Listing Courtesy of JACK LINGO REHOBOTH
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 email@example.com, visit more listings at www.beachrealestatemarket.com.
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.