Allison's Blog
Jan 25, 2012
30 Year Fixed Rate Lowest Ever
Mortgage rates dove to new all-time record lows during the week ending January 13, 2012, the Mortgage Bankers Association (MBA) said in its weekly report this morning.
Average interest rates for 30-year fixed-rate mortgages (those with conforming loan balances of $417,500 or less) fell week-over-week from 4.11 percent to 4.06 percent, which is the lowest rate ever observed for 30-year fixed mortgages in the history of the MBA’s Weekly Mortgage Applications Survey.
“Interest rates dropped last week due to continuing anxieties regarding the fragile economic situation in Europe,” Michael Fratantoni, MBA’s Vice President of Research and Economics, said in a statement.
Shorter-term, 15-year fixed-rate mortgages also established new historical lows in this latest survey, the MBA said. Average rates for 15-year fixed mortgages fell to 3.33 percent from 3.40 percent the previous week.
In addition, yet another new historical low was established with FHA-backed 30-year fixed-rate mortgages. The average interest rate for this mortgage product dropped to 3.91 percent from 3.96 percent one week earlier.
Refinance, purchase activity increase
Overall, mortgage applications rose 23.1 percent week-over-week, the MBA said. This increase was fueled by both refinance and purchase activity.
The MBA’s Refinance Index spiked 26.4 percent on a weekly basis, reaching its highest point since August 8, 2011. This increase resulted in the refinancing representing the largest share of overall application activity (82.2 percent of total applications) since late October 2010.
“With mortgage rates reaching new lows, refinance volume jumped and MBA’s refinance index reached its highest level in the last six months,” Fratantoni said. “Purchase activity also increased as buyers returned to the market after the holiday season.”
Purchase activity rose 10.3 percent week-over-week and is at its highest level in more than a month (December 12, 2011).
By Max Thompson
January 18, 2012
Mortgage rates dove to new all-time record lows during the week ending January 13, 2012, the Mortgage Bankers Association (MBA) said in its weekly report this morning.
Average interest rates for 30-year fixed-rate mortgages (those with conforming loan balances of $417,500 or less) fell week-over-week from 4.11 percent to 4.06 percent, which is the lowest rate ever observed for 30-year fixed mortgages in the history of the MBA’s Weekly Mortgage Applications Survey.
“Interest rates dropped last week due to continuing anxieties regarding the fragile economic situation in Europe,” Michael Fratantoni, MBA’s Vice President of Research and Economics, said in a statement.
Shorter-term, 15-year fixed-rate mortgages also established new historical lows in this latest survey, the MBA said. Average rates for 15-year fixed mortgages fell to 3.33 percent from 3.40 percent the previous week.
In addition, yet another new historical low was established with FHA-backed 30-year fixed-rate mortgages. The average interest rate for this mortgage product dropped to 3.91 percent from 3.96 percent one week earlier.
Refinance, purchase activity increase
Overall, mortgage applications rose 23.1 percent week-over-week, the MBA said. This increase was fueled by both refinance and purchase activity.
The MBA’s Refinance Index spiked 26.4 percent on a weekly basis, reaching its highest point since August 8, 2011. This increase resulted in the refinancing representing the largest share of overall application activity (82.2 percent of total applications) since late October 2010.
“With mortgage rates reaching new lows, refinance volume jumped and MBA’s refinance index reached its highest level in the last six months,” Fratantoni said. “Purchase activity also increased as buyers returned to the market after the holiday season.”
Purchase activity rose 10.3 percent week-over-week and is at its highest level in more than a month (December 12, 2011).
By Max Thompson
January 18, 2012
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Dec 22, 2011
2011 was a great year for the Allison Stine Team. We had one of the best years in real estate since 2007. We expanded into New Castle County and added a new agent there; Julie Spagnolo. We also made great advancements with our technology thanks to our intern Mihai Herman.
I would like to extend our warmest wishes to our friends, clients and colleagues for a wonderful holiday season and wish everyone all the best in 2012; we thank you for your business and for placing your trust in our team!
I would like to extend our warmest wishes to our friends, clients and colleagues for a wonderful holiday season and wish everyone all the best in 2012; we thank you for your business and for placing your trust in our team!
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Aug 30, 2011
Bethany Beach Real Estate
Home buying is about finding the right house, and this includes getting the right price. There are five basic ways to buy a home for less. Here are three of them.
Home Buying Secret - Buy In Inexpensive Towns
Yes, there are still inexpensive towns that you might actually want to live in. In fact, there are still towns in this country where you can see a good movie, put the kids in a good school, go shopping, enjoy nearby natural beauty, and buy homes for under fifty thousand dollars. My wife and I bought a beautiful little home with hardwood floors, a full carpeted basement, and a garage, in a pretty mountain town, for $17,500, in 2002. You can still get homes for under $35,000 there.
