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at the Ocean Club. It is furnished and faces the boardwalk and ocean. I inherited it from my brother and can't afford the condo fee and taxes. It is beautiful, but it is in Atlantic City.
What are the condo fees, taxes, square footage and approximate rent you can get from unit? Stuff like that will be what determines price you can get. Also did building get sandy damage and if so was it all covered by insurance and if not are any assessments pending?
I have a condo down at beach that was damaged in sandy so I saw effect on prices howver they still sell at right price
Funny lots of ads for the condos for sale in your building. There is a one bedroom for rent for 1,500. But no mention at all of property taxes and condo fees. Usually the two things folks ask about. Half the buyers in my condo are folks downsizing and paying cash. The property tax and condo fee will be their only monthly costs. Funny to leave it out of ad.
No damage from Sandy. I don't actually have the deed yet. I will in the next couple of weeks and don't know the condo fees, but I'm guessing $750-$800 per month. The property taxes are around $6,200 per year (outrageous). We'd prefer not to rent.
I'm guessing $750-$800 per month. The property taxes are around $6,200 per year (outrageous). We'd prefer not to rent.
Wow close to $1300 just in association fees and taxes, both bound to increase over time.
Just wondering, are similar condos in AC used as vacation homes, investment properties or primary residential purpose? Given AC's economic state, I doubt the feasibility for 1&2. At ~$500,000 seems too expensive to be the case for #3. So who really lives there?
No damage from Sandy. I don't actually have the deed yet. I will in the next couple of weeks and don't know the condo fees, but I'm guessing $750-$800 per month. The property taxes are around $6,200 per year (outrageous). We'd prefer not to rent.
That is pretty high taxes. AC taxes in general have gone up a lot in last two years due to Sandy and loss of tax base.
In Northeast with high insurance and high costs a full service building with lots of ammenities near the water it is near impossible to run if for under $750 a month.
Worst case if you cant sell right away you can always rent for summer and then try again.
March till May are peak buying season as folks want to get in for summer. After fourth of July sales die as folks wont get in till after labor day and then they are stuck caring it for nine months
It will go on the market in January. But, if I wanted to buy I would wait until the quarterly taxes were paid in February. My brother paid $280,000 in 2008
The fair market value now is approximately $180,000. But, of course since we did not buy it, it's all profit for us. And because of that we will take a reasonable offer. I imagine anyone who did buy one for a lot more money and wants to sell now might hold out for a hire price
It will go on the market in January. But, if I wanted to buy I would wait until the quarterly taxes were paid in February.
Why would the quarterly taxes payment make any difference? Wouldn't it be prorated at closing?
Example - let's say you pay $1500 for Q1-2015. Q1 has 90 days. So the taxes are $1500/90 = $16.67 per day. If you close on March 15, the buyer will owe you $268 in taxes for 16 days (3/16 through 3/31).
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