The Leslie Kopp Group's Beach Real Estate Blog

Courtesy of the Bethany-Fenwick Area Chamber of Commmerce

WHATS HAPPENING ON 404?!

 Delays are expected as the 404 widening project continues throughout the summer. Progress can be a tricky thing - to go forward it is often necessary to forge new roads, which has certainly been the case in the process of creating a dual highway between U.S. Route 50 and the Maryland/Delaware line. It has been the summer of slowdowns on Maryland 404, but the good news, according to State Highway Administration spokesman Robert Rager, is construction is on schedule. The timeline set forth by Gov. Larry Hogan for SHA to have four lanes open to traffic - two west bound and two east bound - by the end of November 2017 is approaching quickly. Learn more and stay up to

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Inventory levels at the beach are as low as we have experienced in many years. In the Bethany Beach and Fenwick Island area, the number of single family homes and condo/townhomes currently for sale are down 30% and 18% respectively when compared to July of 2016.

If you follow our blog, you might recall that this is the time of year when we like to look at absorption rates. This statistic compares the pace of sales (which has remained strong) with inventory levels to tell us whether we are trending in the direction of a buyer’s or seller’s market. Generally speaking, 7 months of inventory or less is considered a seller’s market.

Bethany Beach Real Estate Inventory 2017

The graph clearly indicates that we are approaching a seller’s market. Aside from a small rise in South Bethany, where

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Earlier this month, the Delaware General Assembly voted in favor of House Bill 279 which increased the Realty Transfer Tax by 1%. The increased tax will apply to contracts dated on or after August 1, 2017.

The current total transfer tax is 3% and it is typically split equally between the buyer and seller at the time of settlement. Half of this goes to Sussex County and half to the State of Delaware. The new bill increases only the state’s portion which means the county will receive 1.5% and the state 2.5% for a total 4% tax at settlement.

Delaware Transfer Tax


While this is important information especially if you are preparing for a future purchase or a sale, we do not believe the net tax increase of .5% for each party at settlement will have an effect on demand for

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For much of 2017, we have been communicating to you that the beach real estate market is strong. After many years of price stability, all indications tell us that values are now on the rise.

Beach Property Values on the Rise


Low inventory levels coupled with high buyer activity continues to put upward pressure on prices for much of the market. The median sale price of single family homes and condo/townhomes in 2017 are up 10% and 13% respectively when compared to 2016. While values are still far from the market’s peak in 2006, this recent upward movement is significant. 

Take a look at all property currently for sale at the beach: Click Here !

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Courtesy of the Sea Colony Rec Association  |  June 27, 2017

Westway Drive Restriction

In an effort to enhance the safety of our residents and guests, the traffic that uses Westway Drive between Kent Ave. and Coastal Highway in Sea Colony will be restricted to only those cars displaying Sea Colony parking passes.  This change is effective on or about Wednesday, June 28.  

Any vehicles that do NOT display Sea Colony parking passes will be asked to NOT use Westway Drive, and to make a U-turn.  

The detour will be set every day between the hours of:

7:30 to 9:30 a.m. from Kent Avenue to Coastal Highway
3:30 to 5:30 p.m. from Coastal Highway to Kent Avenue 

Please keep this restriction in mind because there may be delays on Westway during those

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Courtesy of the Sea Colony Rec Association  |  June 7, 2017


A Note from the Sea Colony Rec Association President:

As a result of the recent homeowner and board elections, Phil Drew, Ron Wickwire and I have been reelected to the Sea Colony Rec Association. Further, I have been elected president, succeeding Ron Wickwire, who will continue as a board member but chose not to continue as president.  I am humbled by this election and feel privileged to serve our community.

I  hope you will join me in extending our thanks and sense of indebtedness to Ron Wickwire for his tireless leadership. In two decades as a Board member and president, he has played a critical, leadership role and has achieved incredible results for all of us at Sea Colony. These

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Courtesy of the Sea Colony Recreational Association

At the May 6, 2017 Board of Directors' meeting at Sea Colony, Area General Manager Tom Olson provided a winter and spring report.  Following is an expanded version, for your information:

GENERAL MANAGER’S QUARTERLY REPORT
From: Tom Olson
May, 2017

There’s a lot happening at Sea Colony. This quarterly report is intended to give you the latest news and an early look at our plans for another fantastic summer.

Freeman Fitness Center. We’re pleased to report that the outdoor pool at the center will open on June 10th.  With safety and infrastructure enhancements, upgraded sanitation systems, new decking, lighting and a resurfaced pool structure, this project completes our goal:  the Freeman Fitness

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Courtesy of the Sea Colony Recreation Association: May 2, 2017

Accomplished coach and former resort head tennis professional Alex Justiniani returns to the world-renowned Sea Colony Tennis Center as its new assistant tennis director, effective April 28, 2017.

“It’s great to have Alex back,” said Sea Colony Tennis Director Thomas Johnston, MS, USPTA, PTR. “He’s a fantastic teacher, was instrumental in the development of our junior tennis program, and I look forward to working together again.”

No stranger to ”The Premier Family Beach and Tennis Resort Community,”  Justiniani served two stints on Sea Colony’s courts - the first as an associate professional from 2004-06 and most recently as the head tennis professional and junior tennis coordinator

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Spring is finally here and it’s wonderful to see so many owners returning to open their properties for the season! As I have been communicating over the last couple of months, real estate activity as a whole has been strong at the beach. Through the first quarter of the year, 87 of properties went under contract from Fenwick Island to North Bethany. This is up 34% over last year. Sales volume in dollars (based on the list price) was up an impressive 42% in the first quarter.

Activity has also been positive in Sea Colony when compared to a slower 2016. As the chart below illustrates, year-to-date, 11 properties on the East and 10 properties on the West went under contract. This is up 83% and 11% respectively compared to the same time in 2016. The

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Spring is finally here and it’s wonderful to see so many owners returning to open their beach homes for the season! As I have been communicating over the last couple of months, real estate activity has been strong at the beach. Through the first quarter of the year, sales (the number of properties put under contract) in Ocean View have more than doubled compared to the same time period last year.

Ocean View Real Estate Sales First Quarter 2017 from Leslie Kopp

If you are considering buying or selling in Ocean View, browse properties currently for sale: http://www.bestofbethany.com/ocean-view-real-estate.php

 

Activity has also been positive in Bear Trap when compared to 2016. As the chart illustrates, year-to-date, single family home sales are up 150% with 5 properties put under contract compared to 2

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