Rehoboth Beach Condo & Townhouse Information

Over the last few weeks I have seen prices reduced in some of the Rehoboth Beach new construction condo and townhouse communities but with these lower prices comes less square footage or fewer standard upgrades.

Sterling Crossing for instance has had townhomes priced in the $299K - $309K range for at least the last six months. Recently they’ve dropped the price on some models to $269,900 but at this price you no longer get a basement. Nonetheless $269,900 is a great price for a brand new 3BR/2BA townhouse with a Rehoboth Beach zip code.

What’s the absolutely lowest priced new construction condo community in Rehoboth at this time? The answer is Woods Cove MLS# 558446, where a new 2BR/2BA can be had for as low as $245,550. Please do not read this and get overly excited, the community is not within walking distance to the beach, it’s not even within biking distance to the beach for my average client. Woods Cove is however a short drive to either the Rehoboth Beach boardwalk or Lewes public beach (about 5 - 10 minutes by car).

If you want to be able to walk to the beach from your condo / townhouse prices are staying relatively firm. $309,900 for a 3BR/3 1/2 BA townhouse is still the lowest price at Rehoboth Crossing (about a mile from the beach) and as soon as you are truly within walking distance of the beach the prices jump into the $400K - $1.7M range. Don’t expect much for $400K, it will buy you a 2BR/2BA shoebox five blocks from the boardwalk. Looking for something with at least 3 bedrooms within walking distance to the Ocean? Be prepared to shell out a minimum of $500K. It’s been a month or two since my last post but even in this market they are not yet giving away homes within walking distance to the beach which brings me to my next point.

This is the best time to buy a Rehoboth Beach Home in years!
Don’t take my word for it, Amanda Gengler writes in the June 2008 edition of Money Magazine “This is the best buyers have had it in two decades with inventories up and mortgage rates low“, “Homes are plentiful and will remain so, but financing will be getting more expensive” Current interest rates are around 6% but by 2009 some experts are predicting 7% and higher. Today a $250,000 30 year fixed loan at 6.0% would set you back $1500 a month. At 7%, a $1500 payment gets you only a $225,000 mortgage.

Disclaimer* This article will stay on this blog for years to come. These prices and information were current on the day the article was written but will more than likely change in the near future. How much will this information change? it should be interesting to watch over the next few months. Has the market bottomed out yet? Probably not but interest rates will probably rise in the near future. If you are looking for current data and prices please call me anytime at 302 258 4368 or email me at mike@rbcondo.com

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These are quite honestly the least expensive homes in the market this close to the beach. How close? Not quite walking distance but a short bike ride or two minute car ride. (1.5 Miles)

The Bermuda model at the Grande at Canal Pointe with prices starting at $279,990
Stats? 2BR/2BA Single floor living 1196 Sqft Offering 9ft Ceilings, Central A/C And Energy Efficient Gas Heat. Condo fees for 2008? Approximately $1872. Call to set up a private tour - Mike Brown 302 258 4368
Click to see the homes in Canal Point

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Thursday, February 07, 2008
“According to CNBC, Senate leaders are set to announce a deal on the Economic Stimulus Plan. As you know, the plan is said to contain a temporary increase in the jumbo loan limit (from $417,000 to $730,000).” This is great news for anyone who is currently in a jumbo mortgage who may be interested in refinancing or buyers looking for a new Rehoboth Beach Condo or Townhouse!

Forget all of this, none of it applies to our local market.

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The sky is falling the sky is falling! Real estate doom and gloom is everywhere on the national news.

So what’s the truth? All Real Estate is local.
Just as the weather climate in Rehoboth Beach is different than it is in Alaska and Hawaii the same is true of the Real Estate Climate.

Our Southern Delaware Beach market has been relatively insulated from the rest of the country. While it is true that homes are staying on the market significantly longer than they have in the past we have not seen the huge price reductions and foreclosures that are occurring around the rest of the country. The predatory lending that was so prevalent in other states was significantly lower in Delaware. How many Foreclosures did we experience in Sussex County in the month of January 2008? There were only 29, the majority of which were in the working class towns outside of the beach resort area.

There were zero foreclosures in Rehoboth Beach, one foreclosure in Lewes, one foreclosure in Bethany Beach, zero foreclosures in Fenwick Island, zero in Dewey Beach, zero in Broadkill Beach, zero in Primehook Beach and zero in Slaughter Beach.

Please forget the doom and gloom portrayed by our national media. Interest rates are at an all time low hovering in the low 5% (you already  missed the 5% rates in early February 2008) 6% - Feb 28 2008, there are a plethora of homes on the market to choose from and prices are the lowest they have been in years, Just don’t expect to find any 1/2 price give-a-ways, Delaware beach homes have held their value pretty well over the last two years. If you want half price homes this is not the market but I’ve heard they are giving them away in Detroit!

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M/I Homes have sold off their remaining homesites and interest in Sawgrass at White Oak Creek!

In the meantime, there is one M/I spec single family home for sale!! M/I Homes is still one of the largest builders in the nation, and will back all warranties that we’ve always offered (30 year transferable structural warranty, 90 day post settlement, 1 year on all mechanicals).

The remaining home is the Hilton Head on lot 38, click to see (MLS # 554818). ***SOLD*** In addition to the incentive price and closing cost assistance, M/I Homes is offering a conforming interest rate of 3.875% for the first year, and 4.875% for the remaining 29 years. There is one point applicable, which will be included in the closing costs.