What you can't find easily there, is a good job. These towns with the cheapest homes usually have a bad job situation. They are great places to retire to, or to move to if you have a business or profession that isn't location-dependent. Writers and internet entrepreneurs are beginning to discover them.
This may not work for you, of course. If you already have determined where you will be living, or if you need a town with high-paying jobs, try the following ways to save money.
Home Buying Secret - Buy Inexpensive Houses
One way to save when buying a home is to find a less expensive alternative that still fits your needs. This can mean buying in the inexpensive parts of town, or buying the inexpensive types of homes. Don't set your mind on one type of home or one neighborhood before you know what all the alternatives are.
This isn't about buying a cheap dump to save money, or buying in a dangerous part of town. It is more about a philosophy of defining your true needs so you can find the least expensive way to meet them. You may be surprised at what is available for less.
Home Buying Secret - Negotiate A Lower Price
No matter what you buy, you can save a lot if you know a few basic negotiating techniques. You'll find easy-to-learn techniques in any good book on negotiating. Is it worth a few minutes reading and an hour or two of practice to save thousands of dollars?
There are simple negotiating techniques that are used by the masters of negotiation. They are used in all areas of business and real estate. You don't need to become a master, though, to knock a couple thousand off the price of that next house. In fact, a little knowledge goes a long way in home buying.
Bethany Beach Real Estate
Home buying is about finding the right house, and this includes getting the right price. There are five basic ways to buy a home for less. Here are three of them.
Home Buying Secret - Buy In Inexpensive Towns
Yes, there are still inexpensive towns that you might actually want to live in. In fact, there are still towns in this country where you can see a good movie, put the kids in a good school, go shopping, enjoy nearby natural beauty, and buy homes for under fifty thousand dollars. My wife and I bought a beautiful little home with hardwood floors, a full carpeted basement, and a garage, in a pretty mountain town, for $17,500, in 2002. You can still get homes for under $35,000 there.
What you can't find easily there, is a good job. These towns with the cheapest homes usually have a bad job situation. They are great places to retire to, or to move to if you have a business or profession that isn't location-dependent. Writers and internet entrepreneurs are beginning to discover them.
This may not work for you, of course. If you already have determined where you will be living, or if you need a town with high-paying jobs, try the following ways to save money.
Home Buying Secret - Buy Inexpensive Houses
One way to save when buying a home is to find a less expensive alternative that still fits your needs. This can mean buying in the inexpensive parts of town, or buying the inexpensive types of homes. Don't set your mind on one type of home or one neighborhood before you know what all the alternatives are.
This isn't about buying a cheap dump to save money, or buying in a dangerous part of town. It is more about a philosophy of defining your true needs so you can find the least expensive way to meet them. You may be surprised at what is available for less.
Home Buying Secret - Negotiate A Lower Price
No matter what you buy, you can save a lot if you know a few basic negotiating techniques. You'll find easy-to-learn techniques in any good book on negotiating. Is it worth a few minutes reading and an hour or two of practice to save thousands of dollars?
There are simple negotiating techniques that are used by the masters of negotiation. They are used in all areas of business and real estate. You don't need to become a master, though, to knock a couple thousand off the price of that next house. In fact, a little knowledge goes a long way in home buying.
Bethany Beach Real Estate
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Aug 16, 2011
Click on the link below to read the latest real estate news from the Coastal Point Newspaper.
http://www.coastalpoint.com/content/second_homeowner_market_still_strong
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Aug 15, 2011
Bethany Beach Real Estate
Closing costs are often the last thing a person thinks of when buying a home. While closing is the joyous moment the home becomes yours, the costs can be surprisingly aggravating.
When you purchase a home, condo or other property, you will go through a period known as escrow. During escrow, various issues related to the property transfer are worked out. The last day of escrow is known as the closing day and you are going to be paying closing costs.
Closing costs come in many forms. Some involve significant dollars while others are relatively painless. Here’s a list of typical costs:
Escrow Fees
An escrow agent is essentially a third party that works with the seller and buyer to finalize the transaction. For this assistance, the escrow agent will charge a fee. Depending on your area and the agent, you can expect fees from a few hundred dollars to around a thousand or so. Make sure you find out the fees before picking an escrow agent.
Home Loan
Obtaining a home loan in the current market is a highly subjective event. “Points” can be a major cost associated with home loans. Points are essentially a fee you pay or have build into the loan for the privilege of being allowed to borrow money. A point usually equates to 1% of the loan. On a loan of $300,000, one point would equal $3,000. If you have excellent credit, you can shop for a loan that doesn’t require you to pay points.
Home and Title Insurance
Insurance for your home and title are a must. If you are borrowing money to purchase the home, each is mandatory. If you are using your own funds, you should still get both forms of insurance. As each name implies, they provide insurance against issues involving your home and problems with the title transferred to you. You want to have clear title.
