Tri-State Real Estate Blog

DSHA - New Bond and Grant Money

DSHA just issued new Bond and Grant money this morning

Grant money

Old rate:  6.75%

New rate: 6.50%

Bond money

Old rate:  6.25%

New Rate 6.00%

These rates are for new reservations only.  Please call me if you have any questions 302-999-6940 or John at 302-999-6966.

-Jason

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Out & About: Orchid Extravaganza at Longwood Gardens

Yes, it's cold outside, but spring abounds at Longwood Gardens. 

The Orchid Extravaganza began this weekend, and it's extraordinary.  It tantalizes the senses with sights, smells and sounds (yes, the sounds of various waterfalls and gardens).  And it lifts the spirits as we await the coming of spring.

The Longwood Gardens Orchid Extravaganza runs from January 24 to March 31, 2009.  To learn more click here.

Below are just a few photos our daughter took to bring Longwood to you :)

Enjoy! Mary & John Luca

NEW - Access SOLD Data on our site

• Did you ever wonder what the house down the street sold for? 

• Did you ever wish you could set up up a search so that you can be updated when homes sell in a certain area, or a certain size?

We've worked extremely hard to get you that data, and are pleased to announce it is available NOW on our site at www.TriStateTeam.com

Why? 

1. We want to offer our clients the tools you need to make you home search easier. 
2. We are always striving to provide you with exceptional Value - whether it be in our technology or negotiating the best deal for you with our full time market expertise. 
3. We believe the more Value we provide you, the happier you will be as our clients (and we like happy clients!)

We hope you enjoy using this new Active & Sold Listing Search Tool, and will call on us when you are ready to Buy or Sell real estate, and remember to refer your friends to us. (302-740-5872)

Click here to give it a test drive:

Have a great evening,

Mary & John Luca

Waterfront Anyone?

I thought you'd enjoy this shot of my brother, Mike, on Red Mill Pond from this weekend.  As my brother says, only three months until we can put the boat in :) .

 

While we're waiting for the thaw, let's take a look at market price activity for single family homes in Sussex County over the past five years.  

I looked up some stats in the Sussex MLS, and although the market is down you’ll see it’s not drastic -  we are much better off than other sectors of the nation (John could go into more specific detail, as he’s the real market man - feel free to call him on 302-740-5872).  

Here’s just a few Sussex numbers:

5 year Residential Single Family Median and Average Sold Price History:

Year	Average Sold Price	Median Sold Price
2004	$343,188	$240,000
2005	$413,605	$285,000
2006	$404,951	$284,250
2007	$404,414	$286,950
2008	$378,989	$265,000

By simple calculation you can see that we are only about 7% off the high Median Sold Price for Single Family Homes in Sussex (dropping from $285k to $265k).  Yet we are still in gain territory versus prices in 2004.  I know those are high level numbers, but I start in generalities until someone wants a detailed drill down of a specific area.  In addition, it sometimes helps to step back and look at the bigger picture.

Have a nice evening – and let’s think spring so we can enjoy more outdoor activities soon (and get that boat in!)

Mary

Pickup in Buyer Activity

After witnessing (by radio) the uplifting the Eagles’ win yesterday, I thought you might enjoy some positive news on market activity.

Market activity can be measured in many ways (as you’ve seen from the statistics on this blog), however there are a couple anecdotal signs of positive market activity that I tend to take notice of when they occur.  First, when a home goes under contract within the first 7-10 days that it’s on the market, and second, when I see another realtor showing the same house at the same time that I’m showing it to a client.  Well I witnessed them both firsthand yesterday.

First, imagine my surprise when I pull up to the home where I’m about to meet my clients for a showing, and the “For Sale” sign in the yard has another little sign rider, attached to the top of it which says “Sale Pending” (when setting up the home for the tour less than 24 hours prior, it was not pending and had only been on the market 9 days).  This home was priced in the mid- $400’s and was located in PA (Delaware County).  This represents a perfect example of when a home is priced properly from the start, it can sell quickly, even in a “slow” market. 

My second wonder of the day occurred at the third home of yesterday’s tour.  On a day when a high percentage of the Delaware Valley population was watching the Philadelphia Eagles win their big playoff game with the Giants, there happened to be another realtor showing the same house I was about to show.  This used to be quite common just a few years ago, when the market was going strong, but rarely does it happen these days.  

Does this mean that the real estate market has turned around overnight?  No, but this is truly a great time to be in the market either buying or selling.

