The Delaware Real Estate Market: Realtors Explain Why There’s Never Been a Better Time to Buy



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Realtor Jim Pettit of Wilmington has been here before, on the backside of a slump in home sales. The market was in similar straits when he entered the industry in the late 1980s, shortly after a mid-decade boom had agents “writing contracts on the hoods of their cars.”

Though he just missed the big action back then, he got a taste of it five years ago, when the market had returned to the glory days. “It was as if buyers and sellers could do no wrong,” Pettit says. “The sellers were getting three or four offers over market value. It was crazy.”

But after three or four years of hyperactivity and a period of owners seeing their investment appreciate at about 3 percent per year, the market crashed. It hasn’t recovered yet, but after more than three years, some signs indicate that a recovery may be on the way.

“The good news is that buyers have come back,” Pettit says. “They’re not buying over value, but at least their mental state is a bit better, more upbeat. And mortgage rates are the best they’ve ever been in our lifetime. We’re hoping that this year, we’ll have a nice spring market.”

So how do things stand, exactly? First of all, a caveat: No one wants to predict when prices will rise to past peaks. There are simply too many factors in play, many of them out of anyone’s control (except possibly lenders that are sitting on foreclosed properties).

Second, no one agrees on where, precisely, values stand. Though Pettit says they’ve recovered to 2006-2007 levels after three years of “bumping along the bottom,” Steven Sachs of Appraisal Access in Wilmington puts them at 2003 levels, saying, “We haven’t seen the bottom yet.”

View No. 3 is that of Buddy West of the The West Team at Emory Hill Residential Real Estate. “If you’re still waiting for the bottom, he says, “you’ve missed it.”

It was the domino effect of easy financing enabling buyers to pay more than market value a few years ago, which drove up appraisals until the mortgage crisis and stock market crash caused real estate sales to free fall. Job losses—locally caused by the loss of big employers like MBNA America, Chrysler and GM, and layoffs at AstraZeneca—meant record foreclosure rates, creating a huge inventory of housing. With lenders making it harder to qualify for mortgages, that inventory has been slow to move, despite the record-low finance rates.

“I have two analogies,” says West. “The market is like a bathtub. The drain is open, so water is running out, but the spigot is open, too. So while houses sell, new ones are coming on the market as owners continue to default. The absorption rate isn’t changing.”

Analogy No. 2: “The 3.8 percent mortgage rate is the lowest ever,” West says, “but trying to buy is like going to the butcher who advertises filet mignon for 10 cents a pound. Then you go to him and say, “I’d like some of that filet,” he tells you, ‘We don’t have any.’”

That said, West’s group saw an increase in closed deals in December, thanks to increased consumer confidence. Pettit also reports a turnaround. Buyers are so upbeat, in fact, Eddie Riggin of The Riggin Group in Newark has had multiple offers on several well-priced properties. In 2011, sales for his office were up 36 percent from 2010. What’s more, the inventory of homes in New Castle County decreased from 3,700 in June to 2,800 by year’s end— a big drop.

And that’s good news for sellers. Further reductions in inventory mean positive effects on prices for sellers. (A five- to six-month inventory keeps prices stable. A smaller inventory means prices will rise.) Riggin points out that 28 percent more homes sold in 2011 than during 2010 in New Castle County. That’s well above the national figure of 18.6 percent for the same period. Another 20 percent increase is predicted for the nation in 2012.

Though West cautions that sellers have to be realistic about pricing—5 percent below market is “effective,” he says—there are people who want to buy. Those who qualify have never had such favorable conditions. Especially at the beach. “There are some really good deals,” says Jeffrey Fowler of The Jeffrey Fowler Group. Homes that were selling in the $500,000 range are going in the mid-threes.

A buyers’ market eventually translates to a sellers’ market as inventory dwindles.  “It’s not all about the money,” Pettit says. Buying real estate is a good thing to do, but there are better investment vehicles. So when buying your home, don’t think of it as an investment. Think of it as the place where you’ll be happy to live for years to come. 

