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

 

 

COMMERCIAL LOCATION BUSINESS ASKING PRICE
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

 

 

 

 

Dewey Market Watch 9/17/19-10/3/19

SINGLE FAMILY NEW LOCATION SIZE PRICE
123 Chesapeake St. Reho. By The Sea 5bd/3fl ba/2hlf ba $1,699,000
27 Rodney St. Dewey Beach 1bd/1ba $1,100,000
23 Saulsbury St. 55 yr lease @ $10,818 yr Reho. By The Sea 3bd/2ba $699,500
112 Carolina St. 53 yr lease @ $15,364 yr Reho. By The Sea 3bd/2ba $699,900

123 Chesapeake is a 2004, 5bd/3.5ba and is a demonstration of pure elegance. The home is tastefully upgraded with an interior design to kill for and is located on a very peaceful location on Chesapeake. Previously listed with another firm @ $1,825,000 this home was just reduced to $1,699,000. 27 Rodney is a entry level ocean block homesite being offered for $1.1M. Thinking of building? Let your imagination run wild as you draw up your plans for a newly constructed ocean block home:) This property will not last long!! 23 Saulsbury is a Reho. By The Sea property and is a ocean block property. The 1961 3bd/2ba has been meticulously cared for and pride of ownership shows throughout. The property has a 53 year lease @ $10,818 a year . Better hurry before this one goes pending:) 112 Carolina is a 3bd/2fl ba/2hlf ba built in 1961. This home showed like a charm and only lasted 7 days on the market. Thinking of purchasing a single family home in Dewey? A properly priced single family home doesn’t last long in a market that’s short on inventory.  Let me set you up on an automated search so that you can receive any new listings… the very second that it’s listed. Please contact me for more info.

 

SINGLE FAMILY PENDING LOCATION SIZE asking price
210 Carolina St. 55 yr lease @ $13,522 yr Reho. By The Sea 3bd/2ba $479,000
111 Cullen St. Reho. By The Sea 5bd/3fl ba/2hlf ba $2,225,000
13 Dagsworthy St. Scrod Acres 3bd/2ba $850,000
112 Carolina St. 53 yr lease @ $15,364 yr Reho. By The Sea 3bd/2fl ba/2hlf ba $699,900

There were four single family pending transactions in the past two weeks. Two of the properties were fee simple and two were on Reho. By The Sea leased lands. 111 Cullens was built in 2018. This 5 bd/3fl ba/2hlf ba home had every upgrade imaginable. Highlighting the home was the inground pool that surely would be the hit for any event gathering. 13 Dagsworthy was only 2 lots off of the beach. This condominiumized single family home was a member of Scrod Acres which consists of 6 grandfathered homes, no HOA fees! Reho. By The Sea had two pending transactions. Closing prices vary depending on the home and the location of the home site as seen at 112 Carolina (2nd block) vs 210 Carolina (3rd block).

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
200 Chesapeake St. 60 yr lease @ $15K yr Rehoboth By The Sea 5bd/3ba $624,500 $618,000

200 Chesapeake is a Reho. By The Sea property. The property had a brand new 60 year lease at $15K a year. This property was sold in only 7 days! Chesapeake street is one of the most sought after streets in Dewey due to it’s easy walk into Rehoboth that’s quietly nestled between the two resort towns. 

 

SINGLE FAMILY PRICE REDUCTION LOCATION SIZE PREVIOUS PRICE NEW PRICE
135 Chesapeake St. 29 yr lease @ $4,186. yr Reho. By The Sea 6bd/3ba $849,000 $825,000

This is another fine example of a Reho. By The Sea property. Overlook Lake Comegy’s, walk to Rehoboth, walk into Dewey! Nice! Comes with a 29 year lease at $4,186 a year with minimal lease increases. Please contact me for more information and a showing of this property:)

 

CONDOS NEW BUILDING SIZE ASKING PRICE
100 Collins Ave. #204 Marina Views 1bd/1ba $378,900

Looking for a entry level priced condo in the Marina Views? This 1bd/1ba unit comes with all of the upgrades stainless appliances, granite tops, hardwood and tile floors… This unit is affordable enough to purchase for personal use but would also be considered a nice entry level rental investment.

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
38170 Robinson Dr #1 Robinson Square 2bd/2.5ba $320,000

Unit #1 Robinson Square is a 2bd/2.5ba built in 1983, 950sq’ and is located just north of Dewey. Originally listed at $345K the owner reduced the price 4X and the unit sold in 602 days on the market. 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
1301 Coastal Hwy #403 Lighthouse Cove 3bd/3ba $925,000 $925,000
14 Van Dyke St. Ocean Sunset 4bd/3.5ba $799,000 $779,000
1701 Coastal Hwy #N302 Opal 1bd/2ba $325,000 $320,000

Unit #403 is a 3bd/3ba top floor penthouse unit in Lighthouse Cove. Inventory for the Lighthouse Cove is in the last phase and inventory is dwindling down. Please contact me for a list of the remaining inventory. 14 Van Dyke St. is a 1989, 4bd/3.5, 2100 sq’ mid ocean block unit located in Ocean Sunset. The unit sold in only 19 days. The ocean block inventory is extremely low thus resulting in a quick sale. Unit #302 in the Opal is entry level pricing for a 1 bedroom unit in Dewey. The 2008, 1bd/2ba unit, 821sq’ originally listed for $370K and performed a couple of price changes resulting in a sale at market value.

 

CONDOS PRICE REDUCTION BUILDING SIZE PREVIOUS PRICE NEW PRICE
38170 Robinson Dr. #1  Robinson Square 2bd/2.5ba $324,000 $320,000

This unit just reduced the price on 10/2 and it resulted in a ratified contract the following day.

