Condo Buying In Ocean City

How I Went "To Rags" From "Riches"

2009-05-01T06:24:00.000-07:00

The year 2000 was the best one for us because that's when we finally began to see our dreams come true. A Water Front Home and a Boat to put on its Dock. Life was good and for some reason, it seemed to be the same for everyone else around us.

All of a sudden, everybody was in search of a waterfront home, and in fact, some got two or even three. It was lucky we got ours just in time because the prices suddenly began to steep upward. Realizing that the Real Estate market had taken off so fast as to double the value of our two homes, we rushed to accomplish another dream before getting pushed out of the market, if we waited any longer. We got a waterfront condo. Life was double good!

One day our friend pointed out that given the actual value of all our properties, which by then had at least tripled, we were now "Millionaires". In fact, he was one too because he also purchased a nice big home and a waterfront condo as well as a boat. We were enjoying our wealth, but also talked about what would happen when the real estate prices would no longer have room to move up. We visualized the collapsed of the market and felt fortunate to have purchased at what were then very reasonable prices, and just in time!

One morning, however, we woke up to find that we were no longer millionaires. The housing market collapsed sooner than we had anticipated without given us time to think about turning our properties into profit by liquefying our millions rather than keeping them as solid investments.

So, the long-boating-trips had to be cut down to save on gas because while the market took a downward steep, the gas companies went on an upward swing.

The stocks in our portfolio started dancing around the see-saw created by the two mentioned above, until they finally settled down, way down.

I for one, stopped shopping for new clothes, and have dressed in my faded looking ones ever since, waiting for the day when I can, once again, go from "Rags" to "Riches"

Still Searching For That Condo?

2009-04-07T08:38:00.000-07:00

Well, I decided that the best thing for me would be to rent my condo year-round and wait until the market picks up before listing it for sale again. However, I have seen the prices creeping up again, so it won't be long until you will find yourselves having to make a quick decision. The good part is that there are so many to choose from, that you will have no trouble finding what you want.

In the past I have given you suggestions that I thought would help you choose the right condo without getting yourselves into a chaotic situation such as high condo fees, taxes, etc. Here they are and hopefully it is helpful:

1-Water view, water front is all nice, but can you do without a Dock? Yes, you should do without it as it does add to more of your responsibilities and burden. Find out if it is considered a separate ownership and what are the extra taxes that you might have to pay. Unless you are big on fishing, you will not venture to far out in the ocean and if you will stay on the bay, an outboard motor which you can put in and out when you want to use it will be best. Of course this will depend on your condo parking situation. Think about keeping the boat on the Marina or take out an add for rental space from a homeowner.

2-You think you will make money renting to other people? Not likely, but maybe you may break out even. Take into consideration the following: license fees, commissions to rental companies who will also charge extra for cleaning services. I never used a company because I did it myself but have heard the renters they put in there will not be gentle to your place and the cleaning is not the best. You can only do it yourself if you live nearby or are able to come in after renter to clean and check things out. It wore me rugged! Friends and Family members won't be any different, if you have the heart to rent to them (I didn't, so they got it when available).

3-Ocean City taxes are high. Repairs will cost you as there are lots of opportunists out there.

4-Condo Fees- In 2005, I heard that there were people paying about $700/month just for the condo fees! That was because they have purchased on a fancy-new condo. Look for an older condo which will give you the same satisfaction. I mean, unless you are going to live there permanently, why go there to live in luxury when all you and/or your kids want is spend time on the beach, the boardwalk, etc. Nobody wants to go there to worry about Mom's vase breaking, her floor getting scratched and the bedroom staying perfectly in tact just like she wants it at home. Believe me, the model looks good, but it wont stay that way for long. My condo fees are $550/quarter, and believe me, that bill comes sooner than you expect.

This is just some of the things I can think of right now. I am sure that there are lots more to consider, so just do your homework and don't jump into anything without thinking ahead. My husband and I just saw the water view, fell in love with it and we felt the pain later. Don't let it happen to you.

Haven't Found the Condo of Your Dreams?

