Random Thoughts on Buying Shore Property in Ocean City, New Jersey
Well, the summer season arrived here on our barrier island with vengence ... two stretches of 90 degree weather which may break a bit later in this week. Wow ... an early test for many of the air conditioning systems for our rental property.
So the "Spring Buying Period" closes out as the summer rental season gets into full swing ... not only changing seasons, but also changes in a variety of aspects: buying/selling to renting. Although sale property still exists, and many visitors continue to check it out ... if the property is rented, it becomes quite difficult to get into. So our summer season tends to be about meeting and greeting people, answering questions as visitors call or stop by to ask real estate questions. It can be a more relaxed setting except for rental problems which come up from time-to-time.
For the past couple of years, I have said: "if you plan to purchase a shore property in the next five years, do it now." That philosophy has not changed for me as we move into the second half of 2010. Let's look at a variety of factors: on the plus side it remains a buyer's market for all those buyers wanting to purchase shore properties. On the plus side the interest rates may be the lowest that they will be for the next five to ten years. And there remains quite a bit of property out there for sale. On the negative side, some owners/sellers may have their listing price too high ... but move along to another property. On the negative side, some property categories are much more expensive and often difficult in finding exactly what you want.
Let's look at the single family property category. The first thought would be that if you are looking for a property listed below $1 million, most of them will require some type of work or improvement after the purchase. Moving up and over $1 million often gives you more lot space and often a minimum of work after purchase. A lot depends on where you want to be ... closer to the beach or bay costs much more. Further back but closer to the beach means that the property could be a rental which adds value to the listing. Single family property in Ocean City, New Jersey is the choice for many ... but you must pay more to get it.
Condominium property category offers one major difference: many more property choices in all sizes and locations. But you immediately find that you now have another owner either above or below you in all of the co-owner units. When you get multi-owner condominiums (3 or more), this aspect compounds. So the first factor here is that you may get more for your money, and less work or improvements up front; but the critical point must be: do you want a condominium. Right now, we find a wide range of condos out there for sale at varying prices ... something for everyone.
Let's do a fast summary: buying now is the best choice if you plan to buy in 1 to 5 years. You may want to look at a particular price range and see both single family and condominium sale properties. It is important to have an agent who will take enough time for you and who knows the market. If you have questions, contact me at Dustin@BeachNotes.net dap
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