Dewey Matrket Watch 10/4/19 to 10/28/19
The autumn Dewey market has been very slow. Most of the pending transactions just occurred this past week. There were only 4 pending contracts in the last 5 weeks. The weather was horrible for two of the weekends. Interest rates remain very low. The present inventory consists of 16 single family (fee simple), 31 condos consisting of 25 re sales and 6 new Lighthouse Cove units and 3 single family homes on leased land.
|SINGLE FAMILY NEW||LOCATION||SIZE||ASKING PRICE|
|27 Bedford Ave.||Indian Beach||4bd/3ba||$1,599,000|
|20996 Dodd Ave.||Ann Acres||4bd/2ba||$499,000|
There are two new single family homes that were just added to the inventory. 27 Bedford is a 4 bed/ 3ba, 3000sq’ home located in prestigious Indian Beach. The home is situated on a 108 X 108 lot. This is entry level pricing for this ocean front community. 20996 Dodd Ave in Ann Acres is a 3 bed/2 bath, 1,300sq’ home that’s an easy walk to the beach. This is another entry level priced single family home that’s only a few blocks from the ocean.
|SINGLE FAMILY PENDING||LOCATION||SIZE||ASKING PRICE|
|112 Carolina St. 53 yr lease @ $15,364 yr||Reho. By The Sea||3bd/2fl ba/2hlf ba||$699,900|
|106 Cullen St.||Reho By The Sea||6bd/6fl ba/2hlf ba||$3,195,000|
Single family home prices on RBTS leased land have skyrocketed. 112 Carolina is a 3bd/2fl ba/2hlf ba, 1,400sq’ home completely remodeled. The home has a 53 year lease @ $15,364. yr. The home was only on the market for seven days before it went to contract. 106 Cullen is another prime example of what’s in the future for Dewey. This 6bd/6fl ba/2hlf ba. This home is slightly over 5000sq’ and has every upgrade imaginable. The home rests on a over sized lot and a half (7,500sq’). The future of Dewey is bright!!
|SINGLE FAMILY DECREASE/INCREASE||LOCATION||SIZE||PREVIOUS PRICE||NEW PRICE|
|111 Bellevue St||Dewey Beach||7bd/4ba||$1,490,000||$1,454,900|
|22 Bedford Ave.||Indian Beach||7bd/4ba||$2,100,000||$1,999,500|
|1 & 3 Cullen Ave||Reho By The Sea||12bd/11ba||$11,500,000||$10,999,900|
|23 Saulsbury St 56 yr lease @ $10,818 yr||Reho By The Sea||3bd/2ba||$699,500||$659,900|
|21 Saulsbury St 59 yr lease @ $24,584 yr||Reho By The Sea||7bd/4ba||$469,000||$420,000|
111 Bellevue is a 1999 7 bed/4bath duplex. The duplex home is also being offered as 2 condos. The price reduction of $35K brings the new asking price to $1,454,000. 22 Bedford is a 1999, 7 bed/ 4 bath, 3,224sq’ home in Indian Beach. The owner is getting right to the point with their $100,500 price reduction! 23 Saulsbury is an ocean block, 1964. 3 bed/ 2 bath, 1,222sq’ home. The home is on RBTS leased land and has a 56 year lease @ $10,818 year. This home shows very well and the $39,600 price reduction should get is sold relatively quick! 21 Saulsbury is a leased land property. The property has two homes on one lot. The nice feature is 2 homes on the lot yet your only paying the lease amount of one lot vs 2 lots.
|SINGLE FAMILY CLOSED||LOCATION||SIZE||ASKING PRICE||CLOSING PRICE|
|210 Carolina St. 55 yr lease @ $13,522 yr||Reho. By The Sea||3bd/2ba||$479,000||$479,000|
|308 Carla Ave.||Seabreeze Dev||3bd/3ba||$674,900||$647,000|
|112 Carolina St 53 yr lease @ $15,364 yr||Reho By The Sea||3bd/3ba||$699,900||$715,000|
|316 Salisbury St||Seabreeze Dev||6bd/4.5ba||$2,395,000||$2,395,000|
|14 Palmer Ave||Indian Beach||4bd/3.5ba||$1,900,000||$1,900,000|
210 Carolina is a 1964 cottage from yesteryear. The 3bd/2ba has a 55 year lease @ $13,522 yr Located in the 2nd block of Carolina this home offers a short walk to the beach at a very affordable price. 308 Carla located in the quite neighborhood of Seabreeze closed for $647,000. This 1964 3bd/3ba, 1,760 sq’ home showed very nicely and comes complete with solar panels that generated a nice monthly income by selling the electric. 11 Carolina is a RBTS property. The property has a 53 year lease @ $15,364 yr. The home sold for $715K, $15,001 over asking price. 316 Salisbury St is a water front home on a canal in Seabreeze Dev and sits just off of Rehoboth Bay. The 1964, 5000 sq’ home,6bd/4.5ba comes complete with huge dock and an in ground pool. 14 Palmer is a 1984, 4bd/3.5ba, 2,200sq’ home. The home is situated 3 lots off of the ocean in Indian Beach.
