Will the recent pre-spring condo auctions establish a bottom, or a floor, for condo prices in Ocean City, Maryland? I hope so, but I do not know.
All 20 condos offered for sale at the Bahia Vista I and II, on Edgewater Avenue between 10th and 11th Streets, were reported sold at two auctions, one in Ocean City and the other in Annapolis, on Feb. 27. The Maryland Coast Dispatch (still “priceless” after all these years) has a good report on the auction results on page 6A of the March 5 edition.
Marshall Real Estate Auctions reported all 11 of its bay-front and bay-view condos sold in an auction attended by 500 persons at the Grand Hotel in Ocean City. Marshall reported a sales total of $4.3 million, which averages out to $391,000 per condo. Higher prices were for the condos fronting directly on the bay, obviously.
Max Spann reported all nine of its bay-front condos sold at an auction the same day in Annapolis, but did not report prices.
About 20 condos were sold by DeCaro Real Estate Auctions in a November auction at the Makai Condominiums at 42th Street.
Meanwhile, back in the Baltimore region, The Baltimore Sun reported Sunday that home sales increased in 2009, even as average home prices continued to fall in many places. The front-page report covered real estate sales in Baltimore and Baltimore Counties, and Anne Arundel, Carroll, Harford and Howard Counties.