Marcus, Home Buyer in Virginia

What are the market conditions in Bear Trap Dunes?

Asked by Marcus, Virginia Wed Dec 10, 2008

We're looking to buy a condo/TH in Bear Trap Dunes for family use and as a vacation rental. We've seen asking prices drop noticeably in recent months (lowest asking has gone from 320 to 279K in six months for a 3/2), and there seem to be tons of properties on the market (more than 40, from a quick count). What's the average d.o.m? Have any gone condos recently gone for 20% less than asking, or even less than that? How are economic conditions affecting the community? Basically, we can afford to wait and let prices drop even more but are starting to pay more attention now that it's squarely a buyer's market.

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6
Kevin & Monica McNamara’s answer
Hi Marcus,
I agree with you, now is the time to pay attention. Smart buyers make their purchases when the market is at it's lowest, which we certainly are now. Having said that, it's difficult to time any market...stocks, bonds, real estate, etc. Will prices go down a little more in 2009? Maybe. But not at the rate we have seen in the last 18-24 months. If you purchase now or soon from now, and plan on keeping your investment for a minimum of 5 years it won't matter if you did not exactly time when the market was at it's very lowest.

There are 36 (3) bedroom townhomes and single family homes currently for sale in Bear Trap. The lowest list price is $279,900 for a 3 bdrm townhome. 16 (3) bedroom properties have sold in Bear Trap in 2008. The lowest sale price as reported to our Multiple Listing Service was $300,000 for a 3 bedroom townhome.

You can run your own searches in Bear Trap right now from my web site. We provide you with a link to the Sussex County Association Multiple Listing Service. http://www.Ocean-CitySales.com

Bear Trap has not been affected any more or less then any other community in our area. The Eastern Shore of Delaware and Maryland, as defined by HUD (Housing and Urban Development) is not considered a "depressed market" in comparison to national standards.

However, yes, there are good buys to be made.

Come on down, I'll by happy to help. Feel free to contact me.

Monica McNamara
Coldwell Banker Real Estate
Licensed in Maryland and Delaware
877-480-7653
http://www.Ocean-CitySales.com
0 votes Thank Flag Link Thu Dec 11, 2008
Hi Marcus, I am a REALTOR with ResortQuest Real Estate and do the bulk of my business in the Carl M. Freeman Communities of Bear Trap - and Bayside just W. of Fenwick. I am helping a number of sellers in Bear Trap listing their home and I'll tell you what I tell them - a straight answer - I track absorption rates - what has sold in a product/home type and what is on the market to determine months (or years?!) of inventory.

From this review I find many properties at Bear Trap are over priced with respect to this approach. There are good deals out there - but not all properties/sellers have adjusted themselves to the reality of our market.

I think Bear Trap is unique - a completed resort with indoor outdoor pools, dining, tennis, activities, beach shuttle and pretty reasonable HOA fees for all that stuff. It's a class act but not all properties are priced attractively.

If you want to hear more about my review or have me send you the absorption rates for home type feel free to call or email me. Anne Powell 302-541-8897 or apowell@resortquest.com or via my Web site http://www.AnniePowell.com.

By the way I have the lowest priced end town listed right now - with established rentals - if you want to know the details let me know!
Web Reference: http://www.AnniePowell.com/
1 vote Thank Flag Link Sun Aug 30, 2009
have you bought there yet...I am now looking for the same thing
0 votes Thank Flag Link Fri Aug 28, 2009
Marcus -

We have a townhome in Bear Trap. It has rented very well in the past for Golf as well as the summer. We are interested in selling. If you are still interested in buying please let me know. The community is very nicely kept and friendly.

Regards,

Larry
L_Pogust@hotmail.com
0 votes Thank Flag Link Thu Jan 22, 2009
Hi Marcus,
25 townhomes/condo shave sold this year in Bear Trap, the average days on market is 181 days and the average list to sell ratio is 6%. Only 2 have sold this year below 300k and none for 20% less than list price. I will be more than happy to email these stats for your review. Bear Trap is a great community offering one of the most comprehensive amenity package in the beach area.

Chris Kavanagh
Coldwell Banker Residential Brokerage
39682 Sunrise Court
Bethany Beach, DE 19930
302-829-9068
chris@5starbeachhomes.com
0 votes Thank Flag Link Sat Dec 20, 2008
Marcus, You can start here...http://www.trulia.com/real_estate/Bethany_Beach-Delaware/

and here..http://www.bhgrealestate.com/Views/Look/Default.aspx
The last link will let you break the reports down into neighborhoods or zip codes if you like. Also includes crime statistics, community info. Both sites show market conditions and are based on public records.

Lastly reading some of these articles might help you form an opinion on if it's true we hit bottom.
http://www.nytimes.com/pages/business/economy/index.html

Best of Luck, Dunes
0 votes Thank Flag Link Thu Dec 11, 2008
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