Gail n Greg - Your Agents @ The Beach

UNDER CONTRACT - 137 HENLOPEN AVE. - NORTH REHOBOTH BEACH

This is a RE/MAX Rehoboth listing.  This brick colonial circa 1967 is under contract after 488 days on the market.  It originally listed for $2,750K and was listed at $1,750K at the time of YIKES!!  This house sits on 20,000 square feet of North Rehoboth real estate.  There are now three properties under contract with 13 closed so far this year.  MLS #560834

WITHDRAWN FROM SALE - 55 SUSSEX ST. - NORTH REHOBOTH BEACH

RE/MAX Rehoboth listed this overpriced relic on an undersized lot on Sussex St. back in January of 2008 for $1,100K.  They apparently are giving up or they are changing Real Estate Brokers after 655 days on the market.  It was listed for $985K at the time of withdrawal.  That leaves us with 38 active listings in this part of town.  MLS #556039

HOME BUYER TAX CREDIT

In case your not following, Senate Democrats are indicating that the first time home-buyers tax credit will be renewed.  The one set to expire on December 1, 2009 calls for a $8,000 or 10% tax credit for new home buyers.  The property has to close by November 30th in order to qualify for this tax credit.  There are also income as well as other restrictions in order to qualify.  Bloomberg news is reporting today that "Senate Banking Committee Chairman Chris Dodd says Senate Democrats have agreed to extend the first-time home buyer tax credit.  The latest version extends the program to home sales signed - not closed - by April 30.  Purchasers would have another 60 days to close the sale.  The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.

The credit would be cut slightly to a $7,290 cap.  Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples."  Source:  Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/09)

I'm also in possession of a letter written by our Congressman Mike Castle to a local Lewes builder which states that "Currently, discussions are taking place in Congress to extend and increase the first time home-buyer tax credit, and the Home-buyer Tax Credit Act of 2009 (S. 1230) was introduced in the Senate on June 10 to do so.  S. 1230, sponsored by Senator Johnny Isakson  (R-GA), would extend the housing tax credit for one year after passage and increase the maximum amount to $15,000.  It would also remove the income restriction on who may qualify to receive the credit."

While I do believe that the tax credit has been stimulative to the housing market, I remain a free market capitalist.  I think many of these purchases would have taken place any way and there are always those out there trying to milk the system.  I think legitimate first time home buyers have benefited from this legislation but I personally think we have had enough government intervention.  For the short term, those that want to take advantage of low prices, high inventory and low interest rates may wait to see how this bill is going to come our instead of moving now.  It's like the "cash for clunkers" where 80% of the people who took advantage of the program would have bought any way and we the tax payers get stuck with the bill and as soon as the stimulus is removed, activity drops way down while everyone waits for the next "fix".  I think the incentives I mentioned above, ie low prices, interest rates and high inventory are enough of a stimulus to put this housing market back on track in an orderly fashion.  Just my .02 worth.  Any comments out there? 
 

WITHDRAWN - 45 COLUMBIA AVE. - NORTH REHOBOTH BEACH

This Lingo listing in North Rehoboth has been withdrawn from the market after 350 days.  It was listed for $1,595.  I attended an agent open house there and the home is very nice.  Perhaps the Seller is just taking a break for the holidays as is common this time of year or maybe they are just changing Brokers.  At any rate, the MLS # is 564794 if you wish to look up the details of this property.  Try our website (new website coming soon) at www.GailnGreg.com 

PRICE DECLINE - 9 DELAWARE AVE. - SOUTH REHOBOTH BEACH

This Jack Lingo listing came on the market a mere 71 days ago at the price of $1,795K and has now been reduced for the first time by $100K to $1,695K.  That's just below the average listing price of the 27 homes listed for sale in South Rehoboth, $1,816K and 396 DOM.  MLS #571813

PENDING - 106 SCARBOROUGH VILLAGE - COUNTRY CLUB ESTATES - REHOBOTH BEACH

This RE/MAX Rehoboth townhouse is the 4th and last active townhouse to go under contract this year.  It is being sold partially furnished and was listed at $425K at the time of contract.  It originally listed back in April for $460K.  The other 3 sold for an average price of $418K so expect that this one will be pretty close to that.  MLS #568510

PRICE REDUCTION - 803 MILLER'S LANDING - PAYNTER'S MILL

This second floor 3br unit listed by Ocean Atlantic was off the market for a week or so but has come back on with a reduced price.  It originally listed for $298,852 and has been reduced a couple of times now to $250,852.  There is only one other Nellie Stevens model currently active at a price of $279K, recently increased from $250K.  MLS #567631

BY POPULAR DEMAND, SOUTH REHOBOTH HAS BEEN ADDED TO MY POSTINGS

902 Bayard Ave. was just listed by Mann & Sons in South Rehoboth.  It was listed for $1,995K.  There are now 27 active listings in South Rehoboth, 4 are currently under contract and 5 have closed so far this year.  The average listing price of a home in S. Rehoboth is $1,820K.  The average price of a home sold so far this year is $1,285K and was on the market for 167 days.  Stay tuned for more on South Rehoboth.  MLS #573545

CLOSED - 309 COUNTRY CLUB DRIVE - COUNTRY CLUB ESTATES - REHOBOTH BEACH

This Lingo listing went for the second lowest price so far this year in Country Club Estates.....$490K.  It originally listed for $575K back in June of 2008.  I've been in this one too and it was pretty rough.  The house has never been updated since it was built.  I would tear it down and re-build.  That's 9 now that have closed this year and 2 more still under contract.  MLS #561148

UNDER CONTRACT - 80 SUSSEX ST - NORTH REHOBOTH BEACH

This Jack Lingo listing was on the market for 252 days.  This is a new construction home built on one of the old Brown lots that were purchased a couple of years ago by a speculator.  I was inside this house the other day for an Agent Open house.  It's not quite complete but very nice with many cool upgrades.  It was listed for $1,295 and was at that price when it went under contract.  This is the 15th house to go under contract this year, 13 have closed.  Only 5 closed in the first half of the year, the other 10 in the second half.  It looks like the "big money" is finally jumping in and picking off some of these great deals.  There are 41 more that are now active in North Rehoboth.  By the way, the average selling price of all 15 properties is under $1MM and of the 13 that have closed, the average days on market is 364 and they went for 76% of their original asking price.  MLS #566483