Dewey Beach Market Watch 4/2/20 through 5/14/20
The corona virus had the Dewey and resorts market in a lull. Last week Governor Carney removed the 14 day quarantine for out of state buyers. The new guideline allows the out of state buyers to come into town without the 14 day quarantine to view properties but must lease directly after their tour. I was immediately very busy once the removal took place. Buyers are out there and anxious to come to town to view their selection. Interest rates were hovering around 3.125% for a 30 year fixed. There’s only been five sales since 4/2/20. This time frame is typically the busiest of the year. Hopefully the removal of the 14 day quarantine will spark a selling trend. Many, many people are out of jobs and many are still wondering what lies ahead. Only time will tell:)
corona balogna update: The Rehoboth boardwalk opens today! Next weekend the beaches open, swimming, community pools… Finally trying to re open! The 14 day quarantine is still in effect so short term rentals are still a no go. I’ve read that state police will be roadblocking at major arteries leading into the resorts area. They will have an array of questions for each stop. No further details on what the questions are. If you would like a detailed update please google Governor John Carney and it’ll bring you to his websites where all of the updates are. Welcome summer!!!!!
|SINGLE FAMILY NEW||LOCATION||SIZE||ASKING PRICE|
|20701 Fisher St.||Dodds Addition||2bd/2ba||$825,000|
|111 Bellevue St. (back on market)||Dewey Beach||7bd/4ba||$1,319,000|
|38356 Josephine St.||Dodds Addition||3bd/2ba 7,500 sq’ over sized lot||$935,000|
20701 Fisher St is a 2bd/2ba home situated on an over sized 8,712sq’ lot. The home went to contract in only 31 days. 111 Bellevue is a duplex town home. The home was originally offered as two individual town homes or a single family but is now currently only listed as one large single family home. 38356 is another home that was just listed in Dodds Addition. The 3bd/2ba home is highlighted by an over sized 7,500sq’ lot. Presently there’s five homes listed in Dodds & Killens Addition & Silver Lake Manor.
|SINGLE FAMILY PENDING||LOCATION||SIZE||ASKING PRICE|
|16 New Orleans St||Rehoboth By The Sea||5bd/3.5ba||$1,150,000|
|38444 Carolina St.||Rehoboth By The Sea||5bd/4.5ba||$1,425,000|
|20701 Fisher St.||Dodds Addition||2bd/2ba 8,712 sq’ over sized lot||$825,000|
16 New Orleans has gone to contract. Lot value in this location is a minimum $1M. The detached garage cabana was a nice feature of the property. 38444 Carolina is a brand spanking new 5bd/4.5ba, 3000sq’ home that’s loaded with upgrades. The location is 3.5 blocks off of the ocean or two lots off of Ocean Highway. This is another prime example of what the future of Dewey is going to be like in the future and surely brings appreciation to the town of Dewey. 20701 Fisher (mentioned above) was a quaint nicely appointed 2bd/2ba home on a premier over sized lot. Priced at lot value this little home sold in only 31 days.
|SINGLE FAMILY CLOSED||LOCATION||SIZE||ASKING PRICE||CLOSED PRICE|
|121 Houston St.||Rehoboth By The Sea||6bd/2ba||$799,900||$742,000|
Finally a closing on 121 Houston! This home came with two rental licenses and was a duplex that offered many possibilities. This home was one of my favorites. The property could be a quality investment with a little creative renovation and expansion. Grandfathered homes like this are like a diamond in the ruff! It’ll be interesting to see how they improve the property.
