Weekly Wrap-up of Cecil County Real Estate HappeningsGeneral Real EstateUpdated on Feb 25, 2011 View more like this | Visit ELKTON, MD | Contact EXiT Preferred Realty, Chesapeake City MD |
Weekly Wrap-up From the Bay Property Team
So far this month we have been very busy with Buyers (a good thing considering the market) and have a busy weekend schedule. Here is a wrap-up for the last 7 days of ramblings in our Blog. Susan, Patty, and I Thank all our friends and clients for thier support and trust!
Steve Hubbell, Realtor
Recently Sold in Woodholme - Elkton MD Real Estate
2/25/2011
38 Wood Chip Rd, Elkton MD 21921 - $575,000
This Elegant home in the upscale development of Woodholme Sold recently and will create a good idea
of market value for the area. The home sits on over 1 acre with over 4300 sq ft of living space. It also has a 3 car garage and finished basement. Quailty landscaping and an in-ground pool. If you live in the area and want more information on the local market conditions, you can get a free market analysis at Home Values in Cecil County. Visit the site and see what the local market competition is.
Susan Hubbell REALTOR® - of the The "Bay Property Team", Selling Cecil County Waterfront - - The "Bay Property Team" was formed in 2006 by Susan and Steve Hubbell to specialize in helping Buyers and Sellers invest in Waterfront and Water Access Properties in Chesapeake City, Elkton, Earleville, and Warwick in Cecil County MD. We also serve, Georgetown, Galena, and Kennedyville in Kent County MD and surrounding areas. (800)-890-0381 (Equal Housing Opportunity (O)-1-(410)-398-9000)
Spotlight On Cecil County Waterfront Real Estate - Earleville
2/24/2011
Tockwogh Terrace Waterfront Neighborhood on the Sassafras River
Tockwogh Terrace is located on the southern end of Cecil County close to the end of the Sasafras River 
and close to the Chesapeake Bay on Grove Point. The community consists of 29 Residences and is bordered by State owned wildlife preserve. Most homes have a distance view of the River over these natural lands. There is a beautiful Sandy Beach, picnic area, and pier on the water. Tockwogh Terrace is one of Cecil Counties great Waterfront communities allowing its residences access to all the Chesapeake Bay and its tributaries have to offer. There are several homes for sale in Tockwogh Terrace. Take a day trip and see what awaits you on the Water In Cecil County MD.
Steve Hubbell, Realtor® - Internet Marketing Specialist - The "Bay Property Team" was formed in 2006 by Susan and Steve Hubbell to specialize in helping Buyers and Sellers invest in Waterfront and Water Access Properties in Chesapeake City, Elkton, Earleville, and Warwick in Cecil County MD. We also serve, Georgetown, Galena, and Kennedyville in Kent County MD and surrounding areas. (800)-890-0381
The Pitfalls and Problems with Short Sales
in a Rising Rate Environment!
2/23/2011
As of this Blog Post, there are only 56 homes on the market in Cecil County that are in Short Sale and another 68 or so in Foreclosure or about 10 % of all homes listed for sale.
Buyers are thinking that they are getting better deals with short sales then with other properties listed for sale. But Beware...That decision can take months!
So far this month we have had 2 Deals go south because of Rising Rates and the length of time it takes for the banks to make the decision. We have become so used to stable rates that we haven’t really worried about the time frames required by banks to get deals approved in Short Sale Conditions. Both deals saw our buyers facing either higher P&I or rate buy downs to keep ratios in place during the 3 month wait for approvals. We are looking again with both buyers but they are looking at less home then before….and not Short Sales.
So what appeared to be such a great deal at the time has forced both Buyers to lower expectations because their buying power was eroded by the increase in rate!
Buyers Beware!
