While it’s true that the real estate market is a real mess right now the best deals are moving like hotcakes.  I lost two deals this week to clients who did not pull the trigger quickly enough and were beaten to the settlement table by well prepared snipers. If you think a particular house is a spectacular deal there is a good chance that someone else is thinking the same thing. The sales I lost out on were both on the market less than two weeks.

Why buy a used home when there are so many New Delaware Homes on the market that are the same price or cost a good deal less?

The only reasons I can think of are:

• Location.  If you really like a particular location, Used Homes may be all that there is to choose from.
• Historical Value. Perhaps you are looking for a house of particularly interesting  historical importance?
• A specific designer? As far as I know Frank Lloyd Wright did not build any homes in Rehoboth Beach but if he had it would certainly give some people a reason to buy a used home here.
• Old homes were built better? I don’t know if that argument holds water. Old homes often have no insulation and had outhouses at one time.  Although it’s true that lumber was straighter and cut larger in the old days, old homes are not very efficient and it can be very costly to upgrade them.

That’s all I can think of at the moment. If you search my site and compare the prices of average used homes to average new homes you should find that you can often get a better deal on a  new home  that has never been lived in than the used home in which kitty and spot relieved themselves in the corner, the home owner spilled red wine on the carpets and the bathroom tile is covered with mildew.  This is certainly not to say that there are not some wonderful used homes on the market but if the price is the same, the neighborhood is the same and everything else is equal why would you choose the used home over the new one?

The Most Expensive Home in RBYCC is currently 173 East Side Drive

173 East Side Drive

Priced at 5.6 Milion, this home has 10 bedrooms and 13.5 bathrooms. Located on a bayfront  acre of land and directly adjacent to the RBYCC Club House this is a prime piece of Real Estate.  I had the district pleasure of touring the property earlier this week and would be happy to arrange a showing for any well qualified potential future owner.  If you have questions about this property I can be reached at 302 258 4368.  I can meet you at this address by car, boat or helicopter

Looking for an affordable home along the Delaware Coast?

Here are a number of homes and communities to take a look at.

Broadkill Beach

$475,000 Like new 2006 3BR/2.5BA on stilts with views of the Delaware bay and state wildlife preserve. Located a block from the Beach. On stilts, elevator, bamboo floors, granite counter tops. Short Sale. The next step up in Broadkill is priced $100,000 more than this one! See all the homes for sale in Broadkill here.

Rehoboth Beach Single Family Homes - 66 Homes match your description. $325K & $475K

Nice/Popular/Neighborhoods in this price range:

Rehoboth Beach Yacht & Country Club
Annual HOA/CONDO $175
Private Golf Club and Pool
Distance to beach (Approximate)
1.5 miles

Grande at Canal Pointe
Annual HOA/CONDO $1880
Community Pool
Distance to beach (Approximate)
1.5

Sawgrass At White Oak Creek
Annual HOA/CONDO $3000
Community Pool
Distance to beach (Approximate)
6 miles

Rehoboth Beach Condos - 73 townhomes match your description. $325K & $475K

Spring Lake
Annual HOA/CONDO $3000
Distance to beach (Approximate)
1 mile

Sea Chase
Annual HOA/CONDO $3240
Distance to beach (Approximate)
3 miles

The Seasons
Annual HOA/CONDO $2000
Distance to beach (Approximate)
1.5 miles

The Tides
Annual HOA/CONDO $2964
Distance to beach (Approximate)
1.5 miles

Sanibel Village
Annual HOA/CONDO $3950 - $4800
Distance to beach (Approximate)
1 mile

Versailles
Annual HOA/CONDO $3200
Distance to beach (Approximate)
1 mile

Keys of Marsh Harbor
Annual HOA/CONDO $1400
Distance to beach (Approximate)
1 mile