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:)

 

Dewey Market Watch 7/16/19 to 8/15/19

Summer is winding down. It was a good 3-4 weeks in the Dewey Market. There were nine pending transactions this month and that’s great for this time of the year. There were seven new listings to replace the nine that just sold. Interest rates are at 3.750% going into the autumn selling season. Should be a good one!!!

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
36 Collins St. Indian Beach 4bd/1,5ba $1,435,000
38189 Terrace Rd Silver Lake Manor 2bd/2ba $1,195,000
123 Chesapeake St (BOM) Reho. By The Sea 5bd/3fl ba/2hlf ba $1,875,000
200 Chesapeake St 60 yr leasehold @ $15K yr Reho. By The Sea 5bd/3ba $624,500

There’s four new single family home listings to help bolster the inventory in Dewey and the surrounding communities. Presently there’s 12 active (fee simple) single family homes on the market in Dewey. The Forgotten Mile to include Killens Addition, Dodds Addition & Silver Lake Manor has six homes presently listed. Indian Beach is looking good and has three listings and the chancellary has one. Ann Acres has one active listing so overall the inventory isn’t all that bad for single family homes!! Are you thinking of possibly selling after the rental season? Our autumn season is usually pretty strong. Please contact me for a free, no pressure market analysis!

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
116 McKinley Ave Dewey Beach 3bd/2ba $663,000
1600 Bayard Ave. Dewey Beach 3bd/2ba $795,000
308 Carla Ave  Seabreeze Dev 3bd/3ba $674,900
200 Chesapeake  RBTS 60 yr leasehold @ $15K yr Reho By The Sea 5bd/3ba $624,500

There were four pending contracts for single family homes in the previous three weeks. That’s a very good number. Typically in a good market, usually springtime you’ll see two transactions a week (condos included). August is one of the slow months due to vacations, back to school and buyers anticipating the new autumn listings. The inventory is stable and interest rates for 30 year fixed and jumbo loans are hovering in the 3.750%. I anticipate a strong autumn season!!

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSING PRICE
23 Carolina  St RBTS 56 yr leasehold @ $23,782 Reho. By The Sea 4bd/2ba $465,500 $465,500
2002 Bayard Ave. Reho. By The Sea 3bd/2ba $460,000 $440,000

Strong closing numbers for both properties. 23 Carolina sold for the full asking price of $465,500 in only three days. 2002 Bayard sold $20K off of the asking price. The home went to contract in only seven days. Reho. By The Sea leased land properties have been selling tremendously fast. Please contact me for a updated market analysis to educate you with all of the Reho. By The Sea properties. The autumn season is just a few weeks away. It’s a great time to list after the rental season!!

 

SINGLE FAMILY INCREASE/DECREASE     LOCATION SIZE PREVIOUS PRICE NEW PRICE
135 Chesapeake St RBTS 29 yr leasehold @ $4,186. yr Reho. By The Sea 6bd/3ba $874,000 $849,000
13 Dagsworthy St. Scrod Acres 3bd/2ba $950,000 $900,000
205 Jersey St RBTS 54 yr leasehold @$12,900 yr Reho. By The Sea 3bd/2ba $590,000 $589,900
38175 Robinson Dr. Silver Lake Manor 4bd/5fl ba/1hlf ba $874,900 $849,900
30 Beach Ave. Indian Beach 3bd/2ba $1,350,000 $1,295,000
123 Chesapeake St Reho By The Sea 5bd/3fl ba/2hlf ba $1,875,000 $1,825,000

There were six single family price changes. That provides six opportunities to be the next active transaction. Five of the six reductions were very significant and should generate a bit of activity. My top pick would be 13 Dagsworthy St. The condominiumized stand alone single family has tons to offer to the person with a little imagination. Location, location, location!!

 

CONDOS NEW BUILDING SIZE ASKING PRICE
107R (rear building) Dagsworthy St unit B Rainbow Cove 3bd/2ba $409,000
14 Van Dyke St unit A Ocean Sunset 4bd/3.5ba $799,900
109 Dagsworthy St unit C Rainbow Cove 3bd/2ba $449,900

There are three new listings to add to the condo inventory. The 1st listing is my new listing in the Rainbow Cove. The unit is in a 3 unit building and is the only top floor unit that provides plenty of privacy and sunshine. The unit is totally upgraded, personal use and turn key ready for your enjoyment. The 2nd listing is a mid ocean block listing in Ocean Sunset. This unit shows very, very well. A 2nd new listing in the Rainbow Cove. Unit 109 Dagsworthy unit C is an upgraded unit that shows very well. Who wants a Rainbow Cove unit? There are three nice listings to choose from. Call me and let’s review the carrying costs vs rental income

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
2 Saulsbury St RBTS 7 yr leasehold @ $1,200. yr  #3 Colonial Seas 2bd/2b $163,000
1701 Coastal Hwy. #N302 Opal 1bd/2ba $325,000
100 Collins Ave #108 Marina Views 2bd/2ba $695,000
103 Vista Rd. #3 Pelican Cove  1bd/1ba $425,000
1301 Coastal Hwy. (active/under contract) #401 Lighthouse Cove 3bd/3ba $1,099,000

There were five pending contracts in the condo market in the last three weeks. These are strong numbers for this time of the year. If you couple these numbers with the single family home numbers then we realize nine pending contracts in the last three weeks and that well above the normal 2 transactions per week. As mentioned in my single family review, I’d credit this brisk activity to the record low interest rates that are presently available. It’s a good time to buy and a great time to sell!!

 

CONDO CLOSED BUILDING SIZE ASKING PRICE CLOSING PRICE
119 Collins Ave #214 Marina Views 1bd/1ba $415,000 $385,000
102 Bayside Ct unit 20 Bayside Ct 4bd/3.5ba $540,000 $540,000
1301 Coastal Hwy unit 401 Lighthouse Cove 3bd/3ba $1,099,000 $982,500

The going price for a Marina View condo is $385K. Prices will vary depending upon location of the unit within the building. 102 Bayside Ct. was a bankruptcy sale and was aggressively priced for a quick sale. The Lighthouse Cove project is nearing completion. Bay front with bay and ocean views with outdoor pool and amenities are all included for $982,500 in the resale of unit 401. The next issue of Dewey Market Watch should have the closings of the above pending transactions above. It’ll give us a good value on the market with the upcoming autumn selling season.

