OPA members vote to curb board spending powers
JUNE 2021
Former Ocean Pines Association Director Slobodan Trendic’s two-year crusade to reduce board spending authority has been vindicated. Ocean Pines property owners, in referendum balloting that concluded with a hand vote count May 14, delivered a resounding rebuke to the Board of Directors. By a margin of 2,531 votes in favor and 1,358 against, OPA members voted to reduce board capital spending authority without a referendum to $1 million. ~ Page 18
Viola, Tucker itemize 2020-21 OPA legal expenses
~ Page 10
443-359-7527
THE OCEAN PINES JOURNAL OF NEWS & COMMENTARY
COVER STORY
Ocean Pines real estate a red hot commodity
Janasek dissents on short-term rental strategy While the Ocean Pines Association shuffles forward with plans to adopt Worcester County’s regulations regarding short term rentals as part of the declaration of restrictions in all sections, one member of the Board of Directors is calling for better enforcement by the county. Director Tom Janasek during a May 15 discussion of a proposal to incorporate the county’s existing regulations and licensing requirements into the OPA’s restrictions said that’s not where the board should be focusing its attention. Instead he said the board should pressure the county into actually enforcing the laws on its books and offered to lead a grassroots effort to do so. ~ Page 8
www.issuu.com/oceanpinesprogress
Depleted inventory results in multiple offers and quick turn-around By TOM STAUSS Publisher t might be the hottest, strangest real estate market in Ocean Pines’ 50-plus years as a year-round resort-recreational community. The inventory is the lowest on record, hovering in the low 20s. Homes that are listed and reasonably priced attract multiple offers almost immediately, keeping the supply low. With escalation clauses routinely included with offers, sellers often realize selling prices that exceed the initial asking price. It is, as isn’t news to anyone who follows local real estate, a robust seller’s market. “The range of 20 to 25 homes at any time on the market has been very constant,” local Realtor Marlene Ott said recently. “There were 49 under contract the week before Mother’s Day. In the last 90 days, a couple of hundred homes have sold in Ocean Pines.” Waterfront property in particular are hot commodities. Ott mentioned a pending sale of a home on Clipper Court that had an asking price of $585,000. It attracted five offers and is awaiting settlement $41,000 over asking price. Can it last? “[The seller’s market) seems to be going on,” she said in a May 15 interview. “People are not moving out of Ocean Pines like they once did. There literally are no rentals available in the area right now. The inventory
I
stays constant because most homes attract offers as soon as they’re listed.” The intense sellers’ market is good for sellers, of course, but Ott cautions that it can be very frustrating for buyers. “Some have come out on the losing end after making offers on five or six homes,” she said. On May 15, there were exactly 24 homes listed for sale on the Coastal Association of Realtors Web site. One waterfront home was listed for $745,00, and five homes ranged in asking price from $535,000 to $589,000. There were no homes listed in the 400s, but there were five ranging in price from $325,000 to $379,000. There were ten homes listed in the 200s, ranging from $224,000 to $295,000. The inventory below $200,000 was sparse, with three homes available from $159,000 to $199,000. The $159,000 home on Abbyshire Lane was a true outlier, with the interior partially gutted and offered for sale “as is” as an investment property needing extensive renovation. Ott said that people who are thinking of selling need to be aware that while they may well attract offers in excess of the original asking price, the same phenomenon is true elsewhere in the greater Ocean City area and in other locations. That means any profit they might make on an Ocean To Page 3