Edgewater Park
Annual HOA/CONDO $2900
Distance to beach (Approximate)
3/4 mile

ARK
Annual HOA/CONDO $3119
Distance to beach (Approximate)
½ mile

Sterling Crossing
Annual HOA/CONDO $2160
Distance to beach (Approximate)
3 miles

Blue Point Villas
Annual HOA/CONDO $4560
Distance to beach (Approximate)
1 mile

LEWES Single Family Homes - 108 Homes match your description. $325K & $475K

Villages of Five Points

Distance to the Delaware Bay (Approximate)
1.5 Miles
Annual HOA/CONDO $1000

Pilottown Village

Distance to the Delaware Bay (Approximate)

1 Mile
Annual HOA/CONDO $80

Plantations East

Distance to the Delaware Bay (Approximate)
3 Miles
Annual HOA/CONDO $736

Joy Beach

Distance to the Delaware Bay (Approximate)
9 Miles
Views of the Rehoboth Bay

Annual HOA/CONDO $0

Henlopen Landing

Distance to the Delaware Bay (Approximate)

3 Miles

Annual HOA/CONDO $800

Bayfront at Rehoboth
Distance to the Ocean (Approximate)
10 Miles
Distance to the Rehoboth Bay
1 block or less
Annual HOA/CONDO $ unlisted

Lewes Condos - 43 townhomes match your description. $325K & $475K

Savanna Point

Annual HOA/CONDO $3000

Breakwater

Annual HOA/CONDO $2000 - $3000

Village of Five Points

Annual HOA/CONDO $1504 - $2064

Captains Quarters

Annual HOA/CONDO $3869

Lewes Harbor

Annual HOA/CONDO $2108

Dewey Beach Single Family Homes - 1 Home matches your description. $325K & $475K

0 bedroom / 0 bath shack $349,000

Dewey Beach - 22 condo/townhomes match your description. $325K & $475K

Opal

Annual HOA/CONDO $3624

Walk to the beach

Marina View

Views of the Bay, Walk to the Beach

Annual HOA/CONDO $3950

Rainbow Cove

Views of the Bay Walk to the Beach

Annual HOA/CONDO $2900

If you need 3 or more bedrooms it narrows the search to just 7 properties.

Bethany Beach 25 Homes match your description. $325K & $475K

One canal front home 552268

One waterfront ranch with a 99 year renewable lease $399,000

Salt Pond

Annual HOA/CONDO $1068

miles to the beach 1.5

Turtle Walk

No fee listed.

Miles to the beach - 2

Bethany 22 condo/townhomes match your description. $325K & $475K

Most if not all are at least 1 – 2 miles from the beach

Sea Colony

Large community Some Ocean Front Some 1.5 miles from the beach.

Annual HOA/CONDO $5000 - $12,000

BAYBERRY WOODS

Annual HOA/CONDO $3300

STEWARDS WATCH

Annual HOA/CONDO $3500

SALT POND

Annual HOA/CONDO $2472 - $3300

LOGGERHEAD

Annual HOA/CONDO $1809

BETHANY SHORES

Annual HOA/CONDO $3392

BAHAMAS BEACH

Annual HOA/CONDO $1220

Fenwick Island - 4 Properties match your price range:

Many of you know I’m not just a Realtor but a web designer as well.

Over the years I’ve collected a number of Domain Names for future projects that never materialized. The following Domain names are all for sale.

I’m in a generous mood so if you act quickly you can have them at 1/2 off the listed price.