—Mark Nardone

 

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April 2018

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Telephone: 302-656-6466
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Sponsor: Cordrey Companies
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Telephone: 302-656-6466
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Cost: Included with general admission ($5-20)

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Sponsor: Winterthur Museum, Garden & Library
Telephone: 800.448.3883
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Telephone: 800-448-3883
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Cost: $15 adults; $10 UD faculty/staff/alumni & seniors; $5 students

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30366 Cordrey Rd.
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View map »


Sponsor: Cordrey Companies
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Cost: Free!

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820 N. French St.
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View map »


Sponsor: Delaware Division of the Arts
Telephone: 302-577-8278
Contact Name: Roxanne Stanulis
Website »

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Cost: free

Where:
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Telephone: 302-654-8638
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More information

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Cost: FREE

Where:
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200 South Madison Street
Wilmington, DE  19801
View map »


Telephone: 302-656-6466
Website »

More information

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Cost: FREE

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The Delaware Contemporary
200 South Madison Street
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Telephone: 302-656-6466
Website »

More information

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Cost: FREE

Where:
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Telephone: 302-656-6466
Website »

More information

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Cost: FREE

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The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
View map »


Telephone: 302-656-6466
Website »

More information

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Cost: FREE

Where:
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200 South Madison Street
Wilmington, DE  19801
View map »


Telephone: 302-656-6466
Website »

More information

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Cost: Free with Museum admission

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View map »


Website »

More information

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Cost: FREE

Where:
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200 South Madison Street
Wilmington, DE  19801
View map »


Telephone: 302-656-6466
Website »

More information

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Cost: Included with general admission ($5-20)

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View map »


Sponsor: Winterthur Museum, Garden & Library
Telephone: 800.448.3883
Contact Name: Information and Tours
Website »

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5105 Kennett Pike
Wilmington, DE  19807
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Telephone: 180-044-83883
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Telephone: 302-656-6466
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Cost: Free

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Telephone: 302.368.2984
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Website »

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Tuesday, April 24, 8:00 p.m., part 1 Wednesday, April 25, 8:00 p.m., part 2 Gore Recital Hall   Performing the complete Bach Cello suites is an epic milestone in the artistic life of a...

Cost: $15 adults; $10 UD faculty/staff/alumni & seniors; $5 students

Where:
Gore Recital Hall
110 Orchard Rd
Newark, DE  19716
View map »


Sponsor: University of Delaware Department of Music
Telephone: 130-283-12578
Contact Name: Megan Everhart
Website »

More information

Show More...
Show Less...

East Coast Garden Center presents: The Spring Festival!  We love celebrating the Spring season, and we invite you to join us! The weather warms, plants break dormancy, and Sussex County becomes...

Cost: free

Where:
East Coast Garden Center
30366 Cordrey Rd.
Millsboro, DE  19966
View map »


Sponsor: Cordrey Companies
Telephone: (302)945-3489
Contact Name: Christine Justice
Website »

More information

Living in Mythology, an exhibition of paintings and works on paper by Jean Diver, will be on view in the Mezzanine Gallery from April 6-27, 2018. A free opening reception to meet the artist will be...

Cost: Free!

Where:
Mezzanine Gallery
Carvel State Office Building, 2nd Floor
820 N. French St.
Wilmington, DE  19801
View map »


Sponsor: Delaware Division of the Arts
Telephone: 302-577-8278
Contact Name: Roxanne Stanulis
Website »

More information

Rosemary Castiglioni – Still lifes and interiors painted with a subtle palette; Jim Gears – Vibrant, impressionistic landscapes in oil applied with a palette knife; Richard Hoff – Detailed...