With the interest rates once again at historic lows, and home prices at affordable levels, buyers can take advantage of a great opportunity.  Sellers also stand ready to benefit. 

The sellers who have chosen to price their home in the market can also take advantage of this opportunistic time when winter inventories are a little lower and the current buyers are ready, willing and able.

If you have any questions on buying or selling in this market, don't hesitate to call me at 302-740-5872.

Regards,

John

Comparing 1990 with 2008

In a conversation with a broker the other night, it came to mind that the market today, actually has shorter Days on Market (DOM) than back in 1990-1991 when interests rates were significantly higher than they are today. 

To prove whether memory served correctly, I've dug up old MLS books from New Castle County for the 1990-1991 era for DOM statistics to compare to today.  You'll notice that with the change in technology and measurement capabilities, I have data for 6 month time periods for '90-'91 versus monthly data for 2008, however, the point is proven.

I've also included data from our mortgage consultant (Jason) showing the significant difference in interest rates between the two time periods.  

The point is - the market is slower, and it slowed down faster this time, however, in some ways it's still not as bad as it has been in the past, and we recovered then.

Just food for positive thought.

Have a great day,

Mary 

 Download DOM Chart

       

Download Mortgage Chart

   

 

Out and About: BellaVista Trattoria & Pizzeria

We just had to take a moment to congratulate BellaVista Trattoria on their 1st Anniversary!   

A year ago, a savory new Italian Restaurant opened in the Shops at Limestone Hills.  It was love at first bite when we tasted their salads - unlike any we'd experienced before.  Soon we found that my (Mary's) siblings were going there, as well as my mother.  It seems the whole of Hockessin, Pike Creek and nearby Newark were on to this gem.  When my sister-in-law Peggy and I found out that the restaurant was closed on Sundays, we thought we'd have to stockpile on Saturday nights so that we could get our "fix" of BellaVista's treats on Sundays (not to worry - they are open Sundays now). 

John took an instant liking to one of the owners - Nunzio - who is an honestly friendly Italian, not unlike John.  They became like family.

The restaurant has grown in the past year, and only improved with age.  In the fair weather they have an outdoor dining area which is delightful.  In the winter, the indoor seating is perfect for cozy dates or family gatherings at table.  The take-out service is excellent, and in the past year they received their liquor license and now I can enjoy a fine glass of wine with my meal.

The food....well, there's too much to cover here, and frankly I don't have words for it all.  I'll tell you our two favorite salads, and you'll just have to visit BellaVista to test everything else: 

• The first salad we fell in love with was Capricciosa which is mix greens, fresh buffalo mozzarella, bruschetta & olives with Balsamic Dressing.  The flavor is perfectly balanced as is the crunchiness of the brushcetta against the softness of the buffalo mozzarella.  And after eating that salad I would find that I just didn't want to eat anything else - it was THAT satisfying. 
• The second salad, which is my favorite the past two weeks and running, is the Pollo BellaVista.  My taste buds come alive just typing about it - a culinary masterpiece of marinated chicken breast grilled, served over mix greens with penne pasta, olive oil, parmigiano cheese, bruschetta tomatoes & toasted walnuts.  You simply must try this salad!

On a final food note, the desserts are the perfect complement to any meal.  The cannoli we had last night was (as John put it) "as good as it gets" - and that's saying a lot coming from an Italian who has sampled many a cannoli in his day.

The BellaVista restaurant also has a heart.  Visit their web site to find out about their involvement with the Basket Brigade of Delaware and their Bella Bucks Program (a dining-in program is designed to help non-profits, schools and churches reach their fundraising goals).  They also have a frequent diner card which benefits you directly as you make BellaVista part of your family.

Here's a link to BellaVista's web site where you can learn more about how they partner with local purveyors to get the freshest ingredients, download their menu, and sign up for their newsletter.

And when you visit - please tell Nunzio that John and Mary sent you - he'll treat you like family!

Mary

PS - Disclaimer - I'm not Italian, I'm Irish - so anyone can love this food :)  

Greenville, Middletown, Newark and Wilmington Updates

Here's a Market Snapshot for the Greenville, Hockessin, Centerville area:

Comparing the Median Sales Price of Dec 2008 vs.Dec 2007 we see a 7.6% decrease - $425,000 down from $460,000. Average Days on Market increased from 83 DOM in Dec 2007 to 102 DOM in Dec 2008.
Keep in mind this is a one month comparison, to view the 12 month chart with a polynomial trend line click on the "Download" links below.

