Condo Auction in Ocean City

Posted on November 23, 2009

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Makai Condominiums at 42nd Street, Coastal Highway, Ocean City, Maryland.

Absolute Auction, 11 a.m. Saturday, Nov. 28. "At least 15 units sold TRULY ABSOLUTE to the highest bidder, regardless of price!"

Fifteen new condominiums, and possibly as many as 80 condos, will be sold at auction Saturday at the Makai Condominium in Ocean City. The auction will be held at the condo building, 42nd Street and the Coastal Highway, beginning at 11 a.m., Saturday, Nov. 28, by DeCaro Real Estate Auctions, Inc.

Here’s a summary from the auctioneer on  how the auction will work:

“At least 15 units well be sold Absolute, meaning that these units will sell to the highest bidder, without reserve and regardless of price. After 15 units have sold Absolute, the Seller then has the option to continue selling the additional unites Absolute, in the Seller’s sole discretion. If the Seller does not continue to sell the remaining units Absolute, high bids will be treated as offers subject to the Seller’s approval. For more detailed information on the terms of the auction, please refer to the Terms and Conditions of Sale.”

Three models are available for sale:

  • Studio Units, approximately 400 square feet.
  • Two-Bedroom Units, approximately 858 square feet.
  • Delux Two-Bedroom Units, approximately 1,148 square feet.

All the units have granite counter tops, private balconies, washers and dryers. The two-bedroom units also have two full baths.

Hundreds of people have looked at the available units on recent weekends. The last opportunity to preview the property will be from noon to 4 p.m. on Friday, Nov. 27, the day before the auction. The auctioneer will hold a buyer’s seminar at 6 p.m. on Nov. 27, with lenders available and a question-and-answer session. For details, see the Terms and Conditions of Sale.

Note that units are subject to pre-auction offers and sale. When I visited the property a week ago, 14 condos in the building had been sold, one was pending, and 80 were available for the auction.

What would you like me to say about the condo market in Ocean City? You already know that real estate sales and values have been impacted nationwide by the recession, problems of Wall Street financial institutions, and the collapse of the credit bubble. Ocean City is not immune.

I will not be giving away any secrets if I say that Ocean City has a significant inventory of new condos and townhouses available for purchase. Is this a good time to buy real estate in Ocean City? I do not know. You decide. The Makai auction may give us a better indication of the state of the marketplace.

How’s that for tiptoeing around an 800-pound gorilla?

— John Hayden

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