Cost: free

Where:
The Station Gallery
3922 Kennett Pike
Greenville, DE  19807
View map »


Telephone: 302-654-8638
Website »

More information

Try practicing yoga in a beautiful garden setting, strengthening your body and spirit. Our yoga class is open to all levels. We will practice slow, easy motions to get into the rhythm of nature....

Cost: $10

Where:
Winterthur Museum, Garden & Library
5105 Kennett Pike
Wilmington, DE  19807
View map »


Sponsor: Winterthur Museum, Garden & Library
Telephone: 800-448-3883
Contact Name: Information and Tours
Website »

More information

GUARDIANS OF THE IMAGE MAKER Group Exhibition & Programs Commemorating The 1968 Riots April 6 - June 29, 2018 Opening reception: Friday, April 6, 2018                      5 - 9 PM...

Cost: FREE

Where:
The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
View map »


Telephone: 302-656-6466
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A needle's eye in a pond, a Greek temple in the garden, an Ottoman tent sitting on a hill—these are just a few of the inspirations for our upcoming, first-ever outdoor exhibition Follies:...

Cost: Included with general admission ($5-20)

Where:
Winterthur Museum, Garden & Library
5105 Kennett Pike
Wilmington, DE  19807
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Sponsor: Winterthur Museum, Garden & Library
Telephone: 800.448.3883
Contact Name: Information and Tours
Website »

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This community-curated exhibition brings together three painters—Alan Soffer, Brian Dickerson, and Moe Brooker—who are attuned to harmonies and contrasts in abstract forms. Each artist...

Cost: Free with Museum admission

Where:
Delaware Art Museum
2301 Kentmere Parkway
Wilmington, DE  19806
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THE FIGURE: THE INDICATIVE AND THE ALLUSIVE Group Exhibition  April 1 - August 26, 2018 Opening Reception: Friday, April 6, 2018 | 5 - 9 PM during Art Loop with Panel Discussion: 6 - 7 PM...

Cost: FREE

Where:
The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
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Telephone: 302-656-6466
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TRANSIT by Maryanne Pollock January 27 - April 26, 2018Opening Reception: Friday, February 2, 2018 | 5 - 9 PM during Art Loop On Art:  Wednesday, February 21, 2018 | 5:25 - 6 PM Maryanne...

Cost: FREE

Where:
The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
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Telephone: 302-656-6466
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THE UNIVERSITY OF DELAWARE LYNN HERRICK SHARP AWARD EXHIBITION A Group Exhibition March 31 - April 26, 2018 OPENING RECEPTION: Friday, April 6, 2018, 5 - 9 PM during Art Loop The Delaware...

Cost: FREE

Where:
The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
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Telephone: 302-656-6466
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THE UNIVERSITY OF DELAWARE ALUMNI INVITATIONAL A Group Exhibition March 31 - April 26, 2018 OPENING RECEPTION: Friday, April 6, 2018, 5 - 9 PM during Art Loop, Artist talk at 7:30 PM The...

Cost: FREE

Where:
The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
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Telephone: 302-656-6466
Website »

More information

THE UNIVERSITY OF DELAWARE LYNN HERRICK SHARP AWARD EXHIBITION A Group Exhibition March 31 - April 26, 2018 OPENING RECEPTION: Friday, April 6, 2018, 5 - 9 PM during Art Loop The Delaware...

Cost: FREE

Where:
The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
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Telephone: 302-656-6466
Website »

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Thursday, April 26, 8:00 p.m. Gore Recital Hall David Rose was born in Regina, Saskatchewan and there began his early musical education and violin study. At the suggestion of his first teacher,...

Cost: $15 adults; $10 UD faculty/staff/alumni & seniors; $5 students

Where:
Gore Recital Hall
110 Orchard Rd
Newark, DE  19716
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Sponsor: University of Delaware Department of Music
Telephone: 130-283-12578
Contact Name: Megan Everhart
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East Coast Garden Center presents: The Spring Festival!  We love celebrating the Spring season, and we invite you to join us! The weather warms, plants break dormancy, and Sussex County becomes...

