Sunfest is over and appeared to be a grand success since no weather showed up to hamper activities this year. Entertainment was as good as it gets and the venders all had big smiles on their faces. This week on Capitol Hill had Congress in special sessions trying to get firm answers on how the proposed $700 Billion Dollar Bailout would be spent-and if this was the total amount needed to get the results intended. This being the first time ever anyone has had to react to a financial problem this huge- it is very hard to develop an exact budget, the Feds want to throw whatever monies it will take at whatever spot is the hotest at the moment, and hope that all of the money will not be used. Its a very tough road to go down, and an equally hard sale to make since Paulson will be gone after the Elections.
The Real Estate market is reacting to all of this uncertainty by going on hold. There is plenty of interest here in Ocean City, but I think most Buyers are looking for some sort of a resolve before proceeding with a purchase. After we get some direction on this matter, buyers will return to the market.
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