PMI
Private Mortgage Insurance, “PMI”, is mandatory if your down payment is less than 20% of the purchase price. You can expect to pay a few hundred dollars a year in PMI. Inspections, Appraisals and Miscellaneous Fees
In the home purchase process, you are going to use a variety of services to validate the property is your dream home. These services come with fees and you can expect to pay for home inspectors, appraisers and the like. Depending upon the state you live in, many of these fees may be built into your mortgage. Nonetheless, you need to know exactly what you must pay for on closing day so you can budget accordingly.
Closing escrow should be one of the happier days in your life, particularly if it is for your first home. Make sure you know the costs associated with it so you don’t have to spend the day running around borrowing money.
Bethany Beach Real Estate
Closing costs are often the last thing a person thinks of when buying a home. While closing is the joyous moment the home becomes yours, the costs can be surprisingly aggravating.
When you purchase a home, condo or other property, you will go through a period known as escrow. During escrow, various issues related to the property transfer are worked out. The last day of escrow is known as the closing day and you are going to be paying closing costs.
Closing costs come in many forms. Some involve significant dollars while others are relatively painless. Here’s a list of typical costs:
Escrow Fees
An escrow agent is essentially a third party that works with the seller and buyer to finalize the transaction. For this assistance, the escrow agent will charge a fee. Depending on your area and the agent, you can expect fees from a few hundred dollars to around a thousand or so. Make sure you find out the fees before picking an escrow agent.
Home Loan
Obtaining a home loan in the current market is a highly subjective event. “Points” can be a major cost associated with home loans. Points are essentially a fee you pay or have build into the loan for the privilege of being allowed to borrow money. A point usually equates to 1% of the loan. On a loan of $300,000, one point would equal $3,000. If you have excellent credit, you can shop for a loan that doesn’t require you to pay points.
Home and Title Insurance
Insurance for your home and title are a must. If you are borrowing money to purchase the home, each is mandatory. If you are using your own funds, you should still get both forms of insurance. As each name implies, they provide insurance against issues involving your home and problems with the title transferred to you. You want to have clear title.
PMI
Private Mortgage Insurance, “PMI”, is mandatory if your down payment is less than 20% of the purchase price. You can expect to pay a few hundred dollars a year in PMI. Inspections, Appraisals and Miscellaneous Fees
In the home purchase process, you are going to use a variety of services to validate the property is your dream home. These services come with fees and you can expect to pay for home inspectors, appraisers and the like. Depending upon the state you live in, many of these fees may be built into your mortgage. Nonetheless, you need to know exactly what you must pay for on closing day so you can budget accordingly.
Closing escrow should be one of the happier days in your life, particularly if it is for your first home. Make sure you know the costs associated with it so you don’t have to spend the day running around borrowing money.
Bethany Beach Real Estate
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Aug 10, 2011
There are many things to watch for when buying a new home. Often, home buyers find themselves overwhelmed by the process of buying a home and overlook many of the telltale signs that a home might not be all they think it is. It will always be good practice to go over the negative aspects of any given home, in detail, before making an offer. Many of the following things should be found during a proper home inspection, however it is a good idea as the buyer to familiarize yourself with certain things and to discuss them with your Realtor and the inspector.
1. Damp Basements
A damp feeling in a basement can suggest water seepage, either from improperly graded soil, or a bad foundation. This can lead to many problems further down the road when considering renovations or remodeling. This can also lead to problems with mold and the deterioration of the standing foundations. Moisture can also weaken the foundations leading to expensive repairs in the future. This is also a health concern as the presence of mold has been linked to several respiratory conditions and ailments.
2. Cracks in the Foundation
Always inspect the interior and exterior of the foundation for cracks and stress marks. Visible cracks can mean several things; excessive settling of the house, the fact that the house may have been built on an improperly graded site, or in an area that is prone to earth movement. Cracks can also allow small insects access to the interior of the home. Ants and termites can cause no end of costly problems in a home. There are many different types of foundation imperfection and the causes of these are quite varied. If there is any evidence of an imperfection in the foundation, have the entire foundation checked by a professional.
3. Odor
The presence of unappealing odors can mean many things in a home, the most common of these is mold. Biological problems like mold can be difficult to repair as it usually means an extensive amount of work to correct them. Ripping out walls is the most common "fix" for mold as it can be trying to find the source. Visible mold can be killed with bleach, but usually the problem runs far deeper than the surface. A professional inspector should identify any mold problems upon the necessary inspection and relate these to the realtor or home buyer.
4. Poorly Ventilated or Damp Attic
This is another factor that can cause large amounts of mold and dry-rot to develop in a home. Check the interior of the roof if it is accessible. Is it wet? If so, there is a problem. This means there is insufficient ventilation and/or a leak in the roof itself. The interior of a roof should be bone-dry, year-round. This could also be a result of fans from the kitchen or bathroom that vent into the attic and the attic is not properly set up to accommodate the moisture that this generates.