BACK9HOMES.COM $200 Great for a golf community site name
BEACHAVEN.NET $500 Premium Community
BEACHHISTORY.ORG $500
BETHANYBEACHCONDOS.COM $500
CAPESHORESLEWES.COM $500 Premium Community
COASTALCONDOTOUR.COM $200
COASTALCONDOTOURS.COM $200
COASTALHWY.COM $500
CONDOSBETHANYBEACH.COM $700
CONDOSDEWEYBEACH.COM $700
CONDOSFENWICKISLAND.COM $500
CONDOSLEWESBEACH.COM $500
DEGLBT.COM $200
DELOTSANDLAND.COM $600
DEPAR3.COM $500
DOVERHOMES4RENT.COM $400
FENWICKISLANDCONDOS.COM $500
FREE4AGENTS.COM $500
GAYBEACHHOME.COM & GAYBEACHHOMES.COM $1000 for both
HENLOPENACRESHOMES.COM $500 Premium Community
LEWESREHOBOTHCANAL.COM $200
LUXURYSNOWHOME.COM $2500
LUXURYSNOWHOMES.COM $2500
MYREHOBOTH.COM $500
NORTHREHOBOTH.COM $800 Premium Community
OLDLANDINGROAD.COM $200
OUT-STANDING-IN-THEIR-FIELD.COM $200
OUTSTANDINGINTHEIRFIELD.COM $200
PILOTTOWNRD.COM $500
PINEBAYREHOBOTH.COM $500 Premium Community
PINEWATERFARM.COM $500 Premium Community
RBLUX.COM $1000 Short and Sweet - Rehoboth Luxury Homes
REHOBOTH-REALTOR.COM $200 not legal for Realtors to use but legal to own!
REHOBOTHBEACHBLOG.COM $200
REHOBOTHBEACHCONDOS.INFO $100
REHOBOTHBEACHMLS.COM $200 not legal for Realtors to use but legal to own!
REHOBOTHGRAND.COM Premium Community $500
REHOBOTHVIRTUALTOUR.COM $500
RENTPARKCITYUTAH.COM $1000
SANDBARVILLAGE.COM $500 Premium Community
SOUTHERN-DELAWARE-LAND.COM & SOUTHERNDELAWARELAND.COM $500 for Both
SOUTHREHOBOTH.COM Ultra Premium Community $800
SUSSEXHOLISTIC.COM $50
WINDINGCREEKVILLAGE.COM $500 Premium Community

Sales data from January 1 2009 - September 20 2009

Rehoboth Beach Real Estate Stats

These stats are very general in nature. They do not take into account the number of bedrooms, baths, square footage, waterviews or even the fact that there may be a lease expiring on the property in the near future as is common in Dewey Beach properties owned by “Rehoboth by the Sea”. If you enjoy crunching real estate related numbers give me a call for more in-depth data.

Conforming Loans (up to $417,000)
30yr Fixed 5.125% 0 points 4.875% 1 point
15 Yr Fixed Rate 4.625% 0 points 4.375% 1 point
**Standard 5/1 ARM 3.875% 0 points 3.625% 1 point **
For Condos with less than 25% down payment:
30yr Fixed Rate 5.375% 0 points 5.125% 1 point
***We can do warrantable and non-warrantable condos***
Long Term Rate Locks Available
Lock your rate for up to 12 months while your new home is being built
FHA primary residence only, 3.5% down payment 30yr fixed
5.00% 0 points 4.75% 1 point
**County Limits for FHA**
$375,000 in Sussex County $376,250 in Kent County
***Jumbo (loans over $417,000) ***
30 Yr Fixed 6.375% 0 points 5.875% 1 point
Standard 7/1 ARM 5.75% 0 points 5.125% 1 point
Lot Loans 10% down payment up to $500,000; Payment based on a 20yr fixed
3yr ARM 6.00% w/ 1 point
5yr ARM 6.25% w/ 1 point
no time restrictions to build; fully amortize in 20yrs; loan amounts under $250,000 = 1.5 points
(seller is allowed to pay points)
Manufactured Homes
Must be on it’s own land, double-wide, built after 1978
*** PRIMARY RESIDENCE: FHA 5.375% 0 points***
2nd Home: 10yr ARM (30yr rate; fixed for 10 yrs) 5.625% 1.5 Points
Or 25yr fixed rate 6.375% 1.5 points
USDA Loans NO MONEY DOWN! NO Monthly PMI!
-30yr fixed rate; Must be primary residence
-Single family, condo, new manufactured homes are allowed
-Income limits and debt-to-income ratio limits apply
-Seller may pay closing costs -No money down
5.00% 0 points
Lock your loan with Tidewater Mortgage and receive up to $2000 to apply toward your
settlement costs or rate buy-down! Co-broke transactions included! Call for details
Rates and programs are subject to change without notice; Based on

