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12305 Wight St #204
Ocean City, MD 21842
$250,000
Conventional
Property
Bedroom
--
Bathroom
1
Property Type
Conventional
Square ft
--
Property Description
Welcome to your oceanfront oasis at the Cara Mar condo building in Ocean City, MD. This open studio condo offers the perfect blend of comfort, convenience, and breathtaking views of the Atlantic Ocean. As you step inside, you're greeted by an open and airy space designed to maximize your enjoyment of coastal living. The highlight of the condo is its direct oceanfront location, offering uninterrupted vistas of the sea from both inside and out. The living area is bathed in natural light streaming in through a sliding door that opens onto a spacious balcony. Here, you can relax and take in the panoramic views of the ocean, feel the gentle breeze, and listen to the soothing sound of waves crashing against the shore. It's the perfect spot for enjoying your morning coffee or watching the sun rise over the horizon. For added versatility, a convenient Murphy bed seamlessly integrates into the space, allowing you to transform the living area into a cozy sleeping quarters when needed. This clever design feature ensures that you have ample room for both relaxation and entertainment, with plenty of space for a dining table where you can enjoy delicious meals. The Cara Mar condo building also offers access to a community pool, providing yet another option for relaxation and recreation just steps away from your front door. Whether you're lounging by the pool or admiring the ocean from your balcony, you'll find yourself immersed in the tranquil waterfront atmosphere that defines coastal living in Ocean City, MD.
Property Information
Lot Size
-- square ft
Property Type
Common Interest
Year Built
1975
MLS Number
MDWO2020404
Location
Address
12305 WIGHT ST #204
City
OCEAN CITY
State
MD
Zip Code
21842
County
WORCESTER
Listing
Provider
Long & Foster Real Estate, original listing
Name
Long & Foster Real Estate
Phone
(888) 536-0216
Office Name
Northrop - Fenwick Island
Office Phone
(888) 536-0216
Agent Name
Tom Ruch

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.