For the Middletown, Townsend, Odessa, Clayton, Smyrna  area:

Comparing the Median Sales Price of Dec 2008 vs.Dec 2007 we see a "Rare"10.3% increase - $320,000 up from $289,999. Average Days on Market increased from 98 DOM in Dec 2007 to 122 DOM in Dec 2008.  Keep in mind this is a one month comparison, to view the 12 month chart with a polynomial trend line click on the "Download" links below.

For the Newark, Bear, Glasgow area:

Comparing the Median Sales Price of Dec 2008 vs.Dec 2007 we see a 5.9% decrease - $215,000 down from $228,500,000. Average Days on Market increased from 62 DOM in Dec 2007 to 70 DOM in Dec 2008.  Keep in mind this is a one month comparison, to view the 12 month chart with a polynomial trend line click on the "Download" links below.

For the Wilmington, Trolley Square, Talleyville, Claymont area:

Comparing the Median Sales Price of Dec 2008 vs.Dec 2007 we see a 13.7% decrease - $195,000 down from $226,000. Average Days on Market increased from 87 DOM in Dec 2007 to 98 DOM in Dec 2008.  Keep in mind this is a one month comparison, to view the 12 month chart with a polynomial trend line click on the "Download" links below.

As always for questions on your particular real estate situation contact me directly at 302-740-5872 or John@JohnLuca.com .

John


Click on Links below to see Charts and Tables:

Download RT Wilmington + Brandywine John Luca Dec 2008

Download RT Hock-Greenville John Luca Dec 2008

Download RT Pike Creek Elsmere John Luca Dec 2008

Download RT Newark-Bear John Luca Dec 2008

December 2008 Market Analytics + 2 year summary

It's no surprise that market activity has slowed down in the last couple years, however, being a statistical person, I enjoy studying charts (I was a technical trader on the "street" for JP Morgan trading federal funds, eurodollars, derivatives, treasuries, etc. using chart analytics, and I consider it fun).   Meanwhile, John not only studies the statistics, he lives in the market daily with the clients and has a feel for the market that goes beyond stats. 

Being the techy, I wanted to get the charts out right away now that 2008 has wrapped up, in case any of you like to study the numbers in the market.  While I've created all the analytics below for both December and the past two years for your own review, I think it's always helpful to know a couple high level statistics to see the overall flow.  

As you can see from the 2 years charts for New Castle County:

• Monthly Supply of Inventory has risen from Dec. 2006 at 6.1 months to Dec. 2008 at 11.9 months, meaning at the current sales rate, it would take almost twice as long to sell all the homes currently on the market as it would have taken two years ago.

• This is supported by the fact that while Properties for Sale only increased 10.8% between Dec. 2006 and Dec. 2008, the purchase of those home slowed as Sold Homes dropped by 54.1% at year end 2006 vs. 2008.  

• Another important statistic is that Sold Homes Average Days on Market (DOM) increased from 45 days to 88 days from Dec. 2006 to Dec. 2008- almost doubling. 

From all this we take, what we mostly knew - there are not significantly more homes for sale on the market, just longer days on market due to less buyer contracts.  A bright spot I see here is, it could be worse - there could more significantly more homes on the market in addition to less demand.  So when buyer confidence returns, the MSI should be able to drop back down faster than in an environment where the homes for sale increased significantly. 

Now for fun I'd love to study these trends using technical analytics like Bollinger Bands or Fibonacci retracements, however, I don't have that software right now to apply to these statistics and need to get back to work on more meaningful systems for our clients such as updating our MLS Home Search Software (look for Sold Home data to appear there soon!). 

John is at work on another computer right now, but hopefully will get to post some market "color" for you from his experience in the market in December (the market is still moving - we were able to help 5 buyers and 1 seller settle in December alone).  Until then, feel free to give him a call if you'd like to get that color over the phone or have specific questions answered (302-740-5872; 302-999-6966)

Happy New Year - Mary Luca

Download NCC Supply and Demand Analysis John Luca Dec 2008

Download NCC Home Price Analysis John Luca Dec 2008

Download NCC Month Supply Inventory Analysis John Luca Dec 2008

Download NCC Month Supply Inventory Analysis John Luca 2007- 2008

Download NCC Home Price Analysis John Luca 2007- 2008

Download NCC Supply and Demand Analysis John Luca 2007- 2008