And If You Buy Before Midnight…

It was a great time to purchase a home at the beach three months ago. If you were looking then, it’s time to act now—before the ship sails.



Waterfront properties such as this one in Fenwick Island remain desirable because there are a limited number of them. Photograph by Steven BillupsLet’s face it. Nobody wants to predict what the  real estate market is going to do in the coming months. It’s been a roller coaster ride for sellers and buyers alike, and it’s probably not over yet.
But when it comes to coastal properties, many indicators show we may already be knee deep in an incoming tide of opportunity.
“It’s always a good time to buy at the beach,” says Sussex County Association of Realtors executive vice president Ruth Briggs King. “And because you have limited waterfront land, properties there today may not be there a year or two from now.”
Though home sales are slowing because of lenders’ increased scrutiny, people are still buying.
“There is activity out there,” King reports. “One of our lenders in the area tells me there’s still quite a few people with the money to invest in real estate. Interest rates are still very low, and the population buying at the beach doesn’t have the predatory lending issues other buyers do. The problem is a general economic confidence issue.”
National Association of Realtors figures for the first quarter of 2008 showed that, though sales of existing homes were slipping nationally, sales were rising in the Northeast. And, surprisingly, existing home prices were 4.6 percent higher in the Northeast than they were at the same time last year.
Locally, figures from city-data.com showed first quarter sales in Rehoboth Beach sharply down from last year. But median home prices jumped from an average of $400,000 to nearly $600,000 in the first three months of 2008. So though buying has slowed, home values have increased.
King says in areas such Lewes, Rehoboth Beach and Bethany Beach, existing homes still settle for 90 percent to 95 percent of their asking prices. The issue is lack of buyers, not loss of value. “One thing we are seeing is that houses are staying on the market longer, 240 days on average,” King says. “Part of that is the number of listings. If you have 10 or 20 listings to look at, it’s going to take longer.”
According to King, however, if you’re waiting for the bottom to hit for existing home sales, you may have missed the boat.
“We feel we hit bottom last year, and it was a soft landing,” King says. “We are different from Kent and New Castle County because of the location. We’re very fortunate, considering the market. We’re not back to the ’05-’06 prices, but we didn’t have that 10-year loss experienced in other areas.”
SCAOR reports from spring show that prices for existing homes in Sussex County averaged $261,000 as of March, compared to $270,00 at the height of the market in 2006. “If that was the peak of the market and we’ve been in a slip, the value there has not really fallen,” King says. “So if you’re buying now, you’re only going to see the prices go up. And there are no fire sales here.”
When it comes to buying new construction, prices are significantly lower than two years ago. Without naming names, prices for everything from bayside condos with marina slips to luxury homes a few miles from the beach have dropped 15 percent to 25 percent. Though builders were throwing free cars and boats at buyers last year, there are far fewer incentives offered now.
One factor affecting both new and existing home sales this fall was the health of the rental market over summer. Higher fuel costs made Mid-Atlantic vacationers look for close getaway options like Delaware beaches. With more vacation renters came more buyers checking out their prospects of buying second homes.
“I think the gas prices have actually helped us,” says Andrew Ratner, who handles vacation rentals for Prudential Gallo Realtors. “People are staying close to home. We’re close to so much population, and it’s cheaper coming here than it is driving to somewhere like the North Carolina market.”
At the beginning of the vacation season, Ratner had already seen a continuing upswing in rentals. “Our summer rental market is up about 15 percent over last year, as far as the number of bookings,” Ratner says. “And we had a 15 percent increase last year over the year before. A lot of times, guests will come and look at properties to buy while they’re here.”
Because rentals are up and prices are low, investors have healthy opportunities to make money. “It’s a good time to buy at the beach because inventory is exceptional, interest rates are still low and the rental market is strong for the investment group,” says Camilla Conlon of Jack Lingo Realtor, a past president of the Delaware Association of Realtors.
In the first half of 2008, Conlon saw the perfect combination of conditions for profitable real estate opportunities.
“We saw a lot of activity this spring,” she says. “We’re in the low, no doubt about it. So it’s a great time to buy. And mortgage rates are very good. Anything under 7 percent is a very fair and competitive rate.”
Ratner agrees that a wait-and-see attitude among buyers can work against them. “It seems that people are waiting to see prices bottom and rates go down,” he says. “But the prices are about as low as they’re going to get, and the mortgage rates are still very good. In fact, they’re inching up.”
If mortgage rates increase, it won’t benefit buyers to wait for prices to fall. “It’s the value of money,” Conlon says. “If you wait for lower prices and the interest rates go up, you’re not saving.”
King cautions buyers to check reputable, up-to-date sales information before they get thrown off by national stats. The state and county Realtor associations can provide good data to help you decide when to buy.
“When you’re looking at local real estate, you need to look more closely,” King says. And when it comes to buying in Delaware’s coastal resorts, fables of buying for pennies on the dollar give way to market reality.
“I don’t think you’re going to see those bargain basement prices,” King says. “But an informed buyer and seller are always the ideal customers.”

