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?