Ocean Block Condo

Furnished 2 Bedroom 1 Bath Ocean Block Condo in Patrician towers located on Olive Ave in Rehoboth Beach Delaware featuring a large private outdoor patio, rooftop pool and underground parking.  Great rental history. $679,000

For additional info & photos take a look at the MLS listing page for #564721

Standard disclaimer applies : Price was current on the day of this post.  If today is not  August 24 2009 the price and availability of this home may have changed.

36804 Oasis Court Rehoboth Beach, DE 19971

Village at Kings Creek

Village At Kings Creek
Built In 2005

• 5 Bed / 4 Bath
• 3,840 sqft
• $945,000

-Sale Pending-
You have arrived!!! This is not just a Home,it is an Experience!!!Custom Built Palm Beach Style Home,no detail overlooked. Gorgeous Hardwood Flooring, Fabulous Italian Murano Glass Fixtures, Birdseye Maple Custom Cabinetry.Fi Beautiful Crown Molding throughout, Gourmet Kitchen,too much to List. WOW!

I just toured this house today and was thoroughly impressed. This is one of the nicest homes currently available in Rehoboth. To see it in person please contact me at  mike@bwbeach.com

Standard disclaimer applies : Price was current on the day of this post.  If today is not  August 12 2009 the price and availability of this home may have changed.

2009 January 1 - August 12
92 single family home sales
Highest Sale Price: $4,500,000
Lowest Sales Price: $160,000
Median Sales Price: $492,500
Average Sales Price: $664,974
Average Days on the Market (for those that sold): 217
Hottest Selling Community:  Rehoboth Beach Yacht and Country Club with 15 total sales.

2008 January 1 - August 12
104 single family home sales
Highest Sale Price: $2,700,000
Lowest Sales Price: $99,999
Median Sales Price: $549,950
Average Sales Price: $773,708
Average Days on the Market (for those that sold): 181
Hottest Selling Community: Summercrest with 12 sales closely followed by RBYCC with 11 total sales.

While I’m at it I might as well throw in 2007

2007 January 1 - August 12
146 single family home sales
Highest Sale Price: $3,995,000
Lowest Sales Price: $209,900
Median Sales Price: $599,555
Average Sales Price: $829,539
Average Days on the Market (for those that sold): 185
Hottest Selling Community: Rehoboth Beach Yacht and Country Club with 24 sales.

What can be learned from this? Prices are down significantly and homes in Rehoboth Beach Country Club are always in Demand.  For more in-depth stats corresponding to any local town or community in the area feel free to contact me at mike@bwbeach.com

- SOLD - This 4BR/3.5 BA New construction home is easy to overlook.  It looks very similar to other relatively new homes in Southern Delaware and is priced about the same as well. The one feature this home has to offer that makes it special is that it is located on a canal with access to the Rehoboth Bay and Beyond.
Click to view - MLS# 567581 Canal Front Home

If a canal front home built in 2004  for $349,000 peaks your interest please give me a call to see this house in person.  - SOLD -

This listing is a Short Sale

Standard Disclaimer: This information was current the day this article was post o4 Aug 2009.  If you are reading this at a later date the information may or may not be current.

