33935 Middletown Circle, Lewes, De 19958 | $199,900

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Property Details

Light-filled cared for condo in gated community of Plantations. Fantastic location with open space and community located four miles to Lewes Beach. Replaced HVAC (heating and air) in 2016. New stainless steel appliances, Pergo floors, neutral, cal
  • MLS Number: 726592
  • Status: Active
  • Price: $199,900
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • Community: Plantations
  • School District: Cape Henlopen
  • Square Footage: 1,150
  • Year Built: 1992
  • Bedrooms: 2
  • Full Bathrooms: 2
  • Number of Stories: 1
  • Unit Floor Number: 3
  • New Construction: No
  • County Taxes: $1,022
  • Association Fee: $616
  • Condo Fee: $2,056
  • Water Fee: $700
  • Sewer Fee: $512
  • Furnished: No
  • Lot Square Feet: 1,150
  • Lot Size Acres: 0.03
  • Water: Public Central Water
  • Sewer: Public Central Sewer
  • Community Amenities: Cable TV, Community Center, Fitness Center, Gated Community, Jog/Walk Path, Pool-Mem. Opt., Pool-Outdoor, Tennis - Outdoor

Interior Features

  • Kitchen: Breakfast Bar
  • Fireplace: Wood Burning
  • Heating: Forced Air, Heat Pump(s)
  • Cooling: Central A/C
  • Flooring: Carpet, Hardwood-Synthetic
  • Security: Gated Community
  • Appliances: Cable TV Pre Wired, Dishwasher, Dryer-Electric, Microwave, Oven/Range Electric, Refrigerator, Washer, Water Heater Electric
  • Interior Features: Ceiling Fan(s), Fireplace-Wood, MBED-Full Bath

Exterior Features

  • Style: End Unit
  • Construction Type: Stick/Frame
  • Exterior Type: Vinyl Siding
  • Roofing: Architectural Shingle
  • Foundation: Concrete Block
  • Porch/Deck/Patio: Porch - Screened
  • Exterior Features: Storage Shed/Outbuilding

Listing Courtesy of BERKSHIRE HATHAWAY HOMESERVICES GALLO-L

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

Housing News that Sussex County Homeowners Have Been Waiting For

For Sussex County homeowners, the news was a long time coming. The bounce back from last decade’s dizzying plummet in the nation’s residential housing values has been underway for quite a while now—but those values hadn’t quite returned to their former heights.
Until last month!
The Wall Street Journal was early to break the long-awaited headline, “Existing-Home Prices Hit Record: $236,400.” Using just-released June sales numbers, the Journal reported that the nation’s average housing prices now topped the previous high water mark set in 2006. It meant that a lot of paper losses have been obliterated—and the return of full nights’ sleep for many U.S. homeowners who have long been underwater.
Another aspect of June’s housing report card could also ease nerves on a wider scale. USA Today led with it: “Existing homes were sold at the fastest pace in eight years…” It quoted the NAR’s Lawrence Yun as pronouncing this year’s spring buying season “the strongest since the economic turndown.”
That’s where the current housing market profile seems to differ in kind from the previous peak of $230,400, registered in July 2006. That mark was reached after sales volume had started to fall. Prices then followed, starting with a slow decline that continued until the spring of 2008, when the slump became a nosedive—unleashing the subprime mortgage crisis. The “bubble” of unsupported high prices had burst.
There was more glad tidings in last week’s news, as well. U.S. home builder confidence levels hit its highest mark in “nearly a decade” (WSJ). A rise in demand for apartment housing caused a jump of 9.8% in housing starts.
But the biggest news was the existing-home price rise, reported as having “rocketed” 35% since 2011, “benefiting current homeowners by giving them an opportunity to trade up to better homes or sell and cash out.” That’s the kind of spur that can stimulate the entire housing market.
With one economist (Andrew Hunter of Capital Economics) quoted as saying “the housing recovery has shifted into a higher gear,” it wasn’t surprising that other analysts were in agreement. “Don’t Laugh” read one headline from international observer Quartz.com; “the U.S. housing market is the best story in the global economy right now.” Reuters agreed about the implications. Their headline: “Strong U.S. housing data boosts dollar.”
Sussex County residents don’t have to be global investors to take advantage of this summer’s values. A simple call to my office is all it takes to get things started! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com.