 

CONDO INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
109 Dagsworthy St unit D Rainbow Cove 3bd/2ba 439,500 $434,500
38170 Robinson Dr.  Robinson Square 2bd/2fl ba/1hlf ba $329,000 $324,000
100 Collins Ave #104 Marina Views 1 bd/1ba $387,500 $375,000

My sellers at 109 Dagsworthy unit D Rainbow Cove just reduced their asking price by $5K. The unit has new laminate throughout, new paint, new stainless oven & refrigerator. Shows great! Bring me an offer! 38170 Robinson just dropped their asking price by $5K. The new asking price is $324,900 which is very affordable housing for so close to the beach. !00 Collins aggressively dropped their asking price by $12K. I’m betting that unit will be pending by my next market Watch update!

 

COMMERCIAL LOCATION BUSINESS ASKING PRICE
2107 Coastal Hwy Izzy Plaza 924sq’ retail space $375,000
21 Van Dyke St. Bell Buoys Motel ocean block 16 unit motel $2,249,000

 

 

LAND LOCATION SIZE ASKING PRICE
1 Clayton St ocean front 50 X 100 $2.4M
3 Clayton St ocean front 50 X 100 $2.4M
1 Old Bay Rd. Ann Acres .65 ac $499,900
29 Rogers Ave. Ann Acres 6,631 sq’ $324,900
lot 26 Fisher St Dodds Addition 50 X 100 $925,000
38390 F Benson St. killens Addition 50 X 100 $574,900

Lots of lots!!! I can’t remember when there were this many lots on the market at one time. All areas represented to include Dewey, Dodds & Killens Additions and Ann Acres. Variety and choice that offers a variety of price ranges. Looking to build? Please contact for more information on any of these resort lots!!

 

 

Dewey Market Watch 5/26/19 thru 7/15/19

Happy summer!! Ahhh I can’t say that enough:) I think that will be my opening line until Labor day:) The 2019 summer season is in full strength. A good time was had by all who attended the Running of the Bull and the 4th of July festivities. The market has been as hot as the weather! There’s eight new single family homes that have been listed in the last six weeks along with six new condo listings. There were seven condo sales and four single family home sales within the six week period. The average amount of sales per week is two for this time of the year so we’re right on target for a nice summer:) Interest rates are hovering at an incredible 3.750% so it’s a good time to buy and a good time to sell:)

 

SINGLE FAMILY NEW LOCATION  SIZE ASKING PRICE
123 Chesapeake (back on market) Rehoboth By The Sea 5bd/3fl ba/2hlf ba   $1,875,000
106 Cullen St. Rehoboth By The Sea 6bd/6fl ba/2hlf ba   $3,395,000
103 Clayton St. Rehoboth By The Sea 3bd/2ba            $725,000
116 McKinley St Dewey Beach 3bd/2ba  (3,999 sq’ lot) $663,000
13 Dagsworthy St Scrod Acres 3bd/2ba $950,000
14 Chicago St Rehoboth By The Sea 5bd/4fl ba/2hlf ba $3,495,000
39 Beach Ave Indian Beach 3bd/2ba $1,350,000
38258 Robinson Dr Silver Lake Manor 4bd/3.5ba $1,325,000

Look at all of this fresh fee simple single family inventory! Prices in north Dewey are on the rise. New construction is starting to be included in our everyday market place. 14 Chicago, 106 Cullen and Fisher St in Dodds Addition are all prime examples of the future of Dewey Beach.

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
118 Chicago St. 58 yr lease @ $17,356yr Rehoboth By The Sea 3bd/2ba 1,600 sq’ $439,000
116 Jersey St 58 yr lease @ $18Kyr Rehoboth By The Sea 4bd/2.5 ba  1,400 sq’ 485,000
103 Clayton St. Rehoboth By The Sea 3bd/2ba $725,000
23 Carolina St. RBTS leasehold @ $23,782yr Reho. By The Sea 4bd/2ba $465,500

Rehoboth By The Sea has been selling like hot cakes. The three properties with leased land all have one of the newer leases. I listed 103 Clayton St (fee simple) and we closed it on the 4th of July (listed only 11 days) to one of the 1st people who viewed it. The increased inventory hopefully will reflect a good 2nd half of 2019. Single family homes are selling!!!!

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSING PRICE
118 Chicago St RBTS 58 yr leasehold @ $17,356yr Reho. By The Sea 3bd/2ba  $439,000 $439,000
20591 Fisher St. Dodds Addition 5bd/4.5ba $1,395,000 $1,350,000
38285 Blackstone Ave  Silver Lake Manor 4bd/4fl ba/2hlf/ba $$1,795,000 $1,620,000

118 Chicago just closed for full asking price. The quaint little beach cottage showed very well and pride of ownership showed throughout. The closing on Fisher St in Dodds Addition is just another fine example of new construction. The buyer of Blackstone Ave will surely enjoy the peace and quite that the whole street enjoys. Many people don’t even know that Blackstone exists, it’s one of those hidden treasures. 

