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135th Street The Wave up for auction

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  • 135th Street The Wave up for auction

    Not sure this is the correct place for this..but not sure where else to inquire.. I saw that The Wave Resort on 135th street has 17 units going up for auction. From what i read they used to be time shares. We did go and look at them this past Saturday..not bad...def need some TLC inside... Does anyone know anything about these?? I saw on the website...they are going for auction Friday Oct 14 with a beginning bid... Wondering if they have reserves? andy any thing else we should know about.??

  • #2
    I don't know much about this kind of stuff but it looks like they've been "reorganizing".

    See their website at http://www.thewavesoc.com and you can read the owners association minutes from February.

    I can't tell from a cursory read what's really going on / gone on but ...

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    • #3
      I'm assuming they are trying to auction off the whole building rather than individual units. But I don't understand how those things work.
      Ask an OC Insider

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      • #4
        135 st the wave resort

        Yes...i read all of that.... and unless you are an attorney...the "normal" people are not going to understand it.. I guess i am just wondering if the place is worthy of buying.... opening bids sound great....

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        • #5
          Originally posted by ocmommom View Post
          Yes...i read all of that.... and unless you are an attorney...the "normal" people are not going to understand it.. I guess i am just wondering if the place is worthy of buying.... opening bids sound great....
          I'm not a lawyer and never played one on TV and I have zero understanding of a lot that must be behind this but I do see some things that worry even my naive eyes:

          - 28 Units in the building, 22 are owned by an owners association, 17 of those are in the auction and 5 are not the other 6 are individually owned
          - Those six mostly sold in 2014/15 for 175K (MD Tax and Assessment Site)
          - The auction site says condo fees would be about 2400-3600 / year (I wonder on what occupancy that is calculated)
          - I'd be worried that unless they sell most of those 17 the building association will be stressed to make any major repairs
          - Auction site says FHA isn't an option I assume because of the LOW occupancy rate of the building
          - Still, 80-90K might be a steal, I have no idea. Heck some of the units come with stuff in them I suppose

          The building was originated as a Time Share thing. You can find on google that in the 90's somebody went to jail as part of the subsequent management of this building and several others in ocean city. (I wonder why time shares got a bad name?) You can find a string of foreclosed timeshares over the years in the local papers from this building (and of course others).

          Again, I have zero expertise to share here. This just got me real curious and I started googling and killing some time and share what I found.

          I do think I'd get myself a real good Real Estate attorney before I took any actions. But that's me, and the world is full of less risk adverse investors than me who've made a lot of money. But I did enjoy my little "investigation".

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          • #6
            135 st condos

            Thanks for your investigation.... We are gonna go...and see what happens....the Auction Company said it is Not an Absolute sale...so they dont have to sell... My worry is they have a reserve on them. and only advertising opening bid low. to get us there...But anyway..we have a place in OC already. so we will just enjoy that...unless we can get a bargain!!!! Will update later this weekend...

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            • #7
              Good luck and enjoy.

              I think it'd definitely be worth a few hours of time to see what's going on and maybe steal an OC condo at a great price.

              Let us know how it goes.

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              • #8
                [QUOTE=pghDave;41351]I'm not a lawyer and never played one on TV and I have zero understanding of a lot that must be behind this but I do see some things that worry even my naive eyes:

                - 28 Units in the building, 22 are owned by an owners association, 17 of those are in the auction and 5 are not the other 6 are individually owned
                - Those six mostly sold in 2014/15 for 175K (MD Tax and Assessment Site)
                - The auction site says condo fees would be about 2400-3600 / year (I wonder on what occupancy that is calculated)
                - I'd be worried that unless they sell most of those 17 the building association will be stressed to make any major repairs
                - Auction site says FHA isn't an option I assume because of the LOW occupancy rate of the building
                - Still, 80-90K might be a steal, I have no idea. Heck some of the units come with stuff in them I suppose

                The building was originated as a Time Share thing. You can find on google that in the 90's somebody went to jail as part of the subsequent management of this building and several others in ocean city. (I wonder why time shares got a bad name?) You can find a string of foreclosed timeshares over the years in the local papers from this building (and of course others).

                Again, I have zero expertise to share here. This just got me real curious and I started googling and killing some time and share what I found.

                I do think I'd get myself a real good Real Estate attorney before I took any actions. But that's me, and the world is full of less risk adverse investors than me who've made a lot of money. But I did enjoy my little "investigation".




                [Can you tell me when this will all take place and any other info? I have been looking to buy for some time now]
                Last edited by Madelyn'sDad; 10-12-2016, 02:17 PM. Reason: Spacing

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                • #9
                  135th auction

                  yes..i will update later this weekend..we are heading down late tonight after my job or very early in the AM. 3 1/2 - 4 hour drive ugggggggggggggg

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                  • #10
                    Auction tomorrow

                    I'll see you there! I'm hoping to buy one. My fear is that a big investment group is going to come in and buy them all. And won't blink an eye because they have the funds to do it. I was on a timeshare message board and found a current owner. We talked and she gave me some insight on the current building situation and why the timeshare is in the position it's in. Moving forward it looks like the association will be strong and financially stable. I didnt realize it wasn't an absolute auction though. They told the owners the units would sell $165-185k so maybe if they don't get that much they will cancel the sales. I was personally hoping to not pay that much so I might be priced out.

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                    • #11
                      update on condo auction

                      Well we went to the auction.. Lots of people there... I dont think any investors got them...they went from 180,000 as the highest for a 3 bedroom 2 bath...down to 127,00 for the small 2 bed room 2 bath...PLUS a 5 % buyers premiium on top... They never got to our price range of 115,000 so we didnt even get to bid..But was fun and nice to see what they went for. I think most the people are keeping them...I belive only 1 person actually bought more than 1. Will watch to see now..IF they are listed to resell...

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                      • #12
                        135th street condo auction

                        see teh update i posted

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                        • #13
                          135th Street The Wave up for auction

                          looks like a few people are trying to keep the auction section alive. Or at least on live support. Ill leave it be for a bit but just keep an eye on it. I doubt I will give any warnings again, so if you want it to remain, just use it, please.

                          Thank you to the ones TRYING, btw....

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