Tuesday, January 18, 2011

Abbotsford Newark Delaware Real Estate

Abbotsford in Newark Delaware is a small community built by Ryland just off of Barksdale Road.  Close to both Barksdale Park and the Christina Creek, the Abbotsford community is close to schools (including Newark Charter), shopping and recreation. 
Some of the great events that Newark Delaware  hosts are:
·         Restaurant week in late January
·         Wine and Dine Downtown in March
·         Egg Hunt in April
·         Spring Concert Series usually held in May
·         Newark Nite usually held in June
·         Food and Brew fest in July
·         Taste of Newark in September
·         Community Day in September
·         Main Street Mile in October
·         Halloween parade in October
So as you can see, there is something going on most of the year in Newark Delaware.  In addition to these community events,  you can also sign up for activities through the Newark Delaware Parks and Recreation Department for a small fee for residents!
The following is a Newark Delaware Real Estate review of Abbotsford.  During the past year(from 1/1/10 til 12/31/10), seven homes were sold.  There were 5 single family homes and 2 townhomes sold.  The average sales price of the single family homes was $260,998 and they averaged 82 days on the market.  The percentage of list price the homes sold for was 95.97%.  The 2 townhomes averaged about 22 days on the market and sold for $212,500 at 97.72% of the listing price.  The community has a homeowners association and is withing the City of Newark limits.  There are currently 2 townhomes and 1 single family home available.  Within walking distance of both the University of Delaware and Newark's Main Street, Abbotsford is a beautiful neighborhood. 


Newark Delaware 19711 Real Estate year in review

The Greater Newark area includes the city of Newark and outlaying area's, the statistics found in this blog are based on data supplied by TREND MLS.  TReND MLS does not guarantee nor is it responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activities in the market. Information is deemed reliable but not guaranteed. Now that the disclaimer is out of the way,  There are basically two zip codes in the greater Newark area, today I will be dealing with the 19711 zip code which includes the City of Newark.  The year to date totals for 2010 show listings up from 609 to 664, a 9% increase.  Closed Sales are down 3.4% to 345.  Pending Sales are also down from 367 in 2009 to 350 in 2010, a 4.6% decline.  The median home price is down 1.6% to $248,500.  Listings are currently selling at 93.4% of their original list price an increase of 2.1% over last year.  The Average days on market are 74 down from 76 in 2009.  Overall the market in the 19711 has shown some stabilization in pricing, but there is still approximately a 15.8 month supply of inventory base on Decembers listings and pending sales.  I hope you enjoyed a brief statistical review!


Thursday, January 13, 2011

Is a 203[k] anything like a 401(k)?

A 203[k] is a renovation loan, which allows a borrower to purchase or refinance a home and include additional money for repairs.    With this loan a borrower can, update a property, make optional improvements, or fix required repairs that would prohibit typical FHA financing.  Some of the repairs or renovations a borrower might typically make are
  • room additions
  • add a garage
  • new carpet/flooring
  • upgrade heating or air conditioning system
  • repair a roof
  • remodel a kitchen or bath
  • painting interior or exterior
  • landscaping
  • energy efficient improvements
  • repair WDI damage
This loan covers single family, 2-4 unit properties, or mixed use properties(with some restrictions).  The advantages include being able to purchase distressed properties, the loan can close prior to repairs beginning, the loan amount can go as high as 110% of the "after improved value", you have six months to complete the renovations, and the borrower can finance up to six months of payments.  This can be exceptionally handy when you are not able to live in the home while repairs are being made.
I am by no means an expert in this type of loan, since I am not a loan officer but I have some knowledge about the benefits of this loan.  If you would like to discuss how this loan may help you, please give me a call or send me an email.

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Tuesday, January 11, 2011

Newark, Delaware One of Nations Top 10 Main Streets!

The Downtown Newark Partnership has been named a semi finalist for the 2011 Great American Main Street.  Among the other semi finalists were:
  • Downtown Beloit, Inc., Beloit, Wisconsin
  • Boyne City Main Street Program, Boyne City, Michigan
  • Durant Mian Street, Durant, Oklahoma
  • Farmland Downtown Historic District, Farmland, Indiana
  • Downtown Fort Pierce, Fort Pierce, Florida
  • Hobart Main Street, Hobart, Oklahoma
  • Old Town Lansing, Lansing, Michigan
  • Main Street Marshfield, Marshfield, Wisconsin
  • Silver City Main Street Project, Silver City, New Mexico
The winners will be selected by a national jury consisting of former award winners, community development professionals, representatives from government and foundations, and journalists who are active in historical preservation and economic development.
  • The semi finalists will be judged on the following criteria, according to a release from the group:
  • Active involvement of both public and private sectors
  • Broad-based community support for the revitalization effort
  • Quality of achievements over time
  • Innovative solutions to significant problems
  • Commitment to historic preservation
  • Evolving track record of successful commercial district revitalization
  • Comprehensive revitalization effort: activity in all four points of the Main Street Four-Point Approach® to commercial district revitalization
  •  Economic impact of the revitalization program
  • Successful small business development
The Greater Newark Partnership was formed in the 1990s to address various issues, including retaining and attracting merchants, marketing Main Street, architectural design and parking. It is comprised of the University of Delaware, local businesses and the City of Newark.
Despite a severe economic downturn, Newarks' Main Street has seen tens of million dollars in investment in renovated buildings, as well as an influx of retailers and restaurants. The partnership reported 15 new businesses came to downtown in the past year, including seven restaurants, seven retailers and one bank. More businesses will open in downtown next year, including a new Barnes and Noble bookstore for the University of Delaware.
Good luck to all of the semi finalists, but especially Newark!

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This is The Silver Lining

  With all of the doom and gloom we see in the headlines about the housing market, Fannie Mae came out with its' housing reports a few months back.  It is full of a lot of very depressing news on the housing market.  Hidden within the report, were some very strong and positive beliefs about home ownership.  GUESS WHAT?  Most people do not purchase a home for financial reasons.  In fact, four out of the top five reasons are NOT financial.
•1.      Good Place to raise children 80%
•2.      It is a place your family can feel safe 79%
•3.      It allows you more space with your family 75%
•4.      You can control your own personal space 69%
•5.      Paying rent is not a good investment 62%

           What other investment can provide the benefits of home ownership.  Stocks, bonds or even gold will not give you these benefits.  Why do people think of home ownership as a financial investment?  Historically home ownership builds wealth faster than any other financial investment.  Sure, it cycles up and down like any other market and the last few years have not been great. However home ownership is not primarily a financial investment.   This is an investment in your family.  Does any other investment come close?

            Think back to when you were a child, if you were lucky enough to live in a home.  What do you remember?  I remember all the great times I had being with my family, playing in the neighborhood with my friends.  I remember feeling safe and warm, and I still get those feelings today when I walk into my home.  This is why a major part of the American dream is home ownership.  A house is not just an investment for most people, it is a place they will create the memories of a lifetime.

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