100 Vandyke, Dewey Beach, De 19971 | $375,000

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Property Details

The Cove has a new face lift & doesn't it look really GREAT!! Enjoy the gorgeous bay views from this condo along with a peek of the ocean from this 2bdrm/1bath condo that has been updated with Dura Ceramic throughout, new kitchen cabinets, granite c
  • MLS Number: 730195
  • Status: Active
  • Price: $375,000
  • Property Type:
  • Area: Dewey To Lewes East Of Canal
  • Community: Indian Beach / Cove
  • School District: Cape Henlopen
  • Square Footage: 600
  • Year Built: 1986
  • Bedrooms: 2
  • Full Bathrooms: 1
  • Number of Stories: 1
  • Unit Floor Number: 201
  • New Construction: No
  • County Taxes: $347
  • City Taxes: $33
  • Condo Fee: $5,160
  • Water Fee: $306
  • Sewer Fee: $286
  • Water View: Bay
  • Furnished: Yes
  • Lot Dimensions: Condo
  • Lot Size Acres: 0.00
  • Water: Public Central Water
  • Sewer: Public Central Sewer
  • Community Amenities: Extra Storage, Parking-Assigned, Pool-Inground, Pool-Outdoor, Tennis - Outdoor

Interior Features

  • Kitchen: Countertops - Granite
  • Heating: Wall Unit
  • Cooling: Wall Unit
  • Flooring: Tile
  • Basement: None,Outside Stairs
  • Appliances: Cable TV Pre Wired, Disposal, Microwave, Oven/Range Electric, Refrigerator
  • Interior Features: Cedar Closet, Window Treatments

Exterior Features

  • Style: Flat/Apartment
  • Construction Type: Stick/Frame
  • Exterior Type: Vinyl Siding
  • Roofing: Architectural Shingle
  • Foundation: Concrete Slab
  • Parking: Assigned
  • Porch/Deck/Patio: Deck - Wrap Around

Listing Courtesy of CROWLEY ASSOCIATES REALTY INC.

Predicting the Return on Investment of Your Dewey Beach Home

If you are a Delaware homeowner (or about to become one), you’ll be interested in the progression of your Dewey Beach home’s value over time. The market may fluctuate, but what doesn’t is your goal of seeing your property value go up — in other words, calculating its Return on Investment. In economic terms, evaluating the projected ROI tells you how much profit there would be if the home is sold at a later time.

There are two major methods of calculating real estate ROI. Both take cost and appreciation into account — but they come up with quite different answers!

The Cost Method gives a smaller ROI. Consider buying an area house for $100,000. Ubiquitous Zillow (the Internet giant) pegs the current annual appreciation rate for real estate in the U.S. at 6%. If our Dewey Beach market proves true to that projection, the example Dewey Beach home value would register $106,000 after the first year. If $2,000 were spent on repairs, that means a $4,000 profit would result, and the ROI for that one year would be $4,000 divided by $102,000: 3.9%. At that ROI, it would take roughly 26 (100 divided by 3.9) years to equal the cost of the home.

Sometimes called the “Out of Pocket” method, this calculation yields a higher ROI. Here, ROI is calculated based on the size of the down payment (assuming a mortgage is involved). Take the same example: the Dewey Beach home valued at $100,000. You won’t actually pay that whole amount — just the down payment (say, $20,000). To evaluate the ROI, the down payment is added to the repair costs ($20,000+$2,000) and that number is subtracted from the appreciated home value ($106,000-$22,000). The “equity” in this case is $84,000, so the ROI in that single year is $84,000/$106,000 = 79.2%. Although this sounds terrific, it isn’t too realistic…after all, the mortgage left is still owed: it may not be “out of pocket” because it hasn’t been actually paid yet, but the remaining liability is real. 

If you have Delaware home value questions, I’m here to answer those and any other real estate-related needs. Want to discuss home values, ROI, or other property questions, 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.

A Sussex County Bank-Owned Home Can Be a Serious Contender

If you’re looking for a superior deal on a new home, you may find that a Sussex County bank-owned home is a serious contender. Today’s real estate market includes a variety of foreclosed homes, some of which can be had at prices well below baseline levels.

Adding to the activity in that sector is the virtual disappearance of any degree of the stigma formerly attached to the bank-owned home market. By May of 2012, Realtor Magazine was already reporting how the rise in distressed inventories had brought about an increased appetite for the sector: “Nearly 65% of buyers say they’re likely to buy a foreclosure today compared to 25% who said that in October 2009.” And 92% of those surveyed were interested in a bank-owned home as their primary residence, rather than as an investment vehicle.

If you think a Sussex County bank-owned home could be a serious contender for your attention, you should be aware of how to best prepare for the opportunities to be had among them.

 Get Pre-Qualified

Pre-qualification not only speeds up the purchase of a Sussex County bank-owned home, it also produces a concrete range for your home-buying budget. Some banks charge a fee for the credit-checking procedure, while others simply build that into the bottom line.

Beware Potential Property Issues

The biggest issue facing the buyer of a foreclosed home is the potential for damage to the property. If it’s been vacant for some time, issues tied to improper weatherization or pest infestation can have resulted. A bank-owned home is typically sold as-is — so ordering a thorough, professional home inspection is an absolute must. 

Be Patient!

Buying a bank-owned home in Millsboro can precede on a different timetable than does a regular home buy, so be prepared to be patient. It’s also particularly helpful to have a buyer’s agent on your team to help answer questions as they arise.

If you are in the market for a new home in 2015 whether it is a bank-owned home or not — I’m here to advise my clients from beginning to end. Getting started is just a phone call away!