Real Estate
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/OC TODAY-DISPATCH
Real Estate
THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors - OC Today-Dispatch
Published by OC Today-Dispatch for the Coastal Association of Realtors. Advertising in this publication is limited to members and affiliated members of the Association.
The COASTAL ASSOCIATION OF REALTORS® (CAR) is a trade organization for real estate professionals in Wicomico, Worcester and Somerset Counties on the Eastern Shore of Maryland. Its membership consists of more than 1,000 REALTORs® and affiliate members serving the home-buying and homeselling needs of the public since 1957.
The term REALTOR® is a registered collective membership mark, which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
The COASTAL ASSOCIATION OF REALTORS is located at 314 Franklin Avenue, Suite 106 • Berlin, MD 21811. Phone: 410-641-4409. On the Web: www.coastalrealtor.org
OC TODAY-DISPATCH is the leading newspaper publisher on the Maryland coast, with OC Today-Dispatch publishing weekly on Friday, Bayside Gazette and Ocean City Digest publishing on Thursdays and Real Estate, the Coastal Real Estate Resource publishing key weekends throughout the year. On the Web: www.oceancitytoday.com
Editor......................................................................... Stewart Dobson
Executive Editor................................................................ Steve Green
Account Managers....................... Mary Cooper, Renée Kelly, Terri French
Classifieds/Legals ........................................................ Pamela Green
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Publisher..................................................................... Christine Brown
Administrative Asistant.......................................................... Gini Tufts
INDEX OF ADVERTISERS
13027 OLD BRIDGE ROAD WEST OC
37399 HARMONY DRIVE THE REFUGE SELBYVILLE, DE
$1,199,000
Location,
711 LAUREL AVENUE
OCEAN CITY, MD
36115 WATCH HILL
ROAD
THE ESTUARY, FRANKFORD, DE
Wilmington model open floor plan has every upgrade imaginable. Hand-scraped hardwood flooring main living areas. Gourmet kitchen w/SS appliances, 5 burner gas stove, double oven, coffee bar, tile backsplash & granite counters. Lots of windows, newer glass heavy duty sliders w/blinds in glass, gas fireplace & upgraded lighting. 1st floor primary suite ceilings w/accent lighting, upgraded carpeting & private BA w/extra-large walk-in shower, dual vanities & beautiful granite. Entry level 2 BRs share hall BA w/double sinks & tub/shower. 2nd floor loft den has pond views. 2 more BRs on 2nd floor share BA w/shower. Screened porch w/pond views, huge side yard & open space. Estuary amenities available include pool w/lap area, sunbathing deck overlooks pond, kiddie pool, fire pit, lounge/ bar area under pavilion, club house w/fitness center & lounge areas, grilling area, kayak storage, pickle ball courts, putting green, seasonal beach shuttle & more. Additional pool & club house planned. Enjoy the resort lifestyle!
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new paint, carpet, HVAC, newly updated kitchen & baths with a 4-Season Room, on a large lot with a low HOA fee. Close to shopping, restaurants, and downtown Bethany Beach and boardwalk.
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Lakes boasts 2 large pools, hot tub, tennis, basketball, grilling areas, fishing piers, kayak storage & playground. The winding flat streets are great for walking & biking. All of this & only a short drive to Fenwick Island beaches!! $360,000
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40035 S CROPPERS
CIRCLE
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Existing homes sales in July increase slightly over June
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all housing types in July was $422,600, up 4.2% from one year ago ($405,600). All four U.S. regions posted price increases.
According to the monthly Realtors Confidence Index, properties typically remained on the market for 24 days in July, up from 22 days in June and 20 days in July 2023.
Existing-home sales improved in July, breaking a streak of four consecutive monthly declines, according to the National Association of Realtors. Three out of four major U.S. regions registered sales increases while the Midwest remained steady. Year-overyear, sales rose in the Northeast and West but retreated in the Midwest and South.
Pines has owtwthwth. cr
mming pools, ten swimming tennis courts & marinas. It's not just a home; it's a
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Accepting Listings!
Total existing-home sales – completed transactions that include singlefamily homes, townhomes, condominiums and co-ops – ascended 1.3% from June to a seasonally adjusted annual rate of 3.95 million in July. Year-over-year, sales fell 2.5% (down from 4.05 million in July 2023).
“Despite the modest gain, home sales are still sluggish,” said NAR Chief Economist Lawrence Yun. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”
Total housing inventory registered at the end of July was 1.33 million units, up 0.8% from June and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from 4.1 months in June but up from 3.3 months in July 2023.
The median existing-home price for
First-time buyers were responsible for 29% of sales in July, identical to June but down from 30% in July 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 2023 – found that the annual share of first-time buyers was 32%.
All-cash sales accounted for 27% of transactions in July, down from 28% in June but up from 26% one year ago.
Individual investors or secondhome buyers, who make up many cash sales, purchased 13% of homes in July, down from 16% in both June 2024 and July 2023.
