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BEACH NOTES ... January 10, 2012 ... Ocean City, New Jersey 08226

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Real Estate Agent with Goldcoast Sotheby's International Realty License # 9481514

Shore Real Estate Market in 2012 ... in Ocean City, New Jersey  08226

 

In my two earlier "market updates" for Ocean City (NJ) I reviewed the 2011 sold property totals and the present sale listings available in Ocean City as of January 1, 2012.  This posting will sketch a short picture of the present real estate market here in Ocean City (NJ). 

We wrapped up 2011 with some good market totals for sold property ... not the marks that date back to the early and mid-2000 calendar years, but definite improvements since the years that followed that time frame.  So we now find ourselves with two major property categories:  single family and condominiums ... and one minor property category:  multi-family ... plus a minor one:  vacant land.

If you are driving through OC in the past few months, the first thing you start to notice is that new construction and renovation are happening again.  Although not at the level of so many years ago, but definitely quite a bit more active than the past few years.  Obviously, a very clear picture that things are looking up ... some of this building, not all, is tied to builders who are returning to some new properties waiting for new buyers.

Let's look at the single family property category ... lower number of sale listings, and if on the ocean side of the island, much fewer sale listings at higher price points.  Will we see the activity above the $1 million point start to increase this year?  That is certainly a "wait-and-see" question.  However, there are many interesting single family sale properties in the $500,000 to $700,000 range available, but not as close to the beach and boardwalk.

Looking at the condominium property category ... we see again a much lower number of sale properties ... quite a bit more than the single family category, but much lower than the past few years.  That's another good sign.  We can expect continued interest in this market in terms of sales and ongoing rentals. 

Keep in mind that both of these property categories will increase in sale listings as we get closer to the "spring buying period," but that is to be expected ... a good sign.  That is the strongest market of our calendar year ... from late February through early June.  Hang on ... it should be a good ride this year.

The 2012 real estate market should remain a good or better than 2011 with several supporting factors including historic low interest rates and opportunities for investment beyond the standard ones due to the poor economic factors all over the place.  It's a good time to be buying property here in Ocean City!!!    dap

*** One more report looking at just the Northend & Gardens in Ocean City (NJ) will be coming out in tomrrow's blog posting.     dap

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