2009-02-16T04:18:00.000-08:00

Well, chances are you won't. Not at the price you want. How low you think people can go without giving it away?
I haven't sold mine yet. I won't at the prices you bottom feeders (as someone once referred to you as) are offering to pay for it. Maybe I am not desperate, unlike a lot of other sellers, but I am holding up as long as possible.

Let's Skip Xmas And Go Straight To Boating

2008-12-06T05:03:00.000-08:00

Did you get a new boat for Christmas? Are you well prepared to handle it?
It is not uncommon for people to take their family out on the new boat without getting prepared. This not only a bad and dangerous idea, but it can also lead to fear of boating. If something goes wrong on that first day, and you are not able to handke the situation just like a captain would, it might create distrust on your boat and you might find yourselve boating alone. One of the most important step you will take in getting ready for your new boat is starting your library of books on boating. Refine your Boating Skills
Boating is not as easy as it looks, when you don't know what you are doing. There is a lot to it that even people who have been boating for awhile, but have not prepared himself, have a lot to learn.
Get all you will ever need by starting a search

Should You Purchase Your Condo With A Real Estate Agent, or Is An Auction The Best Way To Go

2008-04-23T07:13:00.000-07:00

Well, It's been several months now since we put our Ocean City condo on the market, and no deal yet. The problem is, so have everybody else. Unfortunately, two other condos on my building were put up at the same time. One was auctioned and the other is still available. We have both taken a price reduction to try to sell. It seems like the Auctions are selling quicker, which is unfortunate because, it is my opinion that people are not necessarily getting a better deal. For example, I happen to know that they were willing to take only $250,000.00. It went for more than that.

We are set on our price no matter how long we have to wait. After all, compare to the competition, we are more likely to sell than those builders who thought the market was right, to be able to sell Luxurious Condos in Ocean City, and went ahead and built . Things are expensive enough. I just can't see getting into anything that would cost more than $300,000.00. Just think of the extra expenses associated with it, such as maintenance, association fees, and not to mention high re-sale value that most people can't afford! They can't even auction them away.

I was contacted by auctioneers and I checked into it. The buyer pays all closing fees. And the seller the expenses; such as advertisement. I went with the Real Estate Agent. At least she will earn her money, and the buyers will be sure that they are getting what they want because the agent is always available to answer any questions or concerns before making any decisions. These days, you can purchase just about anything at auctions. Yes even Ocean City Condos are being auctioned at bottom dollar prices.

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Buying a condo in Ocean City made a lot of sense to us, since we knew that it was going to get even harder to vacation outside of the US, or even in another state. We were right, as it turns out, because, as we all know, Gas prices are and should keep us from traveling too far.

All the best!
Maritza Salvado

2008 Condo Rental Season Is Here!

2008-01-31T07:08:00.000-08:00

I was very fortunate with all the people who rented from us in 2007-they were good-decent people (except for one or two) . Although it was hard work to keep up with a very demanding chore, I had a lot of fun doing it.

However, this year I will not be able to continue renting because of a number of reasons. First, we have decided to keep the condo on the market until it sells, as you all know, it might take some time at today's market.

Second and best of all, my husband has finally found the boat of his dreams and we purchased it in Florida las September. We are in the process of planning our trip up the Ocean and ICW to bring it home.

We will soon be navigating the Cheasapeake Bay and the Ocean City Shores! So if you see a 42' Hatteras "Argonaut" (it came with that name and we are keeping it), it's us. Stop by or wave to us!

Have fun in Ocean City this summer, and may you find a good condo to rent!!!!!

Looking For A Bargain In Ocean City

2007-10-26T05:53:00.000-07:00

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?

Are you prepared to handle your new boat?

2007-05-16T13:03:00.000-07:00

The most important steps you will take in getting ready for your new boat is start your library of books on boating. Refine your Boating Skills
Boating is not as easy as it looks, when you don't know what you are doing. There is a lot to it that even people who have been boating for awhile, but have not prepared himself, have a lot to learn.
Get all you will ever need by starting a search

Ocean City: Seniors Week In Ocean City

2007-05-15T07:27:00.000-07:00

Ocean City: Seniors Week In Ocean City

Ocean City Condo Market Not So Hot!