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE  PREVIOUS LIST PRICE NEW ASKING PRICE
1600 Bayard Ave.  Dewey 3bd/2bs $799,000 $795,000
38175 Robinson Dr. Silver Lake Manor 4bd/5.5ba 2,340 sq’ 899,900 $874,900
8 Venitian Dr SeaBreeze Dev 4bd/3ba $1,449,900 $1,399,900
31 Hall Ave Chancellary 5bd/6fl ba/2hlf ba $3,690,000 $3,295,000
205 Jersey St RBTS 54 yr leasehold @ $12,900yr Reho By The Sea 3bd/2ba $629,900 $590,000

There were 5 nice price reductions in the single family home market. Significant reductions should get the ball rolling on most of the properties. Leading the pack is the huge price reduction of $395K at 31 Hall, followed by a $50K reduction at 8 Venitian, $39K reduction at 205 Jersey and a $25K reduction at 38175 Robinson. There’s nothing wrong with trying the market but sellers must realize that once these properties sell they have to appraise. Appraisals have been difficult lately so it’s a fact that has to be considered when properly pricing a property.

 

CONDOMINIUMS NEW BUILDING SIZE ASKING PRICE
35 Rodney St.  #2 Dewey Beach Dev 4bd/3.5ba  $1,149,000
24 Dickinson St. #8A Dewey Villas  1bd/1ba  800 sq’ $387,500
35 Rodney Ave. #1 Dewey Beach Dev 4bd/3.5ba $1,149,999
1609 Coastal Highway  #S207 Opal 2bd/2ba $378,000
2 McKinley Ave #105 Sun Spot 2bd/1.5ba $688,000
100 Collins Ave. (BOM) #108 Marina Views 2bd/2ba $695,000

Variety and choice is available with the six new condo listings. Five different buildings to choose from and includes all various price levels. The new ocean front listing in the Sun Spot is the 1st 2bed ocean front building that I’ve seen in a while. All remediation in the Sun Spot has been completed and the building now shows very well.

 

CONDOMINIUMS PENDING BUILDING SIZE ASKING PRICE
2 McKinley St #207 SunSpot 1bd/1ba $399,000
1301 Coastal Highway #263 Lighthouse Cove 3bd/2.5ba $1,049,000
102 Bayside Ct  #20 Bayside Court 4bd/3.5ba $540,000
1301 Coastal Highway #462 Lighthouse Cove 3bd/2.5ba $1,499,000
1301 Coastal Highway #403 Lighthouse Cove 3bd/3ba $925,000
119 Collins Ave #214 Marina View 1bd/1ba $410,000
103 Vista Rd #3 Pelican Cove 1bd/1ba $425,000

Lighthouse Cove leads the condo sales as three units went pending since my last update. The Lighthouse Cove inventory is dwindling down. Presently there are 32 condos on the market. Six of the units are the new Lighthouse Cove units and 26 units are re sales. Lots of choice in the re sales. Thinking of purchasing a condo? Please call me for a no hassle education of the condo market.

 

CONDOMINIUMS CLOSED BUILDING  SIZE ASKING PRICE CLOSED PRICE
100 Van Dyke St. #205 Cove 2bd/1ba $344,000 $330,000

There was only one condo closing since my last update six weeks ago. This is a direct result of the slow May market. This unit is a nice entry level priced condo in the Cove. The Cove just realized major renovations to the exterior and has given the community a whole new face lift.

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS LIST PRICE NEW ASKING PRICE
119 Collins Ave #214 Marina Views 1bd/1ba $415,000` $410,000
1701 Coastal Hwy #N302 Opal 1bd/2ba $350,000 $325,000
100 Van Dyke St #201 Cove 2bd/1ba $349,000 $339,000

There were only three condo price reductions for this update. The last closing for a 2bd/1ba in the Cove (see closings above) was for $330K. The asking price of unit #201 is $339K. I’d say unit #201 is the next to go! Got an interest? Please contact me for a private showing.

 

COMMERCIAL BUSINESS LOCATION ASKING PRICE
2107A Coastal Hwy. #C8 Izzy Plaza 924 sq’ commercial space $375,000
21 Van Dyke St Bell Buoy Motel ocean block $2,249,000

 

LAND ALL LISTINGS LOCATION  SIZE ASKING PRICE
7 Clayton St (PENDING) one lot off ocean 50 X 100 $1,400,000
3 Clayton St ocean front 50 X 100 $2,400,000
1 Clayton St ocean front 50 x 100 $2,400,000
lot 1 Old Bay Rd Ann Acres .65ac $499,900
lot 29 Rogers Ave Ann Acres .15ac $324,900
38390 F Benson (PENDING) Dodds Addition 50 X 100 $574,900

Lots are selling! 7 Clayton, one off the ocean has finally gone to contract. I always thought that this sale would make sense in today’s market. I’m sure that the home will exquisite just as any ocean block home would. I’m anxious to see the results! The lot on F Benson St went to contract in only 11 days.  There are two nice affordable lots in Ann Acres along with the two ocean front lots on Clayton St. Please call for more details:) 

Dewey Market Watch 4/24/19 to 5/26/19

Summer is now officially open!!!! Memorial weekend was splashed with some wonderful sunshine and gorgeous weather. The Dewey market has been soft this past month. Interest rates remain a staggering low 4.125% for a 30 year fixed and 4% for a jumbo loan. I don’t think that you’ll see it any lower than that:) The condominium inventory is extremely low and sure could use a boost with some new inventory. 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING  PRICE
8 Rodney Ave town of Dewey 9bd/7fl ba/2hlf ba $2,885,000
16 New Orleans St  BOM Reho. By The Sea 5bd/3.5ba $1,250,000

Looking for a duplex? Look no further! 8 Rodney located only three lots off of the beach. This magnificent home was built in 2004 and offers 6,800sq’ of upgraded living space. Separate entrances and elec meters, separate kitchens…. Rent one unit and use the other! Perfect family compound! $100K in estimated rental income makes this deal even sweeter:) 16 New Orleans is back on the market. Lot value alone for this mid block property is a cool $1M. This property has an in law suite and is perfect for additional income or again a perfect family compound. Rental income for this mid ocean block is $50K. Please contact me for more information on these two ocean block offerings.