Steve Hubbell, Realtor® - Internet Marketing Specialist - The "Bay Property Team" was formed in 2006 by Susan and Steve Hubbell to specialize in helping Buyers and Sellers invest in Waterfront and Water Access Properties in Chesapeake City, Elkton, Earleville, and Warwick in Cecil County MD. We also serve, Georgetown, Galena, and Kennedyville in Kent County MD and surrounding areas. (800)-890-0381
Elkton MD Waterfront Home for Sale
Otts Shore Neighborhood, A Cecil County Waterfront Community
2/22/2011
Located in Elkton MD, this Waterfront Cottage is in the Cecil County Waterfront Community of Otts Shore. This updated Waterfront Home on the Elk River is situated to take advantage of wonderful year round sunsets. There are Water Views from almost every room. This open concept layout was Completely rebuilt in 2004, including kitchen with plenty of cabinets and storage. There is a Gas fireplace in living room, a water side screened porch, and a manicured lawn with 2 sheds. There is a 1st floor bedroom and full bath. There are 2 additional bedrooms upstairs with second full bath. The waterfront is 50 feet wide with complete concrete bulkhead with steps to the water. The owner is offering a 1 year home warranty. Call us for your private showing at 1-800-890-0381
More Details, Pics & MLS Access
Otts Shore is a neighborhood located on the Elk River with access to the upper Chesapeake Bay on Locust Point in Elkton MD.
Search all MLS Elkton MD Homes for Sale
Susan Hubbell REALTOR® of The "Bay Property Team" Selling Cecil County Waterfront - - The "Bay Property Team" was formed in 2006, by Susan and Steve Hubbell to specialize in helping Buyers and Sellers invest in Waterfront and Water Access Properties in Chesapeake City, Elkton, Earleville, and Warwick in Cecil County MD. We also serve, Georgetown, Galena, and Kennedyville in Kent County MD and surrounding areas. (800)-890-0381
Cecil's Cookin!
2/22/2011
The 2nd Annual Chefs’ Challenge - Benefiting the Family Centered Emergency Room at Union Hospital in Elkton MD is being held this Friday February 25th at 6:00 pm at the Rising Sun Banquet Hall . This sounds like a great event that may have beem modeled after Iron Chef Competetions on TV. Chef Paul O’Toole from Deerfield Golf and Tennis Club is returning to defend his title from last year against 3 prominent local Chef's. Each Chef will prepare small portions of 3 different dishes for each attendee and you will vote your favorite after each round..What a great Idea and get some great food for a great Cause!
Steve Hubbell, Realtor® - Internet Marketing Specialist - The "Bay Property Team" was formed in 2006 by Susan and Steve Hubbell to specialize in helping Buyers and Sellers invest in Waterfront and Water Access Properties in Chesapeake City, Elkton, Earleville, and Warwick in Cecil County MD. We also serve, Georgetown, Galena, and Kennedyville in Kent County MD and surrounding areas. (800)-890-0381
Tax Implications for Short Sales
2/18/2011
We have just received an e-mail from the owner of Kirsh Title in Elkton MD, Attorney Peter Kirsh, regarding the Tax implications if you were involved in a Short Sale in 2010. Peter Wrote:
"Just an FYI that anyone who went through a short sale in which the bank did forgive some of the debt will get a 1099 from the lender. If it was their principal residence then (in most cases) they won’t have to pay any tax on the forgiven debt (Read article from the IRS website). They will still have to report the forgiven debt on IRS Form 982 , but they won’t pay any tax on it. As of today this applies to any sales through the end of 2012"
Thanks Peter for the Great Information!
Steve Hubbell, Realtor® - Internet Marketing Specialist - The "Bay Property Team" was formed in 2006 by Susan and Steve Hubbell to specialize in helping Buyers and Sellers invest in Waterfront and Water Access Properties in Chesapeake City, Elkton, Earleville, and Warwick in Cecil County MD. We also serve, Georgetown, Galena, and Kennedyville in Kent County MD and surrounding areas. (800)-890-0381
See this post on Bay Property Team : www.baypropertyteam.com/web/AR301870/CustomContent/index/5062053
See this post on Active Rain: http://activerain.com/blogsview/2157436/blog-weekly-wrap-up-of-cecil-county-real-estate-happenings
See this Post on A Greater Town:
