Ocean City NJ House - Pool Big Lot Low Reserve ! Great Location - Hot Tub - Already Zoned for 2 Condos Start Price USD 100.00 Current Price USD 650,100.00 Time Left - Bid Count 36 Buy It Now Price - Reserve Price - Start Time Sunday, September 28, 2008 End Time Tuesday, October 28, 2008 Location Ocean City, New Jersey See more about 'Ocean City NJ House - Pool Big Lot Low Reserve ! ' Description Oceans 11 Ocean City NJ 08226 bothvest Normal bothvest 2 294 2008-09-24T13:01:00Z 2008-09-24T13:01:00Z 3 2058 11731 97 27 13762 12.00 Clean Clean false false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 Ocean City New Jersey Single Family Home with Very Low Reserve THIS IS AN REAL AUCTION NOT A CLASSIFIED AD! AUCTIONS FOR REAL ESTATE IN OCEAN CITY ARE VERY RARE! This auction is a once in a lifetime opportunity to own your own house in Ocean City NJ, America’s Greatest Family Resort. The reserve that is substantially below its true market value, or listed asking price. The owner is buying another property here in Ocean City, and has decided to auction the property off, for quick liquidation. We welcome you to view the property anytime during the auction. This Gem will not last! Seller’s loss is your gain when the real estate market rebounds! Bid today! Features: ·         13' x 33' private in ground heated Pool, Hot Tub with Gazebo. ·         Southern exposure. ·         A short stroll to the beach. ·         Extra large 45' x 130' lot with fantastic backyard. ·         Quiet year around residential street. ·         Great location @ edge of Gardens - 3 houses from North Street. ·         Large off street parking area with enough room for an RV or Boat ·         Large 22’ x 18’ detached garage. ·         No flooding on block, lot is at one of the highest elevations on island. ·         Children and dog safe and friendly backyard. ·         Already Zoned for 2 condos, can be easily redeveloped into 2 condos with living space of 6000 sq. ft., or add additional living space without variance. ·         Backyard great for entertaining, offers privacy, wonderful when the beaches get to crowded. ·         Recent complete rehab. ·         Never rented out for the past 30 years. ·         Very low real estate taxes. ·         Great Investment opportunity – use/rent property and build 2 condos when real estate market turns around – Sell one at a profit and keep one for yourself at a low cost! About Ocean City Ocean City is one of the country’s finest year-round resort cities, with eight miles of beautiful beaches and bay, 2.5 miles of boardwalk, fine dining establishments and a downtown shopping district with many unique specialty shops. For those who visit or live in this great family resort, Ocean City is the scent of salt air as you drive over the bridge. Or maybe it’s the inspiring sight of the back bays with its lush green marshes and sparkling waters filled with sailboats, sleek leisure craft and busy jet-skies. And who can forget that pleasant sensation when you first step into the ocean and feel the warm, smooth sand between your toes and are tickled by the cresting waves as they rush onto the shore. * Named the Number One Family Beach Resort in the Country by the Travel Channel as announced on ABC’s top rated morning show, The View Ocean City Real Estate Market (Source Truilia)   Total # units on island: approx. 12000 Average selling price per sq. ft.: $ 441 Number of units sold Jun-Aug 2008: 46     Property Address:   11 Ocean Avenue Ocean City New Jersey 08226     ·         Zoning C-2-40/40000 – ALREADY ZONED FOR 2 CONDOS ·         Taxes $ 4453 ·         Block 7 Lot 11 MLS ID# 325633 ·         Main house Age: 1920's major rehab 2006/2007 ·         Pool Age : 1970's ·         Garage Age: 1980 ·         Hot tub Age: All mechanicals replaced 2006 - Shell and Cedar Gazebo unknown ·         Lot size: 45 x 130 ·         Lot Sq Ft: 5850 ·         Main house foorprint:approx.:20' x 44', 880 sq ft ·         Attached Laundry room/bath: 16’ x 8', 128 sq. ft. ·         Gross living Area: approx. 1968 sq ft ·         2.5 stories ·         10 Rooms ·         3 bedrooms ·         2.5 Baths ·         Main house type construction: Brick foundation, Wood framing, Exterior siding: Wood clap board covered with vinyl siding, partial insulation on exterior walls, new insulation 3rd floor ceiling and floors ·         Pool: 33' x 13' ·         8 x 8 Cedar Hot Tub with Gazebo ·         Detached Garage: 22' x 18', 396 sq ft ·         Fiberglass front porch attached to master bedroom: 20' x 10', 200 sq. ft. ·         Fence: Cedar ·         Front Off street Parking area: 56' x 17', 937 sq. ft. Room for an RV ·         RV Connection ·         Public Water and Sewer ·         High Efficiency Air Conditioners ·         Hot water heating system ·         Low utility costs during winter and summer months     Auction Terms and Conditions   ·         French Real Estate Inc., our real estate agent, will represent us to complete the sales contract, hold escrow funds until settlement, and handle any