Enthusiastic Home Purchases in Delaware
You can almost feel the pent up energy and enthusiasm to purchase homes in Rehoboth.
It only took a few large property purchases to settle this week in Rehoboth Beach including an older, but modern, Ocean-front home, that sold for an astonishing $5.5 Million that’s creating the buzz. What is even more astonishing is that I have the same view from my condo looking down. If this isn’t a show of confidence in our quaint Delaware beach town then nothing is. A few more of our million dollar homes also closed this week, but that’s not all, standing inventory of Single Family homes in the $300’s and resale condominiums in the $200’s are vanishing.
So what is it and why the interest in buying homes in Delaware? Well until the recent market decline we had consistent double digit appreciation along twenty five miles of pristine waterfront. We have also some of the friendliest property and sales tax structures in the country. You can own a beach front property in Rehoboth and pay as little as $1,200 in annual property tax and if you are a senior and have established residency for the past two years you can cut your taxes by a third avoiding most of the school levy.
This is ringing a tune to our neighboring Jersey and New York friends who have found out that we are really not that far away, are easy to get along with, and have way too many commonalities to name except for taxes. Delaware has had some record sales in the past and extreme numbers in new building units, featuring almost every National Builder from Pulte to Toll Brothers, but where have the buyers gone that were coming and planning to retire to Delaware? I think they where just waiting, making sure the stock market was going to stay put and hover around 10,000, that the sky was not truly falling, and that prices would soften. All of this is happening and a lot of buyers, who where sitting on the fence, yet again, are making the move.
If you have been waiting for the perfect beach property or looking to retire to Delaware, or just adding Real Estate to your portfolio give me a call, Joe Maggio, “Your Beach Real Estate Source”, Maggio Shields Team 302-226-3770 or on the web @ www.RehobothBeachliving.com .
