Dewey Market Watch 8/16/19 to 9/16/19
Where did the summer go??? Hope fully everyone had an enjoyable summer and was able to get out and enjoy some of the many resorts activities. The real estate market has entered into the very active autumn selling season. Interest rates just crept up to 4.00% (previously 3.750) for a 30 year fixed. A jumbo investment loan just increased to 4.750. This increase occurred on 9/14/19 and hopefully will ease back down to previous rates that we all enjoyed this past summer.
|SINGLE FAMILY NEW||LOCATION||SIZE||ASKING PRICE|
|110 Chicago St.||Rehoboth By The Sea||3bd/2ba||$1,250,000|
|111 Cullen St.||Rehoboth By The Sea||4bd/3fl ba/2hlf ba||$2,225,000|
|27 Hall Ave||Chancellery||7bd/8fl ba/2hlf ba||$4,995,000|
|33 Hall Ave||Chancellery||5bd/5ba||$3,125,000|
|38175 Robinson Dr.||Silver Lake Manor||4bd/4.5ba||$849,900|
|21 Saulsbury St 59 yr lease @$24,584 yr||Rehoboth By The Sea||7bd/4ba (2 houses, 1 lot)||$469,900|
|106 West (back on market)||Rehoboth By The Sea||3bd/2ba||$1,099,000|
There are presently 15 fee simple single family homes and four leased land properties on the market. Many of these homes (above) were listed and then re listed for a variety of reasons. New listings include 33 Hall Ave in the prestigious community of the Chancellery. This 1996, 5 bed & 5ba , 4,500sq’ and is situated on an over sized .40 ac. The 2nd new listing is 111 Cullen St. This home was built in 2018 and has all of the bells and whistles that one could imagine. The home is a 5 bed, 3 full baths & 2 half baths, 3,118 sq and is being offered fully furnished. The 3rd new listing is labeled a sanctuary. This ocean front retreat was built in 1999, 7 beds, 8 full baths & 2 half baths and offers an incredible 9,500 sq’ of ocean front living space. This ocean front compound is highlighted by bordering 5 miles of park land ensuring you of total privacy, truly a rare offering! Re listings that have a substantial change would be 21 Saulsbury St. The property is a grand fathered by having two homes on one lot. The property was previously listed with seven years remaining on the lease. The sellers have re negotiated a new 60 year lease @ $24,584 per year. Realize rental incomes from both homes yet only pay the lease mount for a single lot!
|SINGLE FAMILY PENDING||LOCATION||SIZE||ASKING PRICE|
|14 Palmer Ave.||Indian Beach||4bd/3.5ba||$1,900,000|
|316 Salisbury (contingencies still active)||Seabreeze Dev||6bd/4.5ba||$2,395,000|
There were two recent single family home sales. 14 Palmer was a 1987 4bd/3.5 ba, 2,200 sq’. The home is situated on a .23ac and is only three lots off of the beach. The property was listed for only two days on the market. The 2nd property located at 316 Salisbury is a 17,578 sq’ bay front lot. The home is a 1964 6 bed, 4.5 baths, 5033 sq’ home. This home was only on the market for 7 days. Both of the homes had excellent locations. Three lots off of the ocean and bay front is in high demand. Wondering what your home is worth? Please contact me for a free market analysis.
|SINGLE FAMILY CLOSED||LOCATION||SIZE||ASKING PRICE||CLOSING PRICE|
|1600 Bayard Ave||Dewey Beach||3bd/2ba||$799,000||$710,000|
The only closing was 1600 Bayard. The 3 beds & 2 baths home rests on the corner of Bayard & St. Louis. The mid eighties home offered a nice screened porch and a conditioned crawlspace. Recent closings indicate that entry level pricing for the 2nd beach block back is in the high $600’s to low $700’s.
|SINGLE FAMILY PRICE REDUCTION||LOCATION||SIZE||PREVIOUS PRICE||NEW PRICE|
|14 Chicago St.||Rehoboth By The Sea||5bd/4fl ba/2hlf ba||$3,495,000||$3,345,000|
|13 Dagsworthy St.||Scrod Acres||3bd/2ba||$900,000||$850,000|
|8 Venetian Dr.||Seabreeze Dev||4bd/3ba||$1,399,900||$1,250,000|
|31 Hall Ave.||Chancellary||5bd/6fl ba/2hlf ba||$3,250,000||$2,950,000|
|106 Cullen St.||Rehoboth By The Sea||6bd/6fl ba/2hlf ba||$3,395,000||$3,195,000|
|38258 Robinson Dr.||Silver Lake Manor||4bd/3.5ba||$1,325,000||$1,295,000|
|38138 Terrace Rd.||Silver Lake Manor||5bd/4.5ba||$830,000||$824,999|
|205 Jersey St 54 lease @ $12,900 yr||Rehoboth By The Sea||3bd/2ba||$589,900||$574,900|
There were numerous price reductions as sellers adjust for the autumn selling season. The reductions were from all areas of the market. All of these adjustments were very substantial and above your typical price reduction. I’d expect many of these to go to contract in the upcoming autumn selling season.