Distressed sales – foreclosures and short sales – represented 1% of sales in July, virtually unchanged from last month and the prior year.
Mortgage Rates
According to Freddie Mac, the 30year fixed-rate mortgage averaged 6.49% as of Aug. 15. That’s up from Continued on Page 14
LANE
• OPTIONS RANGE BETWEEN 3 BRs & 3.5 BAs to 6 BRs & 6.5 BAs
• PRIMARY BEDROOM has SITTING ROOM & COFFEE BAR
• EN SUITE BATH for EACH BEDROOM
• CUSTOM SHUTTERS & SHADES
• OPTIONS ARE AVAILABLE on the TO-BE-BUILT HOMES
• CLOSE TO RETAIL SHOPPING, POPULAR RESTAURANTS & BARS 3 OR 2 - LEVEL OPTIONS up to 3,900 SF
108 PARK SIDE CIRCLE THE POINT
Beautifully designed 2-story spacious home. Long paved driveway to detached garage. Composite decking & vinyl railing outside, double hung windows & veneer stacked stone on front of house. Kitchen/dining/living room space is large open area. Large kitchen island with seating, SS appliances & lots of cabinet space. Main floor separate laundry room. Main floor large primary BR & BA off living room. 3 spacious BRs upstairs for family & friends. Front Porch overlooks gorgeous pond views plus a rear porch for relaxing evenings. Schedule your appointment today to visit this amazing property. $725,000
37415 UNDERWOOD WAY SEAGROVE DAGSBORO, DE
Looking for your place at the beach? This top floor south facing condo might be where you want to be! Completely remodeled 2020. Close to beach. Amazing balcony views of Ocean, sunrises & sunsets. Open living room & kitchen space with High ceilings & upper transom window that let in lots of sunlight. New flooring throughout the unit. New kitchen cabinets, SS appliances & quartz counter tops. Both BAs remodeled. Primary BR has private BA with standup shower. Great rental potential. 2 assigned parking spaces, 1 undercover. Improvements include Roof 2020, HVAC 2019, Oceanside windows 2017 & exterior coating of building 2017. Walking distance to restaurants, shopping, beach & bus stops. Schedule your showing today!
$720,000
Luxurious Stapleton model home. 10' ceilings, crown molding, LVP flooring & wood window blinds. Gourmet Kitchen: extended island, pantry, double ovens, gas cooktop, microwave, large refrigerator, dishwasher, all SS appliances. Kitchen opens to living room with gas fireplace. Breakfast area overlooks wooded yard. Separate dining room. Main level Primary BR with 4’ extension, walk-in closet & extra windows is off living room. En Suite primary BA dual sink vanity & ceramic tiled shower. Main level extra room can be office, den or 4th BR. Half BA at entry level. Mud room through garage has washer/dryer. Upstairs open room can be family, game room or office. 2nd level 2 carpeted BRs with walk in closet & shared BA with dual vanity, ceramic tiled flooring & bathtub. Walk-in attic storage area. Screened porch overlooks paver patio. Irrigation helps maintain yard. Private wetlands at rear. Tankless water heater, Temperature controlled humidifier in crawlspace. Close to Route 26 & downtown Bethany Beach. Amenity-rich neighborhood with resort-style clubhouse, community pool & fitness center. Schedule your visit today!
$469,000
69TH ST #15 SUMMER PALACE OCEAN CITY
$265,000
Industry changes nationally have less local impact
By Bethany Hooper Associate Editor
(Aug. 22, 2024) The Coastal Association of Realtors says it is prepared for industry changes that have just taken effect, as licensed real estate agents will have to change the way they handle real estate transactions.
And while there will be new rules related to broker commissions, CAR CEO Bernie Flax said business practices will not change that much.
“Maryland’s been doing most of these things all along …,” she said. “There’s nothing that’s really changed in how we are doing our business.”
Traditionally, real estate commissions – historically at 5% or 6% – are paid by the seller and split between the seller’s agent and the buyer’s agent. The compensation amount is also shared upfront on the Multiple Listing Service (MLS), an online tool for brokers to share information about available properties.
However, recent antitrust lawsuits challenged that transaction model, with plaintiffs arguing it reduced competition and incentivized buyer agents to avoid showing listings with lower compensations. And in March, the National Association of Realtors announced a $418 million settlement agreement that denied all wrongdoing but set new rules for compensation.
“NAR has long maintained—and we continue to believe—that cooperative compensation and NAR’s current policies are good things that benefit buyers and sellers,” its website reads. “They promote access to property ownership, particularly for lower- and middle-income buyers who can have a difficult-enough time saving for a down payment. With this settlement, NAR is confident it and its members can still achieve all those goals.”
As part of the settlement, compensation offers will be removed from the MLS, meaning that negotiations will be handled offline. Agents will also be required to enter into written agreements with buyers before touring a home. These written agreements must include new provisions that specify the rate of compensation a real estate agent receives and states that commissions are fully negotiable.
