Stucki: Luxury Home Sales Top $110 Million in 2009

by Dave on March 30, 2010

Russell Stucki, a licensed REALTOR® and Certified Luxury Home Marketing Specialist, with the RE/MAX Realty Group in Rehoboth Beach, Delaware, is pleased to offer some pertinent information with regard to the 2009 Luxury Home Real Estate Market within Sussex County. According to Stucki, “In 2009, sixty-four homes in the $1 million dollar plus price range sold in Sussex County, Delaware for a total of $111,561,835.*

Luxury home sales “In-town” Rehoboth Beach – East of Route 1 were down from $36,615,000 in 2008, when compared with the same criteria for 2009. “Fourteen properties in the $1 million plus price range sold in 2009, with buyers spending $21,186,261* on properties that were listed at a combined total of $23,934,000.” Stucki continued, “This loss of revenue was felt by the sellers, real estate professionals and the local economy, not-to-mention the City of Rehoboth Beach and the State of Delaware who also lost out on the transfer taxes associated with each closed real estate transaction.”

According to the Innovia MLS System, as of March 17, there have been 5 closed real estate transactions of luxury homes listed in the $1 million plus price range with 11 more luxury properties under contract, pending settlement in Sussex County, Delaware. “We’re off to a good start… I believe that sellers are now learning that unrealistic expectations on a listing price will not get the desired results. I also believe that they are coming to terms with current market values and are setting a fair price at the start of the listing process.“

In spite of the current economic state, Stucki, whose expertise is in high-end properties, maintains a growing online list of great deals and solid investment properties available for qualified buyers looking to invest in growing Sussex (and in Kent County, as well). “Throughout the state, we are finally beginning to see some price stabilization,” said Stucki, who is encouraged by the luxury home sales activity during the first 12 weeks of 2010.

Upon a review of numerous factors including recent comparable sales and property location, Kurt Brown, owner/appraiser of Brown of Brown’s Real Estate Services Inc. in Milton, noted that

the number of days luxury homes remain on the market varies widely with location, view, water access, condition and pricing strategy, commenting that “many of the higher-priced listings are second homes whose sellers are known to tolerate very long marketing times rather than adjusting the asking price. Unfortunately, that strategy worked in the past but not in today’s market.” Brown agrees with Stucki that currently some pricing is being observed to be adjusting in order to attract buyers, particularly in the last six months of 2009. Those choosing to reduce their listing price accordingly, can hope to receive between 82.5-100% of their asking price from buyers.”

Breaking down some of the interesting transactions from 2009, Stucki confirmed, there was only one Short Sale In-town Rehoboth Beach in 2009 and this property, 3 blocks from the ocean, sold for $1,450,000. Another exciting transaction was that of Lot # 3 at The Islands of Bay Vista. This one-of-a-kind property consisting of the main home, carriage house, boat house and over 60 acres of wetlands on the Rehoboth Bay that once listed on the MLS for $3,999,000 was set for auction in the fall of 2009. On the night before the auction, Stucki represented clients and negotiated the sale of this exceptional property for a very attractive price.

More of Stucki’s findings… the most expensive property sold in Sussex County –was oceanfront in North Shores – it last listed at $6,800,000 and went to buyers for $5.5 million. The 2nd most expensive home, located in the Chancellery, closed for $4,100,000. While the 3rd most expensive home, located in the Preserve in North Bethany, sold for $650,000 less than its ‘Just Listed’ price of $4,650,000.”

Utilizing cable television, the worldwide web, internet technology and social networking sites to market his listings and services, he offers the Luxury Insights Blog, located on his website, for those looking for breaking news and lending trends in the luxury real estate market. He also offers web savvy shoppers a Current Short Sale and Foreclosure link on his home page. Stucki is an award-winning RE/MAX sales professional who has been working in the Rehoboth Beach real estate industry since 2005. He is one of a select few, real-estate luxury property professionals in the state, who have earned the distinguished honor of membership in the Million Dollar Guild. For more information on Sussex County’s luxury home market, contact Russell Stucki via cell phone at 302-228-7871, by email to russellstucki@remax.net or by visiting www.BeachRealEstateMarket.com.

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