Southern Maryland Real Estate Blog

Swan Point Project Gains Board of Public Works Approval

Swan Point's proposed development project won approval this week at the Maryland State Board of Public Works hearing in Annapolis, MD this past Wednesday.

    I attended the meeting to view first hand what Governor Martin O'Malley had to say about the project, and to voice my support for the project.  I was impressed at the supporter turnout for the project.  Over 2 dozen people were there to support the development, and although 3 people showed up to protest the development, only two of them decided to speak out against Brookfield Homes and US Steel's proposal.

    The Governor actually opposed the plan, but even without his vote the project gained the necessary approval needed to move forward!  This means that the Swan Point Development Corporation is looking to break ground on the Westin Swan Point hotel by early 2009, and should be slated to open in 2011.

    The meeting itself was fascinating.  Wayne Cooper, Mac Middleton, Sam Graves, and Murray Levy all spoke in support of the project and it's benefit to Southern Maryland, and one of the developers reps mentioned that there was projected to be a 10% overall improvement in water quality in the area due to the new development.

    I've been very impressed with both Brookfield Homes and US Steel on this development.  They seem to understand the sensitive nature of developing a project like this on the Chesapeake Bay, and they've been very flexible in changing plans and proposals in order to comply with concerns of residents and government officials. 

    It really speaks volumes towards their character when they willing change and reduce their own development in order to satisfy everyone involved.  Make no mistake, the goal is to develop a waterfront resort destination here, but that doesn't mean the developer can get everything they want, either.  It's a relief to see a developer that is willing to be flexible with the community.

Link to Maryland Independent Article on Board of Works Approval
Link to Other Development Posts

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com

Charles County MD Home Sales Report, April 2008

Team Benya's Monthly Market Report-  Charles County, Maryland

What's Happened:

    For the first time in 7 months, home sales in Charles County, MD have actually seen some growth!  Earlier this year we were looking at home sales in the range of 50-60 units per month, and now that number is closer to 100!

    Pending Settlements, the number of homes currently under contract, have gone up as well, so there is a bit of bright news in the market this month.  We've also seen the number of homes available on the market level off as well, so now we'll have to wait and see if the trend continues.

    Between February and March we have also seen that the average price of a home in Charles County (roughly $312,000) didn't fall, the average number of days on market (158 days) has leveled off as well, due partially to the increased amount of home buyers we have seen in the last month.

What Does This Mean?

    It's great that we're seeing potentially positive changes happening in the market.  It's a little premature to say that we're going to see prices rise again in the near future, but at least we are not seeing the values continue to fall. 

    Foreclosures are having a big impact on the market right now, and they make up a significant portion of sales, and unfortunately those properties are what traditional sellers are forced to compete with.  The good news to it is that the amount of transactions taking place each month is growing!

     Home owners who are trying to sell should be seeing increased traffic through their homes, provided they are priced right and marketed well.  I've noticed an increased amount of traffic through my listed homes right now, and it's a big relief to my clients to see that the market might be trying to stabilize.

    For buyers, sitting on the fence has been forcing down prices, and we're starting to see some good deals emerge, which in turn has caused the local market to drop price-wise, and it seems that prices are stable, and we're starting to see more buyers take advantage of both the lower prices and the preferable interest rates that are available.

    If you would like more information about the Charles County Market, Foreclosures, Listings, or New Construction Developments, please ask!  I have a wealth of local information and resources and I'm always willing to assist people in navigating this tricky market!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com

Swan Point TIF Bond is approved

Looks like Swan Point will be getting it's fancy new hotel after all!  The Charles County Commissioners voted to approve the Tax Incremental Finance (TIF) Bond recently, which will pave the way for the development infrastructure there.

Under the tax incremental financing, agreement, the county will issue $26 million in public bonds to fund the project’s infrastructure. The debt service for those bonds would be repaid using a portion of the new taxes generated by the increased property value that would result from the project’s improvements on the land.

