Simple Repair #1: Replacing the Front Door

No matter how well you take care of your home, your front door is subject to wear and tear. Whether from regular use or from weather changes, front doors get dinged, dented and faded. Since your front door will be responsible for creating your home’s overall curb appeal and because it will play an important role in making a first impression on potential buyers, you want to be sure it’s a good one. Therefore, it is well worth your investment to replace your front door or to make any necessary repairs to make it look just as good as new. To take it a step further, choose an energy-efficient door to replace your old one. Today’s buyer is always looking for the little extras that will help cut back on energy costs.

Simple Repair #2: Repair Grout and Tile

As a homeowner, it can be easy to look past broken and cracked tile and grout. Yet, when potential buyers come to view your home, this will be one of the first things they notice. Therefore, you should be sure to repair or replace any crack, chipped or discolored grout and tile before you put your home on the market.

Simple Repair #3: Apply Fresh Paint

Over time, paint slowly becomes less vibrant. Furthermore, due to regular wear and tear, certain parts of your interior walls may become chipped or even damaged. You can give the inside of your home a fresh, new look by simply repainting all of the walls before you put your home on the market. When choosing your colors, be sure to select neutral shades that will be likely to appeal to the broadest range of potential buyers.

Simple Repair #4: Repair Household Systems

When looking for a home, buyers want to be confident that all major systems are in proper working order. Furthermore, your home inspection will involve checking on your household systems to ensure they are working properly, so you can save yourself a great deal of hassle down the road if you make any necessary repairs before putting the house on the market. Systems to check for necessary repairs include the electrical, plumbing and HVAC systems.

Simple Repair #5: Replace Bathroom and Kitchen Fixtures

Replacing certain fixtures in your bathroom and kitchen can go a long way toward improving the look of these two important rooms while also increasing the overall appeal of your home. Installing water-efficient faucets, for example, will give both rooms a facelift while also appealing to eco-conscious buyers. Taking this a step further by installing a water-efficient toilet and showerhead in your bathroom will be sure to win over many potential buyers.

About The Author – Kevin Koitz is a Washington DC native and specializes in Bethesda condos as a member of the Koitz Group.

104 Columbia Avenue. Rehoboth Beach DE 19971

3BR/2BA Walking Distance to the Beach and Boardwalk. Sold furnished as seen.

e-mail me for additional photos.  Mike@bwbeach.com

Call me quickly as this one is going to sell before Halloween.
List date 10/04/2011

As of the 10/9/2011 there are already multiple offers on the house.

Mike Brown 302 258 4368

Saturday, September 10 at 1PM

Dewey Beach – 13 Three Bedroom Two Bath Condos

Highlights and Features

▪ Your family weekend retreat or great rental opportunity… Your Choice! ▪ 3 bedroom 2 bath residences just a block to the beach and bay. ▪ Steps away from all of the best spots in Dewey Beach. ▪ Plenty of room for entertaining friends and family. ▪ Care free condo living. ▪ 2 Covered, off street parking spaces included with each residence (4 spaces for unit 107RC).

Call Mike Brown for Details at (302) 258-4368

Sussex County is getting national attention from Extreme Makeover Home Edition (EMHE)! They’ve chosen southern Delaware’s own Schell Brothers Construction to build their next home for a deserving family in our area. The build will begin August 22, and run through August 29, when crowds chant “Move That Bus!” welcoming the family to their new home. Last night, Cape Henlopen High School became the scene of an energizing pep rally featuring cheerleaders, drum lines, EMHE crazed fans, and some of the folks behind the show. But no, Ty Pennington didn’t make an appearance. That won’t happen until next week, when on Tuesday, Ty will surprise one very lucky family with his famous “Gooooooooood Morning,” kicking off the beginning of 4 1/2 days of extreme building. That’s right- only 4 1/2 days. With an army of over 7000 volunteers from around the community, this promises to be one of the most exciting builds yet. Following the pep rally, a benefit concert was offered, with all proceeds from tickets going to help the cause. Guest host Telly Leung, of the hit show, Glee, was on hand to introduce talent from around the area, treating the audience to 4 movements of a ballet, tap and jazz dancers, Broadway singers, piano players, and even a visit from Miss. Delaware. After a finale featuring the Blue Moon’s own Pamala Stanley singing Ain’t No Mountain High Enough, guests were reminded of the fact that although we may face seemingly unsurmountable odds, every one of us has the ability to be a hero, by getting involved in a cause where we can make a difference. Because of Sussex County’s amazing community, a house will be built in 4 1/2 days, and a family that once felt hopeless, will get a new beginning. Be sure to check my blog for pics and behind the scenes footage of the build!

Properties are “On Sale”

Nationwide, housing prices are down 30 percent on average—even down 55 percent in some locales. With the number of foreclosed homes on the market, it’s no longer impossible to find well-priced properties by the beach. Miami—a city known for its great beaches and lively nightlife—has been included in CNN’s top ten cities for home buyers, and it’s no wonder: owning a quaint stucco cottage in this dynamic city now costs less than renting!

