Regional Perspective
Why the commercial boom on the Delmarva
Peninsula?
In short, a sustained influx of active
adults and retirees have been moving, and are continuing in
ever-increasing numbers to move to the Delmarva Peninsula from surrounding
metropolitan and suburban communities. Years of trending data confirms that
Active Adult, or "empty nest" homeowners residing in or near these
communities are being confronted with many reasons to move to Delmarva and
few, if any, to stay in urban/suburban Maryland, New Jersey, New York,
Pennsylvania, and Virginia. The comparatively high property taxes, cost
of living, and stressful urban and suburban living in these states are
driving them to Delmarva, just a few hours drive from friends and family,
and near resorts they’ve come to know and love.
A look at the consumer
To understand the dynamic of what is
taking place on the Delmarva Peninsula, and is projected to continue for
the foreseeable future, it is necessary to know the consumers. They are
“empty nesters” or retirees with excellent credit, minimal debt, fixed or
sustainable incomes, and significant discretionary spending capability.
Opting to live in or near a resort, they plan to frequently entertain
guests, especially family – children and grandchildren. Most have
vacationed in, or have visited Delmarva resorts for many years, and thus
are planning to participate in typical resort activities such as boating,
fishing, hunting, and nature hobbies like bird-watching, hiking and
biking.
The consumer moves west
Because the beach and bay areas of eastern
Delmarva have been completely developed, or have become too expensive for
many of the consumers described above, existing and new communities west
of Lewes, Rehoboth Beach, Bethany Beach, and Fenwick Island, and Ocean
City, MD are now realizing extraordinary growth. Additionally, many of
the existing and arriving residents prefer to avoid the heavy resort
traffic of the peak summer season, opting to reside in more “quiet” inland
communities. Today, tens of thousands of new homesites are approved and
scheduled for construction in the US 113 corridor of Delmarva, and new
communities are coming on-line and being planned throughout the entire
region.
The best commercial locations
Realizing and confirming the
above-mentioned principles and trends through years of experience in the
eastern-most section of the region – Rt. 1 between Lewes, DE and Ocean
City, MD, Resort Properties Group is well positioned to offer the best
commercial locations throughout the Delmarva Peninsula. Peninsula
Crossing is perfectly situated to provide maximum retail exposure to
today’s Delmarva consumer, and the thousands that will arrive in years to
come.
