Ocean City Maryland Talk

The Ocean City Resort Market Is Hanging In There

July 13, 2009 · Leave a Comment

There are currently 1,550 resale and new homes in Ocean City, Maryland as reported by Trulia, including 18 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. That represents only slightly higher then 1% of the inventory. As compared to many areas of the country that is extremely low. Nationwide, foreclosures were up 57% from March 2007 to March 2008, and that trend has continued.

Our overall inventory has been leveling off since the beginning of 2009, which can be signaling that we are beginning to see that light at the end of the tunnel here at the beach. This would not only be good news for the housing sector, but our economy as a whole.

The average listing price for homes for sale in Ocean City MD was $470,356 for the week ending Jul 08, 2009, which represents a decrease of 1.4%, or $6,523, compared to the prior week.

→ Leave a CommentCategories: Mortgage and Financing · Vacation/Investment Property
Tagged: auction, bank owned, beach, foreclosure, homes, inventory, ocean city, resales, resort market

Are You Eating Well?

July 10, 2009 · 1 Comment

As a full time working professional and mother, I find it difficult to always eat balanced and nutritious foods every day. I have discovered that foods with protein have significant power and aren’t out of our reach even with a hectic schedule.

A good approach is to try to include one good source of protein at each meal or snack. For example, have an egg at breakfast, some fat free plain yogurt as a snack, a chicken salad for lunch, and sauté some shrimp with a little pasta at dinner. None of that is too difficult or time consuming.

I’ve read conflicting reports about how much protein we need. The Institute of Medicine advises about 46 – 56 grams of protein a day for both women and men. However, the Food Guide Pyramid recommends about 5 ounces of protein daily for an average adult woman on a 2000 calorie diet. That equates to about one (6 oz. ) skinless, boneless chicken breast, and a large hard boiled egg. Both organizations do agree that if you consume more then the required amount of protein that it shouldn’t be a health concern.

High quality sources of protein exist in just about every food, except fruits. Here are some superlative protein sources (plus most of these provide other valuable nutrients as well):

-Beef, Pork, Game and Lamb

-Poultry

-Eggs

-Fish & Shellfish

-Dairy Products

-Legumes

-Nuts & Seeds

No matter how busy and crazy your day gets, you have to make the time to eat a well balanced diet. If we don’t take care of ourselves, we won’t be able to continue to have these busy fulfilling days!

P.S. Something I just found out about….Quinoa (keen-wah) is a super quick-cooking whole grain, that supplies protein, iron (gosh I need that) and vitamin E. Serve it up with a simple grilled chicken breast or fish.

Bon Appetite!

→ 1 CommentCategories: Uncategorized
Tagged: balanced diet, Food Guide Pyramid, Institute of Medicine, mother, nutrition, protein sources, working professional

What’s Better Than Average?

July 4, 2009 · Leave a Comment

I work with Coldwell Banker Residential Brokerage. They provide excellent current, topical real estate information to their clients and customers. Below is some excerpts from a recent “Market Watch” segment.
You may hear statistical data that average home sale prices went up in the last two months. Certainly encouraging news to sellers! However, for the last year, average sales prices have been inconsistent from month to month with no real pattern — going up for a month or two and down for two or three months. The more reliable way to determine the market value of a home is detailed below and involves finding accurate comparable home sales in your area.With home prices, the trouble with “average” is it does not give homeowners an accurate picture of the market in their area. Average home prices are calculated by dividing the number homes sold during a fixed period into the total of all sales prices. If lower end homes are selling more than higher prices ones, the average would go down, but if higher priced homes are more popular, the average would go up. Another measure of home prices is the “median” price where half of all homes sold for less and half for more. As with “average”, the “median” statistic does not give homeowners any idea of the how much the market value of homes has declined or appreciated in their area.

