What $400,000 buys: Wilmington, Del.

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What $400K will buy: Wilmington, Del.
This three-story, 5-year-old contemporary condo near Riverfront Wilmington, the city’s redeveloped shipyard, is walking distance to nearby shops and restaurants. It has hardwood floors, recessed lighting and molding. Main level sports an open great room with a gas fireplace that opens to a balcony on one side and dining room on the other. Kitchen is equipped with granite countertops, cherry cabinets, stainless steel appliances, island, pendant lighting and pass-through to the dining room. First floor features a media room with surround sound and custom carpet and drapes. Master suite has a 20-foot vaulted ceiling and clerestory window, sitting area, his-and-hers closets and a bath with double vanity, tile floors and water closet. Association dues of $340 per quarter covers yard maintenance, snow removal, building upkeep and neighborhood security.
3 bedroom/2½ bath
2,350 square feet
0.04 acre lot (condo)
Features: Third-floor laundry closet; washer and dryer included; built-in microwave; fire and security alarms; and attached two-car garage. The unit is elevator-ready.
Listed by: Brandywine Fine Properties Sotheby’s International Realty
What you could buy in Wilmington for $400,000 a year ago.
Price trend
Any way you spend it, that price range will buy you some space in Wilmington. “You can get a lot for $400,000,” says Laird Bunch, owner of Brandywine Fine Properties Sotheby’s International Realty. “You can get a good two- to three-bedroom town house or single-family home.”

For $395,000 to $400,000, a quick search on Realtor.com turns up a number of houses 10 years or older that are 2,000 to 3,000 square feet (and sometimes more), with lots of one-third of an acre to half an acre.

At that price, Wilmington buyers can also pick up a new urban condominium that overlooks the river and has plenty of luxury features, says Bunch. “Or for $400,000, you could buy a nice home in a suburban neighborhood. Those are probably older homes, brick or stone Colonial homes on smaller lots, but in good family neighborhoods.” They would usually have updated kitchens and bathrooms with granite countertops and stainless appliances. If you’re in the mood to renovate, you could pick up a town house with more of a Victorian feel in an urban neighborhood, he says.

Similar to a lot of places, your money buys more home in Wilmington this year. “It’s a buyer’s market,” says Bunch. “Some developers are taking it on the chin and some haven’t. But everyone’s trying to correct to what the market’s asking.”