Highlight of the Week
Highlight of the Week:
Beach Home Under $1M: 4BR on the Bethany Canal
Price: $989,000 — $353 per square foot
119 New Castle Drive
A house on a canal is not what most people think of as a beach home. However, this four-bedroom home on the Bethany Beach canal is also very close to the ocean, and the eight-minute walk to the beach is just enough time to get the blood flowing before you dive into the surf. The house is also located far enough away from Route 1, so that the noise of passing cars is not an issue. Considering that the average price for a home in Bethany is about $1.1 million, this seems like a listing that will not be on the market very long.
Specifics
The 2,800 square-foot property was completed in 2006 and is on the Bethany Beach canal to the west of Route 1 (see map here). The canal has become a very popular area in recent years for those that do not want to shell out for a home right on the beach.
The house is set up as though it were flipped on its head. Three of the bedrooms and two bathrooms are on the ground floor instead of the top level where you would expect them to be. The bedrooms are decently sized (they could not be categorized as large), and two of the rooms overlook the canal off the back of the house. The laundry room is also on this floor.
One floor up is the main level, the majority of which is a wide open great room that doubles as the living and dining area. There are large windows and hardwood floors throughout the level, and a gas fireplace in the main living area. The kitchen is tucked away on one side, but still part of the open floorplan. It has Corian countertops and all of the appliances have been updated.
The master bedroom is next to the kitchen and is the largest of the four bedrooms. There are double doors that lead out to a balcony that wraps around to the living room. The bathroom has a dual vanity and a Jacuzzi tub that is next to a large set of windows, so you can see what your neighbors are doing while you are taking a soak.
At the top of the house is a small lookout perch that is large enough to serve as an office or a small TV area. Outside there is a shower and a small storage area for bikes and other beach-related gear.
How Does This Property Stack Up In The Area?
Home prices have been dropping in the Bethany area for about a year now, and this property keeps with that trend. Originally priced at $1.1 million, the current asking price shows about a ten percent drop since it was listed. A property just down the road has gone through a similar price reduction since it was listed, and while it was built a couple years before, compares quite favorably to 119 New Castle Drive.
| 119 New Castle Drive | 212 Belle Road | |
|---|---|---|
| Price | $989,000 | $989,000 |
| Square Footage | 2,800 | 4,500 |
| Number of Bedrooms | Four | Six |
| Number of Full Bathrooms | Three | Three |
| Distance to the Beach | Eight Minutes | 18 Minutes |
| Parking | Driveway | Driveway |
| Year Built | 2006 | 2004 |
Living Room/Dining Room
Who Should Buy This Property?
Delaware has offset the very high prices of beach property with very low property taxes. The taxes for 119 New Castle Drive in 2007 were $2,250, so if a buyer can put down 20 percent ($197,800) and get a thirty-year loan at a fixed rate of 6.25 percent then the monthly payments come out to just $4,871.55. That means the annual payments for mortgage and taxes are just north of $60,000.
So, with these numbers, who should be buying this house?
“This property is more or less geared toward a family that wants a boating atmosphere,” listing broker Tim Rhodes told UrbanTurf. “The two great amenities that come with this house are water access and beach access,” he said. “You are getting both of these at a very reasonable price.”
Rhodes noted that the property is shown all the time, but an offer has yet to be made.
Bethany Canal Next to the House
Parking & Transportation
There is a parking area at the front of the house that can fit up to three cars.
While the beach is just a short walk away and the canal is right out the back door, you would need to drive to get to most places in Bethany. The trip to town takes about three minutes as does the trip to the closest grocery store.
Quick Answers
Closest Grocery Store — There is a Shore Foods at 1 Errett Road that is about a half a mile away.
Closest Putt Putt Course — Captain Jack's Pirate Golf at North Pennsylvania Avenue and Central Boulevard is a five-minute drive.
Closest Movie Theater — Sun & Surf 8 is about four miles down Route 1 in Ocean City, MD.
Photos & Resources
- Full listing for the property.
- Listing Broker: Tim Rhodes of Coldwell Banker.
1 Comment
Thanks so much for the information! I look forward to many more good pieces of advice from Urban Turf!