Allison's Blog
Jul 19, 2010
There are currently 18 active listings for single family homes for sale in Bay Colony that range in list price from $299,900 - $1,349,900 with an average list price of $595,577. There have been 2 sales since April 1, 2010 and they are 34804 Carriage listed for $365,000 - sold for $337,500 and 34386 Indian River Drive listed for $1,095,000 and settles on Tuesday, July 20th for within 95% of the asking price (my listing).
There are no pending lot sales or single family home sales, however, there was a lot that sold on Spy Glass for $230,000. That lot had great views of the water. Non water view lots have been selling around $100,000 or less.
I spent a little time digging deep "into the numbers" behind recent and past sales in Bay Colony. And these are the results:
There always seems to be around 20 homes on the market in Bay Colony at any given time, and that has been the case for years. As a basis for comparison, here is the number of units sold per year. Keep in mind that 2008 was also my worst year in Real Estate.
YEAR MARKET CONDITIONS #UNITS SOLD
2005 Good to Strong 9
2006 Very Strong 5
2007 Very Strong - Declining 5
2008 Very Poor 0
2009 Very Poor - Improving 6
2010 Improving 4
In my opinion, this is a good time to sell. However, you have to ask yourself how low you are willing to go...Here are the average sales price figures:
2005 $491,000
2006 $732,000
2007 $732,000
2008 $0
2009 $513,000
2010 $371,000
So, here is the bottom line..if it is priced right, it will sell!
For more information about Bay Colony sales or to list your home for sale, please give me a call at 302-381-5565.
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Jul 18, 2010
From Real Trends Email Update #1222
Poll: Few homeowners regret purchase
Surprise! Ninety percent of homeowners say they don't regret buying their home despite a nationwide tsunami of foreclosures, short sales and loan modifications, according to a national poll commissioned by Bankrate.com. By contrast, just 9 percent of homeowners answered "yes" to the question, "Do you have any regrets about buying your current home?"
Americans' contentment with their homes is probably the biggest surprise in a June 24 to June 27 poll of 1,001 randomly selected adults, conducted by Princeton Survey Research Associates.
Here's a result that's not so startling: Homeowners have become savvier about their mortgages.
In this year's survey, only 8 percent of homeowners with mortgages didn't know whether they have a fixed-rate or adjustable-rate loan, or something more exotic. Compare that to two years ago, when a Bankrate-commissioned poll found 26 percent of borrowers couldn't identify their mortgage type.
Among homeowners who regret having bought their homes, 31 percent said they feel woeful because they are unable to sell and move on. Another 22 percent said it was because they couldn't afford the monthly mortgage payments. Some 23 percent said they have regrets for other, unspecified reasons. The rest volunteered their own reasons for wishing they hadn't bought their home.
There's one caveat to these stats. Overall, the poll of homeowners has a margin of error of plus or minus 4.2 percentage points. But the number of regretful homeowners is so small that the figures in the accompanying chart have a margin of error of plus or minus 14 percentage points.
Sellers continue to reduce prices
Some 24 percent of listings currently on the market in the United States as of July 1, 2010, experienced at least one price reduction, according to Trulia.com. This represents a 9 percent increase from the previous month. The total dollar amount slashed from home prices was $27.3 billion and the average discount for price-reduced homes continued to hold at 10 percent off of the original listing price.
Many of the largest U.S. cities saw significant increases in price reduction levels this month with 22 of the top 50 cities across the U.S. experiencing price reduction levels at 30 percent or more, compared to just 10 cities in the previous month. Minneapolis leads the way with 40 percent of its home listings experiencing at least one price cut. This is the third straight month that Minneapolis has held the top spot and no other city has reached the 40 percent mark since Trulia started tracking home price reductions in April 2009.
Poll: Few homeowners regret purchase
Surprise! Ninety percent of homeowners say they don't regret buying their home despite a nationwide tsunami of foreclosures, short sales and loan modifications, according to a national poll commissioned by Bankrate.com. By contrast, just 9 percent of homeowners answered "yes" to the question, "Do you have any regrets about buying your current home?"
Americans' contentment with their homes is probably the biggest surprise in a June 24 to June 27 poll of 1,001 randomly selected adults, conducted by Princeton Survey Research Associates.
Here's a result that's not so startling: Homeowners have become savvier about their mortgages.
In this year's survey, only 8 percent of homeowners with mortgages didn't know whether they have a fixed-rate or adjustable-rate loan, or something more exotic. Compare that to two years ago, when a Bankrate-commissioned poll found 26 percent of borrowers couldn't identify their mortgage type.
Among homeowners who regret having bought their homes, 31 percent said they feel woeful because they are unable to sell and move on. Another 22 percent said it was because they couldn't afford the monthly mortgage payments. Some 23 percent said they have regrets for other, unspecified reasons. The rest volunteered their own reasons for wishing they hadn't bought their home.
There's one caveat to these stats. Overall, the poll of homeowners has a margin of error of plus or minus 4.2 percentage points. But the number of regretful homeowners is so small that the figures in the accompanying chart have a margin of error of plus or minus 14 percentage points.
Sellers continue to reduce prices
Some 24 percent of listings currently on the market in the United States as of July 1, 2010, experienced at least one price reduction, according to Trulia.com. This represents a 9 percent increase from the previous month. The total dollar amount slashed from home prices was $27.3 billion and the average discount for price-reduced homes continued to hold at 10 percent off of the original listing price.
Many of the largest U.S. cities saw significant increases in price reduction levels this month with 22 of the top 50 cities across the U.S. experiencing price reduction levels at 30 percent or more, compared to just 10 cities in the previous month. Minneapolis leads the way with 40 percent of its home listings experiencing at least one price cut. This is the third straight month that Minneapolis has held the top spot and no other city has reached the 40 percent mark since Trulia started tracking home price reductions in April 2009.
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Jul 12, 2010
Very Few Will Pay 3.8 Percent Sales Tax on Homes
Despite misinformation circulating, only top 2 percent of population will be subject to tax
A big piece of legislation like the health care reform act understandably sparks a lot of questions. The massive law, officially known as the Patient Protection and Affordable Care Act, was signed into law by President Obama in March but it will take some time for the American public to understand the nature of the changes.
