Market Conditions in 19930>Question Details

Tim, Home Buyer in Bethany Beach, DE

Are house for sale in Bethany Beach over priced,?

Asked by Tim, Bethany Beach, DE Mon Apr 6, 2009

I have been told that there have not been any property sales in Bethany proper since September 2009. I have also noticed that many of the houses for sale have been on the market for over 1 year. What signal does this send to potential buyers?

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Tim,
I think the signal, iin my opinion, is indicative of the profile of the property owner in Bethany Beach. For the most part they are "well-heeled", husband and wife both working, from the Washington Metro area, a very stable job market,, will come off their price to a certain extent, but not to the point that buyers think they should . There is a disconnect between what buyers will pay, and what sellers are willing to reduce their price to.... and this is one of those markets.
0 votes Thank Flag Link Mon Apr 6, 2009
It all depends on the property but homes are selling at all price points in Bethany Beach and we appear to be in a stabilizing market. We recently had bids on an ocean side listing from a cash buyer who missed out on an Ocean Front property that had multiple offers. In short the market has changed dramatically since 2009.

Warm Regards,

Dustin
0 votes Thank Flag Link Sun Dec 30, 2012
I just listed a home with Kathy Kramer in Lord Baltimore Landing. I paid $430,000 (including some improvements) and it is priced at $349,900. It is my understanding that a home in this community has not sold for under $400,000. I have been told the price is great , via other realtor feed back, for this 2500 sq ft, 4 bedroom home. If and seller is motivated and a buyer is reasonable some good deals are out there.

JH
0 votes Thank Flag Link Thu Apr 14, 2011
Hi Tim,
78 properties have sold in Bethany, South Bethany & North Bethany since September and there are 21 properties under contract. Days on market is indicative of the current market conditions and granted that there are a number of properties that may be over valued there are a great deal of values available. Communities like Bethany Proper, Bethany West, Bayberry Woods have shown adjustments to the market conditions and there is a single family in Bethany for under 350k, a Oceanfront in Bethany is under contract and the list price was below 2 million comparing that to an Oceanfront lot that sold in the summer for 3 million. If you have a specific property in mind please contact me anytime.
Chris Kavanagh
Coldwell Banker
Bethany Beach, DE 19930
302-829-9068
chris@5starbeachhomes.com
0 votes Thank Flag Link Tue Apr 7, 2009
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