inquiries, questions and complete this auction transaction. ·         Seller reserves the right to sell to the next highest bidder(s) consecutively in case of buyer contractual default, non qualification of financing, or prompt completion of sales contract or delivery of deposit/escrow funds. ·         At end of auction winner of auction must contact our agent, French Real Estate to complete and sign a written sales contract, deliver a deposit check, wire transfer funds or certified bank check within 72 hours to French Real Estate, to be held in an escrow account, with interest bearable to winner of auction as follows:   30 to 60 day closing $ 20,000 60 to 120 day closing $ 30,000 120 to 180 day closing $ 60,000   ·         As per New Jersey real estate laws, there will be a 3 business day attorney review period, following the signing of the contract.   Allowable contract contingencies:   ·         Mortgage with 30 day commitment ·         Maximum settlement period 90 days (all contingencies met in 30 days) ·         All property inspections prior to mortgage commitment must be performed during first 30 days   Owner is also willing to finance, only to the qualified buyer and winner of this auction; please contact us to perform qualification prior to close of auction.   Included with auction:   ·         LG front loading washer and dryer with stands ·         Maytag Dishwasher, Counter depth refrigerator, Electric Stove Oven, Microwave ·         All electrical Fixtures lighting and ceiling fans ·         2 Sanyo high efficiency 20000 BTU window Air Conditioners ·         3 Sanyo high efficiency 10000 BTU window Air Conditioners ·         All pool equipment, 500,000 BTU heater, pump, Hayward sand filter ·         Garage door remote opener ·         Any remote controls required to operate ceiling fans ·         Draft layout design plans for building 2 condos on lot ·         Metal shelving in Garage ·         All landscaping ·         Lawn mower   ·         All interior and exterior furnishings and any other items are NOT included, but can be purchased separately.   Realtor contact information for inquiries and to view property during auction:   French Real Estate Inc. www.frenchsales.com 1 Atlantic Avenue Ocean City New Jersey 08226   Joan Gearhart GRI email: joangearhart@aol.com Broker/Realtor Office: 609.399-5454 Res: 609.399.7363 Cell: 609.412.5830   Seller’s disclosure statement is available via email upon request. Real Estate Broker Inquiries: Please contact French Real Estate for further information.   Zoning and Development Information   This lot is zoned for 2 condos; the current owner hired an architect in 2006 to further research how the property could be developed into 2 units. The preliminary plans incorporated an L, or rubix cube design layout, versus the traditional 1st and 2nd floor condo layouts built in ocean city today. An addition can be easily added to the rear of the house or enclose the 2nd floor front porch to increase living space, without any variance. Email us for copy of preliminary drawings.   Below is a summary what can be built, based on 2006 zoning data:   ·         Zoning C-2-40/40000 ·         Max building footprint coverage: 40 % of lot or 2340 sq. ft. ·         Max. impervious lot coverage: 65 % ·         Maximum living space for 2 condos – approx. 6000 sq. ft. ·         15 ' front set back ·         6' side set back ·         Rear setback: 25' ·         Max. height 37 ' ·         2.5 stories   List of work performed during ownership 2006 to present   Electric 2006 Removed 100 AMP Service meter/circuit breaker panel and installed Square D 200 AMP circuit breaker panel with upgraded alert breakers, Installed GFCI breaker for existing outlet in bathroom Installed larger gauge electric service wire from pole to service connect at front of house Installed larger gauge electric service wire from service connect @ front of house to meter and new 200 AMP square D service panel Installed new 100 AMP service panel in garage with all GFCI Breakers to protect pool, hot tub, garage interior outlets, exterior lighting, all exterior outlet Installed 5 exterior outlets with gray PVC encasement and weather covers Installed Gazebo lighting and switches Installed new wiring for dedicated circuit outlets to accommodate Window air conditioners Installed new circuits to a majority of 2nd floor electric outlets and lighting Installed outlets and new lighting on 3rd floor Replaced all lighting fixtures, switches and outlets Installed new kitchen ventilation fan, garbage disposal, dishwasher and stove wiring and under cabinet lighting Installed leviton media outlets to each room (Cable TV, Internet, Telephone) Replaced exterior light @ front door Installed wiring to accommodate new exterior GFCI outlet and lighting on front 2nd floor porch All new wiring encased in gray PVC pipe for front yard lighting, outlets Installed 2 new interior switches to control new white lamp post @ front of house and 2 smaller new lighting fixtures @ sidewalk, 3 new GFCI protected outlets