Link- County approves special financing for Swan Point

I'm excited to see what the final plan will actually look like!  This project looks to be a great opportunity for the county, and has the potential to make swan point a first class resort destination!  I will update more information as the development grows, so check back from time to time for new information!  If you have any questions or comments, I'd love to hear more views on the new development and growth plans!

Related Posts:

12/11/2007- Swan Point TIF Proposal Meeting
12/07/2007- Swan Point Site Plan
10/30/2007- Swan Point Development *Finally* Moving Forward

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com

Maryland Undervalued Properties For Sale

This was actually one of the search terms that someone used on yahoo! search this evening.  The search led them to this blog.

I had to think about this for a bit because I think everyone would love to be able to punch in a search term such as this to find fantastic real estate deals!  Unfortunately it's easier said than done.  If you were able to find bargain priced homes simply by using an automated, free, public search tool such as yahoo! or google, wouldn't we all be able to get rich and retire young?

Not that I'm against retiring rich and young, persay!  I think this sort of search term highlights the importance of working with a savvy, competent real estate agent!  Do I know of undervalued properties on the market?  Of course I do.  Am I going to start blogging about them?  Probably not. 

I have clients who are looking for the "deal" on the next property they buy.  Why would I risk my clients chances of getting the contract in first on a great investment opportunity by broadcasting it to the entire world?

If you're looking for a great investment property or even a primary residence that you could pick up cheap,  I happen to be great at finding them!  Give me a call or drop me an email and I'll be more than happy to make sure that you're the first to know when a great investment property pops up on the market! 

As a side note, if you found this website because you were using similar search terms; I highly suggest you get a Realtor to help you identify the best undervalued homes on the market right now.  I happen to know a few in my team that are great at finding those golden opportunities!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
j.benya@c21nm.com
Waldorf and Southern Maryland Real Estate
Southern Maryland Real Estate Blog

How to get your Home SOLD in Southern Maryland!

    If the listing on your home has recently expired, you may be sensing that nagging feeling of frustration, anxiety, or irritation because your Realtor didn't get the job done.

    Let me be the first to offer you my sincere condolences; it's a tough market, and there's many people like yourself who are angry about the fact that they can't sell their home.

    It's easy to blame your Realtor, after all, didn't they tell you that they could get the job done?  People count on my knowledge and advice to get their house sold, and if that doesn't happen, then there's a problem.  Did your Realtor tell you to list it too high?  Did they tell you that you were asking too much?  If you feel that the price was right, and it still didn't sell, then maybe there's other factors involved, so consider looking at all the angles before getting to frustrated.

    It's a fact that 10% of all local agents do 80% of the local sales.  Is your agent in the top 20%?  They should be!  There's no great mystery to being able to get deals done in a slow market, but there are a few factors that you should consider.

    Sales Are Down, And Inventory Is Up- We are seeing historically high levels of available homes for sale.  This is great news for buyers, but for sellers it becomes vital to use an agent with the track record to get your home  sold!

    Internet Marketing is King- Agents that aren't tech savvy just can't compete in today's marketplace.  That's why Team Benya is a combination of mature experience that knows how to negotiate the toughest deals and technologically hip experts that understand how to market properties in the internet age!

    Internet Marketing Means A Lot More Than Realtor.Com- Is your agent spending the money to get your home marketed to more than just one website?  Understanding how to syndicate listings to dozens of different websites means your home gets more exposure than your competition down the street!  Team Benya are experts at doing this for all the Waldorf and Southern Maryland Real Estate that they market!

    You Deserve to Know What Your Agent Is Doing For You- Did your agent "list it and forget it"?  You don't have to stand for that! There is simply no excuse for a homeowner to be left out of the loop! We work hard to ensure our clients always know what is going on in the marketing and sale of their home, good or bad!  Selling real estate in Southern Maryland with Team Benya means you'll always be kept in the loop!

    Not All Agents Are Equal- We all have our own style and method to getting homes sold, and some agents are better at getting homes sold.  There's far too many agents that got their license thinking this was an "Easy Money" job.  Do you really want to risk trying to sell your home with an agent that has no experience in this type of market?

