Address: 3332-3334 Wesley Ave.
Price $6,100,000 for both units, or $2,895,000 (first floor), $3,295,000 (second floor)
We wrote last week how Ocean City’s real estate market continued its upward trend into 2023 and appears to be flying at a cruising altitude of a nearly $1 million median sale price.
Other markets around the country that have experienced the sort of surge the Jersey Shore did during the pandemic topped out last year and gave back large chunks of their price gains.
But the Shore is a different market, and while some maintenance lights have flashed red or yellow recently, the critical flight components have kept things aloft.
Still, one has to wonder if this $6.1 million duplex, listed by husband and wife team Kristina and Robert Doliszny, which represents units 3332 Wesley Ave. and 3334 Wesley Ave., signals a bit of a top. To continue with this terrible flight analogy– are we about to begin our descent?
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The property is 40 years old
The 8-bedroom, 8-bathroom (4 per unit) sold in early 2022 for $3.15 million. It was built in 1982, according to tax records, and required extensive renovation and updating.
Here are some of the pics from when it was listed as a tear-down or remodel a year ago:
You can almost smell the Empty Nest episodes, salinated carpets, and the pink bar of Dove soap in those photos.
Anyway, great location– right at the epicenter of Ocean City beaches, steps away from 34th Street. A little crowded, sure, but right in the thick of it in a good way unlike the new condo for sale behind the 9th Street parking lot.
A $3 million update
The buyer chose Door number 1– the complete renovation.
Here’s what it looks like now:
YES! Kristina’s video guy is once again excellent. Flawless presentation.
Pics!
The kitchen do-over is bit over-the-top on the white and brass motif for me, with an awkward layout for the kitchen….
… but you make do with the space you’re given.
Let’s talk about the sale price
$6.1 million for the whole thing, $2.895 for the first floor, $3.295 for the second.
There have only been three condos this year to sell for more than $2.8 million in Ocean City.
This new construction Gold Coast gem on 19th Street ($3.8 million)…
… this modern 5-bedroom condo on 36th Street ($3.695 million)…
… and most recently, this 5-bedroom, first-floor Gold Coast beaut ($3.4 million):
These are all slightly more expensive than our renovated duplex, but are they in the same league? I’d argue that they are in a different league.
And while we’re at it… here’s what $6 million+ gets you in Ocean City:
So that’s how I’d choose to spend my $6 million.
What’s more, the listing doesn’t include a build date on the property, or any history for that matter, and implies a whole lot of “new”-ness.
It appears the agent entered the address slightly differently than before (3332-3334 Wesley vs. 3332-34 Wesley). This means it looks like a different property in the MLS and would-be buyers don’t see that it is a 40-year-old building that sold for nearly half the price last year.
In the listing, we see the following:
“Both condos of this new duplex are listed for sale: select to buy just this one featured unit, or snap up both to secure the whole property while still available.”
It’s not a new duplex. You can argue you’d be better off buying the land than paying a premium for new finishings on an otherwise old building, especially one as exposed to the elements as this one.
Anyway, they’ve done a tremendous job with the place, it’s in a great location, and the views are breathtaking. But perhaps a little bit of a heat-check for the market.
We’ll keep an eye on it.
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