Bethany Beach Sales Update - 09/12/08 09:04 AM
Strongly influenced by vacation home and investment property purchases, the local Bethany Beach market remains realtively strong.  A local Realtor - Leslie Kopp - recapped the summer end on her website: 
As the summer season ends, our real estate market is sending mixed messages. We usually use single-family homes as the surrogate for the entire market. With that measure, over the last 40 days to September 10, this year was weaker than a weak 2007. For example, only 14 homes went under contract compared to 17 in 2007. Using listing prices, the value changing hands (15.233m) was 31% lower than last year.
However, … (0 comments)

Next Sussex WCR Luncheon Meeting - 09/09/08 06:58 AM
On September 18th, you're invited to the Sussex County Women's Council luncheon at the Heritage Inn on Route 1 in Lewes, DE.  Networking begins at 11:30 AM and the Luncheon is from 12-2 PM.  Cost is $25.
The topic for the meeting is Insurance for Realtors and their Clients and we'll discuss Medical, Auto, Flood, Homeowner's, and Rental insurance, as well as AFLAC supplemental coverages.
Please make your reservations by September 15 by calling Linda Morena at 302-312-8118.  You may bring a guest to experience the WCR.  Cancellations must be made by September 15th and no shows will be billed.
I … (0 comments)

Chapter Website & Leadership Team - 09/08/08 06:39 AM
Edited to post to the Delaware Real Estate Group
FYI - Here's the website for the local chapter:  http://www.sussexcountywcr.com/
It's really just a placeholder right now, but I'm sure it will be more developed in the future.  Links to SCAOR, the national WCR website; a database of members, etc.
Also, here is the leadership team for the chapter.  Any A|R members other than Diane?
Officers for 2008 and 2009:
President- Paula Castiglione, Coldwell Banker Residential Brokerage Rehoboth
President Elect- Ginny Hysock, Coldwell Banker Resort Realty Lewes
Vice President of Membership- Linda Bodine, Keller Williams Lewes
Secretary- Joan Hannigan, Coldwell Banker Residential Brokerage Rehoboth
… (0 comments)

Fannie Mae and Freddie Mac in Convervatorship - 09/07/08 08:39 PM
Well, the news came today - Sunday, September 7th - that the Treasury is putting Fannie and Freddie into conservatorship under authority granted by the housing relief bill passed by Congress in July.  Senior management is leaving, all lobbying will be stopped, and dividends on the stock suspended.  Here's the link to the announcement from Paulson:  www.treasury.gov/press/releases/hp1129.htm
The main news here is that the US Goverment has now guaranteed all Fannie and Freddie debt to the relief of many foreign banks and goverments that own it.  Investors in the common stock and preferred stock are subordinated to a new class of … (0 comments)

Sussex County Sales Update - 09/03/08 01:31 PM
According to data from the Sussex County MLS, there were 229 residential sales in July, 2008, compared to 321 in July 2007 - a 29% drop year over year.  These sales consisted of 145 single family homes, 59 condos/townhomes and 25 mobile homes
Year to date, there have been 941 single family homes, 389 condos/townhomes, and 153 mobile homes sold in Sussex.  Total units sold this year (through July) are 1,483, compared to 2,107 in 2007 - a 30% decrease.  The decline in single family homes sold is 28% YTD while condo/townhomes sales are down 34% from last year's pace.
Affordable … (0 comments)

Reduced Home Sale Exclusion is Part of Housing Bill - 09/02/08 02:22 PM
At the beach, many property owners have used the 1031 exchange procedures outlined in our tax laws to delay or "push-off" taxable gains on the sale of investment properties and, many times, vacation homes.  Part of the strategy is to continue to rent the property for a while and then move into the property as a primary home for 2 years, sell, and qualify for the exclusions from taxes on the sale of a primary home.  Unfortunately, the new Housing Bill is changing that dynamic.  Click on the link below for a CCH summary of the new Housing Bill (all aspacts) and … (0 comments)

 
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Jeff Baxter

Bethany Beach, DE

More about me…

Prosperity Mortgage

Address: 33298 S. Coastal Highway, Bethany Beach, DE, 19930

Office Phone: (302) 537-5076

Cell Phone: (302) 602-1067

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Thoughts on the mortgage market and the Delaware Beach (Bethany Beach, Rehoboth Beach, Fenwick Island, Dewey Beach, and Lewes).


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