The better method of determining the percentage fluctuations of market prices is to compare similar homes in a specific area over a fixed time period. For example, if you wanted to know the percentage drop in prices from 2006 to today, research the 2006 sales price of 3-4 homes compared to the recent sales prices of 3-4 similar homes in the same area. The overall comparison will give a fairly accurate percentage drop of home prices in that area. Then when homeowners remember what neighbors’ houses sold for in 2006, they can apply that percentage reduction to get an idea of the perception buyers have of value in today’s market.

I would be happy to do the research to analyze the percentage change of home prices in your area and provide a Comparative Market Analysis (CMA).

Please let me know whenever I can be of assistance to you or anyone you know.

→ Leave a CommentCategories: Buyers · Real Estate Market Reports · Sellers
Tagged: average home price, Buyers, comparative market analysis, data, homeowners, market information, median price, sales price, Sellers

Welcome To Ocean City Maryland Talk

July 1, 2009 · 4 Comments

BirthdayCakewithlotsofCandles Happy Birthday to Monica’s Beach Blog.

On July 1^st, 2008 my very first blog site was born. However, being me, I am always looking for new and exciting ways to make things better. Soooo…I decided to do a “Blog Makeover”, and here it is!

I am launching it today in honor of the 1 year anniversary of my original blog. You know everybody needs to get freshened up now and then!

As always, my blog will continue to be chock full of great information having anything and everything about Ocean City, Maryland…… Fun happenings at the beach, special events, concerts, news, great restaurant scoops, sporting events and much more.

Welcome “Ocean City Maryland Talk”. I’m excited…come back and visit sometimes. I hope you’ll find all the resources that you will need for fun times and news at the Beach!

Let the Sun Shine…oh baby… let the Sun Shine In!!!

→ 4 CommentsCategories: Fun at the Beach
Tagged: anniversary, beach blog, birthday, blog makeover, concerts, events, news, ocean city md, restaurant, talk

July’s Calendar of Events

June 30, 2009 · Leave a Comment

July at the beach is chock full of fun things to do. There’s never a dull moment… Enjoy the sun and fun!

July (all month long)
Ocean City Life-Saving Station Museum – South end of Boardwalk at Inlet
Historic museum offers a glimpse into Ocean City’s past with exhibits of shipwrecks & beachwear. Also mermaid displays, sands from around the world, aquarium room & Davy Jones’ locker. Unique gift shop with interesting selection of nautical gifts & books. Small admission fee. June – September, daily, 10 a.m.- 10 p.m.; May & October, daily, 10 a.m. – 4 p.m.; November & December, weekends, 10 a.m. – 4 p.m. During winter months please call for hours. 410-289-4991. www.ocmuseum.org.

July (all month long)
Free Summer Programs
Life-Saving Station Museum, South end of Boardwalk
Gather outside the museum for fun facts & topics. A different subject each day. Monday-Saturday, 10:30 am. Topics include beach safety, aquarium feeding, knot tying, & all about sharks. 410-289-4991. Sandy@ocmuseum.org. www.ocmuseum.org.

July 3 - July 31 (see schedule below)
Movies on the Beach & More – 27th St. Beach
Every Monday and Friday evening enjoy games and movie on the beach with our new 16-foot projector. Each week a general audience movie is presented free of charge. Bring a blanket and enjoy the night beside the ocean. Games and activities begin at 7:30 p.m. Movie starts around 8:30 p.m. www.ococean.com.

July 3: Bed Time Stories
July 6: Madagascar 2
July 10: The Shaggy Dog
July 13: Surf’s Up
July 17: Dr. Dolittle 3
July 20: IGOR
July 24: Ratatouille
July 27: Kung Fu Panda
July 31: Tale of Despreaux

July 4
Jamboree in the Park – Northside Park, 127th St & the Bay
Bring the entire family for an old-fashioned Fourth Saturday. Family fun begins at 8 p.m. Fireworks display at 9:30 p.m. 800-OC-OCEAN (800-626-2326). www.ococean.com.

July 4 / July 15 / July 22
Concert on the Beach – N. Division St. & the Beach
Free concert begins at 8 p.m., followed by fabulous fireworks at 9:30 p.m. Bring a chair or blanket & enjoy the evening beside the ocean. Saturday. 800-OC-OCEAN (800-626-2326). www.ococean.com.