Other beach- and bayfront properties are available at very low prices in other beach communities, where they are targeted for “second-homers” and snowbirds who find fine white sand and great beaches irresistible. With a seaside atmosphere as the lure, and great prices as the hook, buyers are falling for beach living, and getting great deals in the process.

Mortgage Rates Are at a Record Low

Aside from low prices, there is another factor which encourages home buying now: interest rates are at a 40-year low. Averaging just shy of 4.3 percent for a 30-year fixed-rate mortgage (as of this writing), the cost of financing a home purchase is much lower now than it was just a few years ago. This means a great deal for middle-income families, who are finding that with low interest rates, the beach home of their dreams is becoming more financially feasible. Rates can’t stay this low forever, so buyers need to hurry to take advantage of this once-in-a-lifetime affordability.

Large Inventory

Would you like a beachfront property in Fort Lauderdale, imagining a leisurely life parasailing or snorkeling right in front of your home? Or perhaps you’d prefer a condo on the coast of California? Prices for condominiums in both of these locations have gone down drastically, and if you pay with cash, you can even get a better deal.

However, once the market goes back up (and some analysts are seeing rising trends), sales volume increases, and at that point inventory levels will come down dramatically. The longer you postpone buying a home, the smaller your choices will become, and your chances of finding an affordable dream home may vanish.

Properties located in cities with warm weather and beaches, like sunny Florida, are bound to appreciate in value in the future, given all the perks that come with them: white sand beaches, temperate climate, and a variety of water sports and other entertainment opportunities. And what sustains the value of these properties also drives their demand, meaning when the market picks up, it will pick up fast. Buyers are sure to swamp these locations when confidence in the marketplace returns, so why not buy low and make the best financial move?

Forces are conspiring to make it easier to own that dream home than its ever been. So take the hint, and check out the prices in your dream beachfront community. You may be pleasantly surprised.

When:  Sunday May 29th at 1:00PM

Where: Windswept Drive, Millsboro Delaware 19966

Three condos will be sold absolute, the other four have minimum starting bids of $90,000 reflecting up to a 75% discount on the original list price.

-No prepayment penalty.

-Refinancing options that allow homeowners to lower their interest rate.

-Services to avoid default and foreclosure.

Much to the surprise of military members, qualifying for a VA loan is easier than qualifying for a conventional loan. VA-certified lenders favor scores of at least 620, but all applicants are encouraged to apply, since it is possible to have a foreclosure or bankruptcy in your past and still qualify.
Those who may be eligible for a Delaware VA loan received a discharge that was not dishonorable and fall under one of the following categories:
-Served for 90 days during wartime and 181 days during peacetime.
-Served in the Reserves or National Guard for at least six years.
-Spouse of a service member who died in the line of duty or because of a service-connected injury.
A Certificate of Eligibility (COE) marks the first step on the path to home ownership via a VA loan in Delaware. The VA and VA-certified lenders have COE forms available. COEs are plain forms that just make sure you meet the initial eligibility requirements.
More information on Delaware VA loans, contact a VA specialist today!

Seal in Rehoboth Beach DE March 31 2011

My family and I live on the water in the community of Seabreeze in Rehoboth Beach overlooking the Rehoboth Bay and Dewey Beach.  Imagine my surprise when I woke up this morning to find a 150+ lb seal on my neighbors jet ski dry dock.  This seal has been here now for two days and I’ve taken dozens of photos and video clips of him/her that you can view on my Facebook profile.

After some quick research online it appears we have an adult Harp Seal.  The research I did said it could be one of three varieties commonly found on the eastern coast of the united states, either Harbor, Grey or Harp.  From browsing 100′s of photos ours appears to look significantly more like a harp seal than a harbor or grey.

Although advertising is an essential key in selling real estate, buying a home is based on local market value. Advertising an overpriced home can and will hurt the homes selling potential. The most important factor in selling a home is pricing it right. It takes experience and work to price a home in a desirable market range.

Will more advertising sell an overpriced house?

When a real estate agent gives a price opinion, that opinion is based on a comparable market value. Homes matching the property’s criteria that are available for sale, and homes that have sold within the past six months are compared to generate a viable price range. This type of comparable is done by banks and financial institutions for appraisal. When buyers are applying for a loan, it doesn’t matter if they want an overpriced home or not. No loan approval means no buyer. Factors included in pricing a home for sale are appraisal value, supply an demand, and economic structure.

Buyers look within these comparable ranges when searching for homes. Supply and demand become a key factor in this situation as well. Even in high demand areas, if a home is overpriced, chances are the buyer and buyer’s agent will not select the property for viewing. When a buyer is house hunting, catching the advertisement will arouse their curiosity. However, after comparing like homes at a lower price, buyers will direct their attention elsewhere.

Economic structure plays an important role in home selling as well. When the market is flooded with foreclosures, homes are price lower to sell quickly. This results in lower home prices for the local market. However, pricing a home strategically lower than market value, will drive more buyer interests and produce higher bids on the property through competition. Also, improvements play a key role in buyer interests as well. Standing out against the competition will attract buyers more efficiently than advertising a less competitive home or fixer upper. In a tough economy, buyers look for move-in-ready homes with little out-of-pocket expense for home repairs.

