Once More about the Ocean City (NJ) Real Estate Market
Just had the opportunity to read the section on "Market Rebound" in Ocean City Board of Realtors' Select Properties (Spring, 2009). It certainly merits a quote or two as it reflects what I have been including in my own recent postings.
"Market Rebound ... Will you be ready for the Real Estate REBOUND? Sur things are a bit tough now, but they won't be for long; and all the best properties are being picked off now by smart investors and families who love Ocean City ... one of the cleanest and safest vacation/resort towns in Southern New Jersey."
"Don't wait until everyone else is back in the game - that will be too late to have the choices you have right now in inventory and pricing."
"Call your REALTOR today or go to www.ocbor.com to find a REALTOR to discuss the Ocean City, New Jersey market. You will be surprised at how affordable our market really is."
"Your dreams can come true today. Our market holds its value, and right now you can find the best values for your family."
Let's just repeat a few things from the above comments by OCBOR. It certainly does appear that a rebound is on its way ... let's look at "banking changes" proposed and being proposed that may impact on already low mortgage rates. Reflect on the fact that the housing industry nationwide will be one of the major vehicles leading us out of our national economic crisis. Closer to home ... realize that during the past two years, Ocean City (New Jersey) recovered quite well with a sale inventory back to 2005 levels, a steady posting of sales during the two year period of 2007 and 2008. And remember that Ocean City is also a "resort community" that blends the rental property activity with second homes, year round living, and retirement options.
One more important ingredient about Ocean City ... you can find property in almost any price range. We have efficiency and one-bedroom condominiums, two and three bedroom older condominiums at lower price points, new construction and almost maintenance-free 3,4, and 5-bedroom condominiums in locations close to the beach as well as back a bit further, duplex and multi-unit properties - even bed-and-breakfast properties, and finally the single family option for those looking for a second home-retirement-year round choice. Our little barrier island isn't as little as one might think. It is the largest resort community in south Jersey except for Atlantic City which is much more than just a resort area.
If you snooze ... you lose ... beause no one can predict when market shifts will occur. Let's just look at the single family market. There are still a number of sale properties under $500,000 and some others quite interesting and available in the $600,000 through $800,000 range ... but we quickly move into the $1 million price tag after that. As these properties get sold, single family properties in the lower price ranges may be properties of the past.
If you think you're ready, you are probably a Buyer already. Make the visit ... it may just change your lifestyle and even improve your pocketbook for the long hall. Dap
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