“What it comes down to is we are an established market. In the past, that was a problem in our area. “What the stability has done is allow the buyer to have a confidence that they’re not going to buy something and then what they’ve bought could be sold for 4 to 5 percent less than they paid. “We’re seeing some strengthening in the market because interest rates have been considerably lower and there’s been stability,” said Stephen Mottola of the Mottola Group. “There’s been some slight uptick in the market. Joseph Pluscht, president of Patterson-Schwartz, said upper-end sales have improved, but 2015-2016 was slow. While no one has purchased the most expensive home in the county, a $5.5 million former duPont estate at 900 Old Kennett Road, million-dollar homes are selling this spring. One Chinese investor paid cash for eight houses. Young attorneys, well-heeled entrepreneurs and others who can afford them are buying again. Northern New Castle County is chock full of plum properties less than 15 minutes from downtown. Those are stunning statistics for a county where the median income is $65,476 and only one in 13 workers now earns more than $100,000. In April, 21 percent of sales were cash sales. They sold for an average of 87.5 percent of the list price. Twenty-nine homes priced over $750,000 have already sold this year in New Castle County, with an average price of $1.08 million, according to Bright MLS. Plum single-family homes with price tags of $750,000 and up are selling again – if they are in HGTV shape. But, in the month of May our business at Patterson Schwartz was off the chart, even in the upper group.” “The loss of MBNA was a huge loss, and we really haven’t recovered from that,” said Stephen Crifasi of Patterson Schwartz. Sales of $750,000-plus homes are up 9.5 percent so far this year, according to Bright MLS. The A-list real estate market in New Castle County is shifting but it is also picking up steam. Two pricey homes with MBNA honchos in their lineage are up for sale – a $5.5 million home on Old Kennett Pike and a $4.95 million one on Montchanin Road. The new buyers are entrepreneurs, foreign investors, some surgeons, big-firm attorneys, UD’s new athletic department execs and employees of Incyte, Chemours, JP Morgan Chase and Corporation Services Co. The era of MBNA executives buying up grand old homes and Chateau Country estates is kaput. Rockland Road under contract for nearly $4 million. We invite you to learn more about how Patterson-Schwartz is giving back to the communities where we live, work, and play, and to connect with us when you’re ready to partner with a local real estate expert.Laird Bunch of Brandywine Fine Properties/Sotheby’s International Realty has this home at 413 W. The PSA Foundation was created in 2001 and supports numerous local charities and organizations whose causes are close to the hearts of the Patterson-Schwartz family of sales associates, employees, and friends. Together we can light the way to a better tomorrow. To learn more about Sean’s House, the story behind the SL24: UnLocke the Light Foundation, and how you can get involved, please visit their website. “The programs at Sean’s House and the community outreach that UnLocke the Light provides is removing stigmas and creating a safe and welcoming space for students and young adults on their path to health and wellness.”Īt this time, many of our community’s charitable partners are suffering from the inability to hold large, in-person fundraisers, so they need our support now more than ever. “Mental health programs and support is something we all know is much needed,” says Kate. Kate Bianchino of the Patterson-Schwartz Greenville sales office has been involved with UnLocke the Light and Sean’s House at various levels since its inception in 2018 through weekly volunteer work and contributions to annual fundraisers and special events. Guests can use the space to do schoolwork, relax with friends, or simply pick up a hot cup of coffee. Sean’s House was developed in the hopes of reducing the rate of youth suicide by providing a place for young adults to feel safe, welcomed, and supported, and by promoting mental wellness through access to trained peer support specialists and assistance connecting with community mental health resources. Created by the local nonprofit SL24: UnLocke the Light, Sean’s House is located within walking distance of the University of Delaware campus and offers a mental health safe haven for young adults ages 14-24. This month’s PSA Foundation Spotlight is on Sean’s House of Newark, Delaware.
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