|CONDOS NEW||BUILDING||SIZE||ASKING PRICE|
|100 Collins Ave.||# 3203 Marina View||1bd/1ba||$380,000|
|102 Anchor Way||#116 Summer Winds||4bd/2.5ba||$1,395,000|
|3 Dickinson (back on market)||# 7AOcean Harbor||4bd/3.5ba||$1,349,000|
Looking for a entry level priced condo? 3203 Marina View offers a 1bd/1ba for $380K. 102 Anchor is a gorgeous bay front townhouse that offers any beach-goer a dream come true. This 1979 4 beds & 2.5 baths, 1,840sq’ offers panoramic views of the bay. The inverted floor plan captures stunning views of the bay as you entertain from the 2nd floor kitchen & family room. Let’s switch over to the ocean. 3 Dickinson is back on the market. This ocean front townhouse is located directly on the beach. This 1987, 4beds & 3 baths, 2,020sq’ will satisfy any investor being that ocean front properties demand the highest in rental incomes.
|CONDOS PENDING||BUILDING||SIZE||ASKING PRICE|
|1301 Coastal Hwy.||#463 Lighthouse Cove||3bd/2.5ba||$1,649,900|
|1301 Coastal Hwy.||#460 Lighthouse Cove||2bd/2ba||$$699,900|
|1301 Coastal Hwy.||#260 Lighthouse Cove||2bd/2ba||$599,900|
|14 Van Dyke St.||#A Ocean Sunset||4bd/3.5ba||$799,900|
|109 Dagsworthy Ave.||#B Rainbow Cove||3bd/2ba||$449,900|
|16 Houston St. (contingencies still active)||#E Waves||4bd/3ba||$949,000|
|20981 Coastal Hwy. (contingencies still active)||#2 Beach Club||3bd/2.5ba||$350,000|
The Lighthouse Cove had three pending contracts equaling one a week since my last Market Watch. That’s tremendous! All three of the units were new construction. 14 Van Dyke unit A is a mid ocean block, 1989, 4 bed & 3.5 baths, 2,160 sq’ home. 109 Dagsworthy unit B was a bay view 1996, 3 bed & 2 bath, 1,080 sq’ unit that was totally upgraded. 16 Houston St. was a mid ocean block, 1996, 4 beds & 3 baths, 2,328 sq’ The unit was the only top floor unit with ocean views. 20981 Coastal Hwy. is located just a couple of blocks north of Dewey. The unit is a 1993, 3 beds & 2 baths, 1,100 sq’. That’s a great price for being this close to the beach!
|CONDOS CLOSED||BUILDING||SIZE||ASKING PRICE||CLOSING PRICE|
|100 Collins Ave||#108 Marina View||2bd/2ba||$695,000||$640,000|
|103 Vista Rd.||#3 Pelican Cove||1bd/1ba||$425,000||$410,000|
|2 Saulsbury St. 7 yr lease @ $1,200yr||#3 Colonial Seas||2bd/2ba||$163,200||$155,250|
Unit 108 Marina View was a direct bay front condo. The unit is a 2005, 2bed & 2 bath, 1,200 sq’. This unit overlooks the marina and has panoramic bay views. 103 Vista Rd #3 Pelican Cove is a mid sixties bay front unit. The 1 bed & 1 ba, 500 sq. unit even comes with it’s own private dock. 2 Saulsbury St is a 1963, ocean front 2 bed & 2 bath, 900 sq’ unit. The condo is a Reho. By The Sea leased land property with seven years remaining @ $1,200. per year.
|CONDOS PRICE INCREASE/DECREASE||BUILDING||SIZE||PREVIOUS PRICE||NEW PRICE|
|109 Dagsworthy St.||#D Rainbow Cove||3bd/2ba||$434,500||$424,500|
|107R Dagsworthy St.||#B Rainbow Cove||3bd/2ba||$399,000||$395,000|
|107 Collins Ave||#501 Cove||4bd/3ba||$589,000||$575,000|
|24 Dickinson Ave.||3* Dewey Villas||1bd/1ba||$387,500||$382,500|
|1301 Coastal Hwy.||#258 Lighthouse Cove||2bd/2ba||$599,900||$614,900|
My seller at 109 Dagsworthy dropped their price $10K this past week. This unit’s recent renovations include new laminate & tile flooring, new paint throughout, new stainless oven & fridge. Priced under market value this unit won’t last with this recent price improvement. My seller at 107R Dagsworthy unit B has reduced their price 2X in the last 3 weeks by $14K. This unit is complimented by hardwood floor throughout, tile kitchen and baths, new hvac…only top floor unit. Bring us an offer! My 3rd listing at #501 Cove with bay views just reduced his price by $14K. The seller will pay the final assessment in full at time of settlement. The entire exterior of the Cove was just totally renovated one year ago and shows like a million dollars. Enjoy the pool or play a little tennis in this bay view community. 24 Dickinson is entry level pricing Where else can you spend $382,500 for a 1bd/1ba ocean block condo. The hardest choice would be do I go to the beach today or do I go to the in-ground pool located on the property??? #258 Lighthouse Cove just increased by $15K. These units have been the staple diet for the condo market in recent years. Current inventory is winding down. Please call me for more information on Lighthouse Cove:)