Overpricing a home generally stigmatizes it, causing the home to remain on the market for long periods of time. This can send a red flag to the buyer as to potential problems with the home/property, giving a negative first impression. Also, reducing the price of the home can make the seller look desperate causing extremely low offers and more firm buyer negotiation. Also, a buyer’s agent generally won’t place an overpriced home on their showing lists to avoid losing credibility with their buyers.

A good first impression in a buyer’s mind results in a positive and quick sale for the home seller. Achieving this first impression not only results in an updated, neat and move-in-ready home, but the homes selling price as well. More advertising on an overpriced home can only lead to leaving more buyers with a negative impression, thus buying elsewhere.

Marc Rasmussen | Michael Saunders and Company | c 941.812.6272 | marc@luxurysarasotarealestate.com | LuxurySarasotaRealEstate.com

Vacation Retreat

With a bit of hard work and some time, it’s possible to make your home not only into a vacation destination, but it could just become quite the home of your dreams. An ordinary and plainly landscaped backyard can be transformed into something quite magical. First of all, one must have a plan. Draw out a plan of your dream of a backyard, a place that is calming and rejuvenating, something to look forward to come home to. Ever thought about adding additional space in your backyard by installing a deck? There are endless choices of materials to choose from for decking. Although it can be pricier, for the long-term, installing decking made out of recyclable composite materials or PVC provides maximum durability and offers the ultimate in maintenance. Tropical hardwoods including mahogany are just as durable but again, the cost of the material is rather high. If the home already has wood decking, then a bit of sprucing up the deck in regards to its care may be in order. If the decking appears dull and perhaps has a bit of mildew growth, then renting a simple pressure washer is a good idea, followed by a sealant or stain if you prefer. This will give the impression and illusion of a brand new deck and will preserve the life of the wood. Be sure to inspect the deck for cracks in the wood, or any wood rot prior to applying sealant or stain.

Another option rather than installing a deck are to lay pavers. Pavers are an excellent alternative, are available in a variety of colors and shapes, and offer a unique type of warmth and hospitality to the home. Pavers are made from an array of material such as concrete, brick, stone, slate and even marble. Before laying pavers, it is important to understand its application, as a strong foundation is essential for a successful installation.

After creating the perfect backyard scape, it’s time to think about applying a bit of personalization through outdoor décor. Think about adding a bit of maintenance-free tropicalia to your little oasis, with Christmas Palms, blooming potted bougainvilleas that frame trellises, scatter pots here and there and fill with a blend of mixed fresh herbs and vibrant flowering perennials. If financially possible, think about purchasing an outdoor living ensemble made from wrought iron or outdoor wicker. Complete the look by accenting with solid-colored cushions and contrasting pillows, or choose fabrics with tropical flair and style, add a market umbrella with a string of outdoor lights, or make the center of your outdoor escape complete with a chiminea, firepit or the charm of an outdoor fireplace.

Now that you have designed and completed the perfect vacation destination, what is the perfect way to celebrate and to share the fruits of your labor with family and friends? The ultimate barbeque, of course. Again, if it’s in the budget, investing in a good barbeque grill is a wise purchase and available in a wide range of pricing from the thirty dollar charcoal grill to a nice gas grill from two-hundred dollars to five-thousand dollars and up for an impressive outdoor grill-kitchen setup. Whatever the budget, adding the ambiance of a grill through sight and smell does wonders.

By creating a vacation retreat right in your own backyard, you create a place of escape and charm, one that is a joy to come home to, and offers a serene and relaxed atmosphere to all who come into its presence. Creating a magical vacation retreat just may make you never want to leave your home again.

Homes for sale in Rehoboth with Vacation Retreat Backyards.

About the Author – Tim Ryan specializes in helping buyers and sellers in Naples Park. To learn more about Naples Park Florida visit Tim’s website.

Funland Rehoboth Beach Delaware

While in Bethany Beach that summer, they visited the park called the ‘Sport Center’ and met the owner Mr. Dentino, in which the Fasnacht family struck up a conversation with about the business with the conversation then taking quite a twist from the ins-and-outs of owning the Sports Park to ‘do you want to buy the business’. Surprised by the possibility and challenges of accepting this new venture, the Fasnacht’s returned home, discussed accepting this offer and shortly thereafter contacted Mr. Dentino and accepted his offer to purchase the park.

The closing date was set for March 15^th, 1962 and as the closing date of the purchase was approaching, so was the immense and devastating Great Atlantic Storm of March 6^th, 1962. After the storm came to pass, both the Fasnacht and Dentino families met at the site, assessed the damages, and an agreement came to pass to work out an allowance for the destruction in which the storm had caused. From that point on the park ‘Funland on the Boardwalk at Rehoboth Beach’ came to pass, and began baby steps in its expansion by adding additional attractions and even purchased along the way additional properties that were closest to the park for their growing family.