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
2002 Bayard Ave Reho. By The Sea 3bd/2ba $460,000
38285 Blackstone Ave Silver Lake Manor 4bd/4fl ba/2hlf ba $1,690,000

2002 Bayard is a 3bd/2ba home situated on a half lot. This is entry level pricing for single family in town Dewey. This 1979, 1,200 sq’ home sold in only seven days. This is an excellent purchase and is affordable enough to use as a rental investment or personal use! 38285 Blackstone is a charmer. The home rests on a quarter acre lot that a quick stroll into Rehoboth and all of the resort activities. the 2,850sq’ home built in 2007 comes complete with roof top decks, elevator,  brazilian & hickory flooring and the upgrade list could go on and on forever!

 

SINGLE FAMILY CLOSED LOCATION     SIZE  ASKING PRICE CLOSED PRICE
1 McKean Ave Indian Beach 5bd/4.5ba $4,900,000 $4,433,333
119 West St 60 yr lease @ $15K yr Reho By The Sea 3bd/2ba $279,000 $260,000
204 Salisbury St Seabreeze Dev 3bd/3ba $1,995,000 $2,050,000

There were two upscale closings this month. 1 McKean is about as good as it gets for a home from yesteryear. This home was built in 1948 and is situated on a .33ac ocean front lot This 1948 home boasts 3,650sq’ of living space which was probably a mansion in the late 40’s:) The 2nd closing was at 204 Salisbury. Many people don’t even know of these two tiny canals that adorn the rear of the Seabreeze Dev. Sit back and observe Dewey’s summer activities from the peacefulness of the community Seabreeze Dev. Jump in your boat in the back yard and enjoy all of our natural resources. This quiet community has a Rehoboth mailing address and thus follows county and hoa guidelines. Take a good look at 119 West! I don’t think that you’re going to see anymore Reho. By The Sea properties with a re negotiated lease sell for this low of a price. The purchaser of this property surely got a great deal for $260K!

 

SINGLE FAMILY DECREASE/INCREASE LOCATION     SIZE PREVIOUS  PRICE NEW ASKING PRICE
38189 Terrace Rd Silver Lake Manor 2bd/2ba $1,445,000 $1,295,000
38175 Robinson Dr Silver Lake Manor 4bd/5.5ba $949,900 $899,900
13 Dagsworthy St #13 Scrod Acres 3bd/2.5ba $1,025,000 $999,000
135 Chesapeake St Reho. By The Sea 6bd/3ba $949,000 $899,000
102 West St 57 yr lease @$19K yr Reho. By The Sea 6bd/2.5ba $599,900 $549,000

There were 11 price reductions this month for single family and condos and that’s a lot. ALL of the above realized significant reductions from $25K up to $150K. My seller at 13 Dagsworthy just dropped $25K off of their asking price. This single family/condominiumized home shares a double lot with five other homes. NO hoa fees, minimal restrictions and you maintain your home only. All outdoor ground is maintenance free common area. Buy the home as is it was a condo but realize the comforts of a single family home. The asking price was determined from condo comps not single family!!! My seller just reduced their asking price at 102 West by $50K. This is a great rental property. Previously the home boasted a $67K income but the owner blocked out key summer weeks to enjoy the property themselves. Rental income last year was $53K with a potential of $70K if it was rented to the max:) The Forgotten Mile had two nice reductions. 38175 Robinson sweetened their asking price by reducing $50K to $949,900. 38189 Terrace dropped their price by a whooooping $150K. 135 Chesapeake is a leased land property in Reho. By The Sea. I really can’t believe that this home is still on the market. The home has a 29 year lease at $4,186 a year. Better hurry this home won’t last!!

 

CONDOS NEW BUILDING     SIZE ASKING PRICE
1609 Coastal Hwy #402 Opal 2bd/2ba $425,000
16 Houston St #E Waves 4bd/3ba $1,000,000
2 Saulsbury St 7 yr lease @ $1,200. yr BOM #3 Colonial Seas 2bd/2ba $163,200

There were two new one floor condos listed this week. A 2bd/2ba unit in the Opal adds to the low inventory for resales. This 4th floor unit is being offered for $425K.  16 Houston is a 4bd/3ba 2,328sq’ mid ocean block condo.  This rarely offered top floor unit with elevator has absolutely beautiful ocean views. Wn’t last long!!

 

CONDOS PENDING BUILDING     SIZE ASKING PRICE
16D Rodney Ave #9 Emerald Shoals 4bd/3ba $749,000
20950 Ann Ave Ocean Dunes 3bd/2.5ba $439,900

Minimal inventory has hurt the number of sales in the condo market 16D Rodney in Emerald Shoals showed very nicely. The unit was a little dated but in excellent, excellent condition. 20950 Ann Ave in Ocean Dunes sold in only two days. It must be the entry level pricing for these units and the location (easy walk to beach) that produces a sale every time in a very short time frame.

 

CONDOS CLOSED BUILDING     SIZE ASKING PRICE CLOSING PRICE
2003 Bayard Ave Baystrand3 3bd/2ba $489,000 $475,000
1301 Coastal Hwy #350 Lighthouse Cove 2bd/2ba $549,900 $542,500
1301 Coastal Hwy #355 Lighthouse Cove 2bd/2ba $559,900 $571,000

2003 Bayard Ave in the Baystrand sold in only 14 days. Due to the low inventory if a property is properly priced it will sell in a very short time frame. There were two more closings in the Lighthouse Cove. Inventory for this newly constructed complex is dwindling. Lighthouse Cove has been the staple for the condo market in the last 3-4 years.

 

CONDOS DECREASE/INCREASE BUILDING SIZE PREVIOUS PRICE NEW ASKING PRICE
109R Dagsworthy St #C Rainbow Cove 3bd/2ba $354,000 $349,000
1301 Coastal Hwy #401 Lighthouse Cove 3bd/3ba $1,290,000 $1,147,000
119 Collins Ave #214 Marina View 1bd/1ba $419,900 $415,000
100 Van Dyke St #201 Cove 2bd/1ba $359,000 $349,000
1406 Coastal Hwy #3B Delano 2bd/2ba $399,900 $389,900
1701 Coastal Hwy (increase) #302 Opal 1bd/2ba $350,000 $340,000

There were six price reductions this month as sellers try to benefit off of the last of the spring selling season. My seller at 109R unit C has reduced the asking price to $349,000. If you put 20% down and finance 80% then the rental income will carry the full annual carrying costs. Summer rentals in place. Purchase now to realize this summer’s rental income. Please contact me for a full assessment of this great Dewey investment!

 

COMMERCIAL (ALL LISTINGS) BUSINESS   ASKING PRICE
2107 Coastal Hwy #C8 Izzy Plaza  924 sq’ commercial space $375,000
21 Van Dyke Ave Bell Buoy Hotel 16 room hotel + owners suite $2,249,000

 

 

LAND (ALL LISTINGS) LOCATION SIZE ASKING PRICE
lot 1 Clayton St ocean front 50 x 100 $2,400,000
lot 3 Clayton St ocean front 50 x 100 $2,400,000
lot 7 Clayton St one lot off ocean 50 x 100 $1,400,000
lot 29 Rogers Ave Ann Acres 6,631sq’ over sized $324,900
lot 1 Old Bay Rd Ann Acres .65ac $499,900

Featured lots this month are the two lots from the old Dodd farm. Lot 29 Rogers and lot 1 Old Bay Rd. are what remains from the old farm. Both of the lots are over sized and lot 1 Old Bay has one of the barns from the farming practice many years ago. The lots are both in Rehoboth and follow county & community deed restriction guidelines. Both lots are at the end of each of their road so no thoroughfare. These lots are very private yet still a very easy walk to the beach. Please contact me for more details:)

 

 

Dewey Market Watch 3/23/19 to 4/23/19

The market has been a little slow for this time of the year. During the last month there were four new fee simple single family homes listed and only two new condo listings. The alarming number of only two pending condo contracts and zero sales in single family for an entire month is of concern. Typically this time of the year the market will observe two sales per week during the peak spring selling season. The inventory for single family homes is comfortable but inventory for condos is down. I expect the month of May to be a strong month for sales. Presently interest rates are 4.00% for a 30 year fixed. Jumbo rates are the same at 4%. Super rates to purchase an investment! Everybody loves bacon!!! This weekend 4?26-4/28 is baconfest in Dewey. A springtime favorite event so be sure to stop by and sample some extravagant bacon treats!!

 

 

SINGLE FAMILY NEW COMMUNITY         SIZE ASKING PRICE
 1600 Bayard Ave  Dewey Beach  3bd/2ba  $799,000
 38217 Robinson Dr  Silver Lake Manor 5bd/4ba  $1,395,000 
 8 Venitian Dr. Seabreeze Dev  4bd/3ba  $1,449,000 
 308 Carla Dr Seabreeze Dev  3bd/3ba  $674,900 

There are four new listings to add to the single family inventory. Presently there are 14 fee simple single family homes listed for sale. The 1st new listing is 1600 Bayard Dr. This quaint rancher has been upgraded on the interior and shows very nicely. The 2nd listing on Robinson Dr. is new construction. This 5bd/4ba home is being constructed on a slightly over sized 5,898sq’ lot. Priced at $1,395,000 this will be the future of the Forgotten Mile! The 3rd listing is my favorite. 8 Venetian is a canal front home in Seabreeze. Many people don’t even know that there are canals with water front homes in this quiet neighborhood. RARELY offered this property will not last long! Please call for more details. The 4th listing is an entry level priced home in Seabreeze. This well cared for 3bd/3ba was totally renovated in 1987 and is situated on a 1/4 acre lot.

 

SINGLE FAMILY PENDING COMMUNITY         SIZE ASKING PRICE
 N/A N/A  N/A  N/A

 

 

SINGLE FAMILY CLOSED COMMUNITY         SIZE ASKING PRICE CLOSING PRICE
 107 Clayton St. Reho. By The Sea  4bd/2ba  $699,000  $660,000 
 20 Carolina St 58 yr lease @ $24,975 yr  Reho. By The Sea  3bd/2ba  $450,000 $440,000 

My listing at 107 Clayton closed for $660K. This 4bd/2ba beach cottage will be the new entry level pricing for the fee simple single family homes in the Dewey market. The Rehoboth By The Sea leased land properties remains strong. This mid sixties 3bd/2ba beach cottage with a newer 58 year lease has been meticulously cared and realized a closing price of $440K.

 

SINGLE FAMILY INCREASE/DECREASE COMMUNITY         SIZE PREVIOUS PRICE NEW PRICE
13 Dagsworthy St. #13 Scrod Acres 3bd/2ba $1,049,000 $1,024,999
 27 Chesapeake St. Reho. By The Sea  6bd/3.5ba   $2,785,000 $2,595,000 
 25 Chesapeake St. Reho. By The Sea  7bd/3.5ba  $2,785,000  $2,595,000 
38175 Robinson Dr.  Silver Lake Manor  4bd/5.5ba  $969,900  $949,900 
7 Houston St. Reho. By The Sea 5bd/4fl ba/2hlf ba $2,225,000 $2,125,000
21162 Andrew Ave. Ann Acres 5bd/3.5ba $1,675,000 $1,625,000
31 Hall Ave. Chancellery 5bd/6fl ba/2hlf ba $3,900,000 $3,690,000

