An oceanfront Ocean City residence has dropped nearly $2.5 million from its original asking price.
The five-bedroom property on Central Avenue was listed for $9.995 million in December.
The price fell to $8.975 million in April and $8.495 million in May. A third reduction in July brought it to $7,499,999.
The three cuts reduced the asking price by $2,495,001, or approximately 25%.
The property last sold for $2.808 million in June 2019, the year it was built. Despite the reductions, the current asking price remains about $4.7 million—or 167%—above that sale.
The residence is legally classified as a condominium and occupies the upper portion of the oceanfront property.
It contains approximately 4,400 square feet, five bedrooms and six-and-a-half bathrooms.
At the current price, the seller is asking approximately $1,705 per square foot.
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