I offered $185K for an apartment in AC on the boardwalk.............

[nineinchal]

They were asking $219K for a newly renovated apartment condo, in Ventnor actually, on the boardwalk with a pool. There is no view of the ocean from this place. In fact it looks out over a parking lot. There is only one window in this place even though it is a one bedroom. Assessed value $250,200. There is an additional assessment upcoming of $5000. I saw the work being done when I viewed this place with my wife last weekend. The current owners originally paid $225K for this place so they would be selling at a loss.

I saw this place with a poker buddy who was looking for a place back in February 2007. At that time I wasn't looking myself. The sellers were asking $225K back then. The real estate agent I went with this past Saturday did not know this although I told him yesterday. He said he told the seller to drop the price from $225 to $219 so it was priced properly at the time they listed it with him a week ago.

So I offered $185K last night, twelve hours later they counter with an ask of $200K, plus I pay the assessment.

So now what? I am not completely enthusiastic about this place above my bid of $185K (although my wife likes it, priceless) even up to $195K. I have my doubts since the seller got back to us so quickly. I would hate to get into this place, win a bunch of money playing poker, and then have to bail out of this place in a year or two for an upgrade to a much nicer place.

Do any of you have expereince with AC real estate? If I picked this up at $190K, do you believe I can flip this place and get my money back? Or is boardwalk property on the decline, even in Ventnor?

[Mike Gallo]

this up at $190K, do you believe I can flip this place and get my money back? Or is boardwalk property on the decline, even in Ventnor?

What time frame do you want to flip this in?
If you do not need to rush, you will get the investment back.

Beachfront property usually does not lost its value.

[nineinchal]

[ QUOTE ]
this up at $190K, do you believe I can flip this place and get my money back? Or is boardwalk property on the decline, even in Ventnor?

What time frame do you want to flip this in?
If you do not need to rush, you will get the investment back.

Beachfront property usually does not lost its value.

[/ QUOTE ]

I figure in a two years , maybe less if the poker games stay really good in the Borgata. It's not beachfront, its PARKINGLOTFRONT in the back of a beachfront building.

[Mike Gallo]

Two years might be a bit dicey.
Do you plan on renting it out?

[nineinchal]

[ QUOTE ]
Two years might be a bit dicey.
Do you plan on renting it out?

[/ QUOTE ]

No renting, its for me so I can benefit from the poker games in AC on my weekends.

[NickMPK]

One thing you might be able to do is sublet the apartment for a few weeks at a time during the summer if there are times you know you won't be there. Seasonal vacation prices are so exorbitant in AC that you might be able to pay the entire mortgage for the year just through summer rentals.

[Karmic]

[ QUOTE ]
I would hate to get into this place, win a bunch of money playing poker, and then have to bail out of this place in a year or two for an upgrade to a much nicer place.


[/ QUOTE ]

Wait, what? shouldn't that be your goal?

[nineinchal]

[ QUOTE ]
[ QUOTE ]
I would hate to get into this place, win a bunch of money playing poker, and then have to bail out of this place in a year or two for an upgrade to a much nicer place.


[/ QUOTE ]



Wait, what? shouldn't that be your goal?

[/ QUOTE ]


I just had an epiphany. I now have a goal. I guess I that really is a good problem to have.

[Tien]

Make another counteroffer at 190 000? Not much else to do.

BTW, you are going to lose a lot of money if you resell it again within a few years.

Prepayment penalties, real estate agent, closing costs, taxes, yada yada yada.

[Tien]

You'd have to buy it at 165-170 000$ to recoup your losses BTW.