The law includes provisions about how the government will pay for health care services, one of which is a “sales tax” on real estate. This issue has caused some concern among real estate professionals and consumers alike, and it’s important to understand that, while this tax does exist, it’s unlikely to affect a wide portion of your clients. In fact, The Tax Foundation estimates that only the top-earning two percent of families in this country are likely to be impacted at all.
In short, information is circulating that homeowners will face a 3.8 percent tax on the profit they may earn when selling their homes. The reality is this:
The 3.8 percent tax on profits from the sale of investments, which includes real estate, applies only to individuals who make more than $200,000 per year, or married couples filing jointly who earn more than $250,000 per year.
For those who make more than the cut-off, the tax won’t be applied to the first $250,000 in profit from the sale of a personal residence—or $500,000 if a married couple sells their home.
The exclusion for the first $250,000 in profit (or $500,000 for a married couple) does not, however, apply to vacation homes or rental properties. Those properties—only for those who exceed the income limitations—will be subject to the tax.
This new rule does not take effect until January 1, 2013.
Despite misinformation circulating, only top 2 percent of population will be subject to tax
A big piece of legislation like the health care reform act understandably sparks a lot of questions. The massive law, officially known as the Patient Protection and Affordable Care Act, was signed into law by President Obama in March but it will take some time for the American public to understand the nature of the changes.
The law includes provisions about how the government will pay for health care services, one of which is a “sales tax” on real estate. This issue has caused some concern among real estate professionals and consumers alike, and it’s important to understand that, while this tax does exist, it’s unlikely to affect a wide portion of your clients. In fact, The Tax Foundation estimates that only the top-earning two percent of families in this country are likely to be impacted at all.
In short, information is circulating that homeowners will face a 3.8 percent tax on the profit they may earn when selling their homes. The reality is this:
The 3.8 percent tax on profits from the sale of investments, which includes real estate, applies only to individuals who make more than $200,000 per year, or married couples filing jointly who earn more than $250,000 per year.
For those who make more than the cut-off, the tax won’t be applied to the first $250,000 in profit from the sale of a personal residence—or $500,000 if a married couple sells their home.
The exclusion for the first $250,000 in profit (or $500,000 for a married couple) does not, however, apply to vacation homes or rental properties. Those properties—only for those who exceed the income limitations—will be subject to the tax.
This new rule does not take effect until January 1, 2013.
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May 14, 2010
I recently listed the Carter house on Indian River Drive for $1,095,000. This is a terrific house with amazing views of the Bay from nearly every window in the home. The outdoor living space is wonderful and the landscaping is picture perfect. For more information, visit my website.
The Orzechowski home on Quail Lane has been price reduced to $554,900. If you haven't seen this one, you should. This home has a full basement, large living areas and is a great home for entertaining with the deck, hot tub, and sun room There is room to host an army upstairs and the ground floor master is very spacious.
Bruce Mears Design and Build has built a beautiful home on Colony Drive. I have this home listed for $549,000. The home is energy star rated and has never been lived in. Bruce and Bill spared no expense when they built this one (they never do!), and you will notice the upgraded cabinets and appliances, the Brazilian cherry hardwood throughout, and they recently added an additional bathroom to the second floor.
The Orzechowski home on Quail Lane has been price reduced to $554,900. If you haven't seen this one, you should. This home has a full basement, large living areas and is a great home for entertaining with the deck, hot tub, and sun room There is room to host an army upstairs and the ground floor master is very spacious.
Bruce Mears Design and Build has built a beautiful home on Colony Drive. I have this home listed for $549,000. The home is energy star rated and has never been lived in. Bruce and Bill spared no expense when they built this one (they never do!), and you will notice the upgraded cabinets and appliances, the Brazilian cherry hardwood throughout, and they recently added an additional bathroom to the second floor.
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Apr 12, 2010
The Eastern Shore Region of Long and Foster Real Estate held its Annual Awards Banquet on Wednesday, April 7th at The Fountains in Salisbury, Maryland. Allison was named to the Chairman's Club for Long and Foster Real Estate and the Allison Stine Team was recognized for outstanding performance in Overall Top Group of the Year, Listing Group of the Year, and Top Group of the Year in Settled Units categories.
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Apr 12, 2010
From Lewes to Newark, carpenters and excavators have returned to subdivision sites this spring to throw up new homes, evidence that after many months of pain, Delaware's residential real estate market is moving forward again.
Sales of existing homes have been creeping back up for three months, and now new construction is starting to follow suit, cautiously, as builders measure a still-fragile market.
The rekindling of residential construction is good news for the more than 5,000 Delaware construction workers idled by the building nose-dive -- and for the overall Delaware economy, which counts housing as one of its most powerful job engines.
"To a certain degree, people are sick and tired of being sick and tired," said Matt Thompson, president of Thompson Homes in West Chester, Pa. "That's part of the spring fever."
The uptick will be supported for the rest of this month by mortgage rates that still are near historical lows, and sizable federal tax credits for first-time buyers and people looking to sell and move up or down with a new home.
Home prices also are inching back up, providing a breath of relief for homeowners across the state who have watched as home values fell and listing prices had to be cut again and again. Local real estate agents predict prices could rise by more than 3 percent in the next 12 months.
Katie Spizzirri hopes that optimism, mixed with a dose of reality, spreads.
Last year, Spizzirri and her family put their home in Middletown's Parkside neighborhood on the market to test the waters.
"We didn't get any interest. We had one showing," so it was taken off the market, she said. "We were still in that mind-set that it's still worth what it was in 2006. ... That was a scary time."
This year, she took another look and decided the time had come. Interest rates are low, neighborhood amenities are opening up. Chopping the price by $100,000, the family put it on the market for $449,000 -- just a bit over what they paid in 2006 -- and scheduled an open house for today.
She's much more hopeful this time -- about buying as well as selling.
"I can look at houses now and feel like I'm not paying for someone's misfortune" by purchasing an unrealistically priced home, she said.
