0 Charlottetown Way (HATTERAS), Lewes, De 19958 | $394,900

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Property Details

Today's Incentive: Save $20k of the base price and $5K towards closing! Base price includes lot cost. Premiums may apply. An amenity-rich resort lifestyle for minimal cost. The gated community of Coastal Club is Lewes' first community filled with fu
  • MLS Number: 725512
  • Status: Active
  • Price: $394,900
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • Community: Coastal Club
  • Square Footage: 2,281
  • Year Built: 2018
  • Bedrooms: 3
  • Full Bathrooms: 2
  • Half Bathrooms: 1
  • Number of Stories: 2
  • Unit Floor Number: 1
  • New Construction: To Be Built
  • County Taxes: $1,300
  • Association Fee: $2,796
  • Furnished: No
  • Lot Size Acres: 0.00
  • Lot Description: Cleared
  • Water: Public Central Water
  • Sewer: Public Central Sewer
  • Community Amenities: Bocce Court, Community Center, Fitness Center, Gated Community, Jog/Walk Path, Pool-Outdoor, Tennis - Outdoor

Interior Features

  • Kitchen: Breakfast Bar, Island
  • Heating: Forced Air, Gas - Natural
  • Cooling: Central A/C
  • Flooring: Carpet, Hardwood, Tile
  • Attic: Access Only
  • Security: Gated Community
  • Appliances: Cooktop, Dishwasher, Disposal, Exhaust Fan, Fridge w/Ice Maker, Garage Door Opener, Oven-Self Cleaning, Washer/Dryer Hookup Only, Water Heater Tankless
  • Interior Features: Bedroom-Entry Level, Cable TV Prewired, MBED-Full Bath, Walk-In Closets

Exterior Features

  • Style: Townhouse
  • Construction Type: Stick/Frame
  • Exterior Type: Vinyl Siding
  • Roofing: Architectural Shingle
  • Foundation: Concrete Slab
  • Garage: Attached
  • Garage Size: 2
  • Parking: Driveway/Off Street, Garage
  • Porch/Deck/Patio: Balcony(s), Porch - Front
  • Exterior Features: Irrigation System

Listing Courtesy of OCEAN ATLANTIC SOTHEBY'S INTL REALTY

Financing Alternatives may Attract Lewes Mortgage Applicants

Whenever an unplanned and unwelcome financial situation develops, a Lewes mortgage-holder can find himself or herself in the onerous position of being unable to keep up with the monthly home loan payments. If the unhappy situation continues long enough, the likely result is a foreclosure or short sale. In addition to losing the property, the impact on personal credit then takes years to undo. That means it takes that much longer for a consumer to acquire a new home and start to build equity again.

Here as elsewhere, there were a raft of such Lewes mortgage defaults following the global financial meltdown. Even those who had no trouble servicing their area mortgages could have suffered when they found that falling property values prevented them from refinancing—even when the purpose was to improve their property. Although those events happened years ago, it’s only now that their aftereffects are finally working their way out of the system.

A recent article in NMP—the national Mortgage Professional’s magazine—delved into the changing status of those who lost homes in the turndown. The details they researched are interesting in themselves—details that are bound to have an impact on Lewes residential sales.

First off is the fact that enough time has elapsed for those who weathered a short sale or foreclosure to begin to return to eligibility. They’re called “Boomerang Buyers”—and nationwide, there are estimated to be 7,300,000 of them! In 2016 alone, more than a million will become eligible to return to the home-buying market. According to NMP, “they’re returning to the market in droves.” The hardest-hit states were Nevada, Florida and Illinois—but there are plenty of Boomerang Buyers scattered across the rest of the nation.

The improving mortgage eligibility landscape extends beyond those who suffered the actual loss of their homes. To the more than 7 million “distressed” homeowners whose properties are still underwater (those who owe more than market value), the government’s HARP 2 program is one possible remedy. Its guidelines encourage lenders to relax the loan-to-value caps that had prevented refinancing for many of those homeowners. Reports are that it has already resulted in an increase in such refinances.

Other program combinations are helping loan originators and Realtors® get more bank-owned homes back into homeowners’ hands. These are properties that make up the ‘shadow inventory’ of unsold homes, many of which have fallen into disrepair. Because of that, they’ve been difficult to finance—and therefore difficult to sell. Through FHA 203K and Fannie Mae’s Homestyle® renovation mortgages, more ambitious prospective owners—including investors—are discovering they now have mortgage options that can put those fixer-uppers within reach.

For those who have previously found it problematic to secure a Lewes mortgage with acceptable terms, it may be worth looking into today’s improved financing alternatives. Especially with mortgage interest rates at the levels we’re seeing this fall, what you find may be a pleasant surprise—one that puts you into the house of your dreams. Call me to discuss first steps!    Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com

Finally, Sussex County Boomerang Buyers See Daylight

There is a seven-year window for some past Sussex County homeowners—and it’s one that’s opening, not closing. The ‘window’ in question is the one that could activate Frankford "Boomerang Buyers"—which would come as good news for the local home sales.

Some background about Boomerang Buyers. It’s a term coined in the wake of the subprime mortgage fiasco, describing those burned by the housing crisis. They were, on the whole, Baby Boomers and GenXers who were caught up in the Great Recession. For many who became enmeshed in the effects of the nasty confluence of the cliff-dive of the subprime mortgage bond market and collapse of residential valuations that swept the nation, foreclosures or short sales became, literally, offers they couldn’t refuse. Not only did the bitter aftertaste leave many with a spoiled appetite for homeownership, but the damage done to the credit ratings of millions made that a moot point: they had fallen off the scale when it came to qualifying for a new mortgage.

But that was then; this is now. It’s a now that, in RealtyTrac Newsroom’s breathless phraseology, "the first wave of…homeowners who lost their home to foreclosure or short sale during the foreclosure crisis are now past the seven year window they conservatively need to repair their credit and qualify to buy a new home."

Soon, more and more Boomerang Buyers in Frankford will be in the clear, if they choose to be; and they are only the first wave. "Nearly 7.3 million potential boomerang buyers nationwide will be in a position to buy again from a credit repair perspective over the next eight years," says Newsroom. Bankrate, the mortgage and financial advice website, sees the group as particularly well-qualified. They quote a broker in North Carolina to that effect: "If you’ve been through a foreclosure, you’ve already been a homeowner…you know the process. You’ve been through hell sometime in the last seven years…"

That word ‘sometime’ is apt, because the seven year period has been anything but uniform. Guidelines for that "waiting period" have sometimes been three years for FHA qualifiers, or even shorter for portfolio loans that lenders keep on their own books. But whether it’s three or seven years, the clock usually starts ticking only when a foreclosure has been completed. But according to FICO, although a foreclosure remains on a credit report for seven years, "the negative impact will fade as time passes."

For potential Sussex County Boomerang Buyers still waiting for a foreclosure to disappear altogether from their credit reports, there are other routes that can lead to a homeownership reboot. For more on buying or selling, I’m always pleased to sit down and discuss some of the great opportunities in our current market!