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What real estate collapse in southern Delaware?

Is the glass half full or half empty? That all depends on who you are and whether you are ready to buy now or sell. "Sometimes you're the bat and sometimes you're the ball." If you're a buyer today, this is your turn to be the bat. If you bought in 2005, you had your chance to be the ball; next time maybe you'll be the bat!

I read with interest this article in about the evidence of real estate and banking collapse in southern Delaware. I agree there have been painful times even here in Sussex County, Delaware, but I would much rather be here than in many other parts of the country. Things are much improved in many parts of Sussex County and one community this writer was criticizing, Heritage Shores, is actually a "bright spot in the county", according to broker Tommy Cooper. As he pointed out, the community is well kept and

the community amenities are all built and open to the residents. The spacious clubhouse, the Fitness Center, Indoor Pool, Outdoor Pool, Tennis Courts, walking trails and the 18-hole Championship golf course are all functioning and running smoothly. What the writer of this article must not have noticed is that lots of the well-priced resale homes have sold this year. These buyers got a terrific deal and they're feeling pretty good right now. To those who have been waiting, they may find that they have waited a bit too long when the resales are gone and the new home prices begin to rebound. Do you know anyone that moved to The Villages before 2000? At that time the Census showed just 8,000 people living there. It must have been a little quiet and maybe it felt a little remote. Today there are 80,000 residents in The Villages and it seems to be growing faster than ever.

Not all communities are so lucky and the fact is that back in 2005 and 2006 too many developers thought that a new community just like all the others already under construction was a great idea. They didn't do their research and they didn't offer anything remotely interesting. "Build it and they will come" turned out to be the wrong approach in a tough market.

But the real estate market is alive and well in many towns and communities in Coastal Sussex County Delaware. Every recovery begins at the beach and that has been true of Lewes and Rehoboth Beach. Buyers that had been priced out of the beach market when it was skyrocketing found that they could buy a home East of Route 1 and many did last year. There were some steals and many very good deals and most of them are now gone. Communities and neighborhoods closest to the most desirable areas have sold very well in 2010 and the sounds of new construction can be heard once again.

What this writer and many others don't acknowledge is that the oldest Baby Boomers are not even 65 yet and most are not yet retired. Those who recognize opportunity will take action and buy now. I guess the rest will just stay where they are and continue to pay higher taxes and tell themselves how wise they are.

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