Buyers 'out of the woodwork'
The signs of renewed growth are emerging across the state, demonstrated by sales of existing homes that rose markedly in January and February.
Existing home resales were up 14 percent from last January in New Castle County, and up 31 percent in Kent. Sales of all homes -- existing and new -- were up 34 percent in Sussex. The pace fell off a bit in February because of two big snowstorms.
"There are some good deals. Prices have adjusted," said Judy Dean, Long & Foster Realtor and president of the Sussex County Association of Realtors. "I'm optimistic, though, because I'm busy. Buyers are coming out of the woodwork. They're starting to want to see what's available."
Builders say there is a slow, but steady, rebound at new construction sites.
Thompson says he is seeing a sharp pickup in interest at his projects in New Castle and Sussex counties, both among vacation-home buyers and primary buyers.
"People are saying, 'I'm not losing my job, the world is not coming to an end.' They feel like they need to go ahead and live," he said.
Realtors and builders say the market today is dominated by price-conscious buyers. They are looking for realistic pricing -- such as what Spizzirri finally swallowed with her Middletown home.
"If you have a property that's priced well, there's lots of activity," Dean said. "The ones that are, they're moving the properties. The ones that aren't, they're not. They're just sitting."
The traffic through homes now on the market is driven, in part, by the ticking clock on federal tax credits. To qualify, buyers must sign a sale contract by April 30.
First-time homebuyers can get a credit of up to $8,000. The government also offered a tax credit of up to $6,500 to longtime residents who buy a new principal residence -- no credits for vacation homes.
Observers say the concern with proper pricing extends beyond the list price of a house, as consumers singed by the recession and stock market collapse have scaled down their expectations.
Many builders have been reconfiguring designs toward lower price points, with smaller homes more in vogue.
"There's certainly pressure to be at a lower point," said Paul Handler, vice president Handler Homes, which has seven projects under way in New Castle and Kent counties. "You can take advantage of great financing deals up to certain price points, income levels."
Builders say the excesses of past years -- oversize houses, lavish amenities -- have given way to more prudent ideals.
"The pendulum has come back to the middle," Thompson said. "People still want nice. It just doesn't have to be nice and big."
Help from the state
What's needed to sustain the gains, some insiders say, is more help like the first-time homebuyers tax credit, or some sense that jobs are starting to return.
Delaware got a welcome jolt of that energy last month when the state rolled out a $250 million program to provide more affordable mortgages for moderate- and low-income buyers. In recent months, the Markell administration has moved to reclaim some of the jobs lost by the closing of auto plants and the Valero refinery, recently sold to a firm committed to reopening the facility.
"That's giving the construction guys hope," Jennifer Casey, executive vice president of the Home Builders Association of Delaware, said of the state program. "If they're out there, they're digging in anticipation."
The signs of renewed builder interest in digging can be found in the county land-use offices.
Less-scientific observations also see some renewed vigor.
New Castle County's Land Use Department issued 26 building permits for single-family homes in March of 2006 -- a number that rose this March to 67. There were 5,800 phone calls to the department in March 2009 and that rose this year to 6,377. Compared with March 2009, 478 more people stopped by the offices on Reads Way near the airport.
"It's not nearly at the level it was years ago, but the trend line is not continually going down. It's the first time we've seen the trend line go up," said George Haggerty, the department's assistant general manager.
In Kent, 136 single-family dwelling permits were issued in the first quarter of this year, up from 82 in 2009.
In Sussex County, officials in the permit office say they are seeing more "spec" homes come across their desk -- meaning developers are willing to build without a firm buyer.
"The weather didn't cooperate at all this winter, and that's held a lot of builders up from getting started," said Eddy Parker, director of the county's Assessment Division. "We're seeing more activity at our permit counter in the past couple weeks and we're hoping with the weather breaking that'll be a trend and continue for a while."
The construction trades have a big stake in a building recovery. That industry lost the most jobs of any profession in Delaware last year -- 5,200 jobs, after peaking at 29,900 total in November 2005. Federal energy-efficiency subsidies also should help boost their fortunes this year, said George Sharpley, a senior economist with the Delaware Department of Labor.
A vibrant construction sector benefits the whole state. In terms of total wages paid, construction jobs accounted for $1.3 billion, or 6.9 percent of Delaware's total income, in 2006. By 2009, that was down to about 5 percent.
A study last year by the National Association of Home Builders looked at the economic impact of home building in the broad area around the Appoquinimink School District in southern New Castle County. The construction of 310 single-family homes brings a yearly benefit of $82.5 million in local income, $19.9 million in taxes and other revenue for local governments, and involves 1,015 local jobs, the study concluded.
Still, the major generator of construction jobs, Sharpley said, will come with a recovery in heavy, commercial construction -- not homes. And that may take some time to develop.
"I don't see us getting back to those peaks probably for another six to eight years," Sharpley said. "I think it's going be a more gradual process."
Not in the clear yet
Observers say there still are forces at work that could nip the recovery in the bud.
Some wonder whether potential buyers still will be out there when the federal tax credits expire. Others worry whether momentum can be sustained if interest rates rise.
Chris Schell, president of Sussex developer Schell Brothers, which has communities from Millsboro to Lewes, said people are no longer fearful of buying homes, but many are still barred from purchasing because of stricter lending requirements put in place by banks after the financial collapse.
Others want to buy but still can't sell their current homes.
"We essentially have the equivalent of real estate gridlock," Schell said. "The engine needs to restart in order for people to restart -- they need to sell their existing homes, and the only way to do that is via first-time homebuyers."
The coastal Sussex County market is still driven by retirees, and many who might have been thinking of retiring to a new home in southern Delaware from other states have reconsidered after taking losses to retirement funds.
"Even if it's not a retirement community or an active-adult community, you're still selling almost all your homes to retirees," he said. "That was not true in the housing boom -- it was mostly investors and second-home buyers."
In western Sussex County, "things are at a trickle," said Scott Lanham, president of Accessible Home Builders in Seaford.
"I expected that when the snow melted, that we would get more, things would start to pick up," Lanham said. "I'm hoping the next couple months will see an increase and get back into a more normal state, but right now it's still fairly light."
