54 Delaware Avenue, Rehoboth Beach, De 19971 | $1,900,000

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Property Details

Just 2 blocks to the beach and to Rehoboth Ave., this home was practically rebuilt and large addition added in 1999, with all new systems, plumbing, wiring, exterior, windows etc. Open floor plan for modern living! Geothermal heating and solar syst
  • MLS Number: 720276
  • Status: Active
  • Price: $1,900,000
  • Property Type:
  • Area: Dewey To Lewes East Of Canal
  • Community: South Rehoboth
  • School District: Cape Henlopen
  • Square Footage: 2,896
  • Year Built: 1926
  • Bedrooms: 4
  • Full Bathrooms: 3
  • Number of Stories: 2
  • New Construction: No
  • County Taxes: $926
  • City Taxes: $457
  • Water Fee: $305
  • Sewer Fee: $305
  • Trash Fee: $275
  • Furnished: No
  • Lot Dimensions: 50x108x53x91
  • Lot Square Feet: 5,001
  • Lot Size Acres: 0.11
  • Lot Description: Landscaped
  • Water: Public Central Water
  • Sewer: Public Central Sewer

Interior Features

  • Kitchen: Countertops - Granite, Island
  • Fireplace: Gas
  • Heating: Geothermal
  • Cooling: Geothermal
  • Flooring: Hardwood, Tile
  • Basement: Basement - Partial,Sump Pump,Unfinished
  • Attic: Access Only
  • Security: Security System, Video Surveillance
  • Appliances: Dishwasher, Disposal, Freezer, Fridge w/Ice Maker, Microwave, Oven/Range Electric, Oven/Range Gas, Oven-Double, Washer/Dryer Stack, Water Heater Tankless
  • Interior Features: Cable TV Prewired, Ceiling Fan(s), Fireplace-Gas, Insulated Door(s), Insulated Window(s), Insulation, MBED-Full Bath, MBED-Separate Shower and Tub, Storm Door(s), Vaulted Ceilings, Walk-In Closets, Wet Bar, Window Treatments

Exterior Features

  • Style: Cottage
  • Construction Type: Stick/Frame
  • Exterior Type: Cedar Siding, Shake
  • Roofing: Architectural Shingle
  • Foundation: Concrete Block
  • Parking: Driveway/Off Street
  • Porch/Deck/Patio: Deck - Rear, Porch - Front
  • Exterior Features: Outside Shower, Solar Panels, Storage Shed/Outbuilding

Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH

Rehoboth Beach Mortgage Watchers Eye ‘Wealth Building Home Loa

Something new is stirring in the ordinarily hidebound world of residential mortgage offerings: a new way of approaching the financing of home purchases. If successful, it might well shift the way some Rehoboth Beach mortgage contracts are written.

The experiment is known as the "Wealth Building Home Loan," and it addresses a home-ownership problem that has been talked about for a long time, with little being done to solve it. The issue in question is how to unburden new homeowners from spending years in a situation that bears more resemblance, financially, to renting than to owning— especially during the first 3 to 5 years. For low- and moderate-income mortgagees, that’s the difference between sinking into more debt and actually building wealth. After all, every dollar that goes toward interest is lost, while dollars that pay down principal are investments.

According to Edward Pinto, one of the authors of the WBHL, often during the opening years of a 30-year loan, "68% goes to pay interest." In the new program, 77% of monthly payments go to pay off principal—with the result that in a short time, new homeowners have a much larger equity stake in their homes. And, it is hoped, a sizeable increase in pride of ownership: "a stake in the game."

It sounds good, but you might be wondering how this could be possible. Is this just a ‘pie in the sky,’ feel-good idea that will never see daylight in the real world? Apparently not. The pilot program is being put into action by some serious players: the American Enterprise Institute (if that sounds like a conservative outfit, it is) and administered by the Neighborhood Assistance Corporation of America (if that sounds like a liberal outfit, ditto). And it’s being funded by Bank of America and Citi Mortgage—neither of which would be likely to bankroll some fly-by-night scheme.

