What $450,000 Buys In . . .
Real-estate agent Erik Windrow says Ocean City, Maryland, draws lots of boaters: “We have more navigable water than Delaware, more canals, more marinas, and more waterfront restaurants where boaters can dock.” Although the many beachfront high-rises and bayside developments in Ocean City guarantee a high inventory, the number of listings has dropped in 2012 and the average sold price through May 2012 is $311,076, up from $301,991 in 2011.
A three-level townhouse (below left) listed for $469,900 last December, dropped to $429,900 in April, and currently lists for $399,900. It comes with a deeded boat slip on a canal with easy access to the bay. The Atlantic beach at 94th Street takes less than ten minutes to reach by bicycle.
The three-bedroom, three-bath house was built in 2000. The first-floor entrance opens onto a foyer with access to a one-car garage, an artist’s studio or workshop, a canal-front patio, and stairs to the second-floor open-plan living area and kitchen. The living area has a balcony with sunset views over the bay. The vista is even better from the third floor, where the master suite also has a balcony.
On the market since October, this four-bedroom, 3½-bath condo was built in 2007 and has an asking price of $489,000. It has hardwood floors, granite countertops, stainless-steel appliances, and a covered south-facing balcony. There’s no water view, but the building is near the heart of Lewes’s restaurant and shopping area and is about a 15-minute walk from the beach.
Uncrowded beaches and a picturesque downtown are prime attractions of this tiny Delaware destination. “It’s quiet and quaint because there are few multifamily properties,” says listing agent Lee Ann Wilkinson. “People in Lewes don’t like change, and the city government has been very anti-development.”
Agents in Lewes are optimistic that the market there is turning the corner—several report that inventory is down and that more buyers are house-hunting. But the numbers haven’t reflected that yet: So far in 2012, houses in Sussex County have sat on the market an average of 223 days before selling, about the same as last year.