The homebuyer tax credit gave his company a boost back in the fall and early winter, as deals for qualifying new houses had to be completed by June 30, he said. "Our bump has already been received -- and we did see a notable bump."
Once an equilibrium is reached between supply and demand, the recovery will be positioned to accelerate, experts say. Some recent data suggest that's starting to happen.
The most crucial indicator of healthy momentum is the value of homes, and there is evidence nationally and in Delaware that prices are feeling upward pressure. National home prices dipped only 0.7 percent in January 2010, compared with January 2009 -- which marked a significant improvement over the previous month's year-over-year price decline of 3.4 percent, according to the real estate research firm First American CoreLogic.
Joel Naroff at Naroff Economic Advisors predicts home sales will continue growing:
"Job growth, the economy is coming back; Realtors are listing -- everything seems to be working in the positive side of the cycle," Naroff said.
The question is how the market responds to rising mortgage rates.
This month, U.S. mortgage rates jumped to the highest level in almost eight months. Some predict that rates for 30-year loans -- still at about 5.25 percent -- may rise to 6 percent -- a level not seen since November 2008 -- by the end of the year.
The homebuyers' tax credit will only cover deals signed by April 30 and closed by June 30, then it will vanish.
"It helped, but I've got people who don't qualify for the credit, and they're still buying," said Brian Pomije, a Realtor with Patterson Schwartz & Associates in Wilmington. "People are feeling a little more stable in their jobs."
In the end, it will be confidence in the job market that completely resolves the housing crisis, experts believe.
"No. 1 is solid employment, or at least growth in employment," Handler said. "That's holding a lot of people back from making their move, which is understandable, but sort of unfortunate, because it's a great market and rates are really low."
This story contains information from Bloomberg News, the Associated Press and staff reporter Dan Shortridge. Contact Eric Ruth at 324-2428 or eruth@delawareonline.com
Sales of existing homes have been creeping back up for three months, and now new construction is starting to follow suit, cautiously, as builders measure a still-fragile market.
The rekindling of residential construction is good news for the more than 5,000 Delaware construction workers idled by the building nose-dive -- and for the overall Delaware economy, which counts housing as one of its most powerful job engines.
"To a certain degree, people are sick and tired of being sick and tired," said Matt Thompson, president of Thompson Homes in West Chester, Pa. "That's part of the spring fever."
The uptick will be supported for the rest of this month by mortgage rates that still are near historical lows, and sizable federal tax credits for first-time buyers and people looking to sell and move up or down with a new home.
Home prices also are inching back up, providing a breath of relief for homeowners across the state who have watched as home values fell and listing prices had to be cut again and again. Local real estate agents predict prices could rise by more than 3 percent in the next 12 months.
Katie Spizzirri hopes that optimism, mixed with a dose of reality, spreads.
Last year, Spizzirri and her family put their home in Middletown's Parkside neighborhood on the market to test the waters.
"We didn't get any interest. We had one showing," so it was taken off the market, she said. "We were still in that mind-set that it's still worth what it was in 2006. ... That was a scary time."
This year, she took another look and decided the time had come. Interest rates are low, neighborhood amenities are opening up. Chopping the price by $100,000, the family put it on the market for $449,000 -- just a bit over what they paid in 2006 -- and scheduled an open house for today.
She's much more hopeful this time -- about buying as well as selling.
"I can look at houses now and feel like I'm not paying for someone's misfortune" by purchasing an unrealistically priced home, she said.
Buyers 'out of the woodwork'
The signs of renewed growth are emerging across the state, demonstrated by sales of existing homes that rose markedly in January and February.
Existing home resales were up 14 percent from last January in New Castle County, and up 31 percent in Kent. Sales of all homes -- existing and new -- were up 34 percent in Sussex. The pace fell off a bit in February because of two big snowstorms.
"There are some good deals. Prices have adjusted," said Judy Dean, Long & Foster Realtor and president of the Sussex County Association of Realtors. "I'm optimistic, though, because I'm busy. Buyers are coming out of the woodwork. They're starting to want to see what's available."
Builders say there is a slow, but steady, rebound at new construction sites.
Thompson says he is seeing a sharp pickup in interest at his projects in New Castle and Sussex counties, both among vacation-home buyers and primary buyers.
"People are saying, 'I'm not losing my job, the world is not coming to an end.' They feel like they need to go ahead and live," he said.
Realtors and builders say the market today is dominated by price-conscious buyers. They are looking for realistic pricing -- such as what Spizzirri finally swallowed with her Middletown home.
"If you have a property that's priced well, there's lots of activity," Dean said. "The ones that are, they're moving the properties. The ones that aren't, they're not. They're just sitting."
The traffic through homes now on the market is driven, in part, by the ticking clock on federal tax credits. To qualify, buyers must sign a sale contract by April 30.
First-time homebuyers can get a credit of up to $8,000. The government also offered a tax credit of up to $6,500 to longtime residents who buy a new principal residence -- no credits for vacation homes.
Observers say the concern with proper pricing extends beyond the list price of a house, as consumers singed by the recession and stock market collapse have scaled down their expectations.
Many builders have been reconfiguring designs toward lower price points, with smaller homes more in vogue.
"There's certainly pressure to be at a lower point," said Paul Handler, vice president Handler Homes, which has seven projects under way in New Castle and Kent counties. "You can take advantage of great financing deals up to certain price points, income levels."
Builders say the excesses of past years -- oversize houses, lavish amenities -- have given way to more prudent ideals.
"The pendulum has come back to the middle," Thompson said. "People still want nice. It just doesn't have to be nice and big."
Help from the state
What's needed to sustain the gains, some insiders say, is more help like the first-time homebuyers tax credit, or some sense that jobs are starting to return.
Delaware got a welcome jolt of that energy last month when the state rolled out a $250 million program to provide more affordable mortgages for moderate- and low-income buyers. In recent months, the Markell administration has moved to reclaim some of the jobs lost by the closing of auto plants and the Valero refinery, recently sold to a firm committed to reopening the facility.
