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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5
Dustin & Mariya’s answer
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
BEST ANSWER
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
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
Tim - That depends on several factors. Like dividing the list price with cost of square footage to acheive a cost comparision in the neighborhoods you are interested in. Bethany is a great vacation destination, attracting celebritites, atheletes and families from all over the world. Foreclosures are effecting prices more than ever too. See it takes on average, approx $65,000 for a bank to go through the foreclosure process. Take the current market even. Where do you live - has your property value gone down? Bethany is no different - hit hard because of the number of second and third homes there - but holding its value nethertheless. and if you are buying with a long term plan than there probably isnt a better time to buy than now! Banks are being held hostage and are having to let houses go to free up their captial so they can aleast start lending again and begin to make their money back.

I sold a home right on the cusp of the ocean in Bethany Beach in september of 2006. At what some would call the height of the market! 1.25 million - 6 beds - 4.5 baths - short family walk to the board walk. Would that be a good deal today? Now it would be much less - under a million mabye?

So what’s your long term goal. Now is the time to set your priorities and buy if you can. In 3-7 years you'll be a happy man...

If you would like more information and a list of good buys in Bethany Beach, DE please feel free to drop me a line at TheRoops@TheRoopGroup.com

Also, for information on foreclosures and to answer your questions about the short sale or the foreclosure process contact my partner Joel Maher at http://www.JoelsFORECLOSURES.com



Adam Roop
http://www.TheRoopGroup.com
888-251-ROOP
888-251-7667

TheRoops@TheRoopGroup.com
Web Reference: http://www.TheRoopGroup.com
0 votes Thank Flag Link Tue Apr 7, 2009
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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