There were seven significant price reductions. The 1st reduction is on my listing at 13 Dagsworthy St. This condominiumized fee simple single family home just reduced their price by $25K. The new asking price is $1.024,999. Located just behind the life saving station, enjoy a single family home for the price of a condo. No HOA/condo dues. Ocean views to die for!! The 2nd and 3rd listings are on Chesapeake. These two lake front homes have reduced their asking price by $200K each. Rarely offered these mid sixties homes offer the charm of yeasteryear and the upgrades that you’d expect of a home of this magnitude. panoramic lake views !!! 7 Houston dropped their price from $2,225,000 to $2,125,000. This 5bd/4fl ba/2hlf ba boast 3,500 sq’ of living space. Located only 100 feet from the ocean this home comes with ocean views and ocean breezes.The listing at 21162 Andrew Ave reduced their asking price by $50K. This 2011, 5bd/3.5ba, 2,700sq’ home is priced at $1,625,000 and the sunsets and bay views are free!!! When only the best will do! 31 Hall has reduced their asking price by $210,000. Ocean & bay views adorn this 2011, 5bd/6fl ba/2hlf ba, 6,413sq’ home. Enjoy the unobstructed views of the State park that sits to the rear of this property.

 

CONDOS NEW BUILDING         SIZE ASKING PRICE
 100 Van Dyke St #100 The Cove  2bd/1ba $344,000 
2009 Bayard Ave #205 Cajun Cove 2bd/2ba $595,000

There were only two new listings in the last 3-4 weeks. The 1st listing is an entry level price 2bd/1ba in the Cove. The Cove just totally renovated the exteriors of the entire complex providing years of enjoyment. The 2nd listing is 2009 Bayard Ave. unit #205. This unit is a bay front 2bd/2ba unit. The interior shows like a model. Bay front units are rarely available so I don’t expect this unit to last very long.

 

CONDOS PENDING BUILDING         SIZE ASKING PRICE
 1301 Coastal Highway #262 Lighthouse Cove   3bd/2.5ba $1,049,900
 1301 Coastal Highway #350 Lighthouse Cove 2bd/2ba  $599,900 

Lighthouse Cove saves the day again! These two recent sales include a water front unit in the new building that presently under construction. This is the last building to be released for the Lighthouse Cove. Inventory will begin to dwindle so better hurry if you have an interest in new construction!!

 

CONDOS CLOSED BUILDING          SIZE ASKING PRICE CLOSING PRICE
 22 McKinley St. #A Summerset  2bd/1ba  $389,000  $365,000 
 100 Collins Ave. #301 Marina Views  1bd/1ba  $394,000  $390,000 
1301 Coastal Highway #453 Lighthouse Cove 2bd/2ba $619,900 $619,900

The closing at 22 McKinley is the cheapest that I’ve seen in the ocean block. These cool little units are perfect little rentals or affordable enough to use personally. The only downfall of this community is lack of assigned parking. The 2nd closing is a 1bd/1ba in the Marina Views. This unit was the largest 1bd/1ba unit. It has 1,090sq’ living space with bay views thus the $390K closing price. Unit #453 In the Lighthouse Cove was one of the models. The unit came upgraded and fully furnished and closed at the full asking price of $619,900

 

CONDOS INCREASE/DECREASE      BUILDING          SIZE      PREVIOUS PRICE             NEW PRICE
109 Dagsworthy St. #D Rainbow Cove 3bd/2ba $459,000 $439,000
2 Saulsbury St. RBTS 7 yr lease @$1,200. yr #3 Colonial Seas 2bd/2ba $165,000 $152,000

My seller has reduced their price in the Rainbow Cove by $20K. This unit has fresh paint, new laminate flooring, new stainless  refrigerator, and stove. Must see to appreciate. Great southern exposure with bay views and picturesque sunsets. The owner of unit #2 in Colonial Seas has reduced their price by $13K. The unit is a Reho. By The Sea leased land property. There are seven years remaining at $1,200. annually. Rental incomes average $25K to $32K depending on location of the unit. This purchase could be a quick investment for the savvy landlord. Please call me to run the numbers to see if this property will work for you.

 

COMMERCIAL (ALL LISTINGS) BUSINESS   ASKING PRICE
 2107 Coastal Highway  #A Izzy Plaza 924sq’ commercial space  $375,000
 21 Van Dyke St.  Bell Buoy Inn 16 units plus owners suite  $2,249,000

Own a piece of Dewey history! Bell Buoy Inn is on the market. A full accounting is available upon request for this 16 room ocean block motel. How often does an ocean block motel become available? Rare offering! Please contact me for more details. A commercial end unit is available in Izzy Plaza. Present lease must be honored. Call for more info!!

 

LAND (ALL LISTINGS) COMMUNITY LOCATION ASKING PRICE
 Rogers Ave Lot #1 Ann Acres  end of cul de sac on Rogers Ave.  $325,000 
 1 Clayton St. Reho. By The Sea  ocean front $2,400,000 
3 Clayton St. Reho. By The Sea ocean front $2,400,000
7 Clayton Reho. By The Sea 1 lot off ocean $1,400,000

We have a new lot listing in Ann Acres. This lot is at the very end of Rogers Ave. so there’s no thoroughfare. This is a very private lot that was divided from the old Dodd farm. This lot was previously priced at $425K a couple of years ago so presently priced at $325K this lot will not last. GREAT investment! GREAT home site. Please call me for more details. TIME IS OF THE ESSENCE before it’s too late!

