Absolute Auction Above $150,000 - "Ocean City" Condominium Unit

Oceanfront Condominium Unit
2 Bedrooms, 2 Baths & Parking
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Listing Details

Sold Price
$227,000
Auction Date
Auction Time
11:00 AM
Address
The Quay - Unit 1705, 10700 Coastal Highway, Ocean City, MD, 21842
County
Worcester County
Neighborhood
Ocean City
Inspection
The property will be open 1 hour prior to the auction on the day of sale only.
Financing
See our Financing Page for a list of auction-oriented lenders.
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

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★ ABSOLUTE ★
REAL ESTATE AUCTION
To the Highest Bidder Above $150,000

OCEAN CITY

OCEANFRONT
CONDOMINIUM UNIT
2 Bedrooms ◆ 2 Baths ◆Parking

Sale On Premises
THE QUAY - UNIT 1705
10700 Coastal Highway
Worcester County, MD 21842

SATURDAY, JUNE 27, 2015
AT 11:00 A.M.

NOTE:  The information contained herein has been obtained from sources deemed reliable and is believed to be accurate.  However, no express or implied warranty is made or may be inferred from any such representation.  Dimensions, square footage and acreage contained herein are more or less.  Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

THE QUAY CONDOMINIUM:
The Quay (pronounced "KEY") is one of Ocean City's finest oceanfront buildings. Located at 10700 Coastal Highway, at the intersection of Old Landing Road, the 26 floor high-rise contains 186 two-bedroom and three-bedroom apartments.  The Quay was constructed in 1977 and appears well maintained.  Building amenities include a fitness center, heated indoor and outdoor swimming pools, outdoor shower, tennis court, sun deck, 3 high-speed elevators, dog park, snack bar, card and function rooms, patio with picnic tables and game room.  The building has on-site management and security.  Each unit has one-car garage parking and there is ample guest parking on a first come, first served basis.  Monthly condominium fee is $406.30.  The building is within walking distance of restaurants, shopping and public transportation. 

Link for building web site:
http://www.thequay.com

Condominium Document Resale Package

UNIT 1705:
Located on the seventeenth floor, the unit has commanding views of the Atlantic Ocean and Assawoman Bay.  The apartment comprises 1,131 square feet of living area and contains an open concept living/dining room, kitchen with breakfast counter, master bedroom and bath, second bedroom, hall bath, laundry and storage facilities, balcony, electric forced air heat, central air conditioning, refrigerator, range/oven, washer and dryer, double-glazed windows and sliding door, new carpeting and fresh paint.  The kitchen and baths need updating.

 

 

TITLE:
The unit is sold free and clear of all liens.

TAXES:
Published annual real estate taxes for 2015 are $3,287.86, based on a full value assessment of $243,100.

TERMS OF SALE:
A $15,000 deposit, payable by cashier's check, will be required of the purchaser at time and place of sale.  The deposit shall be increased to 10% of the purchase price by 12:00 noon on Monday, June 29, 2015 at the Auctioneer's office (wiring instructions will be provided).  Balance to be paid in cash at settlement, which shall take place within 45 days.  If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the purchaser. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of sale to date of settlement.  All adjustments, including taxes, condominium fees, all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of sale and assumed thereafter by the purchaser.  The property will be sold in "AS IS" condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any and subject to the Declaration and Bylaws of The Quay Condominium.  Purchaser assumes the risk of loss from the date of sale forward.  The purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law.  The purchaser acknowledges prior receipt of the Condominium Resale Package provided by The Quay Condominium and agrees to waive their right of rescission under Maryland Condominium law.   If the Seller is unable to convey good and marketable title, the purchaser's sole remedy in law or equity shall be limited to the refund of the deposit.  Upon refund of the deposit this sale shall be null and void and of no effect, and the purchaser shall have no further claim against the Seller or Auctioneers.  Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the purchaser except where otherwise mandated by local, State or Federal law.  Time is of the essence.

No buyer's premium.