Dewey Market Watch 11/16/18 to 12/5/18
It’s that time of the year when families gather to celebrate the holidays. It’s a time of the year that we all reflect on this year’s blessings and to celebrate the new year ahead. The real estate market slows to a snails pace from Thanksgiving to the 1st of the new year. Typically the market would pick up just after the super bowl or Valentines weekend but not anymore. Activity increases just after the new year if the weather permits. That’s a big IF!!! Two and half hours to the north and the west puts you in the mountain ranges of PA and VA which means snow! Many times our resort area will experience rain but customers abroad are grounded in their local states due to the winter weather. Sit back and gather with family and friends and enjoy the holiday season!!!
|SINGLE FAMILY NEW||COMMUNITY||SIZE||ASKING PRICE|
|21 Saulsbury 6 yr leasehold @809.yr||Reho. By The Sea||7bd/4ba||$269,000|
|38258 Robinson Dr back on market||Silver Lake Manor||4bd/3.5ba||$1,450,000|
|16 New Orleans St||Reho. By The Sea||5bd/3.5ba||$1,299,000|
|135 Chesapeake 30 yr leasehold @ $3,967 yr||Reho. By The Sea||6bds/3ba||$949,000|
There are four new listings for the previous 2 weeks. Three of the homes were previously listed on the market. My top pick would be 16 New Orleans. The mid ocean block home has 5 beds and 3.5 baths. I have clients that I’ve sold to that have similar sized homes in similar locations that have turned them into rental machines. If properly managed you could realize $80K to $100K for a home similar to this. Ocean block inventory is extremely low so I don’t expect this home to last through the end of the year. Looking for a leased land property? The new water front listing on Chesapeake St. has an older (hard to come by) 30 year lease @ $3,967. annually. The water front home sits on an over sized lot that sure to afford tons of privacy. Please contact me for further information on any of these homes.
|SINGLE FAMILY PENDING||COMMUNITY||SIZE||ASKING PRICE|
|SINGLE FAMILY CLOSED||COMMUNITY||SIZE||ASKING PRICE||CLOSING PRICE|
|103 Chicago St. 16 yr leasehold @ $12K yr||Reho. By The Sea||3bd/2ba||$450,000||$440,000|
|21180 1st St||Ann Acres||3bd/2ba||$559,000||$535,000|
There were two very nice closings last week. I was the listing agent for the 1st St property. I sold the home before it even hit the market. The property is at the end of a very short street just under the water tower. The location is very private and no traffic. The 2nd closing at 103 Chicago was another nice investment. The home is a Reho. By The Sea property that had 16 years remaining on the lease @ $12K a year. Due to the location to the beach if properly managed this could easily be a positive cash flow investment.
|SINGLE FAMILY INCREASE/DECREASE||COMMUNITY||SIZE||PREVIOUSLY||NEW PRICE|
|102 West St 57 yr leasehold @$19Kyr||Reho. By The Sea||6bd/2.5ba||$624,900||$599,900|
|20980 Rogers Ave||Ann Acres||2bd/1ba||$425,000||$399,000|
My sellers at 102 West St. just reduced their price by $25K just in time for someone to buy the love of their life the best Christmas present ever!!! Previous rental incomes were $67K. Bring me an offer:) The tiny bungalow on Rogers Ave must have been thinking the same thing. The new price of $399K is surely entry level pricing for a single family home that’s walk to the beach!
|CONDOS NEW||BUILDING||SIZE||ASKING PRICE|
|CONDOS PENDING||BUILDING||SIZE||ASKING PRICE|
|102 Bayside Court unit #18||Bayside Court||4bd/3.5ba||$575,000|
|1301 Coastal Hwy unit #412||Lighthouse Cove||2bd/2ba||$599,900|
A rarely offered Bayside Court unit just went to contract. The unit showed very nicely and was priced right to acquire the quick sale within eight days. The two bedroom unit that just closed in the Lighthouse Cove is exactly what has kept the Dewey condo market alive in 2018. The final phase of the Lighthouse Cove has just been released and ready for delivery in the summer of 2019. This building is a water front building so better hurry before they’re all gone. Please contact me for an updated pricing list.
|CONDOS CLOSED||BUILDING||SIZE||ASKING PRICE||CLOSING PRICE|
|20981 Coastal Hwy||Beach Club||3bd/1.5ba||$335,000||$310,000|
Beach Club!!! Here’s a closing in the Beach Club. I’ve always liked the Beach Club. The tiny complex with an in ground pool is just north of Dewey. These are nice 2 story units that are affordably priced and a very short walk to the beach.
|CONDOS $$ INCREASE/DECREASE||BUILDING||SIZE||PREVIOUSLY||NEW PRICE|
|1609 Coastal Hwy unit #S402||Opal||2bd/2ba||$479,000||$459,000|
|100 Collins Ave unit #107||Marina View||1bd/1ba||$379,000||$349,900|
OK seriously! Somebody needs to call me as soon as they read this. The new price reduction at unit 107 in Marina Views is priced far, far below appraised values. This unit will not be available in my next update because it will be sold. Please contact me for an updated market analysis to show you where the value can be realized.