May 2015

Found 6 blog entries for May 2015.

The Federal Emergency Management Agency (FEMA) recently updated the flood risk maps for Sussex County.  These maps were put into place by the county on March 16, 2015.  If you are a homeowner or potential owner of real estate in the Bethany Beach or Fenwick Island area, this is important. Your property of interest may now be in a different flood zone or your base flood elevation could have changed, resulting in a change to your flood insurance cost.

I am not an insurance expert, but I recently met with a couple of individuals that specialize in coastal property flood insurance to get a better understanding of the changes in our area.  Some information that I feel you should know as an owner or potential owner of real estate: properties in our area have

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BETHANY BEACH, DE By Nicole Edenedo of WBOC 16,-- Businesses are glad to have downtown Bethany Beach return to normal operations after a short period of street improvements end.

After two years of closed roads, numerous traffic cones, road blocks and detour signs, store owners say they lost business due to congestion and confusion.  Brooke Williams of the Kites, Tails and Toys store on Garfield Pkwy. explains why business was so slow.  "I'd say that mostly they just didn't know that we were here, that we were open this whole time through the construction," said Williams.

Andrew Fulton manages the Comics and Gaming store next door. He says construction lasted through last week, about a week shy of the town's grand opening ceremony for the project

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After a strong start to the year where the Bethany-Fenwick area experienced a 43% increase in new contracts during the first 2 months, the robust pace of sales slowed some in March and a little more in April when compared to 2014. Nonetheless, April was an active month with 31 properties going under contract versus 29 last year.

There were 15 new contracts on condo/townhomes, up 15% from 13 a year ago. Contracts on single family homes were the same as last year at 16. On a softer note, sales volume in dollars (based on list price) was down 21% for condo/townhomes and 23% for single-family homes in April.   Contracts on $1million+ properties are down year-to-date as compared to a very strong 2014 for this particular segment of the market. 

Fenwick Island and Bethany Beach Real Estate Market Update

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With just one new contract accepted in April, this was the second month in a row that Sea Colony East, Bethany Beach Real Estate Sales were down 50% when compared to the same month last year. The one condo that went under contract is in the Brandywine Building and offers full wrap around decks to capture north and southern ocean views.

Sales for April were strong on the other side of the highway in Sea Colony West, with a 38% rise in new contracts in April versus the same month last year. The greater Bethany-Fenwick area as a whole saw a 15% increase in new contracts for condo/townhomes.

A reasonable asking price that takes into consideration views and condition of the unit is paramount when listing property on the East for sale.  Despina has

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April was another strong month for real estate activity in Sea Colony West with 8 properties going under contract, up 38% from 5 new contracts in
April of last year. Sales volume in dollars (based on list price) was up 40%. The pace has continued in early May with another 6 properties under
contract as of May 10th.

Sea Colony West April New Contracts

Sea Colony West sales for April were stronger than the greater Bethany-Fenwick area as a whole, where new contracts on condo/townhomes were up
15% and sales volume in dollars was down 21%. So, the big question is what is happening with prices? After a 7% rise in the median sales price from 2013 to 2014, we have seen a small decrease year-to-date. This has more to do with a rise in sales for properties in the $200K to $300K range than a

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Sea Colony,  “The Premier Family Beach & Tennis Resort Community” – was recently ranked as the world's #9 tennis camp byTennis Resorts Online’s 2015 rankings which were released on May 1. ranked Sea Colony's tennis camp #5 for best junior program and the resort itself among the top 50 tennis resorts in the world.

The web site’s annual rankings are determined by tennis players, who were asked to evaluate resorts and camps in 20 categories, from the quality of the tennis programs to lodging and restaurants to value. This latest global recognition adds to the decades of local, regional and national honors earned by the resort community and its tennis staff.

Thomas Johnston, Sea Colony's Tennis Director and the current USTA

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