on the market or coming on the market.

  4. #4
    NY-MD
    Join Date
    Jan 2004
    Posts
    736
    Sand Dollars
    1,179

    + 79 more = 2159

    Condos Eyed For Old Ocean City Motel Site
    Jacob Cook

    Staff Writer

    09/07/2006 OCEAN CITY – The nostalgia surrounding an older downtown motel was all but erased when it fell to the wrecking ball some time ago, but the property’s future remained uncertain until this week when town planners approved a condominium development for the vacant land.

    When Troy Purnell, owner of Purnell Properties, sold the Misty Harbor Motel at 2501 Philadelphia Avenue to Waves Development Group Owner Paul Palitti, it appeared that the budget motel’s days were numbered. That rang true this week when plans for a project called the Palm Harbor Condominium were presented.

    During the town’s Planning Commission meeting Wednesday night, Palitti and his associates presented plans for Palm Harbor, a residential development consisting of 79 three-bedroom units, a great deal of landscaping, several water features, no commercial activity and no boat slips, despite water access.

    “This was the Misty Harbor Motel, which was on the frontage and operated for many years. At one point in time they tried to provide commercial on the highway frontage, but they abandoned that proposal because I think they ran into some parking issues,” said Blaine Smith, the resort’s zoning administrator.

    After some confusion over the plans and detailed blueprints, many commissioners praised the project on some levels and pointed to deficiencies with others.

    Commissioner Joel Brous said he was concerned about a proposed entrance to the property from Coastal Highway. Brous, who ultimately approved plans for the condominium development, made it a condition of approval that developers convert the property’s access point to one-way, entrance only.

    Commissioner Peck Miller agreed, saying, “They’ve asked us not to have curb cuts on Coastal Highway. I would say 50 percent of the people in the front parking lot would use that front entrance.”

    Several concerns dealing with general aesthetics of the buildings and phased construction were also aired.

    Commissioner Pam Buckley said she wanted construction to keep moving once it started.

    “Who wants to see a parking deck that’s poured and sitting there,” she said.

    Included in the Palm Harbor proposal, dumpsters would be hidden from the public’s eye; an on-site management company would maintain the property; and the developer planned on spending nearly $100,000 to lower surrounding power lines and relocate them underground.

    The commission voted unanimously, with Commissioner Tom Singman absent, to approve the site plan with several outlined recommendations.

  5. #5
    Renee Renee's Avatar
    Join Date
    Jul 2004
    Posts
    74
    Sand Dollars
    151
    Actually, anything currently being sold, whether a completed project or not, is included in the 1,700. Ms. Panco's figures come directly from the computer listing system that the realtors have access to and reflects the most accurate figure regarding how many units are currently for sale. The actual number is 1,686 as of the end of August per the handout that was distributed at the EDC meeting.

  6. #6
    Senior Member
    Join Date
    Jun 2006
    Posts
    522
    Sand Dollars
    2,176
    Quote Originally Posted by NY-MD
    1,700+380= 2080 either on the market or coming on the market.
    Yet, you title this thread 2100+ on the market "now". To me, now means "today" not the 400+ available 5 years from now. Your title is inaccurate and deceiving. NY-MD you should work for the New York Times!

  7. #7
    Senior Member CBayWolf's Avatar
    Join Date
    Sep 2004
    Location
    Ellicott City, MD
    Posts
    253
    Sand Dollars
    958
    They haven't even torn down the shopping center / parking lot at 94th street yet- the soonest that these units will be up is probably 3 years away- and who knows how many delays could hamper the construction with zoning, and planning. Trying to include these figures in the current totals is pointless- In 3 years the market *could* be red hot again, and there *could* be 800 units on the market at that point.

    One of my friends put a deposit down on a condo that is going to be built in the Bayside neighborhood in Fenwick- They told him it would be DELIVERED 2 years ago- and guess what- he is still waiting for construction to start... It has been delayed 4 times.

    This is a community that has been totally planned and well under construction for several years. I can't imagine how long it will take the 94th street shopping center to get re-developed.

  8. #8
    NY-MD
    Join Date
    Jan 2004
    Posts
    736
    Sand Dollars
    1,179
    Mink:

    Is there a point???? I mean with your ramblings about "now" this very day and all. Guess you missed the point of the article.

    The condos which are supposed to be built at the site of the former Santa Maria are being marketed "now" "today" at this very moment and they haven't even started building them or gotten the plans drawn up.