July 15: Sir Rod
July 22: Randy Lee Ashcraft & the Saltwater Cowboys

July 7 / July 14 / July 21 / July 28
family.olympics Family Beach Olympics – 27th St. Beach
Each Tuesday evening features a variety of contests for all ages. Events may include sand castle contests, tug-of-war, relays and more. All activities are free and are offered from 6:30 to 8:30 p.m. www.ococean.com.

July 9 / July 16 / July 23 / July 30
Bonfire Hour – N. Division St. Beach
Sit beside the bonfire & learn interesting facts, history & fun things to do in Ocean City. A different speaker each week. Thursdays at 9 p.m. 800-OC-OCEAN (800-626-2326). www.ococean.com.

The 2009 Bonfire speaker schedule is:
July 9: Ocean City Emergency Services
July 16: National Aquarium
July 23: Ocean City Department of Tourism’s history and fun things to do
July 30: Ocean City Beach Patrol

July 10-12
OC Tuna Tournament – OC Fishing Center, off Rt. 50
East Coast’s largest tuna tournament. Weigh-ins Fri.& Sat., 4-7:30 p.m. Sun., 4-7 p.m. 800-322-3065. www.oceancitytunatournament.com.

July 11
Captain Craig Swim – 7th St on the Beach
Come swim the Captain Craig mile or Ginny Craig quarter mile. Registration fee, begins at 5 p.m. All spectators are welcome. Saturday, 6 p.m. www.ococean.com./ocbp.

July 12 / July 19 / July 26
Sundaes in the Park – Northside Park, 127th St. & Bay
Bring the family, a chair or blanket & enjoy free local & regional musical groups. Create your own ice cream sundae for a small fee. Free family concert series offered every Sunday evening in July & August from 6-8 p.m. Children’s entertainment presented each week. 800-OC-OCEAN (800-626-2326). www.ococean.com.

July 12: Key West Band and Mike Rose Magic
July 19: Rising Sun Reggae and Uncle Pete with Kids
July 26: J.R. Booker and Cascading Carlos

July 19-23
Starpower National Talent Competition – Convention Center, 40th St. & Bay
World competition for all dancers who qualified at regionals held across the United States. Activities take place from 8 a.m. to approx. 7 p.m. each day. www.starpowertalent.com.

July 24-26
Greek Festival – Convention Center, 40th St. & Bay
Be Greek for a weekend! Enjoy traditional Greek cuisine, authentic Greek music & dancing, & shop with the many unique vendors. Come for lunch, dinner, desserts & more. Admission. Fri. & Sat., noon-11 p.m.; Sun., noon-9 p.m. St. George Greek Orthodox Church, 410-524-0990. stgeorge@beachin.net.

July 25
Mitch Maiorana Run, Swim, Run – 7th St. & the Beach
Registration fee to compete, spectators welcome! Saturday, 6 p.m. www.ococean.com./ocbp.

July 27
Polish Festival- Sunset Park – S. Division St. & the Bay
Ocean City’s bayside park hosts Polish Night. Share the beauty of different cultures with live entertainment, food & a wine garden. Monday, 5-10 p.m. www.ococean.com.

July 27-29
Jesus at the Beach Music & Ministry Festival – Convention Center & N. Division St. Beach
Christian praise, drama, dance, music & worship. Baptism in the ocean on Wednesday. Mon.-Wed., 10 a.m.-1 p.m., at Convention Center; 7-10 p.m. on
the beach. Dick or Gary, 410-289-1296. www.jesusatthebeach.org.

→ Leave a CommentCategories: Fun at the Beach
Tagged: american legion, calendar of events, concerts, family olympics, fireworks, greek festival, July, movies, northside park, sunset park, tuna tournament

By The Numbers

June 27, 2009 · Leave a Comment

A local loan officer, Rod Flowers with SunTrust Mortgage, sent this to me and I thought it was worth publishing. It’s very interesting data. As an FYI at the end of his message…he sent some great news…interest rates are falling.

