This just in! I’ve spoken with real estate auctioneer Daniel DeCaro this morning, and here are the results of Saturday’s auction at the Makai Condominium, 42nd Street and Coastal Highway in Ocean City, Maryland.
- 21 condos were sold by DeCaro Real Estate Auctions Inc. before and during Saturday’s auction, Mr. DeCaro said. Six were sold prior to the auction and 15 were sold by absolute auction Saturday morning.
- Prices ranged from $110,000 to $325,000.
- Approximate average prices on the three models sold: $300,000 for the delux two-bedroom condos; $260,000 for the regular two-bedroom condos; and $120,000 for the studio condos, according to Mr. DeCaro.
A partial side view of the Makai Condos from the south. The swimming pool and other amenities are on the first floor, with six floors of condos above.
An additional 40 offers to buy were made after the auction, and DeCaro Auctions is in the process of verifying those offers.
About 220 bidders were on hand to participate in the auction, according to Mr. DeCaro, and approximately 2,000 persons toured the building during the weekends leading up to the auction.
The Decaro Auctions sales program will continue for another 30 days, Mr. DeCaro said. For information or to make an offer, you can call his office at 800-332-3767.
“The Makai is a very popular building,” Mr. DeCaro said, and the auction “worked out well” for the owners. Mr. Decaro said he hopes to sell an additional 20 to 30 units during the next 30 days.
Mr. DeCaro said he is talking to some other property owners about possible auctions in Ocean City, Maryland, but “nothing has been inked.”
Adding the 21 condos sold by Decaro Inc. brings the total of units sold at the Makai to about 35 to 37 of the building’s 97 units, with additional offers pending.
I understand that original 2007 asking prices for the condos were from the mid-two-hundreds to the mid-four-hundreds. Based on that information, Saturday’s selling prices would represent a price reduction of $100,000 or more per condo.
The auction results would appear to indicate that there remains an active interest in and demand for Ocean City condos, if the price is right.
As far as I know, this is the first news report on the results of the auction, either in print or online.
– John Hayden
Monica McNamara
November 30, 2009
John,
Stumbled upon your blog (tags got me),
…you have been blogging for some time now (a/k/a just plain old writing), but you’ve been posting prior to bloggings meteoric rise to popularity.
And yes, there is a demand for Ocean City property that is priced right. It’s all about price.
BJH
November 30, 2009
Thanks Monica. I notice there are a bunch of useful graphs and statistics regarding local prices, sales, listings, etc. on your blog.
Scott Guay
December 1, 2009
John,
Thanks for posting this useful information and great job on getting it out first!
richard dannenberg
December 1, 2009
I attended and the auction and was amazed at some of the prices people paid for the studios units, they are tiny. Other prices were reasonable if you were looking for a place to own at the beach.
If for investment/rental only, prices are still too high.
The biggest problem I see is that there are a number of units that have horrible views of electric station on southern side or wall and roof of superfresh on north side.
Katie Redmiles
December 1, 2009
John,
Great wrap up post! Thanks for sharing this information and kudos on getting it out first. I posted a blog about the auction & I’m directing our readers your way for the results.
http://www.easternshorehousing.com/Blogs/Eastern_shore_homes_and_real_estate/?p=3640
Thanks!
Katie
Condo Journal
December 25, 2009
Very nice info
I need this info btw thx 4 share it