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In Delaware Big Homes Mean No SaleAll listings are the responsiblity of the posters; keep in mind, anyone can post anything! |
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Real Estate ArticlesIn Delaware Big Homes Mean No Sale
The recession and down economy have given almost everyone in the country a wakeup call. Whether you were an active investor in stocks, owned real estate or ran a small business the economy has taken a toll on your net worth. This is particularly true for those who own large homes, or mansions, in Delaware.
Long an area for large, stately homes, owners in Delaware enjoyed the constant rise in prices for a number of years. Some, thinking prices would never go down, even increased the size of their homes through renovations. A home owned by Charles Cawley, a former executive with MBNA, doubled in size from 10,000 to over 20,000 square feet. Made famous by the DuPont family, Delaware has a number of older mansions that belonged either to the DuPont family or company executives. These large mansions, many built over 75 years ago, needed extensive renovations to compete with the new estate homes being built in the area. Owners jumped at the chance to make the needed updates. Now, however, homes over $950,000 are selling slowly if at all. These homes sit on the market for at least 200 days, up from 134 days last year. At the end of September, there were 75 homes in Delaware for sale above $1 million. At current sales rates that is a two-year supply. So far this year, five homes priced more than $2 million have sold and only one priced above $3 million. Agents noted the slowdown in sales as a result of the economy, current restrictive lending standards and even a consumer backlash against large homes. With increased energy costs and higher taxes, people are now asking: Do I really need the extra space and associated costs? The result is a considerable slide in prices. A home worth $1.5 million in 2007 may only be worth around $1.1 million today. Many luxury homeowners are simply sitting out the market in hopes it will recover. Fortunately for them, this socioeconomic group can afford to play the waiting game.
You can talk about... In Delaware Big Homes Mean No Sale Tags: • delaware • investor • recession • energy costs • consumer backlash • mansions • big homes • luxury homes • houses for sale • mansions for sale • luxury homes for sale • Related articles:
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