|CONDOS NEW||BUILDING||SIZE||ASKING PRICE|
|2 McKinley St.||#102 Sunspot||2bd/2ba||$650,000|
|107 Collins Ave||#502 Cove||4bd/3ba||$589,900|
2 McKinley unit 102 is a completely renovated (right down to the studs) 2bd/2ba. Nothing overlooked in this renovation. The interior renovation shows as if it was brand new. Too many upgrades to mention them all! Recent exterior renovations of the ocean front building has it shining like brand new. This unit comes complete with excellent ocean views. 107 Collins is located in the Cove. The Cove just had a total exterior renovation. The unit generates a $55K rental income. I have a listing next door #501, same floor plan, similar upgrades and the asking price is $575K. Seller will pay entire remaining assessment at time of settlement.
|CONDOS PENDING||BUILDING||SIZE||ASKING PRICE|
|1301 Coastal Highway||#458 Lighthouse Cove||2bd/2ba||$699,900|
|1406 Coastal Highway||#3B Delano||2bd/2ba||$389,900|
Lighthouse Cove sold another! Inventory is down to the wire. Please contact me for more details on the remaining inventory in this new building complex. 1406 Coastal Highway unit 3B in the Delano has finally gone to contract. The ocean block 2bd/2ba, 879 sq’ was nicely upgraded with tile floors, granite…. This was an entry level priced condo in the ocean block at a very affordable price.
|CONDOS DECREASE/INCREASE||BUILDING||SIZE||PREVIOUS PRICE||NEW PRICE|
|109 Dagsworthy St.||unit D Rainbow Cove||3bd/2ba||$424,900||$419,900|
|111 Bellevue St||#B 111 Bellevue condo||4bd/2ba||$725,000||$699,000|
|111 Bellevue St||#A 111 Bellevue condo||3bd/2ba||$775,000||$749,000|
|126 Read St.||#9 Snug Harbor||2bd/1ba||$384,900||$375,900|
|1904 Coastal Highway||unit D Surfrider||3bd/2ba||$535,000||$515,000|
|24 Dickinson St.||#8A Dewey Villas||1bd/1ba||$382,500||$369,900|
My seller at 109 Dagsworthy unit D just reduced their asking price by another $5K. This makes the asking price UNDER the last CLOSING sale price. Rainbow Cove is the least expensive 3 bedroom condos on the market with the best return for your money. Please contact me to run the numbers with you. 111 Bellevue reduced their asking price $26K on each of the 2 condos in the duplex. These two condos are also advertised as one single family home listed for $1,454,900. 126 Read is an adorable little condo that offer great bay views. Recently reduced by $9K this is an entry level priced two bedroom unit with bay views. 1904 Coastal Highway is located in the popular Surfrider complex. This ocean block complex has great rental histories with lots of family rentals. 24 Dickinson is a 1 bed/1 bath ocean block unit that just reduced their asking price $12,600 bringing it to $369,900.
|CONDOS CLOSED||BUILDING||SIZE||ASKING PRICE||CLOSING PRICE|
|20981 Coastal Highway||#2 Beach Club||3bd/2.5ba||$350,000||$365,000|
|16 Houston St||#E Waves||4bd/3ba||$1,000,000||$800,000|
|109 Dagsworthy||#C Rainbow Cove||3bd/2ba||$449,900||$425,000|
Beach Club #2 on Coastal Highway is located 2 block north of Dewey and offers an in ground pool. The 3 story townhouse is a 3 bed/ 2.5 bath and is a great deal and location for the money. 16 Houston is a mid ocean block, 1996, 4 bed/ 3 bath, 2,328 sq’ top floor penthouse unit. The buyer got a pretty good deal @ $800K!! 109 Dagsworthy unit C is a totally upgraded unit in Rainbow Cove. Tile floors throughout, 42″ custom cabinetry highlighted the home. I have 2 active listings in Rainbow Cove. 109R is highlighted with hardwood and tile throughout, custom paint, new HVAC mechanical and is being offered for $395,000. My 2nd listing is a top floor, cathedral ceilings with bay views. The unit has all new laminate flooring throughout, new HVAC mechanicals, new stainless fridge and oven and all of this comes with a great southern exposure! Asking price is $419,500
|LAND (ENTIRE MARKET)||LOCATION||SIZE||ASKING PRICE|
|1 Clayton||Dewey Beach||50 X 100 ocean front||$2,400,000|
|3 Clayton||Dewey Beach||50 X 100 ocean front||$2,400,000|
|lot 1 Old Bay Rd.||Old Dodds Addition||.61 acre||$499,900|
|lot 26 Fisher St||Dodds Addition||50 X 100||$925,000|
|James A||Silver Lake Shores||13,128 sq’/.3ac||$899,000|
|21 Van Dyke Ave||ocean block||Bell Buoy Motel 16 units+ owners suite||$2,249,000|
|2107A Coastal Highway||Izzy Plaza||924sq’ commercial space||$375,000|
|2107B Coastal Highway||Izzy Plaza||commercial space||$249,750|