Gail n Greg - Your Agents @ The Beach

ANOTHER SCHELL BROS LISTING IN MILL POND COMMONS - PAYNTER'S MILL

They call this the Marshall model and is another import from their Heritage Creek development in Milton.  The base price for this model is $369,900.  MLS #573342
  

THE "SHORT SALE" CURSE - 16629 HOWARD MILLMAN - MILL POND COMMONS - PAYNTER'S MILL

It was bad enough when this Keller Williams listing came on back in July for $275K.  But they have now reduced it for the second time to $265K.  This is a 3 bedroom "Twin Home" built by Beazer.  These were the most popular of the Beazer products when this community first went up.  All new construction Twin Homes sold for in excess of $350K (or close to it).  This unfortunately is a sign of our times in real estate.  The owner of this property either couldn't afford it to begin with or has had some life altering event take place that makes it impossible for him/her to afford it now.  Therefore, it is being sold "pre foreclosure" by the owner at a price well below what they owe on it.  They have made a deal with their lender to get as much as they can for the home and the lender will "forgive" them the difference.  The lender will then issue them a 1099 tax form so that they will have to pay capital gains taxes on the difference between what they owed and what it sells for.  The reason no one has picked it up yet is that agents HATE to sell "short sales".  Why?  Because they take so dang long to conclude and Realtors are at the mercy of the bank who ultimately determines if they are going to pay them a commission at all.  Realtors need to make commissions in order to pay their bills and feed their families.  We like to know how much we are being paid and that we will in fact get paid.  Also, the banks are so backed up with short sales and foreclosures that it takes forever to get these deals done.  They may get multiple bids on a given property and then they take the best one.  So if your a Buyer, you may put in a bid, wait 4 months only to be told that you did not get the property because someone else had a better offer on the table.  Unfortunately for those of us who live in the neighborhood, these sales bring our property values down.  Even though appraisers aren't supposed to use these "distressed sales" as comparables, I know for a fact that they have (in our neighborhood).  Sometimes that's all they have.  Oh well, sorry for the long post but thought this would be a good time to point out the pit falls of a "short sale".  This leaves the other Twin Home Sellers in a precarious position.  There are 2 other 3 bedroom units currently listed for $339,900 and $334,999 and 2 four bedroom units listed for $305K and $349K.  One of them is our listing, sorry.  MLS #571565

GOOD NEWS FOR MILL SPRING RUN AND MILL POND COMMONS OWNERS!!

I reported here the other day that Schell Bros./Ocean Atlantic Sothebys had listed this home on two of the four lots left vacant in Mill Pond Commons.  I was surprised to find that they listed it at a base price of $309,900.  Well, today they increase the base price offering to $339,900 so in order to get it "comfortably upgraded", it will now sell in the $375K to $400K range.  That's good news for current owners of single family homes in Paynter's Mill.  MLS #572782

MAJOR PRICE REDUCTION - 16581 JOHN ROWLAND TRAIL - MILL POND COMMONS - PAYNTER'S MILL

This Berkeley model Beazer Home has been reduced for the first time since it was listed almost 600 days ago.  It originally listed for $557,700 and has now been reduced to $499K.  One more reduction like that and it will be market priced.  I know this Seller has put a lot of upgrades into this home and it shows beautifully but unfortunately the market has taken most upgrades out of consideration and they become only "tie breakers".  The good news is that this is the only Berkeley up for sale right now, the others have dropped out.  The one next to it was listed at $499,900 for some time.  We now have a new competitor in Mill Pond Commons and that is the developer/builder Schell Bros. who are featuring a very nice model for a base price of $309,900.  I own a Berkeley in Paynter's Mill with quite a few upgrades.  I recently re-financed and the appraisal came in at $420K.  I paid $450K in 2005 and have put $40K plus into it.  :-(   MLS #557253

MILL POND COMMONS - PAYNTER'S MILL ACTIVITY THIS PAST WEEK.....

