Wildwood Crest, NJ - Am I too late?

[Shawn A.]

We are a family of 4 (45/40/6/9) in Bergen County, NJ and interested in buying a beach front condo in Wildwood Crest, NJ. The boss is firm with it being Wildwood Crest only, very close to the beginning of the boardwalk, and 1-2 blocks from the water. I did a bit of research and wondering if the current interest rates, high real estate prices, and weak 12-14 week rental period make it a bad investment. I realize there are better in investments, but we like Wildwood, NJ and would use it for 1 week during the summer and a weekend getaway during the off season.

Current pricing appears to be $650-$850K for 3BR/2BA, 1,400 sq. ft. and ~$16K out of pocket costs ($5K yearly taxes, $10K condo fees covering wifi/cable, flood, sewer, trash, etc. and $600 for content insurance). I am not sure how much electricity/gas would be. I need to read up on how to handle the condo maintenance or how to handle fees related to listing, etc. I could handle $500-$600 cash to lower the mortgage but I still need to consider this within the financials. But, I am not sure if it's worth buying given I will likely be losing money yearly and only gaining equity. Is it even a viable option anymore?