The Bayside Blog

Bethany, Fenwick, Rehoboth and several other popular beaches up and down Delaware’s coast have been undergoing replenishment projects conducted by the Delaware Department of Natural Resources and Environmental Control (DNREC).  Beach replenishment and renourishment projects are nothing new to Delaware, they are conducted as needed over the decades as natural erosion steadily shrinks the beach yardage.  Heavy storm and hurricane activity in the last few years have sped up the erosion and prompted these replenishment projects.

Sand for the projects is gathered from a gravel-free zone near Fenwick, then distributed onto the beaches through pumps and bulldozers. This technique can add up to 300 feet of beach expansion toward the water. In Bethany Beach alone, roughly 450,000 cubic yards of sand has been pumped or shipped in for the project.

The projects, which are expected to be completed by the end of January, offer vacationers and Delaware homeowners considerable more beach space than they had last year.

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The Census Bureau reported this week that the nationwide housing market continues to show positive signs as new home sales edge upward. New home sales are roughly 1.6% higher since the last figure from October. When compared to November 2010, new home sales are actually up 9.8%

Other positive news for the market followed as existing home sales and homebuilding are both up over the last year while mortgage rates continued to drop.

Positive news so late in the year helps for an optimistic outlook on the real estate market in 2012.  Positive trends are eventually followed by rising value and prices. To speak with our friendly team about the new homes in Fenwick Island here at Bayside, contact us today before you miss out on this opportunity!

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According to the National Association of Home Builders and Wells Fargo Housing Market Index, builder confidence has risen yet again in December to its highest level since May 2010. This is also the first time since 2009 where this confidence has risen for 3 straight months. The builder confidence scale is calculated on builders’ outlook of single family home sales over the next six months.

The reason that this indicator is important for the real estate market is because it indicates that buyers are showing more interest and submitting requests for model/community information more. During certain positive economic conditions, such as the recent drop in the unemployment rate, buyer and seller confidence increases which eventually results in a growth in the market overall.

As markets steadily improve nationwide, unemployment drops while home sales and prices continue to rise. Both the buyer and builder confidence should continue to rise in 2012, which means that the best opportunity to purchase a new home in recent years will quickly slip away.

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Mortgage rates, yet again, have fallen to record lows in the past week. According to Freddie Mac, the 30-year fixed mortgage rate sunk to 3.94% which matches the record low set 10 weeks previous in early October. The 15-year fixed mortgage is also down to a new low of 3.21% which is lower than the 3.26% record set back in October as well.

Mortgage rates have sat below 5% for nearly the entire year, increasing above 5% only twice so far in 2011. The dropping rates certainly have gained a lot of attention and according to the Mortgage Bankers Association mortgage applications have increased nearly 13% in recent weeks. Refinances have also boomed as current owners jumped to decrease their payments.

The new mortgage rates translate to even further savings for home-buyers in a time when both buyers and the market could benefit most from sales traction. CNNMoney recently ran an example of a 15-year $200,000 mortgage at 5%, showing that monthly payments would actually end up being $182 lower at the new 3.2% rate.

These low interest rates, coupled with the more affordable pricing and shrinking inventory, should make for a very exciting 2012 real estate market.

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New home sales have risen in October, according to the Commerce Department and the Census Bureau, up both month over month as well as when compared to 2010. There are a few major factors for the increase in sales of new homes, one being the decline of overall inventory (including foreclosed units) forcing buyers to more aggressively pursue appealing new homes. Decreasing inventory fuels demand, as well as the possibility of an appealing new home not being on the market for as long as it used to be.

Another factor to the increase in sales has been the dip in prices over the last few years. A new home that once was selling at 30% higher than a similar existing home may now only be 10-15% higher. A common appeal of purchasing a new home is the minimal out-of-pocket expenses for the buyer after the purchase. Common expenses that purchases of existing homes may come across are related to major repairs and trim upgrades after the purchase. When factoring in these costs, the price of a new home effectively drops even further, making a new home as financially attractive as an existing counterpart.

One of the less obvious factors for the rise of new home sales, however, has been the increase of incentives that builders and communities  now offer to buyers. Incentives, which generally can not be offered on an existing home, may include anything from paid closing costs to free features and trim upgrades. Other incentives have also included waived HOA fees, free golf or other amenity memberships, and even free personal golf carts with a home purchase. Of course every builder and community is different and the incentives certainly vary, however it is obvious that buyers are flocking to homes that come with that “little something extra.”

As inventory shrinks and home sales continue to rise, prices will steadily increase and builders will eventually no longer need to offer such competitive incentives to buyers. There certainly is a time-limit on these incentives, so buyers need to act quickly in order to take advantage of these unprecedented values.

To speak to our friendly team at Bayside about our current incentives and promotions, stop by or contact us here today!

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A report released by the Census Bureau in October took a look back at home sales over the previous months and has determined that the sales of new homes increased slightly in September, reaching an annual rate of 313,000. The rate, which has been around 300,000 for several months, is a key indicator for both the real estate market and the economy as a whole. New home sales show positive growth in the economy as buyers passover the generally less expensive foreclosed units and  previously-occupied homes for the newer and more modern counterparts.