16563 Howard Millman Lane - This 3 bedroom Twin Home by Beazer is listed by Ocean Atlantic Sothebys and has just been reducedagain to $339,900.  It has been listed a couple of times and was once a "for sale by owner" property.  It originally listed back on February 8, 2007 for $399K and was withdrawn for a few months at the end of that year.  Cumulative DOM are 884.  There are two other 3 bedroom Twin Homes currently listed, one is a "short sale" listed for $270K and the other one is listed for $335K.  There is one 4 bedroom Twin listed for $305K.  The last Twin Home to sell in here was a "short sale" and sold for $268K back on 10/29/08.  MLS #561990

  16273 John Rowland Trail - NEW LISTING- Now this gets a little complicated so pay attention.  This is a "Columbus Model" home built by Schell Bros.  As most of you probably know, Beazer Homes pulled out of Paynter's Mill a while back and left Schell Bros. (the developers of Paynter's Mill) with 4 un-built lots at the Northwest end of the community.  Schell Bros. is trying to put one of their homes on these sites and trying to keep them as close as they can to the design of the Beazer Homes.  This model is one from their Heritage Creek community in Milton.  Their plan is to build 3 of these on 3 of the 4 lots left in Paynter's Mill.  The base price they are currently showing is $309,900, comfortably upgraded you would be looking at around $350K.  It is a nice floor plan and a reasonably good price.  It is being listed by Ocean Atlantic which is the Realty arm of Schell Bros.  They are showing two listings in the MLS at this time, this one and one on lot 94.  MLS #s are 572808 and 572782 respectively.

PRICE REDUCTION - 16629 HOWARD MILLMAN LANE - MILL POND COMMONS - PAYNTER'S MILL

Oh boy, this Keller Williams "short sale" is already reducing their price after listing only 39 days ago.  Not only did they list this Beazer Twin Home for a super low price of $275K, but now they have reduced it again by another $5K to $270K.  This is not good.  For those of you who haven't been following along, a "short sale" is one where the owner owes more on the house than it is worth and can no longer make theri payments.  It is a pre-foreclosure activity where the bank gives the owner one last chance to unload the property a below market rates.  The bank will then pocket all of the money and usually "forgive" the difference between the amount owed and the sales price.  The owner gets out from under the debt but does take a big hit to their credit scores.  It can get very complicated.  I wouldn't recommend it unless there is no other way out.  MLS # 571565

BACK ON THE MARKET - 16623 HOWARD MILLMAN - MILL POND COMMONS - PAYNTER'S MILL

WE'RE BACK !!  Reminds me of Jack Nicholson in The Shining.  This 4 bedroom twin home is back on the market after a 2 month hiatus.  Oh, and while they were at it they lowered the price another $10K to $349K.  RE/MAX Lewes has the listing again (same agent) so it wasn't an "agent thing".  Sometimes people do this in an attempt to re-start the clock as far as days on market.  I stop the clock when it comes off the market but I re-start where they left off when it comes back on the market.  This home was originally listed on August 20th of 2008 so it has been on the market for 303 days as of today.  It was originally listed for $389,900.  There is another one just like it across the street listed for $305K.  I know, your house is special.  MLS # 571848

NEW LISTING - 16629 HOWARD MILLMAN - MILL POND COMMONS - PAYNTER'S MILL

Keller Williams has listed this "short sale" property for $275K.  It is a three bedroom Twin Home by Beazer.  The owner paid over $330K for it.  Unfortunately, this does not bode well for property values in the community.  While this is considered a "distressed sale" and should not be used for "comps", anecdotal evidence suggests that the last twin home to sell in here was used as a comp for a refinance thereby not allowing the owner that was applying for a refinance, to get the loan.  The last twin sold back i n October of 2008 for $268K and was also a "short sale".  There are two other 3 bedroom twins currently listed for an average price of $320K.  There is also a 4 bedroom twin listed for $305K, all are significantly below cost.

SELLER GIVES UP!! 16248 JOHN ROWLAND TRAIL - MILL POND COMMONS - PAYNTER'S MILL

 This Carrolton model was listed by RE/MAX in Rehoboth Beach.  It listed last August for $414K.  It had been reduced once during that time to $399K.  I think the owners couldn't get over the sticker shock when Beazer Homes sold their Carrolton model for $300K.  It's too bad as this is a very nice model and a good value in the high $300K range.  Oh well, I think they're going the rental route until things improve.

ANOTHER DRAMATIC PRICE REDUCTION - 16624 HOWARD MILLMAN LANE - MILL POND COMMONS - PAYNTER'S MILL

 This is a RE/MAX Rehoboth listing and has now been reduced a total of $75K to the new price of $305K !!!  This Beazer Twin Home has been on the market for over 730 days.  It is a four bedroom model.  Hopefully this latest reduction will get this product moved as it is now priced well below Seller's cost.  There are two other 3 bedroom Twin Homes listed for $349,900 and $334,999.  The last Twin that sold was a "short sale" and went for $268K back on Oct. 29, 2008.  The one before that sold for $354K back on Sept. 7, 2007.