5. Discoloration
The discoloration of portions of the walls or ceiling is a good indicator of leaks and seepage. This could indicate a problem with leaking roofs or plumbing pipes. This can be an extremely expensive problem to fix as it usually involves cutting into the walls and/or ceilings. Leaks such as this can also cause a fire hazard as they may interfere with the existing wiring. Be mindful of fresh paint as this is a common way to cover up spots that show water damage.
6. Electrical Work
One of the largest causes of electrical fires in homes is D.I.Y. Electrical work. Check the connections on fixtures and anything that appears to be added post-construction. Electrical work should never be done by an unqualified individual. For instance, check the main electrical panel, does it look unorganized and sloppy? This is one indication that the home's electrical work may have been done by a non-certified individual. Haphazard wiring can lead to costly repairs and is a definite danger to the homes and residents.
7. The Property Itself
The Property itself can contain many oft-overlooked problems. In particular the landscaping of the property can affect the home itself and particularly the foundations. Is the property sloped away from the house? The high point of the property should always be the house itself. This assists in drainage and presents water problems. If the land slopes downward towards the home, chances are there will be issues with water and seepage.
1. Damp Basements
A damp feeling in a basement can suggest water seepage, either from improperly graded soil, or a bad foundation. This can lead to many problems further down the road when considering renovations or remodeling. This can also lead to problems with mold and the deterioration of the standing foundations. Moisture can also weaken the foundations leading to expensive repairs in the future. This is also a health concern as the presence of mold has been linked to several respiratory conditions and ailments.
2. Cracks in the Foundation
Always inspect the interior and exterior of the foundation for cracks and stress marks. Visible cracks can mean several things; excessive settling of the house, the fact that the house may have been built on an improperly graded site, or in an area that is prone to earth movement. Cracks can also allow small insects access to the interior of the home. Ants and termites can cause no end of costly problems in a home. There are many different types of foundation imperfection and the causes of these are quite varied. If there is any evidence of an imperfection in the foundation, have the entire foundation checked by a professional.
3. Odor
The presence of unappealing odors can mean many things in a home, the most common of these is mold. Biological problems like mold can be difficult to repair as it usually means an extensive amount of work to correct them. Ripping out walls is the most common "fix" for mold as it can be trying to find the source. Visible mold can be killed with bleach, but usually the problem runs far deeper than the surface. A professional inspector should identify any mold problems upon the necessary inspection and relate these to the realtor or home buyer.
4. Poorly Ventilated or Damp Attic
This is another factor that can cause large amounts of mold and dry-rot to develop in a home. Check the interior of the roof if it is accessible. Is it wet? If so, there is a problem. This means there is insufficient ventilation and/or a leak in the roof itself. The interior of a roof should be bone-dry, year-round. This could also be a result of fans from the kitchen or bathroom that vent into the attic and the attic is not properly set up to accommodate the moisture that this generates.
5. Discoloration
The discoloration of portions of the walls or ceiling is a good indicator of leaks and seepage. This could indicate a problem with leaking roofs or plumbing pipes. This can be an extremely expensive problem to fix as it usually involves cutting into the walls and/or ceilings. Leaks such as this can also cause a fire hazard as they may interfere with the existing wiring. Be mindful of fresh paint as this is a common way to cover up spots that show water damage.
6. Electrical Work
One of the largest causes of electrical fires in homes is D.I.Y. Electrical work. Check the connections on fixtures and anything that appears to be added post-construction. Electrical work should never be done by an unqualified individual. For instance, check the main electrical panel, does it look unorganized and sloppy? This is one indication that the home's electrical work may have been done by a non-certified individual. Haphazard wiring can lead to costly repairs and is a definite danger to the homes and residents.
7. The Property Itself
The Property itself can contain many oft-overlooked problems. In particular the landscaping of the property can affect the home itself and particularly the foundations. Is the property sloped away from the house? The high point of the property should always be the house itself. This assists in drainage and presents water problems. If the land slopes downward towards the home, chances are there will be issues with water and seepage.
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Aug 4, 2011
So you have seen your umpteenth infomercial with the guy in his neatly pressed button-upped white T-Shirt grinning ear to ear waving his rock-solid no-money-down rags-to-riches real estate investment course for 3 easy payments of a gazillion dollars (but only if you call now) and now you are thinking, "wow this looks like a great deal, I better get it fast before the special offer expires." You notice how there is always a special offer? Anyway, I am not saying this guy isnt telling the truth, however regardless of which course or school of thought you buy into there are several key areas that one must avoid when engaging in any real estate related transaction.
Pitfall Number 1: Don’t Overpay!
The whole point in investing is to find properties that are undervalued. How does one find out what is undervalued versus overvalued? Without getting into technical details, the bottom line is you need experience. Yes much like shopping for anything else, real estate is essentially one of the highest ticket items in the shopping center of life. Its advisable to stick with one market, perhaps the one closest to you in proximity as a starting off point. Through your experience and asking the right questions, you will eventually have a feel for the pulse of the market you are looking after, and of course identify what is considered a good buy.
