The Peninsula having financial trouble (Lewes, Milton: for sale, real estate, foreclosure)

[longnecker]

There have been prior questions and comments about The Penninsula before. I just thought I would post a link to a Capegazette article..Peninsula Golf in a bit of a pinch - By Fritz Schranck - CapeGazette.com - Covering Delaware's Cape Region - Inland Bays, Atlantic Ocean, Rehoboth Beach, Lewes, Milton, Dewey Beach, USA
It seems they are again facing bankruptcy or foreclosure. Current home owners may find their fees skyrocketing.

[Caladium]

Thanks for posting this. That place has often tempted me, but fears of this exact thing have stopped us. It just seemed so inevitable. Not only will fees skyrocket, but I worry that some of the features will fall into disrepair, and some things might not ever be built.

[JERSEY MAN]

I was also interested in purchasing there. So much for the real estate slogan of buy now before it's too late. Sad to see this for the homeowners.

[longnecker]

I don't really understand finances today. The article which I referred to was in a major reliable local newspaper. I have heard similar stories in the past. There are commercials running on local tv which pair The Peninsula with a local pest control company(showing they take care of the property).The amenities look beautiful. During the off season with nothing going on sound really travels and I live and walk my dogs within sight of the Peninsula. I know for a fact there is some type of construction going on there. It is a great area in which to live or vacation. I certainly would suggest doing some serious research before signing on the line with any real estate investment.

[nuts2uiam]

We looked at both Bayfront and NV Homes in Red Mill Pond back in 2010. Enticing as the models were we were just not willing to take a chance on a new community and the "potential" for failure. Turned out NV stopped building Red Mill Pond and I think Schell has recently taken that over.

We listened to the sales pitch for Senators early last year and did some research and walked away from them too. Can you get a good deal? Certainly, but I personally would shy away from a community that was not 95% established especially in this RE environment.

[longnecker]

Originally Posted by nuts2uiam

We looked at both Bayfront and NV Homes in Red Mill Pond back in 2010. Enticing as the models were we were just not willing to take a chance on a new community and the "potential" for failure. Turned out NV stopped building Red Mill Pond and I think Schell has recently taken that over.

We listened to the sales pitch for Senators early last year and did some research and walked away from them too. Can you get a good deal? Certainly, but I personally would shy away from a community that was not 95% established especially in this RE environment.

I think I would look at an older home out on a road all by itself. Here's another Cape Gazette article..
Peninsula could be heading toward foreclosure - By Ron MacArthur - CapeGazette.com - Covering Delaware's Cape Region - Inland Bays, Atlantic Ocean, Rehoboth Beach, Lewes, Milton, Dewey Beach, USA
So sad. It seems there are no winners here.

[Caladium]

Since so many of the people retiring to DE come from the DC metro area, this upcoming sequester will probably be a death knell. It's a shame, looked like a nice property.

[rdlr]

Originally Posted by longnecker

I think I would look at an older home out on a road all by itself.

Excellent Advice! Why is it, that, most everybody looking for a place to live here is interested in subdivisions, only? There are tons of very nice properties for sale, newer homes, original in style, close to everything, on their own land, and with no homeowner association fees. I just never understood wanting to be boxed in a community where every 3rd house is white, beige, or cream....and paying never ending fees that will always go up. On the other hand, builders know where the money is, and tapped into that market many years ago.

[JERSEY MAN]

I read the article and the clubhouse was supposed to be opened in 2006. Wow, this is the perfect example of making sure that the expected clubhouse is built before investing hundreds of thousands of dollars in a promised pipe dream. I wonder what the monthly dues are now and how much they will increase. If you're a present property owner this means your property just went down by tens of thousands of dollars. Thank You for bringing this to our attention.

[nuts2uiam]

Originally Posted by rdlr

Excellent Advice! Why is it, that, most everybody looking for a place to live here is interested in subdivisions, only? There are tons of very nice properties for sale, newer homes, original in style, close to everything, on their own land, and with no homeowner association fees. I just never understood wanting to be boxed in a community where every 3rd house is white, beige, or cream....and paying never ending fees that will always go up. On the other hand, builders know where the money is, and tapped into that market many years ago.

RDLR, you have been so helpful to me so I will give you our reasons for wanting the HOA, even with the fees. We are strangers to De. The only one we know is the broker and the folks at the motel we usually stay at. We are also hoping to travel a bit, God willing. The community has a very active social calendar, even though it is not a 55+ community. We have a club house and a pool. We felt that the HOA would give us instant "friends" so to speak as well as the protection of living in a community where we would have others looking out for us.

We will be very involved in the local area so in no time we would meet people but the HOA seemed a better option for us. We have not yet relo'ed but the day after we closed the next door neighbor came in and introduced herself and offered to help in any way. She too is transplanted to De.

Maybe that will help explain why we were willing to pay the extra dollars.