Today, Funland on the Boardwalk at Rehoboth Beach has something for the entire family, and is a plethora of fantastic amusement rides framed with spectacularly colored lights, echoing sounds of electric music, awesome games, and the sinister haunted house, ‘The Haunted Mansion’. Rides and games are on a pay-as-you-go basis and include eighteen thrilling rides, thirteen midway games, an electronic shooting gallery, redemption center, arcade with various video games and pinball machines. The Haunted Mansion was added in 1970, and is a terrifically terrifying ride through a maze of horror with ghastly ghouls around each corner, lifeless legs dangling above, a secret passageway, a spooky graveyard with a swarm of giant rabid bats that lunge at every guest with only death on their minds, a three-dimensional head spinning in a box in another room, and more grisly and wickedness that awaits on this ride of terror. This is just a small example of the gloriously frightening moments to experience at ‘The Haunted Mansion’.

In addition to the wondrous amenities and incredible excitement that Funland on the Boardwalk at Rehoboth Beach has to offer, it has been home to the Annual Sandcastle Contest for over thirty-years. August 6^th 2011 marks the thirty-forth Annual Sandcastle Contest that will be held at Fisherman’s Beach at the north end of the Rehoboth Beach Boardwalk. Participants work in teams, for a total of one-hundred teams and include incredibly gifted sand-sculpting artisans who work tirelessly in creating sculptures with themes from sea life to swamp animals.

There is no time better than now than to visit Funland Park on the Boardwalk at Rehoboth Beach as this year it is celebrating its fiftieth-year anniversary. Festivities begin May 14^th 2011 for the event and all amusement rides will be free of charge with guaranteed fun for the entire family.

For its many years in existence, Funland Park on the Boardwalk at Rehoboth Beach has been committed to continue its tradition of old-fashioned carnival ambiance, and is devoted to preserving it as such.

Easily accessible by car, Rehoboth Beach is a popular mid-Atlantic coast resort and is in close proximity to New York, New Jersey, Pennsylvania, Maryland, and the D.C. area.

About the Author: Tim Ryan is a blogger keeping readers updated on the Naples Real Estate . Tim specializes in helping buyers and sellers in the neighborhoods of Naples Park. To learn more about Naples Park Florida visit Tim’s website.

Looking to buy a home that holds value even during one of the most difficult housing markets we’ve ever seen? Waterfront property is the smart choice. But why? Why buy a home on water? What are the advantages to a waterfront home over a landlocked property? These are valid questions and I plan to outline them below.

Why Waterfront Property Is The Smart Choice When Buying A Home

• Limited Availability – Waterfront homes are actually quite common these days, but the availability of that perfect location on a gorgeous piece of land, now that’s something to lust for. If you find a home with the perfect storm of location, development, and tranquil beachfront atmosphere, you better act fast as they don’t last very long in any market.
• Unique Appeal – Who doesn’t want to walk out their backdoor in the hot summer months and hop in the boat tied up to their own private dock? I know I do. Waterfront homes have the added delight of recreation that a landlocked property can’t compete with. Not to mention a property in an ideal location on the water’s edge will hold value better than any other type of property. Thousands of dollars in added value is quite appealing don’t you think?
• Luxurious Lifestyle – Home’s on the water’s edge come with a lifestyle not seen in other property types. Many come with value added amenities creating a high-end lifestyle. Often you’ll find private golf courses, marinas, upscale restaurants, and higher end shopping facilities adding to the value of the area. The immense appeal of a waterfront property makes you feel alive, and that’s a lifestyle anyone can enjoy.
• Fun In The Sun – The best memories come from spending quality time with friends and family. Living on the water provides activities you can share with your loved ones creating those lifelong memories. You can enjoy fishing, boating, swimming, building sand castles, numerous water sports, or just watching the waves roll in. Having a good time refreshes the body and mind rejuvenating the soul, what other type of property can provide such a value?
• Nature At It’s Best – Waterfront homes provide a natural setting unseen with other property types. With lush vegetation, fresh breezes, superb wildlife, and the serenity of the water itself, waterfront homes give access to nature at it’s very finest. Living on a waterfront property allows you to immerse yourself in natures naturally beauty taking you to a simpler life washing away the day to day. Water is at the very core of life; it’s refreshing and a valuable asset to a healthy lifestyle. Buying a waterfront home is an easy choice.

Waterfront communities will always be the best homes in any market. They offer luxury, amenities, and a lifestyle not seen with any other type of property. Owning a home on water brings a number of benefits for both you and your family to enjoy for years to come. You can rest assure, the benefits of waterfront living outweighs the downfalls of the current market, so if you see the perfect waterfront property, don’t hesitate to make it your home.

About the Author – Lisa Udy is a Logan Utah real estate agent specializing in Logan short sales. Visit her website to search homes for sale including Logan bank owned homes.

