Rehoboth Beach Condo & Townhouse Information

Announcing a new listing in the Port Lewes townhome community.

This Lewes Beach community contains approximately 120 townhomes, many of which have views of the Delaware Bay. Directly to the north is the Cape May- Lewes  ferry dock and just a few blocks to the south is Cape Henlopen State Park.

The community has it’s own section of private sandy beach, a neighborhood pool, tennis courts, 200 yard long pier and an elevated pavilion to enjoy the great views.

As of this writing I am awaiting the third and final signature on the listing contract.As soon as I have the listing on the MLS I will post additional photos and information.

There are currently 5 other homes for sale in the community with prices ranging from   $674,500 - $939,900.
I am thinking a price in the high $500’s  should be good for a quick sale. Even with this slow market we have seen two other sales in the community this year.

To see what Port Lewes looks like take a peek at the youtube video.

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While it’s true MI Homes has pulled out of the Sawgrass community, Piccard Homes has stepped in to continue building new construction townhomes. Prices are a good deal lower that they were two years ago. At the time of this writing there are three floor plans being offered with starting prices at $349,900 (Hudson) $359,900 (Saratoga) and $389,900 (Pinnacle). The Pinnacle models are end units.

* For a limited time Townhome purchasers will receive a finished lower level rec room, bedroom, full bathroom, and 20′ x 12′ composite rear deck at no additional cost.

* As always these prices and incentives were current the day I wrote this (Oct 13th 2008) but they will probably change in the near future. Blog post float around the internet for years after they are written.

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For the next three contracts written, buyers can take advantage of our $100,000 $50,000 incentive on new construction condominiums in Windswept at the Peninsula on the Indian River Bay.

Choose from eight different floor models ranging in size from 1325 - 2700 square fee.
Elevator accessed first, second and third floor units available.

Take the $100,000 $50,000 off the purchase price or use it to pay club fees, HOA & Condo fees or buy down your mortgage points. As long as it’s legal you can use the $100,000 $50,000 off incentive any way you wish.

Currently our lowest priced model is unit 4202, a 1325 Sf 2BR/2BA Sanibel floor plan normally offered at $301,900.
With our current incentive you can purchase this condo for only $251,900

Windswept new construction condominium prices currently range from $301,900 - $819,900.

Act quickly. This incentive is only good for the next three offers written.

Please click the following link to view the current Peninsula on the Indian River Bay Condominium inventory.

Note: The homes you see displayed at the above link are a mixture of New Construction and Pre-Owned. This offer only applies to the New Construction Condominium units in Windswept at the Peninsula on the Indian River Bay. Please call me if you need help determining which is which.

Michael Brown
Direct 302 258 4368

Disclaimer*
Subject to Legal Limitations on Lender Approval, offer and availability subject to change without notice.
This article will stay on this blog for years to come. These prices and information were current on the day the article was written (29 August 2008) but will more than likely change 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@bwbeach.com

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The Peninsula on the Indian River Bay.

Recently Voted Delaware’s Best Resort Community, The Peninsula on the Indian River Bay is a 775-acre gated community featuring an 18 hole private Jack Nicklaus Signature Golf Course, Pro Shop, fitness club, Spa, Tennis courts, Terrace Grill, indoor and outdoor pools as well as an outdoor wave lagoon. The community is just a short drive from the Atlantic beach towns of Rehoboth and Dewey.  When complete the community will contain 1404 unique coastal style Condominiums, Townhomes, Villas and Single Family Homes.

 Current and coming amenities:

• Private Jack Nicklaus Signature Golf Course and Clubhouse.
• The Lakeside Village Center containing the following amenities

• Athletic Club 
• Fitness Center 
• Indoor lap pool
• Outdoor heated adults only infinity pool 
• Outdoor wave lagoon surrounded by a sandy beach 
• Calmwater Spa 
• Terrace Grill 
• Snack Bar at the wave pool 
• Golf Shop 
• Village Gourmet Market 
• Tennis Center

 Nature and Exploration Center

• Learning Programs for Children
• Walking and Biking Trails
• Kayak Center
• Fishing Pier

HOMES:

Both new construction and pre-owned units are available.

Condominiums

WINDSWEPT

• Overlooking the 1^st and 6^th fairways and directly across the street from Lakeside Village.
• Luxurious open layout, private screened balconies.
• 1^st, 2^nd and 3^rd floor models available.
• Elevator Access
• Priced from $250K - $900K

 18^th on the Bay

• Overlooking the 17^th and 18^th fairways as well as Lingo Creek and the Indian River Bay. A quick walk to the lakeside village center. A selection of 2, 3 and 4 bedroom designs.
• Elevator Access
• Priced from the mid $300’s – mid $800’s

Townhomes

•  luxury townhomes offering multi level designs with spacious living areas and as many as four bedrooms.
• 2 car garage.

Villas

• Detached three, four and five bedroom models available up to 3500SF
• 2 car garage
• Veranda
• Conservancy

Custom Homes

• $800,000 -  $2.2M
• Choose from in inventory new construction, pre-owned or have your custom home built exactly the way you like it by the builder of your choice. Minimum square footage rules, minimum setbacks and architectural guidelines apply.

Lots

• Many home sites are still available priced from the mid $300’s to
  

Please click the following link to view the available homes in The Peninsula on the Indian River Bay

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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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