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1,750 active condominiums on the market in Ocean City

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  • 1,750 active condominiums on the market in Ocean City

    Leaders Optimistic About Real Estate Market Surge
    Shawn Soper

    News Editor

    10/05/2006 OCEAN CITY – Despite further evidence the real estate market in and around the Ocean City area continues to soften, resort business leaders this week put their best face forward and had their collective chins up as they wait for an anticipated turnaround.

    It is no secret the real estate market in the resort area has taken a decided downturn over the last year or so as demand has slowed and supply continues to grow. The latest figures released this week during the Economic Development Committee (EDC) meeting on Wednesday confirm the market continues to head in the wrong direction, but resort business leaders remain confident the current downward spiral will reverse itself in coming months.

    The most current data available through September 2006 reveals there are currently 1,750 active condominiums on the market in Ocean City and West Ocean City combined compared to 1,043 at the same time last year, representing an increase of 63 percent. The trend continues with single-family homes, with 102 on the market as of the end of September compared to 79 in September 2005.

    While the number of available units in the resort area continues to rise, and will likely continue to do so with several large development projects on the table or in the planning pipeline, the number of contracts and settlements has not kept pace. For example, 694 contracts for Ocean City condominiums have been written through September of this year compared to 1,238 through September 2005.

    A look at the combined totals for condominiums and single-family homes throughout the county’s entire north end reveals there were 1,153 condos and homes settled through September 2006 compared to 1,902 settled through the same period last year.

    Resort-area Realtor Kathy Panco, of Coldwell Banker Residential Brokerage, who presented the data to the EDC on Wednesday, told business leaders the market has reached its nadir and should start to trend up.

    “The climate is warming up for sales,” she said. “We’re at the bottom right now, but we’re going to go up again. People need to buy when the prices are low. What they’re waiting for I don’t know.”

    Long-time Realtor Bob Warfield has seen the resort’s real estate industry go through dramatic declines and assents in his decades in the industry.

    “In the 1970s, after the last big development boom, we had 5,000 condominiums on the market and along came the gas crisis in 1974 and all of the sudden, people couldn’t get to Ocean City,” he said. “Well, everybody said it would take 10 years to sell all of those units, but things improved and in two years, they were sold.”

    Warfield said with historically low interest rates and a glut of available condominiums on the market, potential buyers would start to seize the opportunities again.

    “There are bargains out there, absolute bargains,” he said. “They are selling at or near cost in some cases. In two years, this overhang is going to be gone.”

    EDC Chairman Dr. Lenny Berger added, “It’s a cyclical market and everybody knows we’re on the downside of the cycle,” he said. “But it’s a vibrant market and it’s going to come around. It always does.”

  • #2
    No surprise. We tried to tell them, but .............................................
    Ask an OC Insider


    • #3


      Instead of wasting the bandwidth of this website, everyone just visit every Friday morning.