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Old 04-04-2021, 12:01 AM
 
4,326 posts, read 4,384,294 times
Reputation: 5947

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DE is in a PRIME location on the Eastern Seaboard. It's almost laughable how cheap properties are in even the 'nicer' areas of DE like Hockessin, for example, when those same properties would EASILY be over $1.2M in states like NJ, MD, or even some parts of PA. Why does DE have such a hard problem keeping up with its sisters in the area (PA, NJ, MD)? The location for DE is outstanding. I have many relatives in DE. It's absolutely mindboggling what kinds of homes they own and the value of their properties. Do bad schools really depress prices that much? Because I can't really see any other reason other than terrible DE schools for decreasing property values in DE that much. DE should easily have property values on par with states like MD or NJ since it has a fantastic location for access to Philly, NYC, Baltimore, and DC. I can't understand why states like MD are so much more expensive compared to DE even when some parts of MD have bad-to-mediocre schools like DE.
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Old 04-04-2021, 08:12 AM
 
Location: Former LI'er Now Rehoboth Beach, DE
11,124 posts, read 14,041,444 times
Reputation: 11558
As much as I love my home in De. and have adopted to the life here and would never go back to LI. My every need or want is well taken care of here. (Ok, so I admit a Trader Joes's would be a welcome addition) but De. is not MD, NJ Pa nor NY, in terms of infrastructure nor population, all of which play into the cost of living here. There are no parkways or expressway to sustain with daily traffic counts in the hundred thousands and I-95 only runs for about 20 miles.

I can only respond about the schools in this area and will say that I believe the Cape School district and Indian River (my only familiarity) are on par with many on LI and may well best several. I don't think it is the schools but rather the basis of the last property reassessment. Here in Sussex it was in 1974, going north, it was 1987 in Kent and 1983 in New Castle county.

I know this has long been discussed, but not positive about what I am now going to say. I think it was proposed in 2010 to be an up to 10% increase based upon De. Education laws. It is a slippery slope politically because of the numbers of seniors in the state, however, but I do believe it will happen due to necessity. The growth of the state, especially in the beach area, is adding many more school age children and is not sustainable without tax increases, which are based upon property values.

As I said, I may well have part of the above wrong and stand corrected by those who are more well versed in this.

Calling RDLR and BeachLIZ for corrections.
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Old 04-04-2021, 02:59 PM
 
Location: Springfield and brookline MA
1,331 posts, read 2,788,319 times
Reputation: 1355
I’ve been looking to buy anywhere along the Delmarva peninsula all the way down to Elizabeth City NC( I know EC isn’t the Delmarva). And honestly the one thing that keeps me from pulling the trigger in Delaware is the land leases. I just can’t get over that hump. I don’t want a house on land that someone else owns. Some of my favorite house have been in Delaware, but all were land leases.

What is the deal with land leases anyways?
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Old 04-04-2021, 03:16 PM
 
Location: Former LI'er Now Rehoboth Beach, DE
11,124 posts, read 14,041,444 times
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They are very profitable for the land owners. There are many areas that are not land lease ,you just need to know where to look. What are you looking for and what are your wants?
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Old 04-04-2021, 03:51 PM
 
Location: Earth
7,667 posts, read 5,079,222 times
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there's something about delaware....


people forget it exists.
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Old 04-04-2021, 10:00 PM
 
Location: Mid-Atlantic
30,096 posts, read 29,755,807 times
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Quote:
Originally Posted by Dangerous-Boy View Post
there's something about delaware....
people forget it exists.
Aren't you from New Jersey? Your average citizen doesn't forget that Delaware exists.
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Old 04-05-2021, 07:31 AM
 
Location: Former LI'er Now Rehoboth Beach, DE
11,124 posts, read 14,041,444 times
Reputation: 11558
Quote:
Originally Posted by Dangerous-Boy View Post
there's something about delaware....


people forget it exists.
Unless you live here, you would not understand the housing starts in the state. IF people have forgotten the state exists, then we residents have much to be thankful for.
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Old 04-11-2021, 07:17 AM
 
103 posts, read 293,774 times
Reputation: 143
Quote:
Originally Posted by fibonacci View Post
DE is in a PRIME location on the Eastern Seaboard. It's almost laughable how cheap properties are in even the 'nicer' areas of DE like Hockessin, for example, when those same properties would EASILY be over $1.2M in states like NJ, MD, or even some parts of PA. Why does DE have such a hard problem keeping up with its sisters in the area (PA, NJ, MD)? The location for DE is outstanding. I have many relatives in DE. It's absolutely mindboggling what kinds of homes they own and the value of their properties. Do bad schools really depress prices that much? Because I can't really see any other reason other than terrible DE schools for decreasing property values in DE that much. DE should easily have property values on par with states like MD or NJ since it has a fantastic location for access to Philly, NYC, Baltimore, and DC. I can't understand why states like MD are so much more expensive compared to DE even when some parts of MD have bad-to-mediocre schools like DE.
Sounds like you're complaining.

Please don't raise prices until we find our dream retirement property!
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Old 04-12-2021, 06:05 AM
 
142 posts, read 406,719 times
Reputation: 81
The base price of the model I bought went up 22% in two year due to raising building material cost. Good thing my property tax is only 1/12 of what it was previously from where I moved from so other more costly items in DE, i.e., produce,water even pension tax etc are all relative in my case. I am one happt camper moving to DE, the only downside, tourist season is here in a couple of months
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Old 04-12-2021, 06:14 AM
 
6,893 posts, read 7,614,374 times
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I saw an empty lot for sale in Rehoboth for only $4,000,000.00. I saw a two bedroom condo in Dewey for only $275,000. I looked closer and it was not winter ready, no pool, however the HOA was $450 per month. Good news is you got two parking spaces, bad news is the owners of this apartment building do not own the property the building sits on. So, your ground rent is $1,200 per month per condo.

I could be wrong about this but it seems since the pandemic, property values east of 113 have increased significantly. And yes, building costs have increased a lot.

Last edited by jmking; 04-12-2021 at 06:24 AM..
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