18391 Dunes Way, Lewes, De 19958 | $467,000

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Property Details

Exquisitely appointed Kingfisher model home on a premier pond front lot in sought after Reserves at Lewes Landing, just minutes to Historic Lewes and all the shore attractions. From the relaxing front porch, 5 inch hardwood floors lead into a spaciou
  • MLS Number: 723972
  • Status: Active
  • Price: $467,000
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • Community: Reserves At Lewes Landing
  • School District: Cape Henlopen
  • Square Footage: 2,627
  • Year Built: 2012
  • Bedrooms: 3
  • Full Bathrooms: 2
  • Half Bathrooms: 1
  • Number of Stories: 2
  • New Construction: No
  • County Taxes: $1,649
  • Association Fee: $1,783
  • Waterfront: Lake/Pond
  • Water View: Lake/Pond
  • Pool: Other See Remarks
  • Furnished: No
  • Lot Dimensions: 200 x 100
  • Lot Square Feet: 20,000
  • Lot Size Acres: 0.46
  • Lot Description: Landscaped, Partially Wooded
  • Water: Private Central Water
  • Sewer: Private Central Sewer
  • Community Amenities: Community Center, Jog/Walk Path, Pool-Outdoor, Sidewalks, Tennis - Outdoor

Interior Features

  • Kitchen: Breakfast Bar, Countertops - Granite, Kitchen/Dining Room Combo, Pantry
  • Fireplace: Gas
  • Heating: Gas - Propane
  • Cooling: Central A/C
  • Flooring: Carpet, Hardwood, Tile
  • Basement: Crawl Space-Conditioned,Sump Pump
  • Security: Monitored System, Security System
  • Appliances: Cooktop, Dishwasher, Disposal, Dryer-Electric, Exhaust Fan, Fridge w/Ice Maker, Garage Door Opener, Instant Hot Water, Microwave, Oven-Wall, Washer, Water Heater Tankless
  • Interior Features: Bedroom-Entry Level, Cable TV Prewired, Ceiling Fan(s), Fireplace-Gas, Insulated Window(s), Insulation, MBED-Separate Shower and Tub, Tub-Soaking/Whirlpool, Walk-In Closets

Exterior Features

  • Style: Coastal,Contemporary
  • Construction Type: Stick/Frame
  • Exterior Type: Hardi-Plank, Vinyl Siding
  • Roofing: Architectural Shingle
  • Foundation: Poured Concrete
  • Garage: Attached
  • Garage Size: 2
  • Parking: Garage, Garage Door Opener
  • Porch/Deck/Patio: Deck - Front
  • Exterior Features: Irrigation System

Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH

Financing Alternatives may Attract Lewes Mortgage Applicants

Whenever an unplanned and unwelcome financial situation develops, a Lewes mortgage-holder can find himself or herself in the onerous position of being unable to keep up with the monthly home loan payments. If the unhappy situation continues long enough, the likely result is a foreclosure or short sale. In addition to losing the property, the impact on personal credit then takes years to undo. That means it takes that much longer for a consumer to acquire a new home and start to build equity again.

Here as elsewhere, there were a raft of such Lewes mortgage defaults following the global financial meltdown. Even those who had no trouble servicing their area mortgages could have suffered when they found that falling property values prevented them from refinancing—even when the purpose was to improve their property. Although those events happened years ago, it’s only now that their aftereffects are finally working their way out of the system.

A recent article in NMP—the national Mortgage Professional’s magazine—delved into the changing status of those who lost homes in the turndown. The details they researched are interesting in themselves—details that are bound to have an impact on Lewes residential sales.

First off is the fact that enough time has elapsed for those who weathered a short sale or foreclosure to begin to return to eligibility. They’re called “Boomerang Buyers”—and nationwide, there are estimated to be 7,300,000 of them! In 2016 alone, more than a million will become eligible to return to the home-buying market. According to NMP, “they’re returning to the market in droves.” The hardest-hit states were Nevada, Florida and Illinois—but there are plenty of Boomerang Buyers scattered across the rest of the nation.

The improving mortgage eligibility landscape extends beyond those who suffered the actual loss of their homes. To the more than 7 million “distressed” homeowners whose properties are still underwater (those who owe more than market value), the government’s HARP 2 program is one possible remedy. Its guidelines encourage lenders to relax the loan-to-value caps that had prevented refinancing for many of those homeowners. Reports are that it has already resulted in an increase in such refinances.

Other program combinations are helping loan originators and Realtors® get more bank-owned homes back into homeowners’ hands. These are properties that make up the ‘shadow inventory’ of unsold homes, many of which have fallen into disrepair. Because of that, they’ve been difficult to finance—and therefore difficult to sell. Through FHA 203K and Fannie Mae’s Homestyle® renovation mortgages, more ambitious prospective owners—including investors—are discovering they now have mortgage options that can put those fixer-uppers within reach.

For those who have previously found it problematic to secure a Lewes mortgage with acceptable terms, it may be worth looking into today’s improved financing alternatives. Especially with mortgage interest rates at the levels we’re seeing this fall, what you find may be a pleasant surprise—one that puts you into the house of your dreams. Call me to discuss first steps!    Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com

Sussex County Real Estate Reflected Overall 2013 Up Trends

It’s time for Sussex County real estate observer to tackle the New Year’s roundup of the Year in Real Estate (along with the traditional disclaimer that, since the actual statistics won’t be tallied until 2014, this has to be a lot more sizzle than steak!) But this is one time in the year when we local residents get to take pause to relax, perhaps put a bottle of bubbly in the fridge for later on, and take a sweeping view of the general direction of things across the land.

If you’ve been reading here throughout the year, you already know that 2013 Sussex County real estate activity might easily justify chilling a superior vintage champagne: it’s been a pretty darn good year! A smattering of last week’s press reports confirms it:

  • From the East Coast to Oahu (where there was a “1 in 3 chance” that if you sold a house, it was for more than the asking price), reports were of steadily rising prices.
  • The Business Insider reported that the Big Apple “managed to shatter several real estate records in 2013.” One of the records was a tidy listing for a modest little 62,000 sq. ft. private coop residence. Sure, $130 million may sound a little steep to us here in Sussex County, but that might be because so few of our digs have 82-foot swimming pools or tennis courts…at least not indoors, inside our five-story apartment atop a skyscraper.
  • More down to earth might be NAR’s assessment that “Housing prices rose faster than expected” — with a lot of credit given to the fact that “affordability remained high.”
  • Another factor: “More first-time buyers” were entering the market due to “rising rents and pent-up demand.”
  • Following suit, the Dallas News was touting a local home market that “came roaring back in 2013;” one that had “builders rushing to keep up with demand for new houses.”
  • The Realtor® web awarded credit for the strong real estate year to “Low mortgage rates, all-cash buyers, and tight inventories” that sustained the housing market recovery. Our Sussex County real estate saw much of the same.  
  • There was one notably bleak spot: “ACT real estate hit hard by election” the Times reported. “Uncertainty” about election politics had created “subdued performance during the year” and some “negative house price growth.” The best news: this was the Canberra Times – and the country was Australia!

So let’s wish those Down Under a quick turnaround; then, after a relaxing day watching the Rose Parade and a bowl game or two, let’s get ready to charge into an equally dynamic 2014.

Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and  waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.