36 PINE REACH Henlopen Acres Rehoboth Beach Delaware.  4BR/3BA.  Charming & Classic Rehoboth Beach Home in the Esteemed Henlopen Acres!  MLS# 562752 Asking Price $1,695,000 Sold for $1,480,417

8 FARVIEW ROAD. North Shores, Rehoboth Beach Delaware 5BR/3BA located less than a block from the Beach. MLS# 563884 Asking Price $1,499,000 Sold for $1,335,000

125 HICKMAN STREET Rehoboth Beach Delaware 3BR/2BA. 2 Block to the Ocean. MLS# 568240 Asking Price $999,000 Sold for $900,000

I’ve got a new listing that’s not on the MLS yet.  29 Marshall Road in the community of Old Landing - Rehoboth Beach Delaware.  Direct Bayfront with it’s own 40′ pier ready to accommodate boats up to 30′ long.

At $829,000 this three bedroom ranch is half the price of other homes on the street.  Call me now to be one of the first people in town to view this waterfront retreat.

Mike Brown - 302 258 4368

50 SECOND STREET Rehoboth Beach DE. 4BR/4.5BA new construction 1.5 blocks to the ocean overlooking lake Gerar. MLS# 556584 Asking Price $2,299,000 Sold for $1,950,000

19 FOURTH STREET Rehoboth Beach DE.  “If it’s priced right, it will sell.” UNDER CONTRACT IN JUST 21 DAYS.” 1999 4/BR/2.5BA in North Rehoboth. MLS# 569596 Asking Price $875,000 Sold for $810,000

12 LONDON CIRCLE NORTH Rehoboth Beach Yacht & Country Club. 4BR/3.5BA  built in 1999 MLS#568075 Asking Price $649,000 Sold for $638,000 24 Days till Contract, 83 days till settlement.

Best Deal in Broadkill

I loved this house at $695,000, I thought it was a steal at $599,000.  At $525,000 I called all of my friends to tell them about it and now its hit $475,000

MLS#558063 was built in 2006 and was only used occasionally. The house still smells new.

With an elevator, granite countertops, bamboo floors and stainless steel appliances this house is maxed out with options, add to that the fact that it has views of both the Delaware Bay and Primehook national wildlife refuge and you have almost everything you could want in a beach house.

For more details please click the following link: Broadkill Beach Real Estate

What exactly do I mean by the top ten Coastal Delaware Condos?

Am I talking about the ten nicest condos?
The ten best deals and if so in what price range?
The ten least expensive, the ten nicest mid priced, the ten most expensive?
The ten best views?
The ten best new construction condo communities?

“BEST” is a highly subjective term. What one individual may consider the best another may consider lackluster. In lue of creating 10 different “10 best” lists I will attempt to create a list in ascending order from the lowest priced to the highest priced condos with a few of the “Best” thrown in for different categories such as distance from the ocean, views, and style.

Without additional jibber jabber I present my 10 best list for Coastal Delaware Condos.

1. $169,000 The lowest priced condo in Rehoboth as of this post.  MLS#558840 This is by no means the nicest condo in the area but it is the lowest priced. 2BR/2BA
2. $199,900 The lowest priced 3BR/2BA Condo in Rehoboth.  MLS#568188
3. $279,500 The lowest priced new construction Condo in Rehoboth Beach MLS#567466
4. $279,500 The lowest priced condo less than 1 block from the beach MLS# 565894
5. $299,900 The lowest priced new construction condo less than 1.5 miles from the beach MLS#568898
6. $375,000 Contemporary residential/commercial artist colony 4BR/3BA Lofts MLS#566853
7. $795,000 Spectacular Bay front 5BR Townhouse MLS#569797
8. $1,075,000 Completely renovated fully furnished 2BR/2BA ocean view condo MLS#568975
9. $1,549,000 Ocean front 4 story 4BR/2.5BA end unit sold fully furnished MLS#569908
10. $2,783,000 The most expensive condo/townhouse on the market 5BR/4.5BA 5400SF with views of silver lake as well as the Ocean. MLS# 570029

You may agree or disagree with this top ten list but it includes both the lowest and highest priced condos in Coastal Delaware as well as a few of my personal selections.