Investing After A Recession Begins

The S&P 500 has gained an average of +13.1% per year (total return) for the 10-year period that started on January 1^st of the calendar year following the official beginning date of each of the last 5 recessions.

Spending Less

The personal savings rate in the USA at the end of April 2009 was 5.7%. Just over a year earlier the nation’s personal savings rate was 0.2%!

Some BIG Ones

5 of the 8 largest corporate bankruptcies in US history (as measured by assets at the time of filing) have occurred in the last 9 months.

Down A Lot From A Year Ago

The actual profits of the companies in the S&P 500 stock index on a trailing 1-year basis are 88% less today than they were 1-year ago.

Gimme A Break

A first time home buyer has until 12/01/09 to purchase a home that qualifies for a tax credit that is worth 10% of the cost of the home, up to $8,000. This tax credit is claimed on IRS Form 5405.

Too Much Debt

The average American homeowner had $1.41 of mortgage debt for every $1 of home equity as of 3/31/09.

A Few Years

53% of adults surveyed believe it will take them at least 5 years from now to grow their net worth back to the level it had reached in late 2007.

Beach Bums

9 of the 10 largest lenders of the nearly of the $1 Trillion of sub-prime mortgages originated during 2005-2006 are based in California.

No Stopping

Baby boomers are the 78 million Americans born between the years 1946-1964. 25% of this group expects to work until they die, up from 15% in December of 2007.

Keep Trying

More that 4 out of every 5 college graduates (80.3%), from the class of 2009, who have applied for jobs have been unable to find work.

→ Leave a CommentCategories: Buyers · Mortgage and Financing · Real Estate Market Reports · Sellers
Tagged: baby boomers, beach bums, college graduates, company profits, first time home buyer, interest rates, investing, loan officer, mortgage debt, recession

Lenders And Short Sales – Are They Hampering The Rebound Of The Housing Market?

June 26, 2009 · Leave a Comment

Currently in our market (Ocean City, Maryland and Worcester County), there are 78 pending “short sale” transactions as reported to our local Multiple Listing Service. I have 2 short sale situations that have been pending since 3/30/09 and 4/1/09 respectfully, with no response back from either lender.

80157083MW050_Virginia_Tech Is the time it is taking to process short sales hampering our market rebound?

My answer is…without question!

Consider the following data

*In 2008 a total of 1167 properties changed hands thru our Ocean City/Worcester MLS.

*At present, we are 10-15% behind where we were at this same point last year.

*The 78 pending short sale situations will account for about 10% of the total sales for this year.

*That does not account for any future short sales that go under contract between now and the end of the year, all waiting for lender approval.

I am not even considering the many buyers who have walked away from their potential short sale purchase because they got fed up with waiting so long.

It seems there should be a way to streamline the process for lenders. All lenders should be using the same forms, same process, etc. What about a “clearing house” for all lenders nationwide to process these loans? One of my short sale sellers said the reviewer for her case has 300+ cases to review!

I have heard many different dollar amounts (anywhere from $5,000 to $15,000) that flow into the system from the sale of a property. Multiply that number by the huge amount of short sales waiting to get processed…and we could very possibly see a rebound in the housing sector.

If real estate contributed to the situation we are in…maybe real estate can get us out!!!

→ Leave a CommentCategories: Buyers · Mortgage and Financing · Sellers
Tagged: Buyers, clearing house, lenders, market reports, multiple listing service, properties, short sales

What Would I Want If I Were A Buyer Or Seller

June 24, 2009 · Leave a Comment

I published my very first blog on July 1, 2008. I wrote a blog about something I feel very passionate about. The lack of professionalism in our industry. I received an overwhelming response from this post. I remain firmly committed to these ideas… so I felt it bears repeating on my newest blog site.

