Condo Boom Is A Rental Bust
As a follow up to this post, DelmarvaNow has a story on the renters market in that booming area. "In Ocean City, Md., which measures visitation by sewer usage, visitation has been flat for the past four years at 8 million visitors, said Deborah Travers, of the Greater Ocean City Chamber of Commerce."
"Most consumers are aware of the record building activity in recent years from Lewes to Fenwick Island. "'It grew so fast, it just blew up,' said Kitty Harmon, manager of the Coffee Mill in Rehoboth Beach. 'Every day, I ride up and down [Del. 1], and if I blink I miss a new condo. Prices are going to come down.'"
Remeber the million dollar parking lot? "Because parking is at a premium in the summer, vacationers also are selective about looking for properties with parking. 'Parking is a huge bonus. If you don't get down there before 9 in the morning, you're driving around forever.'"
"Carol Everhart, chief executive of the Rehoboth Beach-Dewey Beach Chamber of Commerce. She maintains the soft rental market results from the supply of homes, not a falloff in demand."