Really, the question is why are you even considering using anyone else to sell your home??  Lets look at the facts:

• We have over a decade of experience
• Marsha has proven to be a consistent top producer, constantly exceeding client expectations!
• Using a Team allows more time and resources to be dedicated to your needs than a single agent can provide
• Our knowledge and experience includes Short Sales, Foreclosures, 1031 Exchange, Land, and more!
• We've studied how to help you gain an edge in getting your house seen and sold by prospective buyers
• Your home will be seen on dozens of home listing websites and databases with multiple photos, virtual tour, internet advertisements, and blog resources available to get your home sold!
• Old School Sales Experience and New School Technology provide YOU with the best opportunity to get your home sold fast!

Don't make the same mistake twice, call us today and see how we can turn that For Sale sign into SOLD!  We work throughout the Southern Maryland region, specializing in Waldorf MD, La Plata MD, Indian Head MD, White Plains MD, Mechanicsville MD, and the rest of Charles County, St. Mary's County, Calvert County, and Prince George's County!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
(o) 301-609-9000
(c) 301-653-8116

Website

Blogsite

Related Article:

What Your Realtor Is Afraid To Tell You

Search the MLS From Our Website! (No Registration Required!)

We've Done It!  Now you can search the Multiple Listing Service right from our website, without the hassle of having to register!  If you see something you like and want more info, just give us a call or drop us an email and we'll be more than happy to help!

Browse The MLS

Just one more way that Team Benya is working to make your home search even easier!

~Jonathan Benya
Century 21 New Millennium
Website
Blogsite Home

Swan Point TIF Proposal Meeting

    I attended the county hearing on the Swan Point Tax Proposal on 12/11/2007, and the commissioners did not make a decision on the application just yet, but the response both positive and negative, was outstanding.  It's wonderful to see county residents wanting to take an active part in the future of their county!

    I did make a comment at the meeting, which I wanted to mention here.  The question of the TIF financing is not the make or break deal for a hotel and spa to open in Swan Point.  It's the difference of HOW QUICKLY it is built.  The estimates I heard mentioned 5 years longer with out the TIF appproval.   

    When I look at the state of the real estate development market in the county, it's obvious that developers, both large and small, are suffering due to the recent downturn in the housing market.  This affects not only them, but the contractors and laborers that work for them, as well.

     If Swan Point development timetables were to be accelerated with approval of the TIF bill, we as a county would be able to provide development and construction related jobs to local residents who may soon find themselves out of work (if they haven't already!). 

    Why would we work not provide support to a project that can provide jobs in defiance of an otherwise disappointing sector of employment?  If we can help keep people from being forced to move elsewhere, shouldn't we do that?

    People at the meeting did voice concerns over public funding for private development, but this is not taking money from the county treasury, nor does it factor against county credit.  What it does do is give the county a huge boost in terms of both economy and quality of life for Southern Maryland.

~Jonathan Benya    j.benya @c21nm.com
Century 21 New Millennium
Team Benya
301-653-8116
Website
Blogsite

Charles County Maryland Sales Statistics, November 2007

    Charles County has been impacted heavily during the recent market downturn (although not as badly as PG County).  Sales are down roughly 33% from this time last year, average days on market is up over 85% to 132, and average sales prices have fallen as well.

    Prices are down roughly 3% from November of 2006, and will continue to fall so long as we see supply exceeding demand.  117 homes were sold last month, out of almost 1600 for sale.  This is typical of the entire region, where supply exceeds demand by at least 12 months.
    Also typical of the region is the fact that there are 288 new listings taken this month.  It seems that there are twice as many listings taken as there are sales closed in each county, and that only contributes to furthered market deflation. 

    Another factor to look at is the average sales price vs. the average listing price.  Last year that figure was at almost 98%, while this month the county-wide figure is at 94.6% (Our personal numbers are still above 95%, thanks to some tough negotiating on behalf of our clients).

    Conventional financing is the most popular method of finance right now, although there were 10 mortgage assumptions last month, indicating a possible resurgence in this method of finance transfer.