2007-05-11T07:06:00.000-07:00

From What I hear, there is plenty of inventory but no condo buyers. It is no surprise to me. That's why we decided to hold off on selling. Only those who get desperate to sell (because may have no choice) will loose out. I hear there are a lot of bargain seekers. Ha! I don't think so. We paid enough as it is already to give it away.

Anyway, make sure you ready my advise on condo buying before you start.

People think I'm crazy for giving away that information. But, the way I see it, and I know, not many will be fortunate enough to read it!

I haven't put mine on the market, but I'm willing to sell. $299,000.00. Not a penny less!

Happy condo buying!
Go to my condo

Rental Rates and Info For Our Condo

2007-05-09T08:15:00.000-07:00

Back to condo

INFORMATION AND AGREEMENT

Please Print, sign and fax to 703-379-9447 Or mail with payment to:

Maritza Salvado 5657 Columbia Pike, Suite 200, Falls Church, VA 22041

OCEAN CITY CONDO PAYMENT-½ of rent must be received within 3 days after reservation is made. Final payment must be received winthin 30 days. Payment by check accepted if it is at least 30 days before. Otherwise, cash, certified check, money order only.

CANCELLATION - Deposit will be refunded if it is rented to someone else instead for the date (s) and amount. No refund after full payment, but renter can find substitute that must be approved by owners. Owner reserves the right to cancel any reservation at any time prior to occupancy and will, in this event, refund any deposit received. Owner cannot be held responsible for any inoperative appliances or air conditioners, but every effort is made to ensure that it will not happen.

NO REFUNDS DUE TO ACTS OF GOD.
CHECK IN TIME - SUNDAY 6:00 p.m.
CHECK OUT - SUNDAY 3:00 p.m. KEYS - Condo and Pool combination will be provided to renter

TELEPHONE -No telephone service is provided, at this time. CLEANING In order to provide the most reasonable rates possible, we fully expect that each renter will keep the premises clean and damage free for the next guest. Please clean kitchen, bathrooms, remove linens and cover beds with provided comforters, vacuum, and make sure no food is left in the refrigerator or cabinets. If unable to clean, renter shall leave 50.00 in cash for cleaning services, and notify owner of intentions prior to leaving the premises. Renter should check the unit upon first entering and report any damage or abnormalities found.

TELEVISION - included, but not guaranteed. In the event of failure, repairs may not be possible. We recommend renter bringing a small portable. Cable available.MISC. -Dishes, flatware, cooking equipment toasters, bedspreads and blankets are provided. Renter should bring pillows, linen, towels, personal toiletries, cribs, high chairs, and any items that are necessary for their comfort and convenience. If rental of crib, TV, etc. is needed, try 1-800-422-2742 or 410-723-2133.

NO PETS

PARKING -one assigned-parking is across the street from the building. The use of the Parking Permit is recommended. There is off-street parking, but Ocean City has limited parking space, so do not bring unnecessary cars, if you can help it. Owner cannot be held responsible for illegally parked cars.

BOAT & TRAILER - If you would like to bring your boat and trailer, you will have to make arrangements where to park them. There are community dock spaces, which can be used only by condo owners. City law prohibits parking of trailer on city streets. There are public landing in
Ocean City which can be used by anyone.MESSAGES - Should you need to receive a message while vacationing, there is a service called Ocean Gram 410-289-4567. Call them for arrangements.

LOCK OUT If you get locked out you will have to call a locksmith at your own expense. Please do not forget or loose your keys. You may call 757-824-5511, 703-930-7436, if we are around, we will be glad to help (usually on weekends).POOL Pool is open from Memorial Day to Labor Day. However it may be closed for maintenance without prior notice. It is located across the street by the parking lot.

