Tell me about owning a condo at the beach

[Anonymous]

Tax not tac

[Anonymous]

I grew up working in Ocean City and I like OC.

True story--a lady I know owns a condo in the Carousel.
She bought a new mattress for the primary bedroom and also a pink upholstered chair that was nice.

The pink upholstered chair was stolen from the condo but get this...She and her husband were sleeping and she could not figure out why her bed was so uncomfortable. It turns out someone had stolen the brand new mattress and replaced it with a really old poor quality mattress.

She talked to the property management at the carousel. There was nothing that could be done.

She is almost certain it was the cleaners that stole the chair and swapped out the mattresses.

[Anonymous]

Anonymous wrote:I own a beach condo the rental thing is only Fannie and Freddie mortgages issue.

That said most banks and credit unions give mortgages my building but since not selling to Fannie or Freddie most want 25 percent down.

I say 50 percent of sales are cash anyhow as only sell for $400k to $600k.

One risk not discussed with be short term rental risk. Nearly all of NY banned rentals under 30 days. There is no guarantee weekly rentals will be allowed forever in where you buy

I don't see weekly rentals or daily rentals ever being banned in OC. Tourists support the county.

[Anonymous]

Anonymous wrote:I grew up working in Ocean City and I like OC.

True story--a lady I know owns a condo in the Carousel.
She bought a new mattress for the primary bedroom and also a pink upholstered chair that was nice.

The pink upholstered chair was stolen from the condo but get this...She and her husband were sleeping and she could not figure out why her bed was so uncomfortable. It turns out someone had stolen the brand new mattress and replaced it with a really old poor quality mattress.

She talked to the property management at the carousel. There was nothing that could be done.

She is almost certain it was the cleaners that stole the chair and swapped out the mattresses.

Down in VA Beach recently, some neighborhood kids as a prank took all of one house's outdoor furniture and switched it with the outdoor furniture at another nearby house.

Almost pulled it off except most of the houses there have those exterior ring cameras so they got busted.

[Anonymous]

You would have a mgmt company handle the rental aspect.

I agree that condo fees are very high.

You most certainly can rent July, August and some weekends in September.

You need to be careful renting in June because of beach week and the fireman conferences.

Off season is amazing, the restaurants are great, so much to do in OC.

[Anonymous]

Anonymous wrote:I grew up working in Ocean City and I like OC.

True story--a lady I know owns a condo in the Carousel.
She bought a new mattress for the primary bedroom and also a pink upholstered chair that was nice.

The pink upholstered chair was stolen from the condo but get this...She and her husband were sleeping and she could not figure out why her bed was so uncomfortable. It turns out someone had stolen the brand new mattress and replaced it with a really old poor quality mattress.

She talked to the property management at the carousel. There was nothing that could be done.

She is almost certain it was the cleaners that stole the chair and swapped out the mattresses.

I know someone who purposely stained their high-end mattresses in their vacation home precisely to avoid having it stolen. Think: strategically spilled apple juice stain.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I own a beach condo the rental thing is only Fannie and Freddie mortgages issue.

That said most banks and credit unions give mortgages my building but since not selling to Fannie or Freddie most want 25 percent down.

I say 50 percent of sales are cash anyhow as only sell for $400k to $600k.

One risk not discussed with be short term rental risk. Nearly all of NY banned rentals under 30 days. There is no guarantee weekly rentals will be allowed forever in where you buy

I don't see weekly rentals or daily rentals ever being banned in OC. Tourists support the county.

That’s a myth. They cost money. My beach town 100 percent illegal to do less than a monthly rental. Look at Hamptons there are no daily or weekly rentals in houses or condos. They get a higher class richer renter and with less turnover less crime and population. It also drives up prices and quality of life as more owner occupant homes.

Hotels should be for daily weekly stays not houses or condos

My beach condo I get $10,000 a month in the summer. I do a deal June Memorial Day included, August Labor Day included, July is peak and then winter tenant at $2,000 a month Sept 15 to May 15.

No headaches of daily rentals and I list on Zillow so no fees me or renter

[Anonymous]

Anonymous wrote:You would have a mgmt company handle the rental aspect.

I agree that condo fees are very high.

You most certainly can rent July, August and some weekends in September.

You need to be careful renting in June because of beach week and the fireman conferences.

Off season is amazing, the restaurants are great, so much to do in OC.

I heard the opposite

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Keep in mind that appliances age faster at the beach bc of the moisture.

Everything ages faster at the beach.

The constant replacement of everything would make renting out my place not worth it. If you’re thinking of a second home, make it one you can afford without needing to rent out.

Are mortgage rates different for second homes? Does anyone know off hand?

I bought my second home in 2021. The mortgage rate was about the same.

[Anonymous]

I only have 1 friend who bought a condo at the beach. They owned it for a long time, but sold it because the condo fees became too expensive. They regretted not buying a house instead, but liked the condo amenities when their kids were little.

