Investor 2011, Real Estate Pro in Laurel, MD

The Grande at Canal Pointe Condos

Asked by Investor 2011, Laurel, MD Thu Sep 6, 2012

I am looking into buying into this property as a rental. Does anyone have any input on these condos? Specific questions include:
1. Latest prices for sold units for 3BR
2. Opinions on location, access to beach, etc
3. Potential rental income/yr (and weekly rental for a 2BR/3BR)
4. Rental agency options- how much does a rental agency charge for setting up weekly rentals and who are the best ones in this location
5. Do any realtors offer a rebate for using them as a realtor

Help the community by answering this question:

Answers

6
Rehoboth Beachteam’s answer
Hello,

Grande at Canal Point is a GREAT community for investing ! Nice choice.
I will work on answers to your questions now and email you back.
If you prefer to speak directly to me, I am at my office at 302-227-6205.

All the Best!
Carla Miller Scheder
http://www.Beachteam.com
Pat Campbell White's Beachteam
RE/MAX Realty Group
Rehoboth Beach, DE 19971
302-227-6205
0 votes Thank Flag Link Thu Sep 6, 2012
If you decide to buy here, buy from a private seller, not from LC Homes. LC Homes engages in unethical business practices - including bait and switch. Be aware, the condominium bylaws - which were created and amended by LC Homes and its lawyers - allow the builder to do things like require that you - as the condo owner - purchase one specific GE model washer/dryer (which they, of course, will sell you if you don't want to shop around), AND allows LC Homes to maintain the majority vote on the condo association board forever. This, of course, means that when there is a proposal to increase condo fees, it will always go the way Louis Capano wants.
Run, don't walk.
0 votes Thank Flag Link Sun Feb 3, 2013
This person knows exactly how things work in canal pointe. I am a resident and have been thoroughly frustrated in the last few years with how this complex is run. The management company and board , which is controlled by the developers have constantly tried to get every penny they can from the residents. They even charged the home owns a special assessment for a building defect that was 100% the developers fault. When the board wants something it gets done but when the home owners want something it is thrown aside.
Flag Wed Feb 13, 2013
1. Specific prices of latest sales reported in our MLS (multiple listing service) this year for 2012. $246,598 -- 3 bedroom condo, built 2012, settled 3/23/12
$270,000 -- 3 bedroom condo, built 2008, settled 8/10/12
$283,892 -- 3 bedroom condo, built 2012, settled 3/9/12
$362,937 -- 3 bedroom, 3.5 bath townhome, built 2012, settled 3/27/2012
$400,133 -- 4 bedroom, 4.5 bath townhome, built 2012, settled 2/8/2012.

Click this link to view the informational fact sheets on the properties listed above.
http://www.delmls.com/sus/maildoc/sd_xmabyg20120906115950.html

There have been other sales in the community this year however, the developer does not have access to enter their SOLD information in our MLS. The previous will give you an idea but is not complete for the year. There are additional units.

2. My opinion of the location is it is great. Easy biking distance to Rehoboth Beaches, boardwalk and the town. While being a slightly removed from the traffic and noise. This summer I met a couple recently relocated to the Grande from NYC. They were loving their new home. They had biked from the Grande to the boardwalk and had ice cream on a bench with us. Nice couple.

3. Weekly renting in prime weeks July and August $1100 / week. Year round - $1350 / month. Tenant pays elec and utilities.

4. In the past and for many years I worked at Prudential Gallo Realtors in rentals. They have a great rental department. An approximate fee for handling weekly rentals would be about 15% of each rental. They handle the checking in / out the tenants and the cleaning of the unit for you. Similar fee I believe if you rent year round. They have various different services they will handle for you. Depending on what level of service you need for your property.
There are a few other rental companies in Rehoboth Beach. Coldwell Banker, Jack Lingo. I am partial to Prudential Gallo.

5. I am not certain of any "rebates" offered.

I hope the above information has been helpful to you.

I am available to answer additional questions if you would like to call me.

I look forward to assisting you.

All the Best!

Carla Miller Scheder
RE/MAX Realty Group Beachteam
http://www.Beachteam.com
Rehoboth Beach, DE 19971
302-227-6205
0 votes Thank Flag Link Thu Sep 6, 2012
My email is smsanj@yahoo.com for any answers as an alternative option. Thanks.
0 votes Thank Flag Link Thu Sep 6, 2012
Hello,
I am happy to assist you in your search for an investment property.
I can email you the sold units for the 3bedroom condos.
The location is good. This community is very nice and since it is located on the East side of Rt. 1 renters woud not need to cross the highway to get into downtown Rehoboth. THis is a very easy bike ride into town and most people travel by scooters from this community too. I would say that it is located 1.5 miles to the boardwalk and 1 mile from the restaurants and shops along the Avenue.

There are many rental agencies in Rehoboth. My office offers rentals and I can send you information for a rental agent. i do know that they charge 12% rental fee for an exclusive listing and 15% for a shared listing where you have it placed with several rental agencies.

Below is my email address. Can you send me an email and i will forward you the most recent Active and Sold listings? Thanks
melindaingram@prugallo.com
0 votes Thank Flag Link Thu Sep 6, 2012
I live in a Canal Pointe single family home and love the neighborhood. It is convenient to bike or walk to town and the beach. I will get the comparables and speak with our rental office to get the rest of the answers for you. Feel free to call me on my cell at 301-922-3327
0 votes Thank Flag Link Thu Sep 6, 2012
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