"That's giving the construction guys hope," Jennifer Casey, executive vice president of the Home Builders Association of Delaware, said of the state program. "If they're out there, they're digging in anticipation."
The signs of renewed builder interest in digging can be found in the county land-use offices.
Less-scientific observations also see some renewed vigor.
New Castle County's Land Use Department issued 26 building permits for single-family homes in March of 2006 -- a number that rose this March to 67. There were 5,800 phone calls to the department in March 2009 and that rose this year to 6,377. Compared with March 2009, 478 more people stopped by the offices on Reads Way near the airport.
"It's not nearly at the level it was years ago, but the trend line is not continually going down. It's the first time we've seen the trend line go up," said George Haggerty, the department's assistant general manager.
In Kent, 136 single-family dwelling permits were issued in the first quarter of this year, up from 82 in 2009.
In Sussex County, officials in the permit office say they are seeing more "spec" homes come across their desk -- meaning developers are willing to build without a firm buyer.
"The weather didn't cooperate at all this winter, and that's held a lot of builders up from getting started," said Eddy Parker, director of the county's Assessment Division. "We're seeing more activity at our permit counter in the past couple weeks and we're hoping with the weather breaking that'll be a trend and continue for a while."
The construction trades have a big stake in a building recovery. That industry lost the most jobs of any profession in Delaware last year -- 5,200 jobs, after peaking at 29,900 total in November 2005. Federal energy-efficiency subsidies also should help boost their fortunes this year, said George Sharpley, a senior economist with the Delaware Department of Labor.
A vibrant construction sector benefits the whole state. In terms of total wages paid, construction jobs accounted for $1.3 billion, or 6.9 percent of Delaware's total income, in 2006. By 2009, that was down to about 5 percent.
A study last year by the National Association of Home Builders looked at the economic impact of home building in the broad area around the Appoquinimink School District in southern New Castle County. The construction of 310 single-family homes brings a yearly benefit of $82.5 million in local income, $19.9 million in taxes and other revenue for local governments, and involves 1,015 local jobs, the study concluded.
Still, the major generator of construction jobs, Sharpley said, will come with a recovery in heavy, commercial construction -- not homes. And that may take some time to develop.
"I don't see us getting back to those peaks probably for another six to eight years," Sharpley said. "I think it's going be a more gradual process."
Not in the clear yet
Observers say there still are forces at work that could nip the recovery in the bud.
Some wonder whether potential buyers still will be out there when the federal tax credits expire. Others worry whether momentum can be sustained if interest rates rise.
Chris Schell, president of Sussex developer Schell Brothers, which has communities from Millsboro to Lewes, said people are no longer fearful of buying homes, but many are still barred from purchasing because of stricter lending requirements put in place by banks after the financial collapse.
Others want to buy but still can't sell their current homes.
"We essentially have the equivalent of real estate gridlock," Schell said. "The engine needs to restart in order for people to restart -- they need to sell their existing homes, and the only way to do that is via first-time homebuyers."
The coastal Sussex County market is still driven by retirees, and many who might have been thinking of retiring to a new home in southern Delaware from other states have reconsidered after taking losses to retirement funds.
"Even if it's not a retirement community or an active-adult community, you're still selling almost all your homes to retirees," he said. "That was not true in the housing boom -- it was mostly investors and second-home buyers."
In western Sussex County, "things are at a trickle," said Scott Lanham, president of Accessible Home Builders in Seaford.
"I expected that when the snow melted, that we would get more, things would start to pick up," Lanham said. "I'm hoping the next couple months will see an increase and get back into a more normal state, but right now it's still fairly light."
The homebuyer tax credit gave his company a boost back in the fall and early winter, as deals for qualifying new houses had to be completed by June 30, he said. "Our bump has already been received -- and we did see a notable bump."
Once an equilibrium is reached between supply and demand, the recovery will be positioned to accelerate, experts say. Some recent data suggest that's starting to happen.
The most crucial indicator of healthy momentum is the value of homes, and there is evidence nationally and in Delaware that prices are feeling upward pressure. National home prices dipped only 0.7 percent in January 2010, compared with January 2009 -- which marked a significant improvement over the previous month's year-over-year price decline of 3.4 percent, according to the real estate research firm First American CoreLogic.
Joel Naroff at Naroff Economic Advisors predicts home sales will continue growing:
"Job growth, the economy is coming back; Realtors are listing -- everything seems to be working in the positive side of the cycle," Naroff said.
The question is how the market responds to rising mortgage rates.
This month, U.S. mortgage rates jumped to the highest level in almost eight months. Some predict that rates for 30-year loans -- still at about 5.25 percent -- may rise to 6 percent -- a level not seen since November 2008 -- by the end of the year.
The homebuyers' tax credit will only cover deals signed by April 30 and closed by June 30, then it will vanish.
"It helped, but I've got people who don't qualify for the credit, and they're still buying," said Brian Pomije, a Realtor with Patterson Schwartz & Associates in Wilmington. "People are feeling a little more stable in their jobs."
In the end, it will be confidence in the job market that completely resolves the housing crisis, experts believe.
"No. 1 is solid employment, or at least growth in employment," Handler said. "That's holding a lot of people back from making their move, which is understandable, but sort of unfortunate, because it's a great market and rates are really low."
