Listing Courtesy of RE/MAX ASSOCIATES
Recently, the National Association of Realtors® reported the largest number of existing home sales since February 2007— and I expect we will see similar results when this year’s final numbers come in. With more individuals looking to enter (or re-enter) the real estate market, buying a house in Lewes can be expected to continue to be newly competitive.
That does not mean that you should adopt a defensive mindset. Even after finding what looks like a great deal on a seemingly terrific home, it’s wise to keep an eye out for unexpected developments that could make it necessary to walk away from the deal. Some of the situations that usually don’t (but still can) trigger that option:
If the Delaware home inspection uncovers issues that you didn’t know existed, you have several options. The seller may offer to pay for needed repairs, or add a credit at closing. Depending on the extent of the problem, it’s sometimes wiser to simply take the credit and avoid complex amendments that could overcomplicate the contract. But if the seller refuses any concessions, it could be that you won’t be buying a house as quickly as hoped.
A mortgage can fall through unexpectedly. An abrupt change in employment, credit downgrade, or if the bank has trouble verifying income, an underwriter may back away from the table. Most often, financing contingencies in the paperwork will allow you to walk away from the deal.
An unexpectedly low appraisal can make buying a house financially unworkable. When a home appraises for less than the agreed-upon selling price, the bank will not finance. This means the seller will either have to lower his price, or you as the buyer will need to come up with additional cash to cover the difference. You may believe the appraisal is not a fair measure of the property’s true worth (at least to you) — but remember that should you later wish to sell, the next appraisal may not be much higher. In all cases, whenever you contemplate buying a house in Lewes, I’m here to help you reach smart long-term decisions. 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.
Lewes, DE residents have long heard that Los Angeles real estate prices can be stratospheric— particularly in the choicer neighborhoods like Bel Air and Malibu where apartment lease prices can touch the sky. Downtown L.A., on the other hand, has only recently matched the more westerly districts because DTLA lacks the strong ocean breezes that bring temperatures down from Downtown’s almost-ideal range to the Westside’s slam-dunk-absolutely-ideal range.
Even so, last week’s apartment lease announcement for the penthouse at 888 Olive Street rated a double-take. Even squinting at the screen didn’t change what seemed to be a typo in the monthly lease listing price.
By way of explanation, the ad pointed out that L.A.’s downtown area has solidified its standing “among the city’s most sought-after markets.” Since this 888 Olive St. address is a true penthouse with 13-foot floor-to-ceiling windows encasing sweeping 360-degree views of L.A., and since you will be ‘way up there on the 34th and 35th floors, you would expect the tariff to be somewhat pricey.
Adding to the value, the apartment comes fully furnished—no minor feature, since there are 18,000 square feet requiring furnishing. With 8,000 square feet of outdoor living space wrapped around the apartment’s exterior, you might not even need to hang out on the private roof deck with its 50-foot swimming pool, 12-person spa, barbecues, fire pit, or steam room. Despite the centrality of its location “minutes away” from a coterie of world-renowned restaurants, if you’re more of a homebody into stay-at-home cooking, there are four kitchens outfitted with Wolf and Sub-Zero appliances.
There are also 10 bathrooms.
In case the target lessee is planning on digging in for an extended stay, there are two temperature-controlled wine rooms capable of accommodating 1,000 bottles. The 33 lower floors are no slouches, either—and as top dog, the lessee will share access to the 37,000 square feet of the building’s other amenities.
All of which supports a no-nonsense apartment lease price, and that is definitely the case: $100,000/mo. The only limitation comes with its total of 4 bedrooms which could create a hardship for Lewes, DE’s larger families. Still, Lewes, DE people are hardy and creative—certainly one of the kids could bunk down in the fully automated media room.
My professional opinion, though, is that for many apartment shoppers, the million-dollar-plus annual apartment lease price tag is likely to produce some hesitation. But there was one phrase in the announcement that seems to indicate otherwise. The announcement’s opening line states that, at $100,000 per month, the property is “currently one of the most expensive penthouses available for lease in the Los Angeles market.” Since comps—the comparable lease offerings—are always key, that hints that L.A. bargain-hunters might not be put off, after all.
For the latest in less vertical Lewes, DE-area market offerings, I hope you’ll give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.