Even though the sales are still shy of the peaks of over 1.4 million units from several years ago, this recent increase is certainly a welcome sign for the market.

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This week the US Census released data on homeownership statistics nationwide, finding that ownership rose slightly in the 3rd quarter over the previous quarter to 66.3%. Although only a minor increase over the previous quarter, it marks the first time since mid 2008 that the rate has increased quarter over quarter.

Not surprisingly, the rate for rental homeowner vacancy has increased to 9.8% in the last 3 months to further suggest that the rental market is once again giving way to buyers who are instead looking for homes for sale. As tenants are losing patience with rising rents, the dropping mortgage rates and affordable home prices certainly have helped to boost the recent sales.

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A review of recently released Census Data has listed the states with the highest and lowest rates for home ownership, and Delaware is ranked among the highest.  Delaware’s homeownership rate is listed at 72.1%, making it the 5^th highest state for home ownership.

What is interesting about the data is that Delaware has a relatively high median home price of $249,400. This alone is no surprise due to the prime beach real estate that is in high demand, however what is most interesting is the fact that the other top states have considerably lower median home prices.  West Virginia, Iowa and Michigan all are below $150,000. Although several factors account for home ownership rates (population size of cities, available condos/apartments, etc), low home prices certainly help promote ownership. The fact that Delaware’s median price is considerably higher than these other states is testament to the value the state brings to homeowners. Beautiful beaches, charming towns, and plenty of tax advantages have all contributed to Delaware’s impressive home ownership rate.

To read more about Delaware and the other states with high home ownership rates, view the Top 5 list here at AOL Real Estate. And to learn more about Bayside’s homes for sale in the spectacular community of Fenwick Island, contact our friendly team here today!

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The dream of buying one of the many retirement or vacation homes for sale in Delaware just became more attainable with the latest financial news. The recent changes from the Federal Reserve have resulted in even lower interest rates, making this market quite favorable for home buyers. The average rate on a 30-year mortgage went from 4.01% down to 3.94% in the last week, due to the Fed’s buying and selling of its short-term vs long-term securities.

Even before the recent drop, rates have been near historic lows for months in an attempt to boost sales of previously occupied homes. The Fed’s shuffling of securities has also helped drop the rate of a 15-year fixed loan to 3.26%. By dropping the rate on the 15-year fixed, not only do new homes for sale look more attractive, but so does the option to refinance and existing mortgage.

The lowered rates help not only to boost home sales and refinances, but the money saved on mortgage payments inevitably gets pumped back into the economy. The economic benefit to the situation is two-pronged, and has makes for the best time yet for home buyers to be looking for new homes for sale in Delaware.

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We are happy to launch Member Appreciation Month tomorrow, which will run through all of October.  Guest of member discounts, food & beverage specials and complimentary clinics are just some of the extended benefits that you will have this month.  Click here for: Member Appreciation Details

We are thrilled to host a Fall Festival next Sunday, October 9th from 1pm-4pm. We have great activities planned for the whole family.
Come check out the authentic German Band and take a hayride around Bayside! Click here to view the: Fall Festival Flyer

Our Halloween Party is right around the corner and Bayside is the place to be on October 29th from 11am-1pm.
Click here to view the: Halloween Party Flyer

The Cove Bar & Grille Update
Join us on Sunday at 1pm to watch our hometown favorites Washington Redskins vs. Pittsburgh Steelers and San Francisco 49ers vs. Philadelphia Eagles!

Click the entertainment schedule for more details on what’s happening on Friday and Saturday nights at The Cove!
The Cove Entertainment Schedule.

Please note that The Cove will be closed for dinner on Saturday, October 1st for a private event.
We appreciate your cooperation.

Sun Ridge Sports Club Update
October fitness classes start this Saturday at 9am.
Please click the link to view the fitness programs and schedule for the month of October.
Fitness Program and Schedule

Looking for some fun activities? Come join Ms. Claudia at Sun Ridge!
Here is the schedule of activities for October: Activities Schedule

Sun Ridge Hours
Starting September 26th, Sun Ridge Hours of Operation
Monday – Saturday  8am to 4pm
Sunday  8am to 1pm

Golf Shop & Golf Course
Sign up sheets for the first Clinic Mixers are posted in the golf shop.  Clinics are limited to the first 10 members from each club so be sure to get your name on the list! Below are the details for the first two mixers.

Men’s Clinic Mixer:
October 4 @ Bayside 4:00-5:00 PM
Ladies Clinic Mixer:
October 6 @ Bear Trap Dunes 4:00-5:00 PM

Congratulations Neil Maurer!!
Neil Maurer captures Callaway Golf PGA Assistants Championship. Maurer turned in a winning total of 3 under par 139 to capture the title edging out Jake Gerney of Mantua, NJ by a single shot- finishing at 2 under par 140. They are joined by two final qualifiers Brian Keiser and Rusty Harbold- both from PA.
We look forward to seeing you enjoying your club this fall!

Kellie Pitts, Membership & Sales Coordinator
302.436.3550 x3 or kpitts@troongolf.com

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