The positive aspects of actually living on the ocean are numerous. In general, it tends to be a very healthy lifestyle. First, there’s that giant natural swimming pool in the backyard. Water sports like surfing, body boarding, and simple swimming are some of the best full-body, low-impact workouts available. Walking or jogging in the sand naturally enhances our most simple and effective exercise, with amazing results. Geographically being near an ocean generally means easy access to seafood, which is a staple of a healthy diet. Living on the ocean is intellectually stimulating and very relaxing. The ocean serves as a giant movie screen displaying an endless IMAX film about the magnificent and truly awesome power of nature. It is an amazing environment to raise children, constantly engaging them both physically and intellectually. Though medical data may be lacking, no one can deny the benefits to one’s spirit and soul gained from a life on the beach. It’s no accident, according to one resident I spoke with recently, that “all of our neighbors have this happy, relaxed nature about them.” A little unscientific research lead me to a theory that the spiritual connection with water dates back to our early ancestors. Back when large bodies of water represented a lifeline for food and sustenance, the feeling of calm, security, and belonging that seems to come with living near the beach is deeply ingrained within us.

In terms of an investment, real estate near the ocean is a desirable addition to anyone’s portfolio. For all of the reasons listed above, people flock to the ocean, and the demand for a home near the beach is always very high. The age-old philosophy about land, “they’re not making any more of it” specifically applies to beachfront property. One could argue that due to erosion and/or climate change, that beachfront property is in fact diminishing, which naturally pushes up the value of existing ocean real estate. As a rental property, a home on the beach can be a great source of income in which the amount of rent you charge a tenant is limited only by demand, which during the on-season is very high. Beachfront property is generally known as a sound investment.

There are certain negative aspects that come with owning real estate on the ocean, both for investors and full-time residents. Just as the roaring ocean is the biggest draw to living on the beach, it also serves as its greatest threat. Nothing is more powerful than a storm coming in off of the sea. As anyone who has been in such a storm can tell you, it is a truly frightening experience. Immediate threats to one’s safety are the 1st to be concerned with, extremely high winds can wreak havoc on glass windows and weak foundations. If in the worst case scenario, the waters start to rise and flood your home, leave and seek safety immediately. Which leads us to the greatest threat: flooding. As recent current events have demonstrated, our weather and climates appear to be changing at a rapid rate. Personifying the fear of every beachfront property owner, harrowing home videos easily found on the internet have shown us how quickly rising waters can wipe a home completely off of the map. Many people are very uneasy with the thought that they could lose their home in literally the blink of an eye.

It’s not all a rosy picture for investors either. A beachfront property can command top dollar as a rental, but not necessarily year-round. An investor must take into account the seasonal fluctuations of demand. During the off season, there might not be a renter at all, leaving the investor to take care of maintenance and upkeep. If an investor simply assumes that rental property income will be a constant, they are in for a very rude awakening. Ah, the off season, where a beachfront community can seem like a ghost town. Granted some residents absolutely savor the peace and quiet, most consider the general shutdown during the off season a negative. It can be an isolating feeling when a once bustling beach town becomes quite desolate, where even basic local services and amenities can be hard to come by.

For some folks, living on a beach is like heaven on earth. For some investors, a home on the beach can be a cash cow. Drawbacks do exist, and a home by the ocean is not for everyone. However for an active family or a savvy investor, life truly is, a beach!

Dylan Taft is an experienced Hudson Valley real estate professional working in home sales and purchases. Visit Dylan’s professionally optimized website for more information on property taxes, and details on the Ulster County NY real estate area.

3BR / 2.5 BA

Click the link to view additional information: Waterfront Home Millsboro Delaware

Inverted floor plan to take advantage of the spectacular views.  Sunset and Sunrise views included at no additional charge.  Close to boat ramps, golf courses, medical facilities and shopping.

Standard Disclaimer: Blog articles last forever. This information was correct according to data obtained from the Sussex County MLS the day it was post.  November 15 2010

Click for photos and maps
172 East Side Drive

Built in 1996
4BR/3BA
3,983 SF
Situated on two acres.

Was: $2,400,000
Now: $1,595,000

New Delaware Home Sales Price

Why are new construction homes selling for more than the list price? Builders lure you in on a base price model and then charge you more for upgrades.

According to the Sussex County MLS these are the only new construction single family homes to sell this year (Jan 1 2010 – August 24 2010) in Rehoboth Beach Delaware.

Our MLS is slightly flawed and please take these numbers with a grain of salt. According to the Sussex County MLS only 12 Short Sales have made it to settlement this year in all of Sussex County. (Jan 1 – Aug 7 2010)

The Sussex County MLS is  showing 130 current Active/Available Short Sales.

What do we see when we compare Short Sale List Price to Short Sale Sales Price?
We find that the banks are more stingy than private home sellers.

The average private party seller is selling for about 9% below asking price, the banks on average are only taking a little more than 2% off the asking price. Add to that the fact that nearly half of the short sales were at 100% of the asking price and you will see there is significantly more bargaining room when dealing with a private seller.

Sussex County Delaware SOLD Short Sales Jan 1 2010 - Aug 7 2010

From January 1 – August 7 2010 there have been a total of 20 In Town “Walk to the Beach” condos sold.

Lowest sale price $225,000  1BR/1BA in The Ark six blocks to the beach.
Highest sale price $900,000 2BR/2BA 527 North Boardwalk in the Henlopen Hotel with Ocean views.

