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

For those of you who don’t know, when I’m not busy selling real estate I’m busy building websites for other real estate professionals.  SVNDELMARVA is our latest project.  Sperry Van Ness Commercial Real Estate is coming to town and I’ve got to have their new website ready for the grand opening in just 4 days.  Preview our progress at svndelmarva.com

Here we have a video of sunrise over the Delaware Bay taken from the townhome community “Port Lewes”

The bay front townhouse community of Port Lewes features 120 three story units with 3 bedrooms and 2 1/2 baths. The community is a short walk from both Cape Henlopen State Park and Lewes public beach. Port Lewes amenities include a private beach, small boat storage area, fishing pier, tennis courts, and a community pool. Parking space for two cars is located below each unit. Most of the homes have an outdoor shower and decks on both the front and back of the unit.

Prices traditionally range from the mid $500,000’s – $900,000 depending on the views.

Give me a call if you would like to see any of the available units in person.

Mike Brown 302 258 4368

Realtors are always saying “the time to buy is now”

Well, this time it may actually be true. This is  honestly an incredible price.

Originally settled for $592,000 in 2005 – NOW LISTED AT $399,000 for a 30 day settlement.

MLS #564000  Click this link to learn more about The Peninsula

This is not my listing but it is a pehenominal deal.

Offer is subject to 3rd party approval.

UPDATE: They have wiped it out of the new bill, this will not be part of the bill.

Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15,000 tax credit to defray the cost of buying a home, these officials said.
The Senate today approved an $838 billion economic stimulus bill that includes a $15,000 homebuyer tax credit, just hours after President Barack Obama’s new Treasury secretary unveiled a multitrillion-dollar financial stability plan that includes $50 billion for foreclosure prevention programs.

A $15,000 homebuyer tax credit, higher loan limits for Fannie Mae, Freddie Mac and FHA, and government spending to lower mortgage rates are all in play as Congress and the Obama administration near agreement on an economic stimulus bill and financial stability plan for banks.

The Senate today approved an $838 billion economic stimulus bill that includes a $15,000 homebuyer tax credit, just hours after President Barack Obama’s new Treasury secretary unveiled a multitrillion-dollar financial stability plan that includes $50 billion for foreclosure prevention programs.

The financial stability plan may also lead to an expansion of existing efforts by the Federal Reserve to drive down mortgage interest rates by buying mortgage-backed securities and debt issued by Fannie Mae, Freddie Mac and Ginnie Mae.

The version of the economic stimulus bill passed by the Senate in a 61-37 vote relies less on government spending and more on tax cuts to kick-start the economy than the version passed by the House Jan. 28 (see story). Only two Republicans voted for the bill in the Senate — Sen. Arlen Specter of Pennsylvania and Maine’s Olympia Snowe — and all 37 “no” votes were cast by members of the Grand Old Party.

Differences between the two versions of H.R. 1, the American Recovery and Reinvestment Act of 2009, must now be ironed out in a conference committee.

The House version of the bill would restore the upper limits for Fannie Mae, Freddie Mac and FHA loan guarantee programs to $729,750 in high-cost housing markets, where they stood for much of 2008 before being reduced to $625,500 — a step endorsed by many real estate industry groups.

The House version of H.R. 1 also contains another provision backed by the housing industry — elimination of the repayment requirement on an existing $7,500 tax credit for first-time homebuyers that is scheduled to sunset on July 1. But the Senate version of H.R. 1 would go farther, increasing the tax credit to $15,000 and allowing all homebuyers purchasing a principal residence within a year of the bill’s enactment to claim it on their 2008 or 2009 returns.

The National Association of Home Builders welcomed the Senate’s move, saying a $15,000 tax break for all homebuyers could generate nearly 500,000 home sales and create more than 255,000 jobs.

See the entire story HERE

My wife and I were extremely busy with buyers this weekend.  For us Saturday & Sunday resulted in four offers being written and as of today (Tuesday) two ratified contracts and possibly another two before the week is over.  We even encountered a bidding war on a home that has been on the market for over a year.  Hallelujah! The local market is picking up again and I won’t have to sell my Grandmother to the highest bidder on Ebay in order to pay the electric bill.

Village of Cinderberry Clubhouse

While  I was out showing homes on  Saturday I discovered a hidden gem located in the center of Georgetown. True, the location is a good half hour drive from the boardwalk but at this distance from the beach you don’t have to worry about tidal waves.  The name of the community is the Village of Cinderberry The Village of Cinderberry is a 50 and over community of approximately 170 homes and as of this writing (Feb 10 2009) about 80% occupied.  New construction homes are still available but if you are looking for the real bargains take a look at the re-sales. The median re-sale price in the community is $244,900 but currently the  least expensive home is  a real steal at $176,900.  6 Bayberry Street is a 1425 SF 2BR/2BA home with a single car garage in a beautifully maintained 50+ adult community with a very nice community center featuring an indoor pool, athletic center and huge auditorium for community events.  Pre-owned three bedroom models are available with asking prices starting around $234,900 Yard maintenance, community center upkeep, cable tv and internet service are all covered under the HOA fees.
For questions about this active adult community please contact me at 302 258 4368.

Dad always said “If it sounds too good to be true – it probably is.”

This old saying certainly applies to many of the Properties in Dewey Beach.  During the summer months I receive almost a call a day about the $200,000 homes located just a block or two from the Ocean in Dewey.  While it’s true that you can find a handful of homes and townhomes in this price range in Dewey Beach on my website, very few visitors read the fine print which often states “These are not fee simple properties”.  Because these properties are not fee simple the owner of the structure is usually not the owner of the land below the structure. Many of these properties only have a small amount of time left on their original leases.  If a property mentions “Rehoboth by the Sea” and is priced much lower than the other properties in town there is a good chance it is on leased land and may only have a short amount of time left on its lease. This may be a buyers market but I have not yet seen any ocean block properties priced under $300,000. There are always exceptions to every rule but if it looks too good to be true it probably is.

On February first 2009 the 18th annual Polar Bear Plunge held to benefit Delaware Special Olympics went off without a hitch. I’m not sure what the official count was but there were thousands of people in attendance and hundreds if not more “Plungers”

The water temperature was a chilly 37 degrees while the air temp was only slightly warmer at 55 degrees.

The State Governor and Miss Delaware were in attendance.

This year’s plunge raised $490,000

Why it’s called the Lewes Polar Bear Plunge but held in Rehoboth is a mystery to me but I’m sure there is a reason for it.

The Lewes Fire/Rescue team put on a great show with their water cannons and kept an eye out for  swimmers who could be overcome by the surf or the cold temperatures.  I saw at least two members of the fire /rescue team in dry suits monitoring the plungers activities from the frigid waters.

I personally shot an hour of video footage of the event that I will post as soon as I find time to edit it and I’ve got hundreds of photos  that I will be uploading to flickr.

Average sales price of single family homes in Rehoboth Beach from 2006 – 2008

This chart shows the number of single family homes sold in Rehoboth Beach Delaware by month for 2006, 2007 and 2008.

Welcome to the NEW BWBEACH.com

Bwbeach.com had been around for an eternity in web years and the site was really showing it’s age. It was time for a complete makeover….

I originally built the site with Microsoft Front Page back in 2004.
More info to come soon…