 

Edit ModuleShow Tags
Edit ModuleShow TagsEdit Module Edit ModuleShow Tags Edit ModuleShow Tags

January 2017

January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

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


Telephone: 302-654-8638
Website »

More information

Sports Card & Collectible Show at Aetna Fire Hall on Jan. 22—sign up now! -Sports Cards McFarlane Figures Comic Books Non-Sports cards Wrestling Items Vintage Starting...

Cost: $2

Where:
Aetna Fire Hall
400 Ogletown Road
Newark, DE  19711
View map »


Sponsor: A2Z Promotions
Telephone: 302-983-2636
Contact Name: Bob Harper
Website »

More information

The Rehoboth Beach Film Society announces the next play in the exciting series of National Theatre Live screenings. National Theatre Live is a groundbreaking project that presents the best of...

Cost: $18-$20

Where:
Cinema Art Theater
17701 Dartmouth Drive, #2
Lewes, DE  19958
View map »


Sponsor: Rehoboth Beach Film Society
Telephone: 302-645-9095
Contact Name: Jeri Kaplan
Website »

More information

Belly Dance Classes with Zahra Beginner & intermediate classes open to teens and adults Sundays in January starting Jan 8th Beginner: 2:30-3:30 p.m. Intermediate: 1 - 2 p.m (must get...

Cost: $15-$42

Where:
Take the Lead Studio
320 Lantana Drive
Hockessin , DE  19711
View map »


Sponsor: Take the Lead
Contact Name: Zahra
Website »

More information

The Resident Ensemble Players, Delaware’s professional acting company performing at the University of Delaware, presents The Bells by Theresa Rebeck. During the great Yukon gold rush of the...

Cost: $15 - $30

Where:
Thompson Theatre, Roselle Center for the Arts
110 Orchard Rd.
Newark, DE  19716
View map »


Sponsor: Resident Ensemble Players
Telephone: (302) 831-2204
Website »

More information

Ah, typecasting—the baritone is always the bad guy! In Devils, Drunks & Dastardly Dudes, we’ll go on an operatic journey of men behaving badly. We’ll add a tenor to the mix, too… but we...

Cost: $29-$59

Where:
OperaDelaware Studio
4 South Poplar St.
Wilmington, DE  19801
View map »


Sponsor: OperaDelaware
Telephone: 302-442-7809
Contact Name: Mary Wilcosky
Website »

More information

Come give curling a try! At this 2-hour intro-to-curling event we'll provide a basic lesson then coach you through a mini-game.  Whether you just want to cross #curling off your bucket list or...

Cost: $35

Where:
The Pond Ice Arena
101 John Campbell Rd
Newark, DE  19711
View map »


Sponsor: Diamond State Curling Club
Website »

More information

Show More...
Show Less...

January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

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


Telephone: 302-654-8638
Website »

More information

The Rehoboth Beach Film Society announces the next play in the exciting series of National Theatre Live screenings. National Theatre Live is a groundbreaking project that presents the best of...

Cost: $18-$20

Where:
Cinema Art Theater
17701 Dartmouth Drive, #2
Lewes, DE  19958
View map »


Sponsor: Rehoboth Beach Film Society
Telephone: 302-645-9095
Contact Name: Jeri Kaplan
Website »

More information

Notbybreadalone Ministries presents Feeding the Hungry Outreach. All are welcome to come and partake of food, fun and fellowship. Those who desire a better way of life through Jesus Christ are...

Cost: Free

Where:
2nd and 3rd Streets
Wilmington, DE  19801


Sponsor: Notbybreadalone Outreach Ministries
Telephone: 442-0440
Contact Name: Ministers Wayne and Stephanie Dumpson
Website »

More information

Guest speakers Patty Dailey-Lewis, executive director of the Beau Biden Foundation, and Delaware Family Court commissioner Loretta Young will discuss how participation in social media can too...