Average List price = $582,636  Average Sales Price $533,497

Average List to Sell Percentage 91.57%

The lowest list to sell percentage was 78.27%  Which means a buyer got more than 20% off the list price.
The highest was 100% which means the seller did not back down on their list price.

Please do not come to Rehoboth Beach expecting 50% off on your condo purchase because the market is atrocious in Florida. Your average buyer here is getting just over 8% off list price on their condo purchase.

Rehoboth Beach In Town Condo Sales 2010

Data for this chart was pulled from the Sussex County MLS.

This analysis does not include anything but SOLD condos placed in the “IN TOWN” Rehoboth Beach category by Sussex County REALTORS. The number of TOTAL condos sold in Rehoboth Beach Delaware is significantly higher.

Habitat for Humanity Summer Build

As someone who has  experience building homes it was fascinating to see people both young and old with absolutely no experience being as productive as they were.  Small teams of five to eight members consistently banged out one wall after another hour after hour in the hot summer sun.  What started out as large stacks of 2×4 lumber in the morning transformed into a good sized twinhome (duplex) by mid afternoon. You are welcome to view additional photos of the SCAOR Habitat for Humanity Summer Build on my facebook page.

Just as a notice, the owner is ill and wants this condo sold.
He has lowered the listing price to $450,000
The owner bought this unit for $435,000 in 2003.
Appraised for $652,000 10/2008
Not A Short Sale. Wonderful Beach & Boardwalk Views. A Great Beach Getaway.

Yearly Condo Fees = $6474
Yearly City Taxes = $278
Yearly County Tax = $668
Current Summer Rental Income = $19,000

The condo is rented every week until Sept., but can be shown on Saturdays, 10:30 am to 2 pm.

April 26 – May 26 2010.  38 total closed deals.

• Eight land lease mobile homes.
• Five modest ranch homes.
• Three low cost condos.
• Four new construction entry level priced single family homes.
• Six pre-owned single family homes in upscale neighborhoods.
• Three single family homes in South Rehoboth
• Ten in-town properties priced over a million.

Closed deals were typically written up a minimum of a month prior to settlement and many as long as three months ago. Homes currently under contract gives a better picture of current market activity and for the same time period (April 26 – May 26 2010.) there were 102 pending deals written.

Of the pending deals……

• 14 Mobile Homes on leased ground.
• 28 Condos.
• 60 Single Family Homes.

“I am selling my house in Wolfe Pointe: I am willing to firesale the house at this point just to get it sold so I can build a house for my family.  I don’t want to build a new house on our lot until I sell the Wolfe Pointe house. Anyway, here are the details:

· The house appraised for $2.453M in November, 2007 (I can send you a PDF of the appraisal)

· The house is 6,600 heated SF and has 5 bedrooms, 5 full baths, and 2 half baths.

· The house won the Regal award for Best Custom Home over $750,000 and the National Award for Best Interior Merchandizing for a home priced over $2M.

· I had an offer on the house for $1.75M plus two weeks on a 165’ yacht that I didn’t take (yes, I am one of those dumb people who didn’t take their first offer and should have)

· I spent $1.71M on the construction of the house at my direct cost and paid $285k for the lot so I have almost $2M in the house

· The house is being sold with or without the furniture.  It includes all the TVs and media equipment (smart home, home theatre, etc)

· I am asking $1.19M without the furniture and $1.25M with the furniture.

If you have anyone who you think might be interested in my house, please let me know.  Somebody is going to get a good deal because this house can’t be recreated for less than $2M.  Because there are renters in the house, I can only give tours to serious buyers.”

This home is not currently on the MLS and you won’t find it on Realtor.com or many other websites.
Please let me know if you are a “Serious Buyer” and I will be happy to arrange a tour.

302 258 4368 – Mike Brown

Tiny Delaware’s three counties line a sliver of the East Coast from the lower reaches of the Delaware River to the Atlantic Ocean. Sussex County, the one facing the sea, is a mix of farmland and quaint beach towns, where several times each week Barbara and David Patrick walk alongside a saltwater bay for its sights and serenity.

The bay’s inlet is a wintering area for herons and ospreys. “On almost any day in winter, there will be a thousand snow geese flying overhead,” says Mr. Patrick, age 72, who retired here with his wife in 2006.

Beaches, waterways and outdoor recreation have helped make Sussex County one of the most popular retirement destinations in the Northeast. It doesn’t hurt that the area is more affordable than surrounding states (Delaware has no sales tax) and that several major cities (Baltimore, Washington and Philadelphia) are within a two-hour drive, if one needs a cultural fix.

Taking Their Time

There’s also the atmosphere of “slower, lower Delaware.” Since retiring in Sussex County from eastern Pennsylvania last June, Ron and Carol Weber have learned that no one is in much of a hurry.

“The first time I got my hair cut and highlights, it took three hours. Ron almost called the cops,” says Ms. Weber, 59, who found herself being wined and pampered. “They took all the time in the world to make it just right. Most places want to get you out.”

The Delaware shore has long been a magnet for families from the Northeast and Midwest on summer vacation. The state has preserved much of the Sussex County coastline for public use with boardwalks and bike trails. Birding, boating and crabbing, among other activities, have kept several generations of visitors pleasantly occupied.

Now, couples like the Webers, who first came here in summer, are returning in later life as year-round residents. While the county has 25 towns in all, best known are the communities along the 24-mile Atlantic seaboard—from historic Lewes in the north, to artsy Rehoboth Beach, to the quiet resorts of Bethany Beach and Fenwick Island in the south.

Gone are the days when the sleepy beach towns could turn off their traffic lights in the winter. Restaurants that catered to summer tourists are staying open, offering 2-for-1 deals in the winter, much to the delight of retirees. The county also is attracting chains, such as Harris Teeter supermarkets and BJ’s Wholesale Club.

Jay Pastore, 50, of Rehoboth Beach, still sees a lull at his art gallery in the off-season. But there’s enough activity to keep his doors open year-round, especially with events such as the Rehoboth Beach Independent Film Festival each November.

Dr. Pastore left his medical practice in northern Virginia in 2007 to become a beach person and owner of Gallery 50. Since he arrived, six other galleries have opened.

Heading Inland

To find more elbow room, and more housing for their money, more retirees are settling inland.

“The closer you get to the water, the more expensive it is,” says Dottie Wells, branch manager for Long & Foster Real Estate in Bethany Beach. Individual beachfront houses, she says, start at about $1 million.

“Most retirees don’t want to spend that much money to live waterfront.” Just two or three miles off the coast, new homes can be found in the $200,000 range. The growing number of subdivisions has some builders marketing shuttle services to the beach.

Not surprisingly, Sussex County’s popularity is proving to be a mixed blessing. The population, thanks, in part, to the influx of retirees, has jumped 65% since 1990. As a result, the local infrastructure in some cases is struggling to keep pace.

Lewes, settled in 1631 and known as the first town in the first state, recently invested in additional electric lines, a new wastewater-treatment plant and major road projects, says Jim Ford, the town’s mayor. Still, “you can’t just keep paving and paving and widening and widening,” Mr. Ford adds. With that in mind, Lewes—where the average age is 59, and transplants now outnumber natives—is considering “green” options, including a park-and-ride shuttle service, possibly running on natural gas or electricity, that would take people to the beach, shopping, restaurants, museums and other points of interest.

Doctors Wanted

Changes are evident, too, in Beebe Medical Center, also in Lewes. The hospital recently added a wing with more beds and has expanded specialties such as cardiology and orthopedics to serve an older population. A Beebe clinic just opened in Rehoboth Beach, and new facilities are slated for the communities of Millville and Georgetown. But the area is having a problem recruiting primary-care physicians.

“We are short doctors, and we know it,” says Wallace Hudson, vice president of corporate affairs for Beebe. The slower lifestyle that attracts retirees doesn’t necessarily appeal to young doctors, who want shopping, good schools and cultural attractions.

Drew Davis, who retired to South Bethany Beach in 2007 from his job as a lawyer and lobbyist in Washington, acknowledges that there are some things he misses. (Among them: good ethnic food, including Korean barbecue.) But the 63-year-old Mr. Davis, who now works part time at Coastal Kayak as a kayak instructor and guide, says he doesn’t miss the crowds.

“People actually wave at you here,” he says. “They don’t avoid eye contact, like in the city.”

The Patricks, meanwhile, fresh off a walk on the bay, say they chose Sussex County because they wanted to simplify their lives. As a bonus, they add, they have made more friends in the area than they ever did in Silver Spring, Md., where they worked for years. Says Mrs. Patrick: “We are away from our families, so we’ve become our own family.”

Lewes Delaware 6.42 Acre Estate

Nature trails, horses permitted, large pond with a diving board,  man-made creek, fishing and hunting permitted.

In law suite,  stamped concrete patio and private pool, 2nd floor deck with marsh and creek  views.

There’s nothing remotely similar on the market with these views, this much acreage or as many amenities for half the price.

Lewes Delaware Waterfront home

Act quickly because this one won’t be on the market for long!

Priced at $869,900
Extremely low HOA fee of $200 a year.

PROPERTY FEATURES

Canal View
5 Bedrooms
4 1/2 Baths
Living Room & Dining Room
Large Kitchen with Work Station and Adjacent Eating Area for Six
Approximately  3,300 square feet
Gas Fire Place in Living Room
Crown Molding in Living Room, Dining Room and Kitchen
Hard Wood Floors in Living Room, Dining Room and Kitchen
Upgraded Fans in Living Room and Kitchen
Upgraded Brushed Nickel Drawer Pulls in Kitchen
Fans in All Bed Rooms
Upgraded Brushed Nickel Faucets, Fixtures, Hardware and Lighting in Powder Room, Master Bath Room and Kitchen
Upgraded Tile in Front Hall Way, Powder Room and Master Bath
Upgraded Vanities in all Bath Rooms
Karastan Carpet Runner with Plush Pad on Stairs
Plush Upgraded Carpet and Pad
Professional Window Treatments in all Rooms to include Hunter- Douglas Plantation Blinds in two bedrooms and Master Bath
Corian Counters in Kitchen and Master Bed Room
Upgraded Cabinets with Glass Doors in Kitchen
Super Size, 75 Gallon Hot Water Heater in Garage (only unit in Edgewater Park with this feature)
3 Decks off Kitchen and Upper Bed Room
Concrete Patio off Ground Floor Bed Room
Built in Ironing Board in Laundry
Built in Shelves in Garage for Storage
Large owners closet under first floor stairs (only unit in Edgewater Park with this feature)
Coolaroo Sun Shade and fan on the second floor deck
timed light switches at the front door, rear first floor bedroom and on the second floor deck
security/fire detection system & sprinklers
Security film installed on first floor bedroom sliding glass doors.
automatic garage doors

