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April 10, 1998     Cape Gazette
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April 10, 1998
 

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56 - CAPE GAZETYE, Friday, April 10 - April 16, 1998 BUS00NESS & REAL ESTATE Developers building llomes on six-lot Dewey complex By Dennis Forney What would you pay for a new, three-sto- ry, four-bedroom house on Dewey Beach oceanfront property so high that the federal government doesn't list it in the flood plain of even a 500-year storm? If your answer is in the range of $1.2 mil- lion, you're in luck. The developers of a six-home complex between Houston and St. Louis streets re- cently opened the nearly complete first house of the group for a tour by local real estate agents and the press. Designed by Media, Pa.-based architect George Hay, the contemporary home is be- ing built by Millsboro contractor Ron Cof- fin in partnership with Washington D.C.- based attorney Bernie Nash. Debbie Reed of RE/MAX Realty Group in Rehoboth Beach is marketing the property. When completed, Pavilions By The Sea, as the blockwide complex of houses is be- ing called, will include three oceanfront houses, two houses on ocean-view lots di- rectly behind the front three, and one house on a single lot fronting on Houston. One of the houses, owned by the William Liv- ingston family, has been moved back from its former oceanfront position at the end of St. Louis. According to Bob Reed, who was helping his wife, Debbie, with the re- cent tours, the Livingston home is being renovated and detailed to conform to the new units being constructed. "The houses being built will be similar in style, though not identical, because they belong togeth- er," said Reed. Reed also explained that because of the elevation of the property, flood insurance is not required for financing. "But flood in- surance is available for this property if the owners desire and is cheap because of the elevation of the land. Unlike much of Dewey Beach, which is barrier islandlike, between ocean and bay, and thus in the fed- erally designated flood plain, the "Pavil- ions" property, at the north end of town, is an extension of the same high headland that makes Rehoboth Beach a unique setting. When completed and sold, the project is expected to gross more than $6 million. Prices for the property and house packages planned by Coffin and Nash range from $689,000 for the Houston Street-front par- cel to $1,359,000 for the northernmost oceanfront parcel. Hay, who has designed a number of re- sort homes in this area since 1989, said his goal for the first house being completed, and for the others that have either been started or are still being designed, is to maximize views of the ocean. "In a situa- tion like this the site must dictate the de- sign," said Hay. 'q'hese aren't just another bunch of lots. I'm designing them so that as many rooms as possible look out over the ocean." In the house being completed, nine differ- ent rooms have views of the ocean, includ- ing the kitchen where a food preparation counter looks across the dining room, and through a screened porch and deck to the ocean. That's on the second floor where there is also a living.room with fireplace and a bedroom/den with a full bath. The first floor includes a two-car garage, bed- room, utility room, family room with fire- place, screened porch and deck. On the third floor, the master bedroom, with a private deck, fireplace, cathedral ceiling and extensive bathroom facilities, provides the sense of a penthouse suite. It shares the upstairs space with two other bedrooms - each with separate bathroom fa- cilities and one with a private deck. Roofed, sided and trimmed in cedar, the house has the natural feel of many of Cof- fin's houses. "Ron has done 10 or so hous- es in this area," said Hay. "He's a wonder- ful builder and his finishes are excellent." Hay used site lines to locate each of the houses to be built in the complex, again to maximize views. He also located a gazebo- like pavilion inside the dune line that will serve as a connecting structure for the prop- erties. "All of the six houses will be able to access the beach by following a walkway through the pavilion. It helps create its own little village," said Hay. Reed came up with the concept of creat- ing the Pavilions complex when she was called in to do a market analysis for the one oceanfront lot at the end of Houston Street. She started looking beyond the lot to adja- cent properties and started talking to own- ers to develop the project now emerging. This is the first of six houses being built between Houston and St. Louis streets in Dewey Beach. The project is called Pavilions By The Sea. This three-story, oceanfront home is being marketed at a price of $1.2 million. Shown standing beside the pavilion at Pavilions By The Sea in Dewey Beach are (l-r) Ron Coffin, Debbie Reed and George Hay. "I think the fact that this whole property, and the dunes in front of it, stayed intact through both of this winter's storms makes this a particularly unique property," said Coffin. "We're building in as much quali- ty as is possible. There's hand-made Mexi- can tiles in the kitchen and dining area along with hand-painted accent tiles dropped in. There's also 3 1/2 inch rustic oak flooring. All high-end materials. The quality and location should make it all hap- pen. Somebody should feel very comfort- able buying and living on the ocean here," said Coffin. Getting your finances in order in 1998 Another year, another resolu- tion to manage your money better, right? Before 1998 gets too old, consider the following basic steps to help keep your household fi- nances in order: An hour a week to keep your finances sleek. If you do nothing else with your finances in 1998, do this much: commit to spending one hour each week to organize your finances. Remember, this is only one out of 168 hours each week! Start with a look at your income and ex- penses. Determine how much money is coming in each month. Figure out how much you are spending each month. These num- bers represent your personal cash flow. Follow the money. Examine your expenses more closely now. On what items are you spending your money? Do you see items on which you are spending too much money? If you have a surplus after paying your bills, what do you do with that money? Do you invest it, or does it "slip away"? Answering these questions will help deter- mine your "money behavior." Do yourself a favor - pay your- self first. Sort your expenses into logical categories, such as savings and investments; charitable con- tributions; fixed expenses, such as insurance premiums and house payments; and variable expenses, like dining out and entertainment. Financial experts recommend that you allocate your dollars in the following order: savings and in- vestments, fixed expenses, and then charitable contributions and variable expenses. In this way, you are "paying yourself first," ensuring that a savings or invest- ment account grows for you. Use a low-tech, no-tech com- bo. Low-cost financial organizing tools, such as a plastic container for bills and bank statements, checkbooks with carbon copies for each check blank, and a calen- dar devoted to payment schedules will go a long way toward avoid- ing overdraft charges and late- payment penalties. Your bank can arrange for automatic paycheck deposits and some monthly pay- ments. If you own a home com- puter, there are several excellent financial organizing software packages available at a reasonable cost. A personal trainer for your fi- nances. Finally, consulting with a financial services professional is a wise decision for many people, re- gardless of their income level or money behavior. If you have trou- ble getting organized, a financial services professional can help you get on track. And if you are fairly well organized now, a consultant can help you find ways to increase your savings and be smarter with your money. This financial information is presented as a public service by Lutheran Brotherhood district representative Glenn Sholley, C.L.U. For more information, call 422-9639.