The normal disclaimers apply. These prices were current according to the Sussex County Delaware MLS on the day this post was published.  “BEST” is a highly subjective term, I apologize  if your house is currently listed for sale and I did not select it for my top ten list.  This top ten list only included units in Rehoboth, Dewey and Bethany Beach.

Conforming Loans (up to $417,000)
30yr Fixed 5.375% 0 points 5.00% 1 point
15 Yr Fixed Rate 4.875% 0 points 4.50% 1 point
For Condos with less than 25% down payment (or equity if a refi):
30yr Fixed Rate 5.50% 0 points 5.25% 1 point
***We do warrantable and non-warrantable condos***
Long Term Rate Locks Available
Lock your rate for up to 12 months while your new home is being built
FHA primary residence only, 3.5% down payment 30yr fixed
5.25% 0 points 5.00% 1 point
**County Limits for FHA have been raised again**
$375,000 in Sussex County $376,250 in Kent County
Jumbo (loans over $417,000) (3% Seller contribution allowed; 20% down)
30 Yr Fixed 6.625% 0 points 6.00% 1 point
Lot Loans 10% down payment up to $500,000; Payment based on a 20yr fixed
3yr ARM 6.00% w/ 1 point
5yr ARM 6.25% w/ 1 point
no time restrictions to build; fully amortize in 20yrs; loan amounts under $250,000 = 1.5 points
(seller is allowed to pay points)
Manufactured Homes
Must be on it’s own land, double-wide, built after 1978
10yr ARM (rate is fixed for 10 yrs) 5.625% 1.5 Points
25yr fixed rate 6.375% 1.5 points
*** If it is a PRIMARY RESIDENCE: FHA 5.75% 0 points***
USDA Loans NO MONEY DOWN! NO Monthly PMI!
-30yr fixed rate; Must be primary residence
-Single family, condo, new manufactured homes are allowed
-Income limits and debt-to-income ratio limits apply
-Seller may pay closing costs -No money down
5.50% 0 points 5.25% 1 point
Lock your loan with Tidewater Mortgage and receive up to $2000 to apply toward your
settlement costs or rate buy-down! Co-broke transactions included! Call for details; some
restrictions apply.
Rates and programs are subject to change without notice; Based on 06/29/2009 rates
Rates may vary for different property types, lock terms, or credit scores

Woods Cove has been the lowest priced condo community in Rehoboth Beach for the last six months or so and even in a lackluster market they have been selling well. While this community is by no means a walk or even bike ride to the Ocean it is just a short 10 minute drive to either the Rehoboth Beach Boardwalk or Cape Henlopen State Park in Historic Lewes Delaware. With no pool or clubhouse to maintain the Condo fees are also some of the lowest in the area.  If you are looking for the least expensive new construction comunity in Rehoboth look no further, you can search near and far but you will not find a lower price than this.
Prices: Immediate Delivery2BR/2BA 1186 sq ft 1st floor unit 1 car garage enclosed veranda $241,260

3BR/2BA 1694 sf 2nd floor unit 1 car garage granite countertop enclosed veranda $262,916

As always prices are subject to change. These prices were curent the day this post was made (June 18 2009) but this blog article will remain on the website for years.

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Rehoboth Crossing Townhomes,  located just over 1 mile from the Rehoboth Beach Boardwalk has lowered the price on one new construction unit to $289,900 for “This weekend Only”

I’m not a big fan of Sales Gimmicks and “This week only sales” but this is indeed the lowest price Rehoboth Crossing townhomes have ever been offered at.  If they sell one this weekend it may really turn into a “This weekend only” deal but if they don’t I’m sure we can get the same price or better next week.  The only reason to rush is that interest rates have been creeping upward again and we may be at or near the bottom of the market in which case prices may begin to climb and this may indeed be your only chance to pick one of these up at the low price of $289,900

What are they offering?