Cost: Free

Where:
Wilmington University - Dover
Building A Auditorium
3282 N DuPont Highway
Dover, DE  19901
View map »


Sponsor: Wilmington University College of Social & Behavioral Sciences
Telephone: 302-295-1164
Contact Name: Dr. Johanna Bishop
Website »

More information

Show More...
Show Less...

January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

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


Telephone: 302-654-8638
Website »

More information

Tuesdays and Thursdays from 9:30AM-12:00PM Fall session: Thursday, Dec 1st thru Thursday, December 15th Winter session: Tuesday, January 17th thru Thursday, March 30th   Drop in on Nature is...

Cost: see description

Where:
The Annex
501 Chandler Mill Rd
Kennett Square, PA  19348
View map »


Sponsor: The Land Conservancy
Telephone: 610-347-0347 ext.104
Website »

More information

East Coast Garden Center Indoor Farmers Market Nov 8, 2016 - April 11, 2017  11 am- 2 pm 25 vendors Location:  East Coast Garden Center 30366 Cordrey Rd Millsboro, DE 19966 302-945-3489

Cost: frr

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


Sponsor: East Coast Garden Center
Telephone: 302-945-3489
Website »

More information

East Coast Garden Center Indoor Farmer's Marke 25 vendors

Cost: Free

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


Telephone: 302-945-3489
Website »

More information

The Rehoboth Beach Film Society announces the next play in the exciting series of National Theatre Live screenings. National Theatre Live is a groundbreaking project that presents the best of...

Cost: $18-$20

Where:
Cinema Art Theater
17701 Dartmouth Drive, #2
Lewes, DE  19958
View map »


Sponsor: Rehoboth Beach Film Society
Telephone: 302-645-9095
Contact Name: Jeri Kaplan
Website »

More information

A four-week series of ballroom dancing classes taught by teachers from the BlueBallroom. Tuesdays starting Jan. 10. Classes are $30 a lesson for Non-Members. Non-Member slots are limited. For...

Cost: $30

Where:
University and Whist Club
805 N Broom St
Wilmington, DE  19806
View map »

More information

Show More...
Show Less...

January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

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


Telephone: 302-654-8638
Website »

More information

The Rehoboth Beach Film Society announces the next play in the exciting series of National Theatre Live screenings. National Theatre Live is a groundbreaking project that presents the best of...

Cost: $18-$20

Where:
Cinema Art Theater
17701 Dartmouth Drive, #2
Lewes, DE  19958
View map »


Sponsor: Rehoboth Beach Film Society
Telephone: 302-645-9095
Contact Name: Jeri Kaplan
Website »

More information

Show More...
Show Less...

January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

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


Telephone: 302-654-8638
Website »

More information

Tuesdays and Thursdays from 9:30AM-12:00PM Fall session: Thursday, Dec 1st thru Thursday, December 15th Winter session: Tuesday, January 17th thru Thursday, March 30th   Drop in on Nature is...

Cost: see description

Where:
The Annex
501 Chandler Mill Rd
Kennett Square, PA  19348
View map »


Sponsor: The Land Conservancy
Telephone: 610-347-0347 ext.104
Website »

More information

Thursdays from 4:00PM-5:30PM Fall session: December 1st, 8th and 15th Winter session: Starts January 19th, every other Thursday until March 30th This program is based entirely outdoors and is...

Cost: Cost: $30 for TLC members / $40 for non-members

Where:
Bucktoe Creek Preserve
432 Sharp Rd
Avondale, PA  19311
View map »


Sponsor: The Land Conservancy
Telephone: 610-347-0347 ext.104
Website »

More information

MARC BROUSSARD In 2004, Marc Broussard, then a precocious 22-year-old singer/songwriter, released his major-label debut; he called it Carencro, after the Louisiana town where he was born and...

Cost: $22 SRO- $32 SEATED

Where:
World Cafe Live Wilmington
500 N Market St
Wilmington, DE  19801
View map »


Telephone: 215-222-1400
Contact Name: MP Intern
Website »

More information

The Resident Ensemble Players, Delaware’s professional acting company performing at the University of Delaware, presents The Bells by Theresa Rebeck. During the great Yukon gold rush of the...

Cost: $15 - $30

Where:
Thompson Theatre, Roselle Center for the Arts
110 Orchard Rd.
Newark, DE  19716
View map »


Sponsor: Resident Ensemble Players
Telephone: (302) 831-2204
Website »

More information

Show More...
Show Less...