Pitfall Number 2: Know the Market
Yes, you are actually going to have to do more work! This part is really common sense though, but executing it where the beauty and the payoff comes in. How do you make money in real estate? The most basic way is to buy low and sell high. So from the first step, you have identified general trends in the value of homes, and are pretty good at spotting undervalued homes. Assuming you acquire that home, you may want to profit from it by selling it off to someone else for a higher price. How can you do this? Well there are many ways. For one, most markets appreciate in value over time so if you want a longer term approach that will work. Making upgrades to the property will automatically raise the price of the home as well. Think in terms of what the market wants, not what you personally want. You are not the one buying it; you are trying to sell it to someone else for a higher price than you bought it.
Pitfall Number 3: Know Your Budget
It may be a fine philosophy to go through life on a whim, but real estate is serious business, and thus diligent financial planning and budgeting is critical to your success. Do not worry you dont need to be a finance geek, however you need to be disciplined and know your budget from the onset, or you may be finding you are learning that you need to make certain renovations or upgrades, and didnt anticipate it going over to a certain cost. Think ahead as to what is needed before actually going forth with investing in real estate.
Bethany Beach Real Estate
Pitfall Number 1: Don’t Overpay!
The whole point in investing is to find properties that are undervalued. How does one find out what is undervalued versus overvalued? Without getting into technical details, the bottom line is you need experience. Yes much like shopping for anything else, real estate is essentially one of the highest ticket items in the shopping center of life. Its advisable to stick with one market, perhaps the one closest to you in proximity as a starting off point. Through your experience and asking the right questions, you will eventually have a feel for the pulse of the market you are looking after, and of course identify what is considered a good buy.
Pitfall Number 2: Know the Market
Yes, you are actually going to have to do more work! This part is really common sense though, but executing it where the beauty and the payoff comes in. How do you make money in real estate? The most basic way is to buy low and sell high. So from the first step, you have identified general trends in the value of homes, and are pretty good at spotting undervalued homes. Assuming you acquire that home, you may want to profit from it by selling it off to someone else for a higher price. How can you do this? Well there are many ways. For one, most markets appreciate in value over time so if you want a longer term approach that will work. Making upgrades to the property will automatically raise the price of the home as well. Think in terms of what the market wants, not what you personally want. You are not the one buying it; you are trying to sell it to someone else for a higher price than you bought it.
Pitfall Number 3: Know Your Budget
It may be a fine philosophy to go through life on a whim, but real estate is serious business, and thus diligent financial planning and budgeting is critical to your success. Do not worry you dont need to be a finance geek, however you need to be disciplined and know your budget from the onset, or you may be finding you are learning that you need to make certain renovations or upgrades, and didnt anticipate it going over to a certain cost. Think ahead as to what is needed before actually going forth with investing in real estate.
Bethany Beach Real Estate
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Jul 27, 2011
The Allison Stine Team Real Estate Group is a small group of highly skilled agents working in two locations in Delaware: the Delaware Beaches from Bethany Beach to Fenwick Island and Wilmington, DE and the surrounding areas from Middletown to North Wilmington.
A full time resident of Bethany Beach for the last 11 years, Allison spent her youth vacationing on the Eastern Shore, enjoying the good life in Rehoboth Beach and Dewey Beach, as well as in Ocean City, Maryland. I never dreamed I could live here year-round. Now every day is a day at the beach!
Prior to starting in real estate, Allison spent 22 years in the hotel business, working in Wilmington, DE, Jacksonville, FL, Baltimore, MD, Virginia Park, Ireland, and most recently, Ocean City, MD where she was the General Manager of a large resort hotel. It was during her hotel career that she honed her skills in business and customer service.
Recognition and awards are an important barometer of success. Over the years, Allison has been consistently recognized by the real estate industry for superior performance and service. In 2007, Allison was named as the #1 Salesperson for Seacoast Realty with $53 million in listings and sales and in 2008 Allison was named to the Chairman's Club for Long and Foster Real Estate. Allison was recognized by The Realty Alliance Group for her exceptional performance in 2008 and again in 2010 ranking her in the top 5 percent of all residential real estate sales professionals in North America.
The Council of Residential Specialists has designated Allison a Certified Residential Specialist (CRS), the highest designation awarded to sales associates in residential sales. The CRS Designation recognizes professional accomplishments in both experience and education.
Delaware Today has once again awarded Allison the Five Star Realtor Award for 2011. Allison is also a Gold Team Ambassador for Long and Foster Real Estate and has participated in hundreds of millions of dollars worth of real estate transactions since she began her career is 2004.
Allison resides in Cripple Creek Golf and Country Club and is a Sea Colony owner.
A full time resident of Bethany Beach for the last 11 years, Allison spent her youth vacationing on the Eastern Shore, enjoying the good life in Rehoboth Beach and Dewey Beach, as well as in Ocean City, Maryland. I never dreamed I could live here year-round. Now every day is a day at the beach!
Prior to starting in real estate, Allison spent 22 years in the hotel business, working in Wilmington, DE, Jacksonville, FL, Baltimore, MD, Virginia Park, Ireland, and most recently, Ocean City, MD where she was the General Manager of a large resort hotel. It was during her hotel career that she honed her skills in business and customer service.
Recognition and awards are an important barometer of success. Over the years, Allison has been consistently recognized by the real estate industry for superior performance and service. In 2007, Allison was named as the #1 Salesperson for Seacoast Realty with $53 million in listings and sales and in 2008 Allison was named to the Chairman's Club for Long and Foster Real Estate. Allison was recognized by The Realty Alliance Group for her exceptional performance in 2008 and again in 2010 ranking her in the top 5 percent of all residential real estate sales professionals in North America.
The Council of Residential Specialists has designated Allison a Certified Residential Specialist (CRS), the highest designation awarded to sales associates in residential sales. The CRS Designation recognizes professional accomplishments in both experience and education.
Delaware Today has once again awarded Allison the Five Star Realtor Award for 2011. Allison is also a Gold Team Ambassador for Long and Foster Real Estate and has participated in hundreds of millions of dollars worth of real estate transactions since she began her career is 2004.
Allison resides in Cripple Creek Golf and Country Club and is a Sea Colony owner.
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May 11, 2011
Millions of young adults are beginning to move out of their parents’ homes and create new households at the fastest rate since 2007. Some housing experts are predicting these young adults may provide a major jump to U.S. housing starts--possibly by more than 50 percent, even by next year--and increase housing consumption at a rate nearly double that of the past two years, Bloomberg News reports.
In 2011, between 750,000 and 1 million new households are expected to be created, says UBS Securities LLC’s Maury Harris and IHS Global Insight’s Patrick Newport. In the year ended March 2010, new households stood at 357,000--the lowest on record, according to U.S. Census data. The “depressed rate” in new household formation has continued to jeopardize the housing market’s recovery, experts say.
But as the employment picture continues to improve, more young adults are leaving Mom and Dad’s house and making a new home for themselves. The “moving-back-in-with-Mom-and-Dad phenomenon” had caused a backlog of pent-up households, Charles Lieberman, chief investment officer with Advisors Capital Management LLC in Hasbrouck Heights, N.J., told Bloomberg News. “Improved economic conditions” will “enable these households to split up and resume living in their own residences.”
Housing starts are expected to get a boost to about 648,000 this year and near 900,000 in 2012 (it stood at 586,800 last year), says Brad Hunter, chief economist and national director of consulting for Metrostudy. The increase in housing starts, he says, reflects a “shadow demand” for new homes among family members who have moved in together because of economic conditions.
“The demographic component of housing demand is strong," he says. "It’s just the economic and psychological components that are holding things back.”
Source: “New Households Form at Fastest Rate Since ’07 in Resurgent U.S.,” Bloomberg News (May 1, 2011)
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Feb 8, 2011
This information was sent to me by my accountant. PLEASE seek the advise of your own accountant or attorney when it comes to tax matters. I am supplying this information to my clients because I know a number of you own rental property. Please keep in mind that I am a REALTOR (not an Accountant or an Attorney and I DONT play either on TV).
The new Jobs and Credit Act signed by President Obama on September27, 2010 made landlords subject to 1099 reporting requirements. Even if you own only one property that you lease, you are required to report payments for rental property expenses. Examples of these expenses include but are not limited to plumbing, landscaping, repairs, etc. The law applies to payments made after December 31, 2010.
For 1099 reporting purposes, the law considers all rental property owners to be conducting a trade or business. Therefore a 1099 MISC needs to be issued to any individual or non-incorporated business such as partnerships and limited liability companies to whom you have paid $600 or more during 2011.
The new Jobs and Credit Act signed by President Obama on September27, 2010 made landlords subject to 1099 reporting requirements. Even if you own only one property that you lease, you are required to report payments for rental property expenses. Examples of these expenses include but are not limited to plumbing, landscaping, repairs, etc. The law applies to payments made after December 31, 2010.
For 1099 reporting purposes, the law considers all rental property owners to be conducting a trade or business. Therefore a 1099 MISC needs to be issued to any individual or non-incorporated business such as partnerships and limited liability companies to whom you have paid $600 or more during 2011.
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Jan 31, 2011
(Reprinted from SCAOR News Newsletter)
Misleading e-mails and other communications about the 3.8 percent Medicare tax in the health care reform law continue to circulate and you might be receiving some of these messages. The communications typically say the 3.8 percent tax is imposed on unearned income that includes the sale of a principle residence, but the tax that's being referenced is far more narrow than that and only has the potential to impact a small sliver of high-income households who receive investment income. The $250,000-$500,000 capital gains exclusion remains in place.