Cost: free

Where:
East Coast Garden Center
30366 Cordrey Rd.
Millsboro, DE  19966
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Sponsor: Cordrey Companies
Telephone: (302)945-3489
Contact Name: Christine Justice
Website »

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Living in Mythology, an exhibition of paintings and works on paper by Jean Diver, will be on view in the Mezzanine Gallery from April 6-27, 2018. A free opening reception to meet the artist will be...

Cost: Free!

Where:
Mezzanine Gallery
Carvel State Office Building, 2nd Floor
820 N. French St.
Wilmington, DE  19801
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Sponsor: Delaware Division of the Arts
Telephone: 302-577-8278
Contact Name: Roxanne Stanulis
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Rosemary Castiglioni – Still lifes and interiors painted with a subtle palette; Jim Gears – Vibrant, impressionistic landscapes in oil applied with a palette knife; Richard Hoff – Detailed...

Cost: free

Where:
The Station Gallery
3922 Kennett Pike
Greenville, DE  19807
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Telephone: 302-654-8638
Website »

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GUARDIANS OF THE IMAGE MAKER Group Exhibition & Programs Commemorating The 1968 Riots April 6 - June 29, 2018 Opening reception: Friday, April 6, 2018                      5 - 9 PM...

Cost: FREE

Where:
The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
View map »


Telephone: 302-656-6466
Website »

More information

THE FIGURE: THE INDICATIVE AND THE ALLUSIVE Group Exhibition  April 1 - August 26, 2018 Opening Reception: Friday, April 6, 2018 | 5 - 9 PM during Art Loop with Panel Discussion: 6 - 7 PM...

Cost: FREE

Where:
The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
View map »


Telephone: 302-656-6466
Website »

More information

A needle's eye in a pond, a Greek temple in the garden, an Ottoman tent sitting on a hill—these are just a few of the inspirations for our upcoming, first-ever outdoor exhibition Follies:...

Cost: Included with general admission ($5-20)

Where:
Winterthur Museum, Garden & Library
5105 Kennett Pike
Wilmington, DE  19807
View map »


Sponsor: Winterthur Museum, Garden & Library
Telephone: 800.448.3883
Contact Name: Information and Tours
Website »

More information

This community-curated exhibition brings together three painters—Alan Soffer, Brian Dickerson, and Moe Brooker—who are attuned to harmonies and contrasts in abstract forms. Each artist...

Cost: Free with Museum admission

Where:
Delaware Art Museum
2301 Kentmere Parkway
Wilmington, DE  19806
View map »


Website »

More information

Glory of Stories introduces young visitors to art and the Museum through a story reading followed by an interactive tour of relevant works of art and a studio art project. This program encourages...

Cost: Free to Members, $5 per child and one adult free for Non-Members

Where:
Delaware Art Museum
2301 Kentmere Parkway
Wilmington, DE  19806
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More information

Calling all Doodles!  Pack up your owners and head for Dewey Delaware for the Annual DoodlesinDewey ~ a fun filled time on the beach at a low-key "funraiser" for Food&Friends, a DC based...

Cost: $10-25 suggested

Where:
Dewey Beach
Saulsbury St
Dewey Beach, DE  19971
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Sponsor: Food&Friends
Telephone: 301.467.5523
Contact Name: Amy Scott
Website »

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Meeting every Friday, Bayhealth Kent General Hospital, 640 s. State Street, Dover, 7:30 pm., Private Dining Room #3 in the basement. For those who have, or think they may have a gambling problem....

Cost: 0.00

Where:
Bayhealth Kent General Hospital
640 S. State Street
Private Dining Room #3
Dover, DE  19901
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Telephone: 800-855-2CALLGA
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Our thoughts and our stage turn to music, mayhem and marriage with the multi-Tony nominated "The Wedding Singer". Shows are at 8pm on April 27 and 28, and May 4 and 5.  There are 2pm...