Original Price was $637,696 Priced now at $575,000 with $15,000 towards closing cost (with the use of their preferred lender)

3081 finished SF

1^st Floor Master Bedroom, Four Bedroom, 3 ½ Bath, Elevation 3, Oak Stairs w/ carpet runner, Merillat “Sutton Cliffs” Cherry Cabinets w/ Santa Cecelia Granite Countertops in the kitchen, Stainless Steel Appliances, “Phillips” flip down tv @ kitchen, “Honeywell” Security System, Bonus Room @ 2^nd level, Rear Screened Porch off of breakfast nook, Brazilian Cherry Hardwood Flooring in the foyer, dining room, kitchen/breakfast nook and powder room, upgraded berber carpet in the great room, all bedrooms, carpet runner, and bonus room, Upgraded tile in Master Bath!!!

* PRICES SUBJECT TO CHANGE, Must Settle by the end of February 2008 ***SOLD***

Call Mike Brown for details, additional photos or to set up a tour. mike@rbcondo.com 302 258 4368

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If you want to be able to walk to the beach these are the least expensive units in all of downtown Rehoboth.

MLS# 549427 409 REHOBOTH AVENUE The Ark 1BR/1BA $359,000

MLS# 549677 409 REHOBOTH AVENUE The Ark 2BR/1BA $415,000

MLS# 550732 409 REHOBOTH AVENUE The Ark 2BR/2BA $445,000

The Ark is approximately 5 Blocks to the beach.

Ocean block there is a 0BR/1BA unit in the Star of The Sea Ocean front condo priced at $499,900 MLS# 544910

That’s it for condos under $500K within reasonable walking distance to the beach. I get calls everyday for “Ocean front homes in foreclosure” but they don’t exist. I also get calls everyday with people saying something similar to “I’ve got $500,000 to spend and I want an Ocean front home. Unless you are satisfied with a 0BR/1BA unit I’m sorry to say there is no such thing in this market. $500K will get you a waterfront home in Slaughter Beach and maybe in Broadkill Beach but not in Rehoboth. Absolutely beautiful homes can be had in Rehoboth for under $500K, just not within walking distance to the beach.

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A community of approximately eighty luxury single family homes, six, six unity townhomes and thirty four two unit town homes. The community is located just 1.5 miles from Historic Downtown Lewes, Lewes Harbor, great shopping and food. Breakwaters amenities include walking trails, landscaped ponds, a large community pool, playground and indoor fitness center. Town home prices range from around $400,000 - $590,000. Single Family Homes are priced between $580,000 and  $900,000.  To view exterior photos of some of the unit and amenities please click the following link: Breakwater Lewes

Please call or e-mail  for information on available units and pricing.
Additional photos, floor plans and information is available by request.
Realtor Michael Brown 302 258 4368 mike@rbcondo.com

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Of course this is just my opinion but currently the three best town home deals in Rehoboth Beach are all new construction communities. The re-sales just can’t compete with these prices.
If you want to be relatively close to the Beach you can’t beat REHOBOTH CROSSING. These 3BR/3.5BA town homes can be had for as low as $370K. 3 Story and 4 Story units are available with differing amounts of settlement help and financing options. There are even a few spec homes in Rehoboth Crossing priced around $340K I personally like the Ryan Homes designs more than the LIII designs (but thats just me). Any way you cut it these are the most home for the money this close to the beach. How close? A long walk or short bike ride. There will be access to the Junction Breakwater biking/jogging/walking trail behind the community.

If your house is not close enough to walk to the beach what difference does it make if you have to drive 3 minutes or 6 minutes to get there? Sterling Crossing (located about 6 minutes from the boardwalk) may just be the best value in all of Rehoboth. 3BR/2.5BA for as low as $299K with a finished basement. Again at the moment I’d have to go with the Ryan Homes model as the better value but that could all change in a month if LIII decides to offer better incentives or lower prices.

My favorite Townhomes in Rehoboth? Hands down, Sawgrass at White Oak Creek! Quality and high dollar extras ooze from every inch of these homes. Granite? Standard. Hardwoods? Standard. Crown and solid core doors? STANDARD! If I had $400K to invest in Rehoboth Townhomes this is where I would put it. Did I mention the community is sandwiched between two golf courses and will offer a daily shuttle to and from the beach?
I can get you closer to the beach but it will cost you $600K or more. The above three communities are currently the best deals in the area. Let me know if you would like to see them in person. Call Mike Brown at 302 258 4368 or e-mail me at mike@rbcondo.com

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The Villas at Harmon Bay,

Not only is The Villas at Harmon Bay Rehoboth’s first GLBT community, it is the first in the state of Delaware.

Touted as a “diverse community of acceptance” The Villas at Harmon Bay community will feature 32 luxury single family homes located just a mile and a half from Rehoboth Ave and all that the city has to offer. Just a few of the amenities will include a centrally located pool, clubhouse, fitness center, hot tub, outdoor kitchen and grill as well as a gated entrance and maintenance free landscaping.

Prices will reportedly be in the $600,000 - $900,000 range.

The community is located .9 miles down Country Club Road (right hand side of the road) just off of Rt. 1. If you are familiar with the location of Rehoboth Beach Yacht & Country Club (RBYCC) you already know how to get there.

For additional Information, Photos, Site plans, directions & prices…
Please call Realtor Michael Brown  302 258 4368  mike@rbcondo.com

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Only a few finished units and pre-construction units left to sell.
2BR/2BA models starting at $251,900

For a limited time we will be offering the following incentives:

$10,000 credit towards closing costs

1 year condo fees paid (also a credit at closing - $531/qtr = $2124/year)

For all pre-construction units in addition to the above promotion we will offer 50% off all options.

Call 302 258 4368 or e-mail Mike Brown for details.

MLS#548134 Is currently Available
16277 JOHN ROWLAND TRAIL Unit # 1604
2BR/2BA 2car garage sold partially furnished
$299,990
Click to see photos of this Paynters Mill Condo

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