Misleading e-mails and other communications about the 3.8 percent Medicare tax in the health care reform law continue to circulate and you might be receiving some of these messages. The communications typically say the 3.8 percent tax is imposed on unearned income that includes the sale of a principle residence, but the tax that's being referenced is far more narrow than that and only has the potential to impact a small sliver of high-income households who receive investment income. The $250,000-$500,000 capital gains exclusion remains in place.
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Jan 21, 2011
Allison Stine and Colleen Kellner are happy to announce the sale of an amazing custom built new construction home in Cripple Creek Golf and Country Club which offered unsurpassed views of the course and the Bay! The home featured a fully finished lower level with great room, media room and gym/6th bedroom and first floor master bedroom suite with fireplace. The house was sold in January, 2010 for $665,000. There is a building lot next door for sale for just $275,000 that offers amazing views of the Bay and the potential for a walk-out basement; a rare find in Sussex County!
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Oct 27, 2010
Experts say that at least 90 percent of homebuyers rely on real estate agents for advice and guidance. But with more than 4,300 Delaware area residents holding real estate licenses, how do you find someone who knows the market, represents your interests and operates with an emphasis on integrity and service?
The FIVE STAR Real Estate Agent Award is limited to less than 7 percent of all real
estate agents within the Delaware area.
As an independent third party, Crescendo presents the FIVE STAR Award to assist
consumers in selecting a real estate agent who provides their clients exceptional
overall satisfaction, indicated by consumers and industry professionals.
The Selection Process Crescendo surveyed, by mail and phone, all Delaware area residents who purchased
a home over $100,000 within a 24 month period (December 2007 to December 2009) and 12,000 subscribers of Delaware Today.
An additional 250 surveys were sent to mortgage and title companies. Recipients were asked to evaluate only real
estate agents whom they know through personal experience, and to evaluate them based upon nine criteria: customer service, communication, finding the right home, integrity, negotiation, marketing the home,
market knowledge, closing preparation, and overall satisfaction. Crescendo scored and screened each
qualified real estate agent with the Delaware State Real Estate Commission’s database to verify that licenses were current and that no disciplinary actions were pending.
Finally, qualifying real estate agents were reviewed by a blue ribbon panel comprised of realty company executives, professional and trade association officers, and others directly involved in housing-related
businesses.
An Elite Award
The resulting list of 2010 Five Star Real Estate Agents is an elite group, representing less than 7 percent of the licensed real estate agents in the Delaware area.
The FIVE STAR Real Estate Agent Award is limited to less than 7 percent of all real
estate agents within the Delaware area.
As an independent third party, Crescendo presents the FIVE STAR Award to assist
consumers in selecting a real estate agent who provides their clients exceptional
overall satisfaction, indicated by consumers and industry professionals.
The Selection Process Crescendo surveyed, by mail and phone, all Delaware area residents who purchased
a home over $100,000 within a 24 month period (December 2007 to December 2009) and 12,000 subscribers of Delaware Today.
An additional 250 surveys were sent to mortgage and title companies. Recipients were asked to evaluate only real
estate agents whom they know through personal experience, and to evaluate them based upon nine criteria: customer service, communication, finding the right home, integrity, negotiation, marketing the home,
market knowledge, closing preparation, and overall satisfaction. Crescendo scored and screened each
qualified real estate agent with the Delaware State Real Estate Commission’s database to verify that licenses were current and that no disciplinary actions were pending.
Finally, qualifying real estate agents were reviewed by a blue ribbon panel comprised of realty company executives, professional and trade association officers, and others directly involved in housing-related
businesses.
An Elite Award
The resulting list of 2010 Five Star Real Estate Agents is an elite group, representing less than 7 percent of the licensed real estate agents in the Delaware area.
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Oct 26, 2010
As of this date, there are 17 active single-family home listings on the market in Bay Colony. Of the 17 homes, only 2 are bay front homes listed for $1,199,000 and $1,299,000. The remaining 15 homes have a average listing price of $480,000. My new listing on Colony Drive is gorgeous for $419,000 (check it out under my featured listings!)
There were 2 single-family home sales in the 3rd the quarter. They are 34386 Indian River Drive (my listing) sold for $1,045,000 and the house at 29665 Sawmill Drive was sold for $427,000.
There are 13 boat slips for sale ranging in price from $22,800 - $39,000. A number of slips have been sold this year in the $23,000 - $28,000 range. There are 9 home sites on the market ($125,000 - $275,000) and none of those are waterfront. A lot on Sawmill sold for $76,700. A water view lot on Spy Glass was sold for $230,000.
There are 466 single-family homes on the market now in Baltimore Hundred (AREA 3 which is our area). There have been 189 homes sold in the same area YTD. This means that there is roughly 2.5 years worth of inventory on the market at this time.
I just had a customer lock in an interest rate of 4.25% for 30 years fixed conventional financing with 20% down. NOW is the time to buy! If your house is priced well, it WILL sell in this market.