The mechanics of this kind of mortgage work out like this. First, it’s based on a 15-year term, which of course speeds the rate at which equity builds; and second, it’s a mortgage that carries a very low interest rate. Something for nothing? Not quite: the concept is to

· change the underwriting standards to tilt away from credit history and toward recent payment history and residual income, thought to lower lender risk

· eliminate the down payment altogether, instead allocating that initial cash toward "points": buy-downs of the mortgage’s interest rate to .5%, (or even 0%)!

It boils down to an approach that could be a win-win. Borrowers (even those who suffered credit black marks during the economic downturn) could be newly eligible for a home loan, and because lenders pocket the interest rate buy-down amount, a proposition they might find acceptable.

Should Rehoboth Beach mortgage applicants expect this deal to be available next week? Not likely: it’s in the pilot phase. But if it seems to work out, it could be a shot in the arm for homeowners who can manage a slightly higher monthly payment. If you would like to chat about today’s home loan availability (or any other current Rehoboth Beach real estate doings), I hope you’ll give me a call!

 

Worst 9 Delaware Home Improvement Notions

When it’s one of those weekend days when the Delaware weather has refused to cooperate with outdoor plans, one way to fill the idle time is to go online in search of home improvement ideas. You may not follow through with any for your own Delaware home—but it’s amusing to review the almost unlimited number of clever and inventive notions people have put online.

When it comes to the kitchen, for instance, there are bounteous home improvement ideas. There’s the herb garden wall (in addition to a green thumb, a powerful sunlamp in the ceiling is required) or the pool table top that slips right over the center island. That one wouldn’t work if your kitchen’s island is plumbed: the water faucet would stick up and ruin everything.

But among the clever and innovative home improvement ideas you will also find some that are totally impractical—or just plain terrible. Here are nine of the silliest I’ve found—

  1. Hammock Over the Stairs. A space-saver, yes. An attractive idea? Just, no.
  2. See-through Bathtub. Glass walls for the tub = a housekeeping nightmare (among other drawbacks).
  3. Fire Pit Coffee Table. Again: just, no.
  4. Ping Pong Door. This one is complicated: the closed door has pins halfway up that allow it to tilt horizontally, whereupon the plastic net is slid into notches provided in the door frame…anyway, it’s a really small ping pong table.
  5. Cat Transit System. A CTS consists of 8” diameter tubes running throughout the house just below ceiling level. Exit openings are provided at various points. Added feline-pleasing features: windows cut into the tubes at various key viewpoints.
  6. A Wall That Plays Music When it Rains. This is an exterior wall idea. You install metal tubes, funnels, bamboo water chimes and tin pans to route rain water down the side of the wall as noisily as possible to splash and bang through twists and turns and waterfalls. This looks to produce the same quality of music a vacuum cleaner makes.
  7. Beach Sand Under Work Desk. Like an on-the-job vacation; facilitates barefoot computer working. But—alas—another housekeeping nightmare.
  8. Forest Chandelier. This one is a chandelier that looks like dozens of snakes coiled around one another: when lighted, it casts creepy shadows on ceiling and walls that “turn your room into a forest.” In a bedroom, certain to cause sleepless nights.
  9. Glass Floor Over an Open Shaft. This home improvement idea is available only to Delaware condo dwellers in buildings with abandoned elevator shafts. Since there aren’t any, we’ll never have to experience the horrendous effect (there’s actually a picture of this, in a bathroom, on a site called boredpanda).

Delaware home improvement ideas can be unique and fanciful—but are best left in the idea phase if they are so unique and fanciful they would drive away potential buyers. Even if you aren’t planning on selling your place any time soon, it’s prudent to keep that option open. And if you are making plans that are more immediate: give me a call in advance! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com