This story contains information from Bloomberg News, the Associated Press and staff reporter Dan Shortridge. Contact Eric Ruth at 324-2428 or eruth@delawareonline.com
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Oct 20, 2009
Bay Colony
Inventory in Bay Colony is mostly unchanged-always seems to be around 15 - 20 single family homes on the market! There are currently 17 active listings that range in price from $324,900 - $1,450,000, with an average list price of $695.000. There have been 4 settlements of single family homes year-to-date (compared to 0 in 2008) with 2 additional home sales pending as of today. Sales to date are:
29703 Sawmill Drive $415,000 (Listed for $479,000)
29751 Colony Drive $350,000 (Listed for $399,000)
29701 Colony Drive $450,000 (Listed for $529,900)
34329 Indian River Drive $645,000 (listed for $699,999)
Lot sales are not brisk; with only one sale in 2009 which was Lot 19 Log Court for $100,000 (Listed for $120,000)
There are two homes currently pending sale, they are:
34397 Indian River Drive listed for $749,000
29368 Colony Drive listed for $569,000
For a complete listing of the houses currently on the market in Bay Colony, please email me at allison@allisonstine.com
Inventory in Bay Colony is mostly unchanged-always seems to be around 15 - 20 single family homes on the market! There are currently 17 active listings that range in price from $324,900 - $1,450,000, with an average list price of $695.000. There have been 4 settlements of single family homes year-to-date (compared to 0 in 2008) with 2 additional home sales pending as of today. Sales to date are:
29703 Sawmill Drive $415,000 (Listed for $479,000)
29751 Colony Drive $350,000 (Listed for $399,000)
29701 Colony Drive $450,000 (Listed for $529,900)
34329 Indian River Drive $645,000 (listed for $699,999)
Lot sales are not brisk; with only one sale in 2009 which was Lot 19 Log Court for $100,000 (Listed for $120,000)
There are two homes currently pending sale, they are:
34397 Indian River Drive listed for $749,000
29368 Colony Drive listed for $569,000
For a complete listing of the houses currently on the market in Bay Colony, please email me at allison@allisonstine.com
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May 15, 2009
Alan Levin, director of the Delaware Economic Development Office, joined members of Rehoboth Beach Main Street to celebrate the organization’s receipt of the Great American Main Street Award today. The award, which recognizes exemplary downtowns and commercial districts, is a prestigious honor for Rehoboth and a mark of distinction for the town’s local businesses.
Once a seasonal resort community best known as the “Nation’s Summer Capital” because of its popularity among Washington politicians and their staff, Rehoboth Beach is today a “Year ‘Round Beach Town,” with events and businesses that attract residents and visitors throughout the year.
“I am proud to acknowledge and celebrate the many achievements of Rehoboth Beach Main Street’s staff and volunteers who have propelled this town to receive pre-eminent national recognition as a Great American Main Street winner,” said DEDO Director Alan Levin.
The Great American Main Street Award is based on criteria ranging from the amount of active public and private sector involvement in the town to the quality of its long-term achievements. The award takes into account a town’s commitment to historic preservation, its ability to successfully foster small businesses development, and its evolving track record of successful commercial district revitalization. It also considers the level of community support a town receives for its revitalization efforts as well as the economic impact of those efforts. A comprehensive program, with activity in all four points of the National Trust for Historic Preservation’s Main Street Four-Point Approach® to commercial district revitalization, is a key factor in determining the Great American Main Street Award winner.
Main Street of Rehoboth Beach has established deep roots in the community and the state. By encouraging small businesses to embrace the four-point approach which includes design, economic restructuring, promotion and organization, Rehoboth’s Main Street has developed a strong foundation on which to base its growth.
Once a seasonal resort community best known as the “Nation’s Summer Capital” because of its popularity among Washington politicians and their staff, Rehoboth Beach is today a “Year ‘Round Beach Town,” with events and businesses that attract residents and visitors throughout the year.
“I am proud to acknowledge and celebrate the many achievements of Rehoboth Beach Main Street’s staff and volunteers who have propelled this town to receive pre-eminent national recognition as a Great American Main Street winner,” said DEDO Director Alan Levin.
The Great American Main Street Award is based on criteria ranging from the amount of active public and private sector involvement in the town to the quality of its long-term achievements. The award takes into account a town’s commitment to historic preservation, its ability to successfully foster small businesses development, and its evolving track record of successful commercial district revitalization. It also considers the level of community support a town receives for its revitalization efforts as well as the economic impact of those efforts. A comprehensive program, with activity in all four points of the National Trust for Historic Preservation’s Main Street Four-Point Approach® to commercial district revitalization, is a key factor in determining the Great American Main Street Award winner.
Main Street of Rehoboth Beach has established deep roots in the community and the state. By encouraging small businesses to embrace the four-point approach which includes design, economic restructuring, promotion and organization, Rehoboth’s Main Street has developed a strong foundation on which to base its growth.
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May 6, 2009
A press release to major media outlets was sent Saturday, May 2, announcing the latest rankings from TennisResortsOnline (http://tennisresortsonline.com/trofiles/Categories.cfm). In addition to its new position as No. 13 in the world, Sea Colony's Tennis Center earned additional high awards -- No. 1 for Junior Programs, No. 3 for Best Instruction and Programs, and No. 4 for Children's Programs.
The full announcement follows:
SEA COLONY RANKED NO. 13 IN THE WORLD BY TENNISRESORTSONLINE.COM
Delaware beach and tennis resort community also listed in the Top 10 among Tennis Magazine's "50 Best U.S. Tennis Resorts" - including #5 for instruction
Sea Colony, Bethany Beach, Delaware - May 2, 2009 - Located just south of Bethany Beach, Delaware, Sea Colony - known as "The Premier Family Beach & Tennis Resort Community" - continued its climb among the elite tennis resorts in the world, according to Tennis Resorts Online's 2009 rankings, released on May 1.
Ranked No.16 last year, the seaside resort community climbed three places this year to No. 13 in the world. This global recognition follows numerous local, regional and national honors earned by the resort community and its tennis staff. Posted on TennisResortsOnline.com, published by former Tennis Magazine editor Roger Cox, the annual rankings are determined by vacationers, who were asked to evaluate resorts and camps in 16 categories, from the quality of the tennis programs to lodging.
With 34 tennis courts, including four indoor and 14 Har-Tru clay, and 25 teaching professionals, Sea Colony Tennis, under Tennis Director Dr. Dave Marshall, offers a wide range of camps, clinics and private instruction to tennis players of all ages and skill levels.
Supported by the Sea Colony homeowners, the tennis program has produced state and national champions, elite juniors and top collegiate tennis players, while earning kudos from state and regional tennis organizations.
In October 2008, Tennis Magazine honored the resort community in the Top 10 among its "50 Best U.S. Tennis Resorts," including ranking Sea Colony No. 5 for instruction.