|SINGLE FAMILY INCREASE/DECREASE||LOCATION||SIZE||PREVIOUS PRICE||NEW PRICE|
|3 Clayton St.||Rehoboth By The Sea||5bd/4.5ba||$3,054,000||$2,954,056|
|15 West St.||Rehoboth By The Sea||7bd/5ba||$1,150,000||$1,099,000|
|18 Chesapeake St.||Rehoboth By The Sea||3bd/2ba||$819,900||$809,900|
|15 West St 57 yr lease @ $27,500 yr||Rehoboth By The Sea||7bd/5ba||$1,099,000||$999,000|
|2 Saulsbury St 6 yr lease @ $1,200. yr||#6 Colonial Seas||2bd/2ba||$195,000||$185,000|
There were five price reductions in the single family home market. My listings were showing 2-3 times a weekend prior to the corona outbreak. Last week the 14 day quarantine was lifted for out of state buyers. The new rule is out of state buyers may view their properties but must leave immediately after their tour. Since the ban was lifted activity has increased ten fold. Hopefully this is an indicator that the market will rebound in the months ahead. It’s a great time to buy while the interest rates are at near all time records.
|CONDOS NEW||BUILDING||SIZE||ASKING PRICE|
|1301 Coastal Highway (back on market)||#363 Lighthouse Cove||3bd/2.5ba||$1,399,900|
|35 Rodney Ave. (back on market)||#1 Dewey Beach Dev||4bd/3.5ba||$1.129,000|
|35 Rodney Ave. (back on market)||#2 Dewey Beach Dev||4bd/3.5ba||$1,129,000|
Back on the market!!! Three fine properties have been put back on the market. A penthouse suite is being offered in the Lighthouse Cove. Interested? Better get one while they’re still available. The two newly constructed town homes on Rodney Ave. are yours for the taking!! I viewed both of these properties and they are very, very nice. I’m actually a little surprised that they haven’t sold yet. Tons and tons of upgrades are featured in both homes.
|CONDOS PENDING||BUILDING||SIZE||ASKING PRICE|
|2 McKinley St.||#102 Sunspot||2bd/2ba||$578,400|
|1301 Coastal Highway||#362 Lighthouse Cove||3bd/2.5ba||$1,399,900|
Unit 102 in the Sun Spot has gone to contract. This unit was totally renovated from the studs out. One of the renovations was a 2nd bathroom thus creating a 2bd/2ba unit. Lots of upgrades and an interior to die for and will bring one of the highest sales to date in the Sun Spot for a 2bd/2ba. One of the 3bd/2.5ba penthouse units has a pending contract. Thank God for the Lighthouse Cove as they have been the staple diet for the condo market
|CONDOS CLOSED||BUILDING||SIZE||ASKING PRICE||CLOSED PRICE|
|25 Collins Ave.||#3B Tidewatch Apts.||2bd/1ba||$385,000||$375,000|
|3 Seastrand Court||#29 Seastrand||4bd/3.5ba||$829,000||$800,000|
3 Seastrand is a fine example of elegance on Chesapeake St. The Seastrand is a Reho. By The Sea leased land property. This unit conveyed a 37 year lease @ $9,888. annually. The $800K closing price is the most expensive sale in the Seastrand’s history. 25 Collins in the Tidewatch Apts. is a seasonal building that’s typically open from 4/1 through 12/1. The Tidewatch Apts. were built in 1965 and offer a glimpse of yesteryear. The units rent very well and are priced affordable enough to use as a rental or just enjoy for personal use.
|CONDOS INCREASE/DECREASE||BUILDING||SIZE||PREVIOUS PRICE||NEW PRICE|
|126 Read St.||#9 Snug Harbor||2bd/1ba||$375,900||$370,900|
Is this unit still on the market? I don’t know how! Snug Harbor is a bay front building that offers million dollar bay views. This quaint little unit has all of the upgrades hardwood, tile stainless appliances… Snug Harbor even has it’s own white sandy beach! It doesn’t get any better than that!!!
|LAND ALL Dewey & Forgotten Mile||LOCATION||SIZE||ASKING PRICE|
|lot 26 Fisher St.||Dodds Addition.||50 X 100||$750,000|
|22 McKean Ave.||Indian Beach||101 X 100||$1,299,999|
|38737 Seagull Dr.||Indian Beach||105 X 70||$849,000|
|o Route One||Poynters Addition||7,350 sq’ commercial zoning||$1,267,000|