ResalesOcean City, Maryland Home Sales Are Over The Boardwalk Top
Ocean City, Maryland is a premier beach community with over 30 blocks of boardwalk along the ocean, and sales are rising like a tide.
"Ocean City is located just two to three hours from Mid-Atlantic major metropolitan areas. The beach is the big attraction here, but so are the numerous golf courses, the boardwalk, top flight restaurants, and loads of family fun," says Realtor Helen Hammerman. "Ocean City is the Mid-Atlantic area"s premier beach and resort community. With a 30-block boardwalk, the town hosts a myriad of family attractions. For real estate investors, the Ocean City rental market is strong - even in the "off" season. A newly expanded convention center hosts events all year. Golf getaways are popular. Ocean City properties have seen a significant rise in value in the past two to three years, yet even with those substantial increases, property values still are not as high as many other east coast resort communities. This is a community that is not oversold. Ocean front two to three bedroom condos are now selling from $300,000 to well over a million dollars. Property values should continue to rise."
Say Realtors Kevin and Monica McNamara, "Ocean City, also known as the White Marlin Capital of the World, is a year-round resort celebrating events and popular attractions. Visit our world-famous, three-mile Boardwalk and browse the many shops and sample the foods in the eateries along the way. The game of golf has grown in popularity and Ocean City offers more than 17 challenging 18-hole golf courses designed around rolling bunkers, marshland and water all within a 10- to 20-minute drive from the resort, with more courses on the drawing board."
Advise the McNamaras, "The Maryland real estate market deserves hearty congratulations. We thought 2002 was a great performer. 2003 is even better! Worcester County (which includes: Ocean City, Berlin and Ocean Pines) has had the largest number of individual properties sold... more than anywhere else in the state. Worcester County has also seen an increase in property values up 17 percent from 2001."
Explains Realtor Mary E. Stover, "The spring started off slower than last year but now that the sun is starting to show, activity has picked up. An increase in home equity, favorable tax laws, record-low mortgage rates, and changing lifestyle priorities are converging to propel the second-home market. Recent NAR statistics show that the vacation home market is a young, dynamic and growing market. The average second-home price exceeded the average price of a single-family primary residential home. Many industry authorities believe that we are standing on the threshold of a flourishing market. Vacation home prices are still low relative to where they are expected to be once the Baby Boom generation begins to retire in force. The number of boomers purchasing second homes in the coming years is expected to climb dramatically. This may lead to a shortage of vacation property in prime locations already experiencing tight inventories. It seems there has never been a better time to buy a second or vacation home. Buyers should know that buying a second home today may seem like a bargain in the coming years. Properties are staying on the market a little longer and sellers are negotiating more."
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