What would I want if I was a buyer??? I’d want someone who wasn’t trying to sell me. Sell me anything so they could make a buck. I’d want to think that they were looking out for my best interest and was really listening to me. How do you develop that kind of trust in a relationship? I would want to know the whole deal, start to finish, be honest with me, don’t tell me stuff just because you think it’s what I want to hear. Educate me. People don’t buy real estate every day. It’s an alien experience for most. Tell me the truth.

In the past, being honest has cost me, but I know that honesty in the long run has paid my bills, and made me more money then its cost me. Plus, I’ve never (touch wood-did I mention I have stupid superstitions from my mom), have I had anybody sue me in 25 years, all working in the Ocean City, Maryland area. I hear that’s pretty good.

As a buyer, I’d want to know all, and maybe I wouldn’t know the questions to ask. In other words, I wouldn’t know what I don’t know. Makes sense doesn’t it. I’d like to think I treat everyone that way. No falsehoods, no wasting their time. What concerns me, is that other practitioners don’t do business that way. I think they should. It really messes it up for the rest of us. Again, as a buyer or seller, I want to be told the deal, no holes barred, lay it out. If you decide for whatever reasons this doesn’t work, I’d like to think I am professional enough to say, “just remember me to your friends, and remember also, that I helped you make this informed decision”.

What’s better, happy customer/clients that trust and value your opinion, or being this hard sale real estate agent that brow beats someone into a decision that maybe they will regret? It gives real estate agents a bad name.

I have sold to customer and client’s friends, family, co-workers, (gosh I have been around a while), now their kids, but I feel a sense of pride. I work with my husband, Kevin. A great man, who is the best person I know. I think that’s pretty good after all these years of working and living a life together. I’ve heard him tell people they shouldn’t buy something because it wasn’t right for them. I use to look at him funny when he said something like that. Occasionally I would cringe, remind him of what we do for a living. But guess what…. he’s been doing this longer then me, and he’s right. By my calculations he’s been in this business about 35 years. His entire adult career all in the Ocean City, Maryland area.

The gist of what I have to say, is that if more individuals in our profession, could think of others before their bank account, our profession, would have a whole different rep (my kids word for reputation). In some cases with other agents that I’ve had the unfortunate experience of working with, it has been extremely negative and, oh god, painful and depressing. I feel sorry for the people they are representing.

My personal campaign is to continue to increase the perception of the integrity of our overall industry. We would all benefit. We all spend mucho time, money, educational pursuits, etc. to stay alive and thrive in our careers. We deal with people who are making the single biggest investment of their lives. Don’t they deserve the best of the best? Absolutely.

I have some solutions, o.k. maybe not all the answers, but some of them. Increase the c.e. (Continiung Education) requirements. Charge us more to stay in business. Probably not a very popular opinion. What other profession, can you get into with little or no investment? You don’t need to buy or lease an office, hire staff, office equipment, purchase inventory and more. You take a class, sit for a test, come out with a license and “voila” you hold yourself out as a “real estate professional”……pleeeease……… some of these agents are retired from other careers and they profess to know more about assisting a buyer or seller then I do about performing a root canal. Let’s raise the bar. Get the dead wood out and be the experts we profess we be.

Enough of my opinions. But I think they are very valid opinions. Let’s weed out the garbage.

Who do I think I am, just someone who thinks people should be treated fairly.

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Tagged: Buyers, clients, continiung education, customers, investment, professionalism, real estate agents, Sellers

Buyers Don’t Wait To Get Answers

June 20, 2009 · Leave a Comment

Coldwell Banker has a really cool automated system so a buyer can find out about a property instantly. Your online inquiry is directed to us as soon as you click on “request info”. I am notified via cell phone, and I will contact you by your chosen method (email or call) immediately. No waiting or delays to get the answers that you want.

It is called Lead Router, and it provides you, the buyer, the fastest response time possible.

Our goal is deliver prompt, courteous and professional service in an extremely efficient time frame. We at McNamara & Associates will continue to provide you with this high level of customer service throughout the buying process.

→ Leave a CommentCategories: Buyers
Tagged: Buyers, leadrouter, property search