Cost: $12-$20

Where:
Wilmington Drama League
10 West Lea Blvd.
Wilmington, DE  19802
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Sponsor: Wilmington Drama League
Telephone: 302-764-1172
Website »

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Night Ranger, the band that invented the power ballad of the 1980s, brings its classic sound to the SugarHouse Casino Event Center on Friday, April 27, at 9 p.m. Tickets for the band’s 35th...

Cost: $29-49

Where:
SugarHouse Casino
1001 N. Delaware Ave
Philadelphia, PA  19125
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East Coast Garden Center presents: The Spring Festival!  We love celebrating the Spring season, and we invite you to join us! The weather warms, plants break dormancy, and Sussex County becomes...

Cost: free

Where:
East Coast Garden Center
30366 Cordrey Rd.
Millsboro, DE  19966
View map »


Sponsor: Cordrey Companies
Telephone: (302)945-3489
Contact Name: Christine Justice
Website »

More information

Rosemary Castiglioni – Still lifes and interiors painted with a subtle palette; Jim Gears – Vibrant, impressionistic landscapes in oil applied with a palette knife; Richard Hoff – Detailed...

Cost: free

Where:
The Station Gallery
3922 Kennett Pike
Greenville, DE  19807
View map »


Telephone: 302-654-8638
Website »

More information

Girl Scout Junior Not just a pretty face! With the Winterthur Garden as a laboratory, earn the Flowers badge while discovering how flowers function and recording your experience in a garden...

Cost: $12

Where:
Winterthur Museum, Garden & Library
5105 Kennett Pike
Wilmington , DE  19807
View map »


Sponsor: Winterthur Museum, Garden & Library
Telephone: 800.448.3883
Contact Name: Information & Tours
Website »

More information

THE FIGURE: THE INDICATIVE AND THE ALLUSIVE Group Exhibition  April 1 - August 26, 2018 Opening Reception: Friday, April 6, 2018 | 5 - 9 PM during Art Loop with Panel Discussion: 6 - 7 PM...

Cost: FREE

Where:
The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
View map »


Telephone: 302-656-6466
Website »

More information

Water is Life Kenya is hosting its annual Water Walk fundraiser Saturday, April 28th at the Newark Reservoir. Funds raised will help complete Water is Life Kenya's clean water project in Kuku, a...

Cost: 10.00-25.00

Where:
Newark Reservoir
Old Paper Mill Road
Newark, DE  19711
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Sponsor: Water is Life Kenya
Telephone: (302) 894-7335
Contact Name: Colleen Leithren
Website »

More information

GUARDIANS OF THE IMAGE MAKER Group Exhibition & Programs Commemorating The 1968 Riots April 6 - June 29, 2018 Opening reception: Friday, April 6, 2018                      5 - 9 PM...

Cost: FREE

Where:
The Delaware Contemporary
200 South Madison Street
Wilmington, DE  19801
View map »


Telephone: 302-656-6466
Website »

More information

A needle's eye in a pond, a Greek temple in the garden, an Ottoman tent sitting on a hill—these are just a few of the inspirations for our upcoming, first-ever outdoor exhibition Follies:...

Cost: Included with general admission ($5-20)

Where:
Winterthur Museum, Garden & Library
5105 Kennett Pike
Wilmington, DE  19807
View map »


Sponsor: Winterthur Museum, Garden & Library
Telephone: 800.448.3883
Contact Name: Information and Tours
Website »

More information

Maker Fest Enjoy a family-friendly festival of invention, creativity, and resourcefulness, and a celebration of the Maker movement. This event features demonstrations from area makers showcasing...

