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February 2024
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THE OCEAN PINES JOURNAL OF NEWS & COMMENTARY
COVER STORY
Sellers still dominate local real estate market Low inventory, high prices slow pace of sales
By TOM STAUSS Publisher ong gone are the days when hundreds of affordable homes were available for purchase in Ocean Pines. Long gone are the days when the number of sales in any given year approached 1,000. According to local real professionals Marlene Ott and John Talbott, Ocean Pines continues to be in a seller’s market. But with a caveat. It’s a seller’s market that is not as robust as it had been as recently as this past summer. Homes aren’t flying off the shelves as quickly as they once did. Ott described the market as returning to a more “normal” dynamic with buyers not necessarily facing a deluge of competition when a new listing appears. But because inventory is so low, sellers of homes that have been on the market longer than is typical aren’t particularly motivated to lower prices. “There are no discounted properties out there,” Tal-
L
bott said. “A fairly priced home will still move quickly. Ocean Pines remains a very desirable place to own a home. But sales are slower now than they used to be.” Talbott said that for many prospective buyers, available inventory in Ocean Pines is priced beyond their ability to pay. He cited high interest rates, an inflation-inflected economy and a lack of inventory as contributing to a slowing of sales. For those who need to finance a home purchase, it’s much more difficult to make it through the underwriting process than it was during the go-go years of easy credit. Not everyone needs to borrow money for an Ocean Pines home; cash buyers frequently step up, flush with proceeds of home sales in extravagantly priced regions of the country like the D.C. metro area, parts of New Jersey and New York. Newly acquired funds from inheritances can also result in a cash buyer. The much-reported phenomenon of homes going on To Page 3
Board adjusts some amenity fees ~ Page 17
• SHIFT DIFFERENTIAL PAY • HEALTH, VISION & DENTAL COVERAGE • RETIREMENT W/ EMPLOYER MATCH • PAID VACATION, HOLIDAYS & SICK LEAVE • ASSIGNED TAKE-HOME VEHICLE • PINES PERKS PROGRAMS
Racquet sports director exits Ocean Pines
When he was called into a meeting with General Manager John Viola on Wednesday, Jan. 17, former Racquet Sports Director Tim Johnson had a strong intuition that before the meeting concluded he would be departing Ocean Pines for good as an Ocean Pines Association employee. He didn’t know whether he would be fired or would quit on the spot, but either way he was prepared.
~ Page 9
Farr rebuffs attempt to place new B-08 on meeting agenda
An attempt to have an amended version of the Ocean Pines Association B-08 ethics resolution added to the Jan. 20 Board of Directors meeting agenda was temporarily rebuffed by OPA President Rick Farr. Farr told the Progress that Director Steve Jacobs had dropped off a hard copy of the amended resolution to Linda Martin, the OP’s senior executive manager, for inclusion in the meeting agenda. Farr said the usual protocol is for the directors to have electronic copies of proposed resolutions prior to their inclusion for discussion at a meeting.
~Page 22
INSIDE THIS EDITION
Ocean Pines ............... Pages 1-31 OPA Finances .......... Pages 32-33 Lifestyles ................... Pages 36-37 Opinion ............................ Page 35 Captain’s Cove ......... Pages 38-51
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