CITY ORDINANCES - There is a Noise Control Ordinance in effect and it is a violation of this agreement and grounds for immediate eviction if it is violated by guest’s activity in or about the property. Grills are not allowed on decks, balconies or the beach. No loud music parties or noises. No clothes or towels hanging over the balcony. No clotheslines.Owner shall not be held responsible for any printing errors, which may occur at the printing of this agreement. Renter agrees to adhere by this agreement and will use the property at his or his own risk, and not hold owner or condo association responsible for any mishaps for which they had no control of. And, agree to pay or replace any item or items, which may be broken by negligence or otherwise. The signing occupant of the Agreement is financially responsible for any damage to property whether made by himself, his family, or his guests. Guests are responsible for the condition of the property until he has checked out.

________________________________I AGREE
TODAY'S DATE

RENTAL WEEK DATE From____________To_______

Thinking about buying a condo in the future? Here is my advise

And my advise on boating

Back to condo

So You're In the Market For A Boat?

2007-04-19T11:09:00.000-07:00

As the Spring season start to feel more like it, I know there are many of you going out to buy a boat, and most for the first time. Whether it's the first time or not, I want to remind everyone how important it is to enroll in a Boating Safety course. They are offered over the Internet, by the Coast Guard, and other organizations.

It is important to remember that everyone who will be involved in your boating activities, such as your family, should take the course. You might think that only the Skipper should need it, however, once you are in your boat for the first time, you will find that the involvement of your entire family will come in handy. This message is especially important for the New Boat Owners. Make sure your boat is equipped with all that is required by the U.S. Coast Guard. In other words, do your homework before attempting to navigate.

It is a good idea that your guests have knowledge of how boats operate, the rules of navigation, etc. Also, let them know that it will not be all fun. After the excitement and boating activities, there will be much to do to leave your boat in tip top shape for the next trip!

Here Is My View On Owning A Condo In Ocean City, Maryland

2007-04-10T06:30:00.000-07:00

View available rental dates
Go to Our Condo

I always wanted to be a vacation property owner. We got our first waterfront home in 2000, and after that, it seems like every body else had the same idea. All of a sudden it seem to be the hottest thing to do. Properties value starting rising and since I always wanted to own a condo in Ocean City, I convinced my husband to purchase one before they became so expensive that it would be an impossible dream. Well, we got one. The seller made out like a bandit and we are the proud owners of a condo which we should have probably paid a lot less for. Nonetheless, we still came out pretty good and got it just in time.

A few things to remember when looking to buy a condo in Ocean City (or maybe anywhere else) are these:

1. Don't think about the price you are paying, wether it's low or high. Think about the prices
you will be paying. such as,
a- your condo association (could be very high on those new ones)
b- those high city taxes
c- those very high state taxes
d- high utilities bills
e- high Cable bills
f- high labor costs (you better be handy and do it yourself)
g- Insurance

2. If you want you own Dock, it might be separately taxed and besides, it will be your responsibility to keep it in shape. The water can make it be a constant chore.

3. If you think renting will be the answer, think twice. You may not rent all the weeks in the summer and in the winter, there is nobody interested in doing so. Besides, so many big hotels starving for guests during that time, that you won't stand a chance. I don't think you can even get a permanent tenant, unless you rent it real cheap. There are owners who paid Peanuts for their condo, and can rent for the same price.

I am not trying to discourage anyone from experiencing the joy of vacation condo ownership. In fact, I should be saying how great it is, so that I can sell mine. I think most of you will follow your heart and go ahead and make your purchase anyway.

One thing I will say for Ocean City is that the Gas prices always seem to be lower than anywhere else. It is a lot of fun there and being a property owner is great. It's too bad that it has been overbuilt, and that the hotels have taken away the nice view of the ocean!

I will welcome your own view and comments on my perspective.

By the way, we are asking $299,000 this year. Next year, who knows? We have a great Condo Association, which is well organized and takes good care of the place while trying to keep costs down.

Moving to Florida? Here is a good house you can purchase. About 1/2 hour from Ft. Lauderdale and 1/2 hour from Miami. Pembroke Pines is a fairly new community, close to Hollywood Beach, plenty of shopping including a nice Mall. See Details