Home Buying in Selbyville>Question Details

James, Home Buyer in 19355

I am considering buying a property in Bayside in Selbyville, DE. There are a lot of short sale listed there and the community has not been finished.

Asked by James, 19355 Mon Nov 9, 2009

How big is the risk of buying in this community if the builder will not fulfill its committeement to finish? Are there any risk for the builder to become default in the current market condition?

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Answers

9
Linda Quasney’s answer
Hi James,

I just saw your question. I have been selling properties in Bayside since 2007 and know the community intimately. Yes, there have been a few short sales because of elevated prices back in 2005-2006, which was the norm in the whole country - prices were high everywhere. Many purchasers back then also had loans with little equity in the properties and when the real estate market began to decline, it left them "underwater". I believe the developer is very committed to finishing the community and the testimony to that is the high number of homes that have been built here in 2009 during a very challenging year for real estate nationwide. Bayside is moving forward despite tough economic conditions and I believe it is because Bayside is by its very nature a unique and stunning community. I have much information I can share about either new or existing homes for sale at Bayside and I'd be very pleased to talk with you about your options for a home in this wonderful community. I can assist with the new homes or resale homes. Feel free to call me at 410-977-2519 (cell) or email me at lquasney@resortquest.com to discuss your home criteria or for more information about Bayside and other area communities. Thank you, Linda Quasney, ResortQuest Real Estate
0 votes Thank Flag Link Wed Dec 2, 2009
Hi James,
I am a Real Estate investor that helps people out of foreclosure. I have several homes in Bay side that I am helping the owners with that will be available to buy soon. The asking prices will be considerably less then the prices you see now. Just a little FYI. I see that like most questions that are asked on here they are not answered. As yours. I will try to answer your first question, I would say it would be a big risk, if you wanted to use the amenities that the development was to have. And the roads would not be finished. You would have to maintain your own yard. The up side would be you wouldn’t have to pay the HOA dues. The risk for the builder would be, he would be like the home owners or any other person that didn’t pay there bills. They would most likely loose there business. As long as people are buying the houses the builders have nothing to worry about. A smart builder will, in this market condition not over build and not build if the lot and or house is not sold. I hope this has answered your questions. Take a look at just one of my homes and if you can wait, it will be well worth it. http://www.weichert.com/29516612/ Please, if any one is interest in this home do not contact the Realtor, they no longer have the listing. Please contact me.
1 vote Thank Flag Link Mon Mar 8, 2010
Do your own home work. Don't rely on anyone, this link will show you the market DROP in Selbyville, DE. http://www.trulia.com/real_estate/Selbyville-Delaware/
1 vote Thank Flag Link Sun Feb 14, 2010
Would like foreclosure info and short sales info at Bayside.
0 votes Thank Flag Link Mon May 26, 2014
Has anyone purchase a Seaport single-family home at Bayside? I am choosing between the seaport house or a Severn villa as a second home. Any comment or advice will be greatly appreciated.
0 votes Thank Flag Link Sun Aug 15, 2010
I am considering buying a seond home at Bayside. But I also saw another community called Ashley Manor by Beazer that sells villas that are cheaper than Bayside. What is impression about this community?
0 votes Thank Flag Link Sun Jul 25, 2010
Hi Dehopeful,

Yes, Bayside is a resort destination but full time residents are on the increase at Bayside. I know this community intimately and have helped people buy and sell in this community since 2007. That being said, I know of other area communities where vacation rentals are not as prevalent, and in some cases, not allowed at all. I have helped folks in the past with a relocation from New Jersey to Delaware and I would certainly be most pleased to assist you if you are not already working with an agent. Hope to hear from you!

Sincerely,

Linda Quasney, REALTOR® , GRI
Licensed in MD & DE
ResortQuest Real Estate
36218 Lighthouse Rd.
Selbyville, DE 19975
302-436-1100 Office
800-753-4889 Toll Free (ext. 8892)
302-541-8892 Direct
410-977-2519 Cell
302-436-1101 Fax
lquasney@resortquest.com

Serving the Maryland & Delaware Shore
0 votes Thank Flag Link Sun Jul 11, 2010
We just rented for one week at Bayside and most of the amenities are completed - the second pool is great as well as the carousel, stage and the play area. We were considering relocating from NJ to DE and love the idea of this type of resort but the only issue I see is that this will become more weekly renters during the summer-I want to live in a community that I know my neighbors- This is a big issue why maybe there are not more houses being sold..If the rental policy changes then we may consider buying in Bayside.
0 votes Thank Flag Link Sat Jul 10, 2010
The market price drop is exactly the reason why it is such a great time to be a buyer, especially while interest rate are still very low. The real estate price drops have been everywhere but I do believe the prices are getting very close to a bottom. Testimony to this is the fact that there are many, many happy buyers who have purchased lovely homes at Bayside and elsewhere in the area in recent months. After all, it is the buyer who determines the price - it is all about what the buying public is willing to pay and at what price value is perceived. There are many recent comparable sales and a buyer's agent can give you accurate information to help you make an informed decision about an offering price. If there is a particular type of property in which you are interested, I would be delighted to send home possibilities to you.

You may be interested to know that last summer, the second pool was put in at Bayside and at this moment there is construction at the golf pro shop to enclose the huge deck adjacent to the grill for homeowners' use this season. This is also adjacent to the Freeman Foundation Summer Stage, where events are scheduled all summer long for the enjoyment of the community at large.

Moreover, the "Commons Neighborhood" at Bayside continues to evolve with multiple new homes under construction at this time and many, many having been completed and sold in 2009. I would also be most pleased to help you with new construction possibilities at today's great prices. Please feel free to email me directly for additional information at lquasney@resortquest.com.

Thank you very much and I hope to hear from you,

Linda Quasney
ResortQuest Real Estate
0 votes Thank Flag Link Sun Feb 14, 2010
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