Mike..Last Oct (2008) the holiday week, we exchanged into the Waves, a three bedroom unit. The building/units are older but were clean and roomy, if you plan to use the beach..its a great location since you are a block from the beach.
We had three couples staying in the unit and we had plenty of room and the beds were not a problem at all. Kitchen had all working items, served all our needs.
Your at the further North end of Ocean City..so any need to travel to the boardwalk..car or public bus is needed. If you plan on going during busy summer season..its a blessing to be north away from the crowds.
Yes.. they have been charging assessments, so upgrades should be expected.
We enjoyed our stay and look forward to other exchanges as well.
Parking is below the building for easy access into the elevator.
Enjoy your visit.