1807 Eagles Landing, Rehoboth Beach, De 19971 | $239,500

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Property Details

This fully furnished gem, is in move-in condition. Whimsically decorated condo for your beach relaxation and enjoyment. Offers a large balcony off the main living area overlooking landscaped privacy. Complete with a wood burning fireplace in the la
  • MLS Number: 721521
  • Status: Active
  • Price: $239,500
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • Community: Eagles Landing I
  • School District: Cape Henlopen
  • Square Footage: 1,012
  • Year Built: 1986
  • Bedrooms: 2
  • Full Bathrooms: 2
  • Number of Stories: 1
  • Unit Floor Number: 2
  • New Construction: No
  • County Taxes: $1,003
  • Association Fee: $440
  • Condo Fee: $2,920
  • Furnished: Yes
  • Lot Size Acres: 0.00
  • Water: Public Central Water
  • Sewer: Public Central Sewer
  • Community Amenities: Lawn Care, Pool-Outdoor, Tennis - Outdoor

Interior Features

  • Kitchen: Breakfast Bar
  • Fireplace: Wood Burning
  • Heating: Heat Pump(s)
  • Cooling: Heat Pump(s)
  • Flooring: Carpet, Vinyl
  • Appliances: Dishwasher, Disposal, Dryer-Electric, Exhaust Fan, Fridge w/Ice Maker, Oven/Range Electric, Washer, Water Heater Electric
  • Interior Features: Cable TV Prewired, Ceiling Fan(s), Fireplace-Wood, Insulated Door(s), Insulated Window(s), MBED-Full Bath, Screen(s), Walk-In Closets

Exterior Features

  • Style: Flat/Apartment
  • Construction Type: Stick/Frame
  • Exterior Type: Concrete Block, Wood
  • Roofing: Asphalt Shingle
  • Foundation: Concrete Slab
  • Parking: Assigned
  • Porch/Deck/Patio: Balcony(s)
  • Exterior Features: Irrigation System, Storage Shed/Outbuilding

Listing Courtesy of BERKSHIRE HATHAWAY HOMESERVICES GALLO-R

Flipping or Buy-and-Hold? Strategic Choice for Rehoboth Beach In

When you own the Rehoboth Beach home your family lives in, you are by definition a real estate investor: it comes with the turf. Your investment is essentially a passive one. Until the day you decide to sell and move on, any improvement in its value is secondary to how well it serves to shelter your family.

How you think about your investment—and how you proceed to manage it—is altogether different when you buy a home purely as a financial venture. For one thing, you face an immediate strategic decision: will you be flipping for a quick short-term profit, or aim for the long term through a buy-and-hold strategy? You have to weigh some pros and cons in order to make the right decision.

Flipping

Pro: Capital is Freed

A flipping strategy minimizes the amount of time your investment capital is committed, freeing it for other uses. Should you identify another potentially lucrative investment, you will be able to take advantage of it.

Con: Unexpected Challenges

While flipping for short-term profit has definite ‘hands-on’ appeal, first-time investors can be surprised by unexpected complications. Properties that appear to be undervalued (and ripe for a quick flip!) may require costly fixes. Overspending on renovations quickly eats into profits, but underspending can lead to a lengthier holding time. Experienced Rehoboth Beach flipping veterans have learned to successfully gauge a property’s true turnaround value.

Additional Consideration: Taxes

Sussex County flipping has tax implications that impact the bottom line. Profits from a property owned more than a year are generally taxed at the ordinary income tax rate, while a property held for less than a year may be taxed at the capital gains rate. Local and state tariffs need to be considered as well—this is where input from a qualified professional is important.

Buy-and-Hold

Pro: Passive Investment

If management is outsourced to a professional property manager, the buy-and-hold strategy will require less personal attention than flipping does. Preparing a property for a flip often involves considerable time commitment and adept contractor schedule-juggling.

Con: Management Costs

The passive investment advantage holds true if outside management is contemplated— with commensurate expense. If you enjoy the challenge of successfully managing a property, this negative doesn’t apply.

Pro: Fewer Properties Need To Be Identified

Ultimately, successfully executing a flipping strategy means scrutinizing a huge number of properties over the course of time. In contrast, a buy-and-hold strategy necessitates finding only a few great bargains. Pursued intelligently, both buy-and-hold and quick flip strategies have proved profitable for many investors. Both call for finding solid value in Bethany Beach properties—which is where giving me a call comes in!

Delaware First-Time Home Buyers Have a Familiar Question

Delaware first-time home buyers in 2014 are faced with a question that hasn’t changed for generations: is it more practical to buy right now, or to continue to rent?

Over the past few years, buying has been the easy choice. Nationally, in 2013 it cost 35% less to own a home than to rent according to that year’s study by real estate website Trulia. That despite rising house prices and mortgage rates. But that was last year, and the experts have been pretty unanimous in predicting that interest rates will continue to rise—ending up somewhere near 5.5% by 2014’s end (per the National Association of REALTORS®).

In the face of higher interest rates and house price tags, will 2014 be the year when renting becomes more affordable than buying?

While first-time home buyers in Delaware are faced with increasing house prices and mortgage rates, renters also find another national trend: higher rents. Rents have been on the rise for the past few years, with continued increases expected throughout 2014. According to Axiometrics, the folks with the latest data, apartment rents are on course to rise by 3.04% in 2014. Research firm Reis puts the expected rise at 3.15%— and both say the causes are the potent combination of tight supply and rising demand. Whenever the economy improves, each incremental gain puts even more pressure on rents—which acts as an offset to any financial benefits of renting versus owning.

Where does that leave our typical Delaware first-time home buyers? Most recently, national averages show it is still about 21% cheaper to own rather than rent. According to the Trulia study, by fall of last year, the earliest tipping point at which it would have become more expensive to own rather than rent would have been expected to occur if interest rates hit 5.2%—but only in San Jose, California—and only if rents had remained fixed (which didn’t happen, even in San Jose). Nationally, out here in the real world, Tulia admitted “mortgage rates will not tip the housing market in favor of renting over buying until rates hit 10.5%...”

Delaware first-time home buyers can be a bit more confident as they take in one more piece of information from the real world of April 2014 (no matter what the experts predicted): over the past few weeks, national mortgage interest rates have been edging down instead of rising! That may well change direction again (probably will), but for now at least, I have to say that it’s a pretty clear call in the spring of 2014: time to get pre-qualified!

That’s the first-time home buyers’ Step One…it also happens to be an ideal time to give me a call!