Beautifully appointed 3 BR, 2-1/2 bath townhome within walking distance to Rehoboth’s shopping, dining and the boardwalk. Granite Countertops, Upgraded Maple Cabinets, Fireplace, G.E. Stainless Steel Appliances, Deck off Master Bedroom and Screened Porch are just a sam­pling of what’s awaiting your arrival.

See other Rehoboth Crossing Townhomes at this link

If you would like to look at these this weekend or in the near future please give me a call at 302 258 4368

16 Wades Court in Canal Corkran,  Rehoboth Beach  was lowered from $1,049,000 to $899,000 today.
This is a 4800 square foot home. You can view some of the details at the following link:
Canal Corkran Short Sale

Please call me for additional information or to set up an appointment to view this home.

302 258 4368

For those of you waiting to see 4% interest rates, it’s not going to happen.  This week rates have climbed back up to the mid 5’s which are still historicaly low.

Immediate delivery on new 2BR/2BA 1st and 2nd floor condos with a garage.

Paynter’s Mill is a residential planned Ocean Atlantic community located on the border of Milton & Lewes Delaware.  Located 5 miles from downtown Lewes, 8 miles from downtown Rehoboth Beach, 4 miles from historic Milton and 4 miles from the Tanger Outlets TAX FREE shopping.  Paynter’s Mill is perfectly located close to all area beaches and attractions yet right outside of the traffic and congestion of Route 1, Coastal Highway.  Paynter’s Mill is a recently completed community and boasts meticulously manicured open spaces with hundreds of trees and several ponds with fountains.  Amenities include a Clubhouse with exercise rooms, gathering space, a 75’ outdoor swimming pool, children’s playground, sand volleyball court, basketball court, tennis, horseshoes, ¼ mile lap track and almost 2 miles of walking/jogging paths complete with exercise stations.  Paynter’s Mill shops are just a stroll away for you to enjoy a meal at The Corner Market Bistro or Kindle Restaurant.  More stores coming soon.

The available  models in Paynters Mill are similar to this one Paynters Mill Condo

1206  2nd Fl 2br/2bth/1car $249,900 reduced to  $234,900 Now $199,900
506    2nd Fl 2br/2bth/1car $265,900 reduced to $249,900 Now $214,900
1102  1st Fl  2Br/2bth/2car $299,900 reduced to $284,900 Now $249,900
504    2nd Fl 2Br/2bth/2car $308,900 reduced to $289,900 Now $249,900
502    1st Fl  2Br/2bth/2car $312,900 reduced to $297,900 Now $259,900
102    1st Fl  2Br/2bth/2car $349,900 reduced to $319,900 Now $279,900

I’ve been playing around with the idea of creating a real estate game called “Which home will sell first”

Over the next week or two I will be working on creating a way for readers to vote on their choices.
What good is a game without a prize? I’ll probably offer gift certificates to local restaurants like Big Fish Grill and the Summerhouse.

I personally believe the following homes will be the next to sell in the following communities:

Holland Glade 5 Glade Farm Drive priced at $439.000

RBYCC 3 Coventry Road priced at $429,000 $399,000 updated July 1st 2009

Holland Glade

I’m a big fan of buying the lowest priced home in a nice community. The Glade,  aka “Holland Glade“  is a incredible Rehoboth Beach community located East of Rt. One and less than a 5 minute drive to the boardwalk.  HOA fees are a little high at $ 1200+- a year but this is a community with nice landscaping, beautiful community pool, playground and  community center.  Currently prices for  homes in the community are as high as $1.9M

Currently (May 28 2009) there are 23 listings for sale in Holland Glade.

Rehoboth Beach Yacht and Country Club

Prices in The Country Club range from a low of $399,900 to over $6 Million.