The full announcement follows:
SEA COLONY RANKED NO. 13 IN THE WORLD BY TENNISRESORTSONLINE.COM
Delaware beach and tennis resort community also listed in the Top 10 among Tennis Magazine's "50 Best U.S. Tennis Resorts" - including #5 for instruction
Sea Colony, Bethany Beach, Delaware - May 2, 2009 - Located just south of Bethany Beach, Delaware, Sea Colony - known as "The Premier Family Beach & Tennis Resort Community" - continued its climb among the elite tennis resorts in the world, according to Tennis Resorts Online's 2009 rankings, released on May 1.
Ranked No.16 last year, the seaside resort community climbed three places this year to No. 13 in the world. This global recognition follows numerous local, regional and national honors earned by the resort community and its tennis staff. Posted on TennisResortsOnline.com, published by former Tennis Magazine editor Roger Cox, the annual rankings are determined by vacationers, who were asked to evaluate resorts and camps in 16 categories, from the quality of the tennis programs to lodging.
With 34 tennis courts, including four indoor and 14 Har-Tru clay, and 25 teaching professionals, Sea Colony Tennis, under Tennis Director Dr. Dave Marshall, offers a wide range of camps, clinics and private instruction to tennis players of all ages and skill levels.
Supported by the Sea Colony homeowners, the tennis program has produced state and national champions, elite juniors and top collegiate tennis players, while earning kudos from state and regional tennis organizations.
In October 2008, Tennis Magazine honored the resort community in the Top 10 among its "50 Best U.S. Tennis Resorts," including ranking Sea Colony No. 5 for instruction.
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Mar 11, 2009
Welcome to my first online quarterly update for three of my favorite communities. Many of you have received my postcards in the past. I will continue to send updates that way too, but for those of you who are looking for more information than what will fit on a 4 x 5 card, here it is. If you know of anyone else who may be interested in these quarterly updates, please tell them to drop me a line at allison@allisonstine.com. I want you to know that I value your privacy, and I will not use your email addresses for any other purpose than to keep you up to date with the community. If you do not wish to receive this information, just send me an email. If you want more up to the minute information of what is happening in local real estate, you can follow me on Twitter (twitter.com/allisonstine).
Cripple Creek/Fairway Villas
There is a small selection of townhomes currently on the market. There is a bayview 4 bedroom, 3 story end unit on Carnoustie for $399,900, a 2 bedroom, 2 story end unit on Cripple Creek Drive for $260,000 and an interior 3 bedroom, 3 story, bayview for $450,000. You will be happy to learn that the Bailey's townhome on Carnoustie was settled last week for $250,000. That was a great buy. The new neighbors, Bill and Donna Saddler will be using the property as a second home and they plan to join the club. Some of your other neighbors have expressed interest in selling too, so if you know someone who would like a golf villa, have them give me a call.
There is also a small selection of single family homes available. The best buy is Anne and Terry Sheehan's home on Turnberry Drive for $499,000. They invested quite a bit of money in that house over the past few years. A few of the recent improvements include granite countertops, a gas fireplace in the living room, the addition of a four season sun room with retractable awning, the installation of an irrigation system, new landscaping and landscape lighting, just to name a few.
Many of you have asked about the spec house next to the Sherwins on Turnberry Drive. That property is still for sale. The listing agent tell me that it was taken off the market for a refinance, but will be re-listed shortly. The Sellers would also consider a rental. The most recent listing price was $689,000.
Other single family homes on the market include:
29373 Turnberry Drive $925,000/34956 Royal Troon $599,900/34962 Royal Troon $949,000/Lot 13 Turnberry Drive (to be built) $569,000
There are 5 lots available in the neighborhood too. Maybe you know someone who wants to build their dream home?
The last sale in Cripple Creek was LISTED by ME and sold by another Broker. It was the Beam Spec House on Royal Troon. What a beautiful home. It was sold for $665,000 in July, 2008. For those of you who don't know Mark, he is a terrific builder. He built my home on Muirfield and two other homes for my family over the years. He also built Ed and Nancy Adams home and he is in the process of building the custom home next to the Leary's on Royal Troon. Recognize the siding?
Have you been in the club recently to see the new renovations? They look amazing!
The Greens at Indian River
I took a ride through the Greens the other day and was admiring a few of the new driveways with the stamped concrete; they look really nice.
There are 4 single family homes on the market in the Greens right now and a handful of lots. I currently have the Barnes residence listed for sale on Westchester Court. That is a beautiful home with really amazing views of the lagoon and the golf course; you can see all the way down to the Bay. Have you seen his landscaping? Beautiful. The house is listed for sale for $675,000. There are two master bedroom suites on the first floor, isn't that nice?
In addition, there are three other homes on the market; they are:
103 Cypress Point $350,000/7 Windward Way $419,900/321 Fairway Lane $399,00
Lot prices are in the range of $145,000 - $249,900
The last house to sell in the Greens was LISTED by LONG AND FOSTER and SOLD by ME. It was the home at 13 Windward Way and it sold for $500,000 in November, 2007.
Bay Colony
There are currently 19 homes for sale in Bay Colony, which may sound like a lot, but it's not. There always seems to be 19 homes on the market, even in better times. What's changed is that there are 3 direct bayfront homes on the market! I used to have a long list of people who wanted a bayfront home in Bay Colony, we will get there again!
I have a great listing on Indian River Drive, check out the virtual tour and photos on my website. What a gorgeous place and really nice views of the Bay. The Movellan's home is meticulous inside and out. I remember when they built that house at the same time I was building mine in Cripple Creek; I always admired it!
There are many lots for sale and some boat slips, too. If you would like a complete list, email me. It's a rather lengthy list-22 strong! The average lot listing price is about $195,000 and boat slips average about $41,000.
The most recent sale was LISTED by ME and SOLD by LONG AND FOSTER. It was located on Colony Drive and was sold for $350,000. What a buy! That home settled on February 28th, 2009.
So, there you have it. My first quarterly update on my new and improved web site. I am always available to discuss real estate matters, just call my cell 302-381-5565-Always On and Always Connected- or feel free to utilize our online chat feature on the new site.