Charles County Statistic Chart   

~Jonathan Benya
Century 21 New Millennium
Team Benya
301-653-8116
Website

Blogsite

Swan Point Site Plan and Tax News

    I found an aerial view of the proposed swan point site plan which should give a better idea of what exactly they are planning to build out there.  Feel free to click on the photo for a larger image.

    It sounds like area residents are still concerned about the expansion (I would be too!), and now there is a little bit of a concern about the taxes.

    Last week the developer filed an application for the county's new tax increment financing (TIF) program, and the proposal goes something like this:

• The county would use public, tax-free bonds to finance roads and utilities for the Swan Point Hotel Project.
• Bonds would be repaid using the increase in property taxes coming from the site once development is completed
• Financing would cover $25.9 million, including a hotel access road & bridge, shoreline stabilization, widening of Swan Point Road, a new water tank, and a sewer upgrade
• The bond will not count against the county's borrowing power, and has no obligation to repay the bond should the developer fail to do so.

    The hotel, conference center and spa are expected to be completed within the next 2 years, and Swan Point claims that it is necessary to enable the hotel to locate in Charles County rather than another state with more tax-friendly laws.

    The Charles County commissioners will hold a public hearing at 7pm on December 11th in the auditorium of the county government building to consider the TIF application for Swan Point, and I'm sure that plenty of swan point residents will be on hand to voice their concerns.

~Jonathan Benya
Blogsite Home
Website Home
301-653-8116

FSBO Marketing Tips

    I've heard some outrageous horror stories from people trying to FSBO in Southern Maryland.  I've heard rumors of real estate agents telling homeowners "There's no way you're going to sell your home without me" or "Selling FSBO is the stupidest thing you can do", or "*insert your own snooty Realtor comment here*"

    Let me first apologize if you are trying to sell yourself and have gotten comments like this from an unfriendly Realtor.  You'll find I won't make such childish taunts, Promise!

    There are a ton of options if you are looking to try and save money by trying to list yourself, and I'm going to share a few of my options and techniques I use as a Realtor that you might be able to use yourself.  If you do find any of this helpful, let me know!

• Online Marketing is where I see my greatest ROI of my marketing dollars- Consider this: 80%+ of all buyers start their search online.  Aside from using websites like FSBO.com, ForSaleByOwner.com, or other such sites, consider posting your home on: Craigslist.com (yes, cragislist, it does work for selling homes, too!),  zillow.com, trulia.com , the City-Data.com forum, and iggyshouse.com.  They're free to post, and at a price like that, it can't hurt to increase your market exposure.
• Ask a Realtor to give you a CMA on your property- I'm always willing to provide a CMA for a homeowner, even if they intend to list their home themselves.  Websites like Zillow.com will give a *zestimate* for free, but I have yet to find their figures very accurate.  It can't hurt to at least get a professional opinion. Email to Request a CMA
• Make Postcards to Send the Neighborhood-  Postcards are cheap to send, and it allows people to share the information with friends or relatives that may be looking to move to the neighborhood.
• Make Flyers Available in an Information Box-  Flyers are a great informational tool for people driviing by, just be prepared to refill the box often!
• Send your Flyer to Real Estate Brokerages-  If you're willing to pay a buyers agent, let agents know!  Make sure you send enough that EACH AGENT can get their own copy, rather than one per office!
• Ask a Realtor if they'd be willing to post your listing on their website-  I always post FSBO home listings on my website/blogsite FREE OF CHARGE if someone asks.  It's minimal cost to me, and I'm always willing to spread a little good will.

If you have any questions, don't be afraid to call!  I don't bite, and I don't charge fees for advice (I heard that talk can be cheap, anyways)!  I do have a full package of HOW-TO for people that want to FSBO.  Give me a call or email me and I'd be more than happy to send it out to you.  All I ask is that IF you can't sell your home yourself, consider giving me a call to see how I can assist you!

~Jonathan Benya

Century 21 New Millennium
Team Benya

j.benya@c21nm.com
cell- 301-653-8116

Blog Home