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Old 02-23-2012, 06:51 PM
 
Location: Ocean View, DE
1,767 posts, read 3,053,515 times
Reputation: 1113

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Oh yes, James...I know what you are talking about! And I'm with you on living near the water. We will only live near the beach even though we really don't spend much time ON the beach. However, we enjoy everything that comes with the beach lifestyle such as good entertainment, festivals, parades, stores, restaurants, clubs, ample waterways for kayaking, lots of parks, trails, etc...

The job market is awful in Florida. Honestly, I could stay here forever but my husband is dead set on living in Florida in a few years and working for himself driving a tractor trailer (he is fed up with his job). He's talking about heading even farther south now and living in the northern Keys!! But, that's a few years down the road. Until then, I will live my life to the fullest here in Ocean View.

Anyway, you'll be down here just in time for spring!
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Old 02-24-2012, 07:09 AM
 
Location: NYC fulltime & Lewes, DE partime :)
35 posts, read 53,942 times
Reputation: 26
I bought a steal of a townhouse in 2010 in Lewes for $125K. You can definitely get a condo or townhouse in my little development for under $200K, 2 or 3 bedroom, 2 bath. No pool but that's what you go to the beach for! And it keeps the maintenance fees low. What exactly are you looking for in terms of square footage, amenities? Is is primarily for investment?
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Old 02-29-2012, 02:05 PM
 
681 posts, read 1,312,494 times
Reputation: 255
We just bouth in Eagles Landing and did very well. During the "boom" Rehoboth real estate was sky high and, for the most part, holds it's values. I would def second someone's opinion about buying anything on leased land. You do not want to pay ground rent and watch your property depreciate in value every year. That being said, you can get a decent place on the other side of the coastal highway for your budget. Eagles, Captiva Sands and Sanible Village ( careful of the first SBV building as I've been told it was the learning curve) all share the same amenities so costs are fairly low and for your budget, you can get a 2 or even a 3 BR place with 3 pools and a tennis court. You could look into Henlopen Station right inside town but the complex is older and assessed out the wazoo (for new siding and one building is said to be faulty (A?)).

I would stay away from The Palms, Creekwood Sandpiper Village; they are built well but not in a very traffic friendly space. It's still all about location, location, location.
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Old 03-08-2012, 03:54 PM
 
61 posts, read 157,615 times
Reputation: 80
NYCGIRLLOVESDE, if you dont mind me asking, where is the development you bought your condo. I am going to be visiting Lewes later in the spring and want to check out the area...Thanks!
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Old 03-08-2012, 04:18 PM
 
5,818 posts, read 13,273,145 times
Reputation: 9276
Quote:
Originally Posted by beachliz View Post
He's talking about heading even farther south now and living in the northern Keys!! But, that's a few years down the road. Until then, I will live my life to the fullest here in Ocean View.

Anyway, you'll be down here just in time for spring!
We spend a couple of months each winter in the middle Keys and the past year we noticed more and more businesses that are no longer viable. The Keys is a nice place to visit, but not sure I would want to live there, especially northern Keys.
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Old 03-12-2012, 01:43 PM
 
708 posts, read 1,143,894 times
Reputation: 369
Quote:
Originally Posted by longnecker View Post
$200to $300K will not get you much close to the beach for rental property.
We vacation at a place by Jungle Jim's in Rehoboth and it is great. It isn't pure opulence or anything, but close enough to the beach and outlets, I love it.

Do you think rental income would get anywhere close to covering the mortgage payments?
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Old 03-12-2012, 04:56 PM
 
Location: Former LI'er Now Rehoboth Beach, DE
7,780 posts, read 10,456,334 times
Reputation: 7768
Quote:
Originally Posted by dshawg1 View Post
We vacation at a place by Jungle Jim's in Rehoboth and it is great. It isn't pure opulence or anything, but close enough to the beach and outlets, I love it.

Do you think rental income would get anywhere close to covering the mortgage payments?
Many questions come to mind before answering this. How much to you plan on putting down? What does the house have to offer to justify a rent of x# of dollars? I answered your question earlier, and those answers are are an important part of the equation. Read that again. $200k - 300k is not going to get you a lot of house especially in an area that is loaded with rental homes that will be your competition. You need to figure out how much you are going to put down first. Go to a mortgage calculator on google and plug the numbers in and see what your payments would be. Then calculate the 3 summer months worth of what you think you would ask for rent and if you plan to rent in the off season figure out how much you can ask and add them together and you will have one part of your answer. The variable of how many weeks/months the house is rented will be important.

I would suggest that you call a rental broker in Rehoboth and discuss your ideas with one of them to see what is realistic. For example, we are considering purchasing a home near Jones Street in Rehoboth, can you give me an idea of the rentals near there? He should be able to give you some figures relative to the number of weeks a few homes nearby are actually rented. One important thing to keep in mind is a finicky market. My sister rented a house in Dewey the past 2 years in April. The house is 7 from the beach and she tried to reserve that same house this year in February and it was already rented the dates that she wanted. Better market same house.
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Old 03-13-2012, 12:12 PM
 
708 posts, read 1,143,894 times
Reputation: 369
I used to be a realtor so I have some clue how this works, I just don't know the local market.

Looking at 250K =/- and a mortgage payment between $1600 to @2000 per month. I understand I am not getting all back from June, July and August rentals. However, I would be surprised if nobody rented the property at all in May or September.

I know there are good properties available for $200-300K AND there is plenty of demand from what I have personally witnessed.

Thanks for all the advice.
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Old 03-13-2012, 01:13 PM
 
Location: Long Neck,De
4,792 posts, read 6,764,640 times
Reputation: 4768
Quote:
Originally Posted by dshawg1 View Post
I used to be a realtor so I have some clue how this works, I just don't know the local market.

Looking at 250K =/- and a mortgage payment between $1600 to @2000 per month. I understand I am not getting all back from June, July and August rentals. However, I would be surprised if nobody rented the property at all in May or September.

I know there are good properties available for $200-300K AND there is plenty of demand from what I have personally witnessed.

Thanks for all the advice.
Don't count too heavily on June and the last week in August. Maybe weekends in May and September unless you really are going to drop price.
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Old 03-16-2012, 05:44 PM
 
9 posts, read 4,750 times
Reputation: 13
Texas, after the summer they just had!....No Way....May as well as been 15 below instead of 105 in the shade....way to hot...Probably not many peopled were out of their house...climate is way to harsh.....Besides...I hate the cowboys......GO EAGLES!
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