Allison
(Please note that these statistics are accurate as of the date of posting which is March 11, 2009)
Cripple Creek/Fairway Villas
There is a small selection of townhomes currently on the market. There is a bayview 4 bedroom, 3 story end unit on Carnoustie for $399,900, a 2 bedroom, 2 story end unit on Cripple Creek Drive for $260,000 and an interior 3 bedroom, 3 story, bayview for $450,000. You will be happy to learn that the Bailey's townhome on Carnoustie was settled last week for $250,000. That was a great buy. The new neighbors, Bill and Donna Saddler will be using the property as a second home and they plan to join the club. Some of your other neighbors have expressed interest in selling too, so if you know someone who would like a golf villa, have them give me a call.
There is also a small selection of single family homes available. The best buy is Anne and Terry Sheehan's home on Turnberry Drive for $499,000. They invested quite a bit of money in that house over the past few years. A few of the recent improvements include granite countertops, a gas fireplace in the living room, the addition of a four season sun room with retractable awning, the installation of an irrigation system, new landscaping and landscape lighting, just to name a few.
Many of you have asked about the spec house next to the Sherwins on Turnberry Drive. That property is still for sale. The listing agent tell me that it was taken off the market for a refinance, but will be re-listed shortly. The Sellers would also consider a rental. The most recent listing price was $689,000.
Other single family homes on the market include:
29373 Turnberry Drive $925,000/34956 Royal Troon $599,900/34962 Royal Troon $949,000/Lot 13 Turnberry Drive (to be built) $569,000
There are 5 lots available in the neighborhood too. Maybe you know someone who wants to build their dream home?
The last sale in Cripple Creek was LISTED by ME and sold by another Broker. It was the Beam Spec House on Royal Troon. What a beautiful home. It was sold for $665,000 in July, 2008. For those of you who don't know Mark, he is a terrific builder. He built my home on Muirfield and two other homes for my family over the years. He also built Ed and Nancy Adams home and he is in the process of building the custom home next to the Leary's on Royal Troon. Recognize the siding?
Have you been in the club recently to see the new renovations? They look amazing!
The Greens at Indian River
I took a ride through the Greens the other day and was admiring a few of the new driveways with the stamped concrete; they look really nice.
There are 4 single family homes on the market in the Greens right now and a handful of lots. I currently have the Barnes residence listed for sale on Westchester Court. That is a beautiful home with really amazing views of the lagoon and the golf course; you can see all the way down to the Bay. Have you seen his landscaping? Beautiful. The house is listed for sale for $675,000. There are two master bedroom suites on the first floor, isn't that nice?
In addition, there are three other homes on the market; they are:
103 Cypress Point $350,000/7 Windward Way $419,900/321 Fairway Lane $399,00
Lot prices are in the range of $145,000 - $249,900
The last house to sell in the Greens was LISTED by LONG AND FOSTER and SOLD by ME. It was the home at 13 Windward Way and it sold for $500,000 in November, 2007.
Bay Colony
There are currently 19 homes for sale in Bay Colony, which may sound like a lot, but it's not. There always seems to be 19 homes on the market, even in better times. What's changed is that there are 3 direct bayfront homes on the market! I used to have a long list of people who wanted a bayfront home in Bay Colony, we will get there again!
I have a great listing on Indian River Drive, check out the virtual tour and photos on my website. What a gorgeous place and really nice views of the Bay. The Movellan's home is meticulous inside and out. I remember when they built that house at the same time I was building mine in Cripple Creek; I always admired it!
There are many lots for sale and some boat slips, too. If you would like a complete list, email me. It's a rather lengthy list-22 strong! The average lot listing price is about $195,000 and boat slips average about $41,000.
The most recent sale was LISTED by ME and SOLD by LONG AND FOSTER. It was located on Colony Drive and was sold for $350,000. What a buy! That home settled on February 28th, 2009.
So, there you have it. My first quarterly update on my new and improved web site. I am always available to discuss real estate matters, just call my cell 302-381-5565-Always On and Always Connected- or feel free to utilize our online chat feature on the new site.
Allison
(Please note that these statistics are accurate as of the date of posting which is March 11, 2009)
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Feb 23, 2009
There are over one million REALTORS in business today. So if you want to find that one-in-a-million REALTOR, start with the over 37,000 who hold the Certified Residential Specialist Designation. CRS is the symbol of excellence in residential real estate and members have proven they have the experience, training and commitment to be among the best in their profession.
I earned my CRS designation in 2007. Among the courses I completed was a Wealth Building course which focused on investment properties analysis and Listings Presentations. The Listings course was the best educational seminar that I have ever attended in any profession. Additionally, I was able to submit proof of at least $25 million in real estate transactions in the previous 5 years and was awarded credit for having earned the ePRO certification.
I was just reviewing the course catalog for 2009 and I am considering the Ninja Selling course or another that teaches attendees to be more skilled in negotiating. I was hoping for an exotic location, but I think I will stay close to home for this one!
If you know of anyone who needs the services of a Realtor, call me and I will find a local CRS to assist them, too. As always, if I can be of service to you, please do not hesitate to contact me.
I earned my CRS designation in 2007. Among the courses I completed was a Wealth Building course which focused on investment properties analysis and Listings Presentations. The Listings course was the best educational seminar that I have ever attended in any profession. Additionally, I was able to submit proof of at least $25 million in real estate transactions in the previous 5 years and was awarded credit for having earned the ePRO certification.
I was just reviewing the course catalog for 2009 and I am considering the Ninja Selling course or another that teaches attendees to be more skilled in negotiating. I was hoping for an exotic location, but I think I will stay close to home for this one!
If you know of anyone who needs the services of a Realtor, call me and I will find a local CRS to assist them, too. As always, if I can be of service to you, please do not hesitate to contact me.
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Sep 27, 2008
If you are like me, you are scratching your head and trying to make sense of this whole bailout situation. It seems to me that things are moving so fast, it make me wonder who will REALLY benefit from this unprecedented action. So I took to the Internet in an effort to figure it out, and here is an article that I found to be particularly helpful. Tell me what you think...
http://www.realtor.org/research/commentary_700_billion
http://www.realtor.org/research/commentary_700_billion
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