    So in your world where does that project stand in "limbo"?

    They are on the market.

    So these 380 condos could be in that same situation. Hard for you to follow?

    The number of properties now listed "today" has increased 84% over the same time last year. Sounds to me like the market has SLOWED down.

    Or is it really a sign of a strong market please explain.

    And the number of projects being approved still continues to grow.

    My point is not the exact number of condos now up for sale but rather if you can't sell those listed today how do you think building more will affect the market???

    As for your comment about the NY Times you would have a tough time making your way through the weekly edition forget the Sunday publishing.

    Stick to the comics.........................

  9. #9
    Senior Member CBayWolf's Avatar
    Join Date
    Sep 2004
    Location
    Ellicott City, MD
    Posts
    253
    Sand Dollars
    958
    The "point" is that you exaggerate the statistics to try to push your perpetual negative agenda on any OC situation- even though in this case it doesn't really say anything- just that you try to put your negative spin on anything possible- probably because you spend all of your time listening and regurgitating your political propaganda which you seem to think people actually care about.

    This isn't anything reflective of Ocean City, it's the entire real estate market that is correcting- and anyone with half a brain has known about it for over a year- really no news at all. No one but you has said it's a "strong market" sellers market- so why bring it up? Yes, the market has slowed, do you really have to post another article on this, and act like this is news?

    You've posted this type of article at least 4 times now in the past 2 years- this shouldn't even be news to you, but apparently it is.

    Yes, some people will over-extend themselves to try to get a quick profit and end up paying the price- blah, blah, blah- the sky is falling... I'm sure the exact same price correcting is happeing in Dutchess County, NY.

  10. #10
    NY-MD
    Join Date
    Jan 2004
    Posts
    736
    Sand Dollars
    1,179
    Wolf:

    As usual you NEED to defend the OC area which is not anything it needs from the likes of you.

    1,700 + 380 = 2,080 Do the math (feel free to take off your shoes if you need to)

    Your decision, along with Mink, to not include certain units because you decide not to is stupidity. Nothing new for you.

    Why do you always feel the need to explain the real situation? Why is it up to you to represent OC and her honor? Why can't you just mumble to yourself "oh that's just NY-MD running off at the mouth again why should I let that bother me" just can't help yourself.

    You still think you know it all. Not quite true.

    As far as my political views again why does that bother you. Believe me I don't post any of these articles in the hope that you might actually learn something. Not possible. Why does it shake your world so much what I believe? Just to much for you to handle when someone doesn't see things YOUR way huh?? That must happen a lot to you.

    Your opinion of the world doesn't affect my life in any way. Your view of the world whether in OC or MD or NY really doesn't matter much to me.

    You are just living proof that there are some really arrogant and ignorant folks in this world.

    The article I posted today appeared in this week's edition of the Dispatch (here's an idea for you, some people read papers, and articles to LEARN NEW AND DIFFERENT IDEAS AND POINTS OF VIEW. WHAT A CONCEPT HUH??) so I guess someone a lot smarter then you had to think that some people just not you and Mink would have interest in this information. Guess it is you that just might be out of the news and information loop. Probably not the first time you have been a little behind the times.

    Why not contact the Dispatch and suggest to them what sort of news items they might run in order to gain your interest that should be real interesting.

    I posted these types of articles 4 times??? You must be watching and reading then huh??? Why bother if whatever I say makes no sense to you??
    Just ignore me and continue to believe that you know it all.

    Again for anyone with 1/2 a brain (that leaves you out) they just might learn something about the real estate market in OC. Not everyone knows as much as you and Mink thank GOD! That just might be the reason the Dispatch publishes a paper each week. If the world was full of people like you why would there be a need for papers, magazines, or any other source of news or information you certainly can't gain anything from this sort of knowledge.

    Your mind is closed. Lights out. Nobody home. Just your limited, small, scary place in this world.

    So Derek the sky isn't falling for everyone just the simpleminded fools like you who kid themselves that their IQ is greater then their shoe size when in fact that is not possible.

    One last thing the article described OC and the market in OC so your comments about my implying that this is a problem in OC only is just more Wolf stupidity.

    But when you need to prove a point why let logic hold you back just run your mouth till the other person is asleep and you just might win.

    All hot air Wolf not much else to offer.

    Blah...Blah...Blah....

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
Ocean City Maryland Hotels and Info for the Perfect OC Vacation | OceanCity.com
Get SocialGet Social
Facebook Twitter Flickr Pinterest