"As Hot As It Can Possibly Be"
One little barrier island in Maryland has seen land prices rise to the point that almost nothing can be built but condos. "'A concern has been [that] commercial usages, restaurants and the like , have been replaced with condo projects,' said Mayor James N. Mathias Jr."
"Geoffrey Robbins, a dentist would have kept Atlantic Cosmetic and Family Dentistry in Ocean City, but when he was ready to expand, he couldn't afford to buy additional land for parking. So he moved his practice to West Ocean City in January."
"'You can't pay a million dollars for a parking lot,' Robbins said. 'We were faced with either staying where we were and not doing what we had wanted to do' or moving out of town."
One speculator doesn't see a downside. Norman Gilden said, "With land and property, what is the worst thing you'll have to do? You'll have to sell it, and you're not going to sell it for a loss."