101 112th St UNIT A, Ocean City, MD 21842

This condominium is located in a resort, secondary housing market. Ocean City is a barrier island approximately ten miles long and a quarter mile ride; Coastal Highway is the main North/South traffic artery of the city. The most important location aspect in this market is the proximity to the Ocean/Beach; properties East of Coastal Highway are ocean side and those West are Bay side. The second most important criteria is the the bedroom count. The condominium can sleep up to 8 individuals easily as well as being comparable to others located on the Bay side of the water. Therefore, the distance to the others has no effect on the valued. The condominium is not a condotel; it is up to the individual owner to decide on offering the unit for rent. Rentals are handled by independent real estate companies located throughout the city. Rental rates in this market are a function of the season as well as the amount of time rented. Rentals are typically offered by the week however seasonal rates, weekday rates and weekend rates are also available. In addition, the majority of owners will block off one or more weeks during the season for their personal use or personal rentals. Consequently, accurate vacancy and income data is almost impossible to ascertain, which precludes the development of the Income Approach.