Cost: Admission is $10 for Adults, $5 for Hagley Members and Youth 6-18; under 6 free

Where:
Hagley Museum
201 Hagley Creek Road
Wilmington, DE  19807
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Sponsor: Hagley Museum & Library
Telephone: (302) 65802400 x 238
Contact Name: Jessica Eisenbrey
Website »

More information

This community-curated exhibition brings together three painters—Alan Soffer, Brian Dickerson, and Moe Brooker—who are attuned to harmonies and contrasts in abstract forms. Each artist...

Cost: Free with Museum admission

Where:
Delaware Art Museum
2301 Kentmere Parkway
Wilmington, DE  19806
View map »


Website »

More information

Girl Scout Daisy Take a step on your Flower Garden journey during this fun-filled exploration of the Winterthur garden. $10 per girl.

Cost: $10

Where:
Winterthur Museum, Garden & Library
5105 Kennett Pike
Wilmington, DE  19807
View map »


Sponsor: Winterthur Museum, Garden & Library
Telephone: 180-044-83883
Contact Name: Information & Tours
Website »

More information

Discover the thrill of printmaking inspired by nature. Using spring plants and simple materials, students will explore the possibilities of organic and geometric compositions with layered shapes...

Cost: $80 Members, $100 Non-Members

Where:
Delaware Art Museum
2301 Kentmere Parkway
Wilmington, DE  19806
View map »


Website »

More information

Calling all Doodles!  Pack up your owners and head for Dewey Delaware for the Annual DoodlesinDewey ~ a fun filled time on the beach at a low-key "funraiser" for Food&Friends, a DC based...

Cost: $10-25 suggested

Where:
Dewey Beach
Saulsbury St
Dewey Beach, DE  19971
View map »


Sponsor: Food&Friends
Telephone: 301.467.5523
Contact Name: Amy Scott
Website »

More information

Saturday, April 28, 2018 6:00 pm – 10:00 pm Wilmington Country Club 4825 Kennett Pike Wilmington, DE   Guests will enjoy a four course seated dinner prepared by award-winning chefs...

Cost: Call for sponsor opportunities.

Where:
Wilmington Country Club
4825 Kennett Pike
Wilmington , DE  19807
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Sponsor: Meals On Wheels Delaware
Telephone: 302-656-6451
Contact Name: Jennifer Halliday

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38th Annual Rare Plant Auction® at Longwood Gardens A benefit that enriches urban neighborhoods through the power of plants. Join us at the 38th Annual Rare Plant Auction® on Saturday, April...

Cost: $125-$600

Where:
Longwood Garden
1001 Longwood Road
Kennett Square, PA  19348
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Sponsor: Delaware Center for Horticulture
Telephone: (302) 658-6262
Contact Name: Lenny Wilson
Website »

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Clark Wilson from East Liverpool, Ohio, is a favorite and master with silent films.  He is the house organist at the Ohio Theater and has recently been appointed to the Music Department staff of...

Cost: $20 Adults, $10 Students, Groups Call 302-995-2603

Where:
John Dickinson High School
1801 Milltown Road
Wilmington, DE  19808
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Sponsor: Dickinson Theatre Organ Society
Telephone: 302-995-2603
Contact Name: Bob Dilworth
Website »

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Saturday, April 28, 8:00 p.m. Loudis Recital Hall Cap off the day-long Steel Band Festival (in Puglisi Orchestra Hall beginning at noon) with the featured festival concert.   There is no...

Cost: Free

Where:
Loudis Recital Hall
110 Orchard Rd
Newark, DE  19716
View map »


Sponsor: University of Delaware Department of Music
Telephone: 130-283-12578
Contact Name: Megan Everhart
Website »

More information

Our thoughts and our stage turn to music, mayhem and marriage with the multi-Tony nominated "The Wedding Singer". Shows are at 8pm on April 27 and 28, and May 4 and 5.  There are 2pm...

Cost: $12-$20

Where:
Wilmington Drama League
10 West Lea Blvd.
Wilmington, DE  19802
View map »


Sponsor: Wilmington Drama League
Telephone: 302-764-1172
Website »

More information

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