Statistics and individual perceptions do not always confirm the same conclusion, but in the case of the coastal real estate market that does appear to be the reality.
Ask 10 local business owners how their business was last year and you are likely to get 10 different answers. While the majority may agree it was a bountiful one, individual opinion as to how successful and why will run the proverbial gamut.
The same methodology goes with the real estate market, but the difference is there are concrete numbers each month available to peruse to gain a certainty. Even with this data, individual Realtors will still share different perspectives, but the numbers don’t lie.
In 2014, the real estate market clearly improved. According to the Coastal Association of REALTORS®, settlements on condominiums in Ocean City increased nearly 6% in 2014 over 2013 and single-family home settlements jumped about 13%. For the rest of Worcester, settlements increased 12% on single-family homes and 6% on condominiums.
Further west, in Wicomico and Somerset, the increases were even more pronounced. For example, settlements on single-family homes in Wicomico increased 22% in 2014 and 21% in Somerset.
One month into 2015, the upward trend continues. Settlements on Ocean City condos were up nearly 21% in Ocean City; single-family home settlements doubled from four to eight, a 100% jump; and Worcester condo settlements increased 17%.
While these numbers are encouraging for all because the real estate market impacts everyone in this area in one fashion or another, more evidence of market confidence being restored can be seen at the county government planning level.
Redevelopment is returning and the next couple years it will have a major impact, as significant projects are being heard by the appointed planning commissions.
Just this week, a block-long, mixed-use redevelopment project — spearheaded by K-Coast Surf Shop — received the green light in Ocean City. Additionally, an existing amusement complex in north Ocean City — owned by Nolen Graves of Crab Bag fame — will soon proceed with expansion plans. Other projects are in the works in the near future, including the redevelopment of the venerable Seascape Motel into a Hyatt property after the coming summer.
On the county level, a Route 50 eyesore in West Ocean City will soon be improved as the former site of the Sea Isle Motel will become a new and attractive commercial development featuring high-quality retail stores and well-known restaurants.
Indeed, major investments are being made in the Ocean City area, and past history indicates that’s never a given, particularly during stressed times when uncertainly clouds financing options and fuels developer skepticism.