January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

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


Telephone: 302-654-8638
Website »

More information

Tutto Fresco has live entertainment every Friday night from 6:30–9:30 p.m. Call for details. http://tuttofrescode.com/

Where:
Tutto Fresco
514 Philadelphia Pike
Wilmington, DE  19809
View map »

More information

The Resident Ensemble Players, Delaware’s professional acting company performing at the University of Delaware, presents The Bells by Theresa Rebeck. During the great Yukon gold rush of the...

Cost: $15 - $30

Where:
Thompson Theatre, Roselle Center for the Arts
110 Orchard Rd.
Newark, DE  19716
View map »


Sponsor: Resident Ensemble Players
Telephone: (302) 831-2204
Website »

More information

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
View map »


Telephone: 800-855-2CALLGA
Website »

More information

Cost: $12-$20

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


Sponsor: Wilmington Drama League
Telephone: 302-764-3396
Contact Name: Kathy Buterbaugh
Website »

More information

Show More...
Show Less...

January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

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


Telephone: 302-654-8638
Website »

More information

January 28 – Saturday – 1 to 4 p.m. Science Saturday – Truss Me, You Won’t Fall! Become an engineer for the day. Design a bridge to hold as much weight as possible....

Cost: Activities are included in regular admission and free for members.

Where:
Hagley Museum
201 Hagley Creek Road
Wilmington, DE  19807
View map »


Sponsor: Hagley Museum
Telephone: (302) 65802400 x 238
Contact Name: Jessica Eisenbrey
Website »

More information

The Resident Ensemble Players, Delaware’s professional acting company performing at the University of Delaware, presents The Bells by Theresa Rebeck. During the great Yukon gold rush of the...

Cost: $15 - $30

Where:
Thompson Theatre, Roselle Center for the Arts
110 Orchard Rd.
Newark, DE  19716
View map »


Sponsor: Resident Ensemble Players
Telephone: (302) 831-2204
Website »

More information

GRILLED CHEESE AND CRAFT BEER TASTING We have taken two of the best things on earth and paired them together – Grilled Cheese and Craft Beer – and paired them together in unexpected and...

Cost: $40

Where:
World Cafe Live Wilmington
500 N Market St
Wilmington, DE  19801
View map »


Telephone: 215-222-1400
Contact Name: MP Intern
Website »

More information

Saturday, January 28, 2017 at  7:30 pm at St. David’s Episcopal Church, 763 Valley Forge Rd, Wayne, PA 19087 Sunday, January 29, 2017 at 3 pm at Church of the Holy Trinity, Rittenhouse Square...

Cost: Tickets are $25 online, and $30 at the door. Student tickets $10 at the door.

Where:
Church of the Holy Trinity
1904 Walnut St.
Philadelphia, PA  19103
View map »


Sponsor: Lyric Fest
Telephone: 215-438-1702
Contact Name: Jessica Nelson
Website »

More information

Fan favorite, Dick Smith, returns to the Dickinson Theatre Organ Society concert stage on Saturday, Jan. 28, 2017 for a show that is sure to bring the house down! Dick Smith has been a...

Cost: $15 Adults; $10 Students

Where:
John Dickinson High School Auditorium
1801 Milltown Road
Wilmington, DE  19808
View map »


Sponsor: Dickinson Theatre Organ Society
Telephone: 302-995-2603
Contact Name: Bob Dilworth
Website »

More information

The Dickinson Theatre Organ Society presents Dick Smith. For tickets, click here: http://www.dtoskimball.org/events-tickets/ticket-information/ For further information, please call us at...

Where:
, DE

More information

The Resident Ensemble Players, Delaware’s professional acting company performing at the University of Delaware, presents The Bells by Theresa Rebeck. During the great Yukon gold rush of the...

Cost: $15 - $30

Where:
Thompson Theatre, Roselle Center for the Arts
110 Orchard Rd.
Newark, DE  19716
View map »


Sponsor: Resident Ensemble Players
Telephone: (302) 831-2204
Website »

More information

Cost: $12-$20

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


Sponsor: Wilmington Drama League
Telephone: 302-764-3396
Contact Name: Kathy Buterbaugh
Website »

More information

MOTHERSHIP Mothership is the area's premier Led Zeppelin Tribute show. Composed of seasoned, professional musicians Mario Padovani - vocals, keyboards, Frank Ginocchio - drums, Chris Julian -...

Cost: 15

Where:
World Cafe Live Wilmington
500 N Market St
Wilmington, DE  19801
View map »


Telephone: 215-222-1400
Website »

More information

Show More...
Show Less...
Edit Module