My choice in the Country Club is  3 Coventry Road at $429,000

Currently (May 28 2009) there are 61 listings for sale in the Rehoboth Beach Yacht and Country Club

MLS# 568500 Asking Price $1,725,000  Sold $1725,000
Beautifully renovated Ocean block home
South Rehoboth
9 Rodney Street
Rehoboth Beach DE

MLS# 556493 Asking Price $1,190,000 Sold $948,333
Waterfront Contemporary Single Family Home
Rehoboth Beach Yacht and Country Club
140 Torquay Court
Rehoboth Beach DE

MLS# 567250 Asking Price $899,900 Sold $900,000
Contemporary Ocean Block Home
South Rehoboth
100 Hickman Street
Rehoboth Beach DE 19971

It’s not often I plug a restaurant on my blog,  but if you are looking for Rehoboth Beach Seafood Restaurants don’t pass up the Big Fish Grill located at 4117 Highway One just south of the Route 1A /Rt 1 interchange.  The Big Fish Grill offers fresh seafood, casual dinning and impeccable servce which has led to numerous “Best Seafood at the Beach” awards from Delaware Today magazine.  I suggest arriving early because there is almost always a long but worthwhile wait to get a table.  Follow them on Twitter to view daily specials and events.

Looking for a Rehoboth Beach Vacation Rental? You may be interested in the Seavoice, a bright and spacious, fully renovated, and newly furnished vacation rental home located just 1/4 block from the beach, boardwalk, nightlife, and amusements. Featuring 11 bedrooms and 10 ½ baths, this seaside retreat can comfortably accommodate up to 30 guests and is the ideal setting for your next large group gathering.  Take a look at http://seavoice.com or call (302) 542-8349 for more information. Tell them Mike sent you.

MLS#561112  Asking Price $1,099,000 Sold $960,000
Waterfront, Cape Cod Style Single Family home
Rehoboth Beach Yacht and Country Club
111 Kingsbridge Road
Rehoboth Beach DE

MLS #553092 Asking Price $1,200,000 Sold $1,000,000
Colonial Brick Home
Henlopen Acres
92 Tidewaters
Rehoboth Beach Delaware

MLS# 558431 Asking Price $1,150,000 Sold $1,050,000
5 Bedroom - 3 car garage Single Family Home
Kings Creek Country Club
7 Wolf Pit Court
Rehoboth Beach DE

The 30 yr fixed rates dropped today to 4.875%
This is based on a 30-45 day lock for a primary or 2nd home.

So what does this really mean for home buyers?

Lets say you are interested in a $375,000 home.

Using a simple mortgage calculator $375,000 with zero down (unrealistic) for 30 years at 5.5% gives you a payment of $2129.21 a month.  If we drop the rate to 4.875% it brings the monthly payment down to $1984.53 a month,  saving you $144.68 monthly, $1736.16 a year or $52,084.80 over the life of the loan.

Realistically, lenders are looking for anywhere between 10% and 20% down on most home loans.

If you are looking for a Mortgage Calculator try out the one on our sister site Delaware Waterfront Homes

Simply enter the the MLS # you are interested in and play around with different rates and down payment amounts.

Delaware has a 3% transfer tax on property purchases. Typically the buyer pays half while the seller picks up the tab for other half.

(**condos with less than 25% down will be higher)

Post on March 19 2009.
If today is not March 19 2009 these rates may no longer apply.

When people think of the beach they rarely think SNOW, but snow is what we had late Sunday night and a good portion of Monday morning in Rehoboth Beach Delaware. From listening to the local radio station I was informed that schools and State Government offices were all closed.  Being from Michigan and having lived in Colorado, Northern California and even Alaska this storm was mild but the locals certainly thought otherwise.  My trusty Jeep and I drove to the office just like every other day only to find a handful of other die-hard Realtors busy at work even though the office was officially closed.  Kim Hamer, Vicki Tull and Justin Healy were just a few of the brave souls who tempted fate on the slippery roads. Snow in Rehoboth is so rare that I took a few photos to prove that it really happened.

Snowy Rehoboth Beach Boardwalk

Ocean Atlantic Sotheby's