“Don’t think that Zillow.com tells you what your house is really worth. The “Zestimates” on this popular real estate site are based heavily on sales prices of comparable homes. So unless there’s been lots of activity in your ‘hood lately-unlikely these days-the value may not be very accurate. Instead call an appraiser to size up your property in person”

I have also found that Zillow does not seem to take into account the distance to the beach or bay when determining it’s zestimates. In the real world every block closer to the beach a property is can equal hundreds of thousands of dollars of price difference.

That’s it folks, to Qualify you must have a binding sales contract by April 30 2010 and a settlement date no later than June 30 2010!

1.  Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit.

2. What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five years of principal residency for each. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.

4. Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5. What is “modified adjusted gross income”?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine “adjusted gross income” or AGI. AGI is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and the first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.

6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $6,500 are available for some taxpayers whose MAGI exceeds the phaseout limits.

7. Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $235,000. The applicable phaseout to qualify for the tax credit is $225,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $6,500 by 0.5. The result is $3,250.

Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $138,000. The buyer’s income exceeds $125,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $6,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,275.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009?
The previous tax credits applied only to first-time home buyers and were for different amounts of money.

9. How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). Please note that although the Form is titled “First-Time Homebuyer Credit,” this is the correct form for claiming both the $8,000 first-time homebuyer tax credit and $6,500 repeat buyer tax credit.

No other applications are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and repeat home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase. In cases where a HUD-1 form is not used, such as for construction of some new homes, you should attach a copy of the certificate of occupancy in lieu of the HUD-1.

Homebuyers should be sure to read the instructions for the revised IRS Form 5405 to be sure they meet the new program requirements.

10. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please consult with your tax advisor for more information. Also see IRS Form 5405.

11. I read that the tax credit is “refundable.” What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $6,500 home buyer tax credit. As a result, the taxpayer would receive a check for $5,500 ($6,500 minus the $1,000 owed).

12. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be after November 6, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April 30, 2010).

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. To provide proof of purchase, homebuyers must attach a copy of the HUD-1 Form or certificate of occupancy to IRS Form 5405.

13. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with an MRB home buyer program.

14. I am not a U.S. citizen. Can I claim the tax credit?
Perhaps. Anyone who is not a nonresident alien (as defined by the IRS) and who has owned and resided in a principal residence in the United States for at least five consecutive years of the eight years prior to the purchase date can claim the tax credit if they meet the income limits. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. The IRS provides a definition of “nonresident alien” in IRS Publication 519.

15. Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $6,500 in income taxes and who receives an $6,500 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $6,500 in income taxes. If the taxpayer receives a $6,500 deduction, the taxpayer’s tax liability would be reduced by $975 (15 percent of $6,500), or lowered from $6,500 to $5,525.

16. Is there a way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 or 2010 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust the withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 18 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.

17. HUD allows “monetization” of the tax credit. What does that mean?
It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.

Under the guidelines announced by HUD, non-profits and FHA-approved lenders are allowed to give home buyers short-term loans. The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.

Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement.

In addition, approved FHA lenders can purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.

More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.

18. If I’m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year’s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.

19. For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in the present year and a larger credit would be available using the prior year MAGI amounts, then you can choose the year that yields the largest credit amount.

20. How can two unmarried buyers allocate the tax credit if one qualifies for the $8,000 first-time home buyer tax credit and the other qualifies for the $6,500 repeat home buyer credit?
The buyers can allocate the tax credit in any reasonable manner, provided neither claims a tax credit higher than the one they qualify for and the home purchase does not yield a total of more than $8,000 in tax credits. For example, the repeat home buyer could claim $6,500 and the first-time home buyer could claim $1,500. Alternatively, both buyers could claim a $4,000 tax credit.
21. Does a married couple qualify for any home buyer tax credit in the following situation? Spouse A has lived in and owned the same principal residence for at least five years. Spouse B has lived in and owned the same principal residence for less than five years.
In this situation, the couple does not qualify for any home buyer tax credit. Because the couple is married, the law tests the ownership history of both spouses. Spouse A clearly does not qualify for the $8,000 first-time home buyer tax credit, so neither does Spouse B.

Spouse A does appear to qualify for the $6,500 repeat buyer credit, but because Spouse B has not owned and lived in the same principal residence for at least five years, neither of them can claim the repeat home buyer tax credit.

For additional information please see: http://www.federalhousingtaxcredit.com/faq2.php

Mike Brown is not a tax specialist. Please chat with one or and IRS agent for detailed information.