[Anonymous]

Family has an ocean front condo at Sea Colony. That place is built like a bunker. Condo fees are around $1000/month for most expensive unit and that includes everything (including RE taxes). Amenities are amazing - indoor and outdoor tennis, huge gym, indoor and outdoor pools, splash pads, playgrounds, an army of staff, trams, etc.

AND the beach is private. You can look down the beach toward Bethany and see it ram packed with bodies. Meanwhile, beach front of Sea Colony has plenty of space, one of the best lifeguarding units on the DelMarVa coast, and chair/umbrella service.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I own a beach condo the rental thing is only Fannie and Freddie mortgages issue.

That said most banks and credit unions give mortgages my building but since not selling to Fannie or Freddie most want 25 percent down.

I say 50 percent of sales are cash anyhow as only sell for $400k to $600k.

One risk not discussed with be short term rental risk. Nearly all of NY banned rentals under 30 days. There is no guarantee weekly rentals will be allowed forever in where you buy

I don't see weekly rentals or daily rentals ever being banned in OC. Tourists support the county.

That’s a myth. They cost money. My beach town 100 percent illegal to do less than a monthly rental. Look at Hamptons there are no daily or weekly rentals in houses or condos. They get a higher class richer renter and with less turnover less crime and population. It also drives up prices and quality of life as more owner occupant homes.

Hotels should be for daily weekly stays not houses or condos

My beach condo I get $10,000 a month in the summer. I do a deal June Memorial Day included, August Labor Day included, July is peak and then winter tenant at $2,000 a month Sept 15 to May 15.

No headaches of daily rentals and I list on Zillow so no fees me or renter

Daily and weekly rentals will not be overturned with the Worcester County prominent families involved in local government. Worcester County is flush with cash from tourism. The school districts are the best in the area. Take a look at Wicomico and Somerset counties that border Worcester County and you can see the difference that not having tourist tax money makes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I own a beach condo the rental thing is only Fannie and Freddie mortgages issue.

That said most banks and credit unions give mortgages my building but since not selling to Fannie or Freddie most want 25 percent down.

I say 50 percent of sales are cash anyhow as only sell for $400k to $600k.

One risk not discussed with be short term rental risk. Nearly all of NY banned rentals under 30 days. There is no guarantee weekly rentals will be allowed forever in where you buy

I don't see weekly rentals or daily rentals ever being banned in OC. Tourists support the county.

That’s a myth. They cost money. My beach town 100 percent illegal to do less than a monthly rental. Look at Hamptons there are no daily or weekly rentals in houses or condos. They get a higher class richer renter and with less turnover less crime and population. It also drives up prices and quality of life as more owner occupant homes.

Hotels should be for daily weekly stays not houses or condos

My beach condo I get $10,000 a month in the summer. I do a deal June Memorial Day included, August Labor Day included, July is peak and then winter tenant at $2,000 a month Sept 15 to May 15.

No headaches of daily rentals and I list on Zillow so no fees me or renter

Daily and weekly rentals will not be overturned with the Worcester County prominent families involved in local government. Worcester County is flush with cash from tourism. The school districts are the best in the area. Take a look at Wicomico and Somerset counties that border Worcester County and you can see the difference that not having tourist tax money makes.

I agree--they will never become illegal in OC. But if you buy into a condominium complex, your fellow owners could vote that its against condo rules. Not likely at the larger buildings but possible at some of the smaller complexes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I own a beach condo the rental thing is only Fannie and Freddie mortgages issue.

That said most banks and credit unions give mortgages my building but since not selling to Fannie or Freddie most want 25 percent down.

I say 50 percent of sales are cash anyhow as only sell for $400k to $600k.

One risk not discussed with be short term rental risk. Nearly all of NY banned rentals under 30 days. There is no guarantee weekly rentals will be allowed forever in where you buy

I don't see weekly rentals or daily rentals ever being banned in OC. Tourists support the county.

That’s a myth. They cost money. My beach town 100 percent illegal to do less than a monthly rental. Look at Hamptons there are no daily or weekly rentals in houses or condos. They get a higher class richer renter and with less turnover less crime and population. It also drives up prices and quality of life as more owner occupant homes.

Hotels should be for daily weekly stays not houses or condos

My beach condo I get $10,000 a month in the summer. I do a deal June Memorial Day included, August Labor Day included, July is peak and then winter tenant at $2,000 a month Sept 15 to May 15.

No headaches of daily rentals and I list on Zillow so no fees me or renter

Daily and weekly rentals will not be overturned with the Worcester County prominent families involved in local government. Worcester County is flush with cash from tourism. The school districts are the best in the area. Take a look at Wicomico and Somerset counties that border Worcester County and you can see the difference that not having tourist tax money makes.

Thats another myth. How is a family renting one month in July who stays whole month different than multiple families using unit? When I briefly did AIRBNB the people wanting one or two nights were usually broke people. the one week people average income. But the two week people I got traders and bankers. The one month people I get rich people.