We now got you covered where you live AND where you play! I have partnered with my Sister in New Castle County to begin to sell real estate there. She is a fabulous salesperson and will be an amazing agent. If we can help you in New Castle County, give me a call.
There were 2 single-family home sales in the 3rd the quarter. They are 34386 Indian River Drive (my listing) sold for $1,045,000 and the house at 29665 Sawmill Drive was sold for $427,000.
There are 13 boat slips for sale ranging in price from $22,800 - $39,000. A number of slips have been sold this year in the $23,000 - $28,000 range. There are 9 home sites on the market ($125,000 - $275,000) and none of those are waterfront. A lot on Sawmill sold for $76,700. A water view lot on Spy Glass was sold for $230,000.
There are 466 single-family homes on the market now in Baltimore Hundred (AREA 3 which is our area). There have been 189 homes sold in the same area YTD. This means that there is roughly 2.5 years worth of inventory on the market at this time.
I just had a customer lock in an interest rate of 4.25% for 30 years fixed conventional financing with 20% down. NOW is the time to buy! If your house is priced well, it WILL sell in this market.
We now got you covered where you live AND where you play! I have partnered with my Sister in New Castle County to begin to sell real estate there. She is a fabulous salesperson and will be an amazing agent. If we can help you in New Castle County, give me a call.
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Oct 26, 2010
I copied this article from Jeff Baxter's Real Estate Report. Jeff is an outstanding loan officer with Prosperity Mortgage and can be reached by calling 302-537-5076
Just what the housing market needed, another crisis to deal with. We have already dealt with so many aspects of the housing crisis, from tighter credit to falling prices and foreclosures, it does not seem fair to pile another challenge into the equation. But it is what it is. It should not be surprising that, with so many foreclosures clogging the system, financial institutions and their vendors took shortcuts. No different than what happened during the real estate boom. The question is–how will this new challenge affect the housing market and the economy? First, we should make a few points clear. Those who don’t make their payments will eventually have to leave their homes, whether it is sooner or later. The bottom line will be the same. Second, even if foreclosure sales are delayed, don’t expect banks to flood the markets when the spigots open up again. Banks have been carefully regulating how much inventory reaches the markets and it would make sense that they will continue to do so.
The best case scenario is that some foreclosure sales are delayed for a few weeks. Not all banks have declared freezes and others have indicated that their paperwork and procedural reviews will not take long. The worst case scenario calls for longer delays due to systemic issues and actions by government agencies and even private lawsuits. One thing is certain. Even a short hiatus will negatively affect real estate sales because REO sales are accounting for approximately 1/3 of total sales right now. And weaker real estate sales will slow the economy even further. This means that the Federal Reserve Board is more likely to take positive action to help the economy in November. It may even factor into the results of the elections in some localities. We don’t need the economy to be slower right now because employment gains will only come from economic growth. The effect of foreclosures will make the Holiday retail sales even more important with regard to economic growth. The markets have already factored in slower growth and action by the Fed. Therefore, November could be a very interesting month as we start out with the employment report and preliminary growth estimates for the third quarter and end with reports on how the Holiday retail sales have kicked off during Thanksgiving weekend. By then we should also know "best or worst case" the foreclosure crisis turned out to be.
Just what the housing market needed, another crisis to deal with. We have already dealt with so many aspects of the housing crisis, from tighter credit to falling prices and foreclosures, it does not seem fair to pile another challenge into the equation. But it is what it is. It should not be surprising that, with so many foreclosures clogging the system, financial institutions and their vendors took shortcuts. No different than what happened during the real estate boom. The question is–how will this new challenge affect the housing market and the economy? First, we should make a few points clear. Those who don’t make their payments will eventually have to leave their homes, whether it is sooner or later. The bottom line will be the same. Second, even if foreclosure sales are delayed, don’t expect banks to flood the markets when the spigots open up again. Banks have been carefully regulating how much inventory reaches the markets and it would make sense that they will continue to do so.
The best case scenario is that some foreclosure sales are delayed for a few weeks. Not all banks have declared freezes and others have indicated that their paperwork and procedural reviews will not take long. The worst case scenario calls for longer delays due to systemic issues and actions by government agencies and even private lawsuits. One thing is certain. Even a short hiatus will negatively affect real estate sales because REO sales are accounting for approximately 1/3 of total sales right now. And weaker real estate sales will slow the economy even further. This means that the Federal Reserve Board is more likely to take positive action to help the economy in November. It may even factor into the results of the elections in some localities. We don’t need the economy to be slower right now because employment gains will only come from economic growth. The effect of foreclosures will make the Holiday retail sales even more important with regard to economic growth. The markets have already factored in slower growth and action by the Fed. Therefore, November could be a very interesting month as we start out with the employment report and preliminary growth estimates for the third quarter and end with reports on how the Holiday retail sales have kicked off during Thanksgiving weekend. By then we should also know "best or worst case" the foreclosure crisis turned out to be.
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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
There are 0 comments on this post.
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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