527 N Boardwalk, Rehoboth Beach, De 19971 | $1,328,000

I like it!

Email me 527 N Boardwalk, Rehoboth Beach, De

*



* Required Fields

  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
View Map
If this text does not disappear quickly, then your browser does not support Google Maps

Property Details

SUNRISE! SUNSET! Stunning views of the Ocean, coastline and also spectacular views overlooking Lake Gerar! All of this to be enjoyed from the wrap around balcony! Spacious 2 Bedroom, 2 Full Bath Unit located on the 7th floor of The Henlopen Cond
  • MLS Number: 730589
  • Status: Active
  • Price: $1,328,000
  • Property Type:
  • Area: Dewey To Lewes East Of Canal
  • Community: North Rehoboth / Henlopen
  • School District: Cape Henlopen
  • Square Footage: 1,450
  • Year Built: 1973
  • Bedrooms: 2
  • Full Bathrooms: 2
  • Number of Stories: 8
  • Unit Floor Number: 7
  • New Construction: No
  • County Taxes: $1,659
  • City Taxes: $253
  • Condo Fee: $8,340
  • Waterfront: Ocean
  • Water View: Ocean
  • Pool: Other See Remarks
  • Furnished: Yes
  • Lot Size Acres: 0.00
  • Water: Water-Public Central
  • Sewer: Public Central Sewer
  • Community Amenities: Beach, Cable TV, Elevator, Extra Storage, Handicap Parking, Parking-Garage, Pool-Outdoor, Security

Interior Features

  • Kitchen: Kitchen/Dining Room Combo
  • Heating: Forced Air
  • Cooling: Central A/C
  • Flooring: Hardwood-Synthetic, Tile
  • Security: Main Entrance Locked, Security Guard(s)
  • Appliances: Cable TV Pre Wired, Dishwasher, Disposal, Fridge w/Ice Maker, Microwave, Oven/Range Electric, Range Hood, Washer/Dryer Stack, Water Filtration Unit, Water Heater Electric
  • Interior Features: MBED-Full Bath

Exterior Features

  • Style: Flat/Apartment
  • Construction Type: Masonry
  • Exterior Type: Precast Concrete
  • Roofing: Unknown
  • Foundation: Poured Concrete
  • Garage: Under Home
  • Garage Size: 1
  • Parking: Covered Parking
  • Porch/Deck/Patio: Balcony(s)
  • Exterior Features: Pool-In Ground

Listing Courtesy of KELLER WILLIAMS REALTY

Rehoboth Beach Mortgage Watchers Eye ‘Wealth Building Home Loa

Something new is stirring in the ordinarily hidebound world of residential mortgage offerings: a new way of approaching the financing of home purchases. If successful, it might well shift the way some Rehoboth Beach mortgage contracts are written.

The experiment is known as the "Wealth Building Home Loan," and it addresses a home-ownership problem that has been talked about for a long time, with little being done to solve it. The issue in question is how to unburden new homeowners from spending years in a situation that bears more resemblance, financially, to renting than to owning— especially during the first 3 to 5 years. For low- and moderate-income mortgagees, that’s the difference between sinking into more debt and actually building wealth. After all, every dollar that goes toward interest is lost, while dollars that pay down principal are investments.

According to Edward Pinto, one of the authors of the WBHL, often during the opening years of a 30-year loan, "68% goes to pay interest." In the new program, 77% of monthly payments go to pay off principal—with the result that in a short time, new homeowners have a much larger equity stake in their homes. And, it is hoped, a sizeable increase in pride of ownership: "a stake in the game."

It sounds good, but you might be wondering how this could be possible. Is this just a ‘pie in the sky,’ feel-good idea that will never see daylight in the real world? Apparently not. The pilot program is being put into action by some serious players: the American Enterprise Institute (if that sounds like a conservative outfit, it is) and administered by the Neighborhood Assistance Corporation of America (if that sounds like a liberal outfit, ditto). And it’s being funded by Bank of America and Citi Mortgage—neither of which would be likely to bankroll some fly-by-night scheme.

The mechanics of this kind of mortgage work out like this. First, it’s based on a 15-year term, which of course speeds the rate at which equity builds; and second, it’s a mortgage that carries a very low interest rate. Something for nothing? Not quite: the concept is to

· change the underwriting standards to tilt away from credit history and toward recent payment history and residual income, thought to lower lender risk

· eliminate the down payment altogether, instead allocating that initial cash toward "points": buy-downs of the mortgage’s interest rate to .5%, (or even 0%)!

It boils down to an approach that could be a win-win. Borrowers (even those who suffered credit black marks during the economic downturn) could be newly eligible for a home loan, and because lenders pocket the interest rate buy-down amount, a proposition they might find acceptable.

Should Rehoboth Beach mortgage applicants expect this deal to be available next week? Not likely: it’s in the pilot phase. But if it seems to work out, it could be a shot in the arm for homeowners who can manage a slightly higher monthly payment. If you would like to chat about today’s home loan availability (or any other current Rehoboth Beach real estate doings), I hope you’ll give me a call!

 

Satisfying Delaware Mortgage Refi Candidates’ Curiosity

If you use a credit card or Delaware bank checking account’s online system, you may have noticed the appearance of a free service: FICO score tracking. You find it as a clickable area with a link title like “Your FICO® score” or just “FICO®.”

For many years, each of the major credit reporting agencies was mandated by law to honor any consumer’s request for a copy of their credit scores—but it was a once-a-year deal. For access to regular updates, you had to pay for a subscription. Particularly for consumers working to improve their credit scores, the paid services became a prudent monthly expense. The arrival of anytime free FICO score reporting eliminated much of that need.

Of course, tracking your FICO score is only useful if you know how the lending institutions will view it—and the answer to that is anything but clear-cut. Not only does each lender has their own confidential requirements, but since there are three separate reporting agencies, Delaware consumers have three FICO scores (and they’re rarely the same).

Even so, let’s face it: the single piece of information most everybody wants to know is what FICO score is needed to buy a home? or to refinance a home? Even if the answer is imprecise, it’s human nature.

To quell that curiosity, at least one source is willing to report what amounts to an average of approximations: it’s called EllieMae®. Ellie is a company that serves banks, credit unions, and mortgage companies by providing a raft of automated tools—but those are for industry insiders. As a sideline, they also put out a monthly Origination Insight Report with statistics drawn from the home loans processed through their systems—including some that most future Delaware home loan applicants will be interested to learn:

Average FICO score for conventional mortgage refis closed last month: 732

Average score for conventional purchases: 752

Average for FHA purchases: 681

Average FICO score — all loans: 724.

Average time needed to close: 43 days.

The percentage of mortgage refis grew to 39% of all loans, probably because interest rates decreased “for the sixth straight month” to 4.2%. EllieMae reckons that constitutes “a new 2017 low”—something Delaware refi and home loan applicants will be interested to know!

 

Those bargain basement interest rates continue to create a terrific opportunity for Delaware real estate. Call me for a no-obligation discussion about how you might take advantage of the current real estate environment! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com