Installed new electric switch located in utility room and 3 new crawlspace ventilation fans Laundry room/ cabana: Installed all new electric wiring, switches, dedicated outlet for washer, dedicated line for provisioning of electric heater, ventilation fan and lighting New ground wire @ 2 locations for electric service   Crawlspace 2006 Cut and installed ventilation electric fans (3) and 3 vents to increase ventilation of crawlspace and act flood vents if needed Insulated 1sr floor joices R30 Installed 4 mil clear plastic moisture barrier Insulated crawlspace walls   Laundry room/Cabana 2006 Gutted existing shed (cinderblock), installed furring strips with poly insulation R13 for walls R19 for ceiling, all new electric, new water supply and drain lines for shower, utility sink, toilet, washer supply/drain box, new toilet, shower stall and exterior freeze proof hot/cold hose bib, installed 2"x4" raised floor framing, new scuff proof floor laminate tiles, cement pad to accommodate new LG front loader washer and dryer, all new plumbing fixtures, dryer vent installation, rough in hot water heat lines and thermostat wire to accommodate future installation of hot water heat for room, new water meter, gas line for clothes dryer Removed old roof and installed new roof     Pool 2006 13’ x 33’ Installed (500 K BTU over sized gas heater to warm pool @ a rate of 3-4 degrees an hour New high speed pool pump New sand filter and control valve. New wiring for all equipment Caulk edges of pool   Cost to remediate fiberglass cracks on exterior edges of @ a depth of 12-16" pool: $ 700   Concrete decking on property 2007 Cut out all cracks approx 4-6" width and poured new cement with stone base at a greater depth (6-8") to remediate any future movement of decking Resurfaced approx 3000 sq feet with ardex concrete dressing Poured new concrete deck under gazebo Cut out approx 2' width of concrete decking @ curb and installed sod   Driveway 2007 Removed red 3/4" stone and plastic and installed landscaping meshing to prevent weed growth and installed 9 ton of new stone for driveway   Rear yard 2007 Removed red 3/4" stone and dirt and replace with sod/grass Moved gazebo from middle of rear yard and moved it next to garage and attached it to exterior of garage Installed new red corrugated roofing on gazebo Removed old juniper bushes and installed cement new block pattern stone and beds on south side of yard adjacent to fence, installed all new landscaping at same location Refinished cedar fence with oil based clear sealer (exterior/interior 2006 - interior coat 2008) Replaced rebuilt gates (2)   Sprinkler system 2007 Installed new sprinkler system with controls for rear yard new grass and front fenced landscaping and 2' strip of grass at curb   Front yard 2007 Demolition of existing landscaping Installed all new PVC white fencing 2 entry gates Installed gate for access to rear yard Installed arbor and benches Installed outlets lighting Installed field stone 2008 Installed sod and landscaping   Windows/Doors 2007 New exterior entry and storm doors (2nd floor porch, front door, rear door, laundry room) Replaced utility room, kitchen (east wall), 1st floor powder room and 3rd floor windows 2 each and 2nd floor bathroom Rescreened all existing windows   Appliances 2006 New Maytag kitchen stove, dishwasher, counter depth fridge, and LG front load high capacity washer and gas dryer, gas hot water heater   Powder room 2006 Gutted room and installed ventilation fan, new walls, vanity, recessed cabinet, sink, toilet   Kitchen 2006 Installed new countertop and backsplashes New Sink, garbage disposal and faucet Installed food pantry next to powder room with interior light Installed non scuff laminate flooring     Walls/ceilings/wood trim/flooring 2006 House was purchased with plaster and lath walls, all interior walls with plaster/lath covered with 1/2" dry wall, refinished and painted Installed a large amount of interior wood trim baseboard and window trim to match 20’s era style Refinished 1st floor hardwood floors and hand rails, 2nd floor floors and stair trends resealed prior to carpeting Installed wall to wall carpet 2006   2nd floor bath 2006 Installed floor and wall tile Installed new sink faucet and toilet Installed ventilation fan   3rd floor Installed new metal folding staircase Insulated floors R19 Installed knee walls framing and insulated R13 Installed whole house ventilation fan Installed 2 thermostat roof fans Installed 7/8” flooring Installed carpet and laminate sides Installed roof ventilation system Installed insulation R19 ceilings Installed drywall Installed electrical outlets Installed access panels for knee walls   Misc Installed new awning at front of house   Garage Installed metal folding staircase for storage area Installed new 100 AMP electrical service panel with GFCI Breakers   Hot tub 2006 Replaced all mechanicals – Blower, 4 HP PUMP, top side controls, ozone, jets, refinished all wood On Sep-28-08 at 02:12:14 PDT, seller added the following information: star240 Store Place a Bid!