ABSOLUTE AUCTION To The Highest Bidder "Ocean City, MD" Condo Unit with 2 Bedrooms & 2 Baths Well-Maintained Oceanfront Building, Indoor & Outdoor Pools, Parking Garage

13667_coastal11500u1008_building2.jpg

Listing Details

Sold Price
$313,000
Auction Date
Auction Time
1:00 PM
Address
11500 Coastal Highway - Unit 1008 - "Sea Watch Condominium", Worcester County, MD, 21842
County
Worcester County
Neighborhood
Ocean City
Scroll down for Complete Details, including: property description and Terms of Sale.

Law Offices of Gary M. Brooks, LLC
One E. Lexington Street, Suite 505, Baltimore, MD 21202


ABSOLUTE AUCTION
To the Highest Bidder - Regardless of Price!
                                
OCEAN CITY, MD


2 Bedroom  2 Bath
CONDOMINIUM UNIT

Located in the
"SEA WATCH CONDOMINIUM"
A Well-Maintained Direct Oceanfront Building
featuring Open Air Lobby, Indoor & Outdoor Pools
Parking Garage and Sports Facilities

Sale On Premises
11500 COASTAL HIGHWAY - UNIT 1008
At 115th Street, Ocean City, Worcester County, MD 21842

SATURDAY, AUGUST 8, 2009
AT 1:00 P.M.

 

Inspection from 12:00 Noon Day of Sale Only

- Evidence of $20,00 Deposit Will Be Required for Entry to Unit -

AUCTION WILL BE HELD IN BUILDING COURTYARD

 

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.  Through a lender-authorized short sale, Unit 1008, Sea Watch Condominium, will be sold at Absolute Auction to the Highest Bidder.  Bidders will be required to show their $20,000 cashier's check deposit (made payable to themselves) for access to the unit on the day of sale.

LOCATION & DIRECTIONS:

The Sea Watch Condominium is located in North Ocean City, MD, about two miles south of the Maryland-Delaware (Mason-Dixon) line, along a wide stretch of Atlantic Ocean beach.  Easily accessible using either U.S. Route 50 or MD/DE Route 404, the Sea Watch is within 2 1/2 hours drive of Baltimore, Washington and Philadelphia.  Restaurants, shops, movie theaters and attractions are within walking distance.  Municipal bus service is at the door, providing safe transportation south to the boardwalk and inlet, and north to Fenwick Island.

For directions from your location, visit: maps.google.com

 

BUILDING:

Constructed in 1975, the "Sea Watch" is one of the best maintained condominium buildings in Ocean City. Comprising approximately 400 units, the building is self-managed with a long-time professional staff. Approximately 500 garage parking spaces adjoin the high-rise apartment building, allowing for at least one car per unit. $200 per month condominium fee includes cable television, 24-hour security and key service. Repair services are available.


Building amenities:

  • Open-Air Lobby - tropical gardens, pond, waterfall, shops, 6 elevators
    Photos of auction property
    COURTYARD PHOTO #1    PHOTO #2    PHOTO #3    WATERFALL
     
  • Expansive Beachfront - dune access, outdoor showers and rest rooms
    Photos of auction property
    BEACH    PATH TO BEACH    DUNES    OUTDOOR SHOWERS
     
  • Indoor Swimming Pool

     
  • Outdoor Swimming Pool - large deck area, chaise lounges

     
  • 3 - Tennis Courts

     
  • Sports Court

     
  • Playground

     
  • Dog Exercise Area
     
  • Indoor Fitness Facility
     
  • Game Room/Arcade

     

 

UNIT:

Located on the tenth floor the unit has ocean and bay views. Furniture and appliances are included.
Photos of auction property
VIEW TO THE BEACH    BEACH    PATH TO THE BEACH    VIEW TO BAY    BAY PHOTO #2
 


The apartment contains:


Living Room/Dining Room combination (18' x 11') - carpeting, sliding doors to balcony

 


Kitchen (8.5' x 8') - ceramic tile floor, L-shaped configuration, pine cabinets, laminate counter, refrigerator/freezer; electric range/oven, microwave, dishwasher, disposal

 


Master Bedroom (11' x 13') - carpeting, sliding doors to balcony

 


Master Bath - ceramic tile floor, fiberglass shower

 


Bedroom #2 (10' x 10') - carpeting, twin beds

 


Hall Bath - ceramic tile floor, fiberglass tub with glass doors

 


Den - carpeting, sofa bed

 


Balcony

 


Owner's Storage Closet


Laundry/Utility Room - washer/dryer


Electric Forced Air Heat and Central Air Conditioning


The kitchen, carpeting, ceramic tile and bathrooms have been updated in the past few years.

 

RENT SCHEDULE & LEASE COMMITMENTS:

The unit is rented until August 21, 2009. Click on link for rent schedule:
RENTAL RATES (pdf)

 

RECENT SALES IN SEA WATCH CONDOMINIUM:

The following sales data was obtained from public records for similar sized units:

October, 2008

Unit 207

$345,000

December, 2008

Unit 1001

$455,000

December, 2008

Unit 1212

$452,000

January, 2009

Unit 510

$340,000

February, 2009

Unit 316

$345,000

March, 2009

Unit 501

$410,000

 

REAL ESTATE TAXES

2009 published real estate taxes are $5,779.29, based on a full value assessment of $417,990.

 

CONDOMINIUM or HOMEOWNER ASSOC

Condominium Documents:
Note: These are PDF (Adobe Acrobat) files. Some may be large and will take some time to download.

 

TITLE

In fee simple.  The unit is sold free and clear of all liens.  Deed Liber 2074, folio 458.

 

TERMS OF SALE

 A $20,000 deposit, payable by certified check or 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 before 12:00 NOON on Monday, August 10, 2009 at the Auctioneer's office.  Balance to be paid in cash within 45 days.  If payment of the 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.  All adjustments, including rents, taxes, condominium fees, all other public charges and assessments payable on an annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of settlement 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, subject to the Declaration and Bylaws of the Sea Watch Condominium and subject to the rights of the existing tenants under written lease agreements.  Purchaser assumes the risk of loss from the date of sale forward.  The purchaser agrees to waive the right of rescission under Maryland Condominium Law and waives their right of inspection for lead paint, as provided under current Federal and State 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.  Time is of the essence.


No Buyer's Premium.

Broker participation is invited.
BROKER REGISTRATION FORM (pdf)

 

FINANCING

Call for pre-qualification:

Mr. Craig Kessler
Greentree Mortgage Corporation

2 Park Center Court - Suite 200
Owings Mills, Maryland  21117
410-654-3900 direct
410-702-4511 fax
ckessler@loanofficer.com