“Maryland Realtors support this and other changes, as they contribute to transparency in real estate transactions, which is crucial for both buyers and sellers,” Chuck Kasky, CEO of Maryland Realtors, said in a video statement this week. “In fact, Maryland law has required written buyer agreements since October 2016, reflecting our commitment to clarity and accountability in real estate services.”
Flax said this week that compensation has always been negotiable. However, officials say the new rules will
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• Private saltwater pool with travertine tile, covered outdoor area, fenced yard
• Tiki bar "The Backside" with 294 sq ft heated/cooled space
• 6-unit Inn, "The Inn on Turville Creek," with fully furnished waterfront suites
• Recently remodeled (‘20-’22) 1 BR, 1 BA with living and kitchen area
• Marina with 22 slips for additional income
• Guest amenities: kayak/paddle board lanch, picnic area, lighted off-street parking
Sonia Zaffiris
Associate
sonias s ez@aaool.coom
SPACIOUS 3BR BERLIN TOWNHOME
Townhome close to historic Berlin's shopping, dining & events! Popular beaches are just a short drive away. Community Swimming Pool, Fitness Center & Playground. The Roof and Heat Pump have recently been replaced. Lots of closets PLUS a garage for extra storage. Extra loft area on 2nd level. Laundry Room, 2 walk-in closets and overflow guest parking area.
Great Location! The spacious rooms include 9' Ceilings, Brushed Nickel fixtures, Granite Countertops,
Wow! Almost 3,500 SF with 5+ Bedrooms, 4 full baths, in-law apartment, and parking for multiple vehicles at the end of a cul-de-sac, a stone's throw from the golf course. So much is brand NEW! Vaulted ceilings, a Family Room with skylight, 2 Primary BRs. Walk across the "Bridge" to the game room. Oversized double car garage. A very nice 2 BR apartment on the lower level has a private porch, and separate laundry facilities. 6-foot fenced in backyard.
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With stunning curb appeal and thoughtfully designed features and finishes, the Sussex offers versatility to suit any modern lifestyle. The open-concept floor plan seamlessly connects the Living areas, perfect for entertaining! During the warmer months, you may take your living outdoors to the Screened-in Porch. The Owner's Suite has 2 walk-in closets and a luxurious Venetian-Style Bath. Extra space on the 2nd level, with an additional 4th Bedroom, full Bath, and Loft Area. Located on a quiet cul-de-sac street. and services!
STUNNING WATERFRONT PROPERTY
Nine complete CAR orientation to join its ranks
The Coastal Association of Realtors welcomed 9 new members during its new member orientation on Aug. 9.
New member orientation is a requirement for all members of the Coastal Association of Realtors. Attendees are introduced to services provided by the association. The class is held quarterly.
“We welcome these new members and wish them the best of luck,” said Coastal Association of Realtors President Brigit Taylor. “The market is constantly evolving and so are the dedicated Realtor professionals that serve our area. This is a great time to join the real estate profession.”
For more information about CAR, call 410-641-4409 or please visit www.coastalrealtors.org.
Condo sales stay same as in June
Continued from Page 6
6.47% one week ago but down from 7.09% one year ago.
Single-family home sales grew 1.4% to a seasonally adjusted annual rate of 3.57 million in July, down 1.4% from the previous year. The median existing single-family home price was $428,500 in July, up 4.2% from July 2023.
Existing condominium and co-op sales in July were identical to June at a seasonally adjusted annual rate of 380,000 units, down 11.6% from one year ago (430,000 units). The median existing condo price was $367,500 in July, up 2.7% from the prior year ($357,900).
“The median home price of condominiums is cheaper, yet the condominium market is underperforming compared to the single-family market,” Yun added. “Rising maintenance and insurance costs have lessened the appeal for condominiums.”
“In real estate, there will always be two sides to each transaction,” 2024 CAR President Brigit Taylor said in March. “CAR, NAR, and Maryland Realtors stand behind the need for both the seller and the buyer to be represented by a professional who knows their market and the communities, how to prepare a home for sale, and how to prepare each party for the process of a home sale or purchase.” Continued from Page 11
give buyers and sellers more power to negotiate lower commissions.
PHOTO COURTESY COASTAL ASSOCIATION OF REALTORS
New members of the Coastal Association of Realtors are, from left, Sharon Carney with Long and Foster Real Estate Salisbury, Chantal Apple with Engel & Volker Ocean City, Joy Merski with Redfin, Alexis Black with Keller Williams Select, Tarrissia Fontaine with Coldwell Banker Realty -123, Kelly Hastings with Long and Foster Salisbury, Tamekia Copeland with Coldwell Banker Realty Salisbury, Susan Hemmerly with Long and Foster Ocean City, and Mary Luddy-Barton with RML Home Group, LLC.
