Dustin A. Peters, Your "Northend & Gardens" Contact in Ocean City!!! (Goldcoast Sotheby's International Realty)

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Rainmaker
400,119
Dustin A. Peters
Goldcoast Sotheby's International Realty - Ocean City, NJ
Your "Northend & Gardens" Contact in Ocean City!!!

I'll try to answer my question to get things started.  It is somewhat quite the same and quite a bit different in terms of considering to purchase a resort property ... in my case, a shore property on a barrier island in Ocean City, New Jersey (about a hour plus from the Philadelphia area).  

 

#1 Find an agent who knows and understands the market where you are buying ... even better that the agent lives in this same market location.

#2 Ask the agent to review all of the factors that he personally has considering in the past and would want to explain to a perspective buyer interested in a shore property.

#3 What are the financial factors that are similar and different in buying a shore property?

#4 Talk about the rental aspects that might be considered by a potential buyer ... now or later.

#5 Outline all of the decision-making including a complete financial sheet outlining the potential costs to the perspective buyer.

Jan 16, 2015 11:24 PM
Rainer
279,878
Dipti Thakkar
LAER Realty Partners - Andover, MA
On a team with Praful Thakkar

Weigh your pros and cons, please.

May 28, 2018 10:39 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

I'd say the risk of leaving near the watet body. Flood insurance, too.

Feb 28, 2018 09:27 AM
Rainmaker
630,251
Ajay Pandya
e-Merge Real Estate Unlimited - Columbus, OH
Realtor Ajay Pandya

Gabe has a good answer.

Jan 17, 2018 09:21 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Flood insurance and risk tolerance.

Oct 25, 2017 06:51 AM
Ambassador
6,364,064
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

That is something that I would refer to someone like you who understands all the issues with ocean front properties.

Oct 19, 2017 11:43 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Roy nailed this one!

May 12, 2017 05:41 AM
Rainmaker
400,119
Dustin A. Peters
Goldcoast Sotheby's International Realty - Ocean City, NJ
Your "Northend & Gardens" Contact in Ocean City!!!

Respnding to Nina Hollander and her comment "about hurricanes."

Yes, always a concern during "the June through November hurricane season" here in South Jersey.  We've had some minor ones during the rental season ... but most of the bigger ones come in September, October, and November.  

I've been here for three or four of them including Hurricane Sandy. That stat regarding the land height, and then how much higher the actual building, provides the insurance company with information to provide you with a flood insurance cost. 

However, most real estate agents will also be able to give you some insights to the areas that are more likely to flood.  That's part of the kind of information that a knowledgeable realtor will provide.

Jan 18, 2015 01:17 AM
Rainmaker
5,096,966
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dustin -- I don't have an answer for you except maybe concern about hurricanes. But I do know OC well--used to spend my summers there back in the 1960's and my brother still lives there.

Jan 17, 2015 10:54 PM
Rainmaker
7,802,384
Roy Kelley
Retired - Gaithersburg, MD

Many retirees who are considering shore properties are concerned with the cost of flood insurance and the possible disruption of life by storms.

Jan 17, 2015 05:26 AM