Dewey Market Watch 2/27/19 to 3/19/19

Spring has sprung!! Thank you St Patty for bringing dewey to life in 2019! The ospreys and migrating shorebirds are arriving daily. Daytime temps are warming up. Life is good in Dewey!!! The real estate market is in full gear. There were four single family home sales and three condos that went pending in the last 20 days. That’s a very strong number for a short time. Look for the spring selling season to get stronger as the weather warms a little and the weekends get busier. Inventory for single family homes is good but the condo inventory could use a little boost to offer buyers a little more selection. Stop by and see me at my two open houses this weekend! My Saturday will start at 109 unit D Dagsworthy St in Rainbow Cove from 10:00 until 1:00 and then my ocean block single family home at 13 Dagsworthy from 1:00 until 4:00. Come see me:):)

 

SINGLE FAMILY NEW COMMUNITY SIZE ASKING PRICE
#13 Dagsworthy St. Scrod Acres 3bd/2.5ba $1,049,000
21 Hall Ave Chancellery 5bd/6ba $5,250,000

There’s two new single family homes to add to the spring inventory. My new listing at 13 Dagsworthy St. is a single family home beaming with exhilarating ocean views. The property has been condominiumized. All exterior grounds are common areas that consists of parking and driveway. There are no HOA dues. You maintain your own home. Own a single family home for the price of a condo. The 2nd new listing is 21 Hall Ave. This stunning ocean front compound adorns a.31 ocean front lot. This 5bd/6ba, 4,582 sq’ home has every bell and whistle the one could expect for a home of this magnitude. 

SINGLE FAMILY PENDING COMMUNITY SIZE ASKING PRICE
107 Clayton St. Dewey Beach 4bd/2ba $699,000
1 McKean Ave. Indian Beach 5bd/4.5ba $4,900,000
204 Salisbury St.  Sea Breeze 3bd/3ba $1,995,000
119 West St  60 yr leasehold @ $15K yr Reho By The Sea 3bd/1ba $279,000

Spectacular activity in the single family home market. There were four sales in the last 19 days. Sales include an ocean front home in Indian Beach, a 3/4 acre bay front home that straddle two bay front lots, a mid block fee simple home on Clayton and a Reho. By The Sea new 60 year leased land on West St. Sales contained prices from all areas of the market

 

SINGLE FAMILY CLOSED COMMUNITY SIZE ASKING PRICE CLOSING PRICE
N/A N/A N/A N/A N/A

 

SINGLE FAMILY INCREASE/DECREASE COMMUNITY SIZE PREVIOUS PRICE NEW PRICE
102 Jersey St  Reho By The Sea 4bd/2ba $724,900 $699,900
16 New Orleans St Reho By The Sea 5bd/3.5ba $1,299,000  $1,250,000
21162 Andrew Ave Ann Acres 5bd/3.5ba $1,725,000 $1,675,000
38285 Blackstone Ave Silver Lake Manor 4bd/4fl ba/2hlf ba $1,795,000 $1,690,000

There were lots of nice price reductions the past several weeks. 102 Jersey dropped their price $25K to $699,900. That’s a great price for the location east of Ocean Hwy. 16 New Orleans dropped the price by $49K to 1,250,000. Land value alone is valued at $1M. 21162 Andrew reduced their asking price by $50K now being offered at $1,675,000, comes with $55K rentals already in place. Views of Silver Lake come with 38285 Blackstone who just lightened their asking price by $105K. Great location and an easy walk into Reho. or Dewey!

CONDOS NEW BUILDING SIZE ASKING PRICE
2 McKinley 10 yr leasehold @ $1000. yr # 207 Sunspot 1bd/1ba $399,900
2003 Bayard Ave  #8 Baystrand 3bd/2ba $489,000

The Sunspot is offering a 1bd/1ba ocean front unit on leased land. The lease buy out is available for $16,678 . Structural and exterior renovations are almost complete in the ocean front complex. The 2nd new listing is located in the popular Baystrand complex. This bay side 3bd/2ba end unit rents for approximately $17K per season. 

CONDOS PENDING BUILDING SIZE ASKING PRICE
2 Saulsbury St 7 yr leasehold @ $1,200. yr #3 Colonial Seas 2bd/2ba $174,900
22 McKinley St #A Summerset 2bd/1ba $385,000
126 Read Ave.  #9 Snug Harbor 2bd/1ba $384,900

It will be interesting to see what 2 Saulsbury unit #3 sold for. The 2bd/2ba is a Reho. By The Sea leasehold property with seven years remaining on the lease. A new lease was rejected by the owners and no longer being offered. Rental incomes average $25K to $30K seasonally. Unit A in the ocean block Summerset complex on McKinley St. went to contract. These quaint little condos are entry level pricing for an ocean block unit in Dewey. The last sale is located on Read St and the bay in the Snug Harbor community. This 825sq’ unit offered bay views, private beach and docks all for an asking price of $384,900.

CONDOS CLOSED BUILDING SIZE  ASKING PRICE CLOSING PRICE
1301 Coastal Highway #352 Lighthouse Cove 2bd/2ba $559,000 $537,000

Another unit has closed in The Lighthouse Cove. Better hurry! The last building was released and inventory will begin to dwindle down. The Lighthouse Cove has been a staple diet for the condo market in previous years.

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
N/A N/A N/A N/A N/A

 

 

COMMERCIAL (all listings) BUSINESS   ASKING PRICE
 21 Van Dyke  Bell Buoy 16 units +owners suite  $2,249,000
 2107 A Coastal Hwy.  #C8 Izzy Plaza commercial retail  $399,900

Own a piece of Dewey history! Bell Buoy Inn is on the market. A full accounting is available upon request for this 16 room ocean block motel. How often does an ocean block motel become available? Rare offering! Please contact me for more details. A commercial end unit is available in Izzy Plaza. Present lease must be honored. Call for more info!!

 

LAND (all listings) COMMUNITY LOCATION ASKING PRICE
 1A Clayton St.  Reho. By The Sea  ocean front  $2.4M
 3 Clayton St.   Reho. By The Sea  ocean front  $2.4M
7 Clayton St.   Reho. By The Sea  1 lot off ocean  $1.4M

You want ocean front lots? We have them on Clayton St.! Lots 1A and lot 3 are both ocean front lots being offered at $2.4. Lot 7 is one lot off of the beach and drops down to a modest $1.4M.

 

Dewey Market Watch 1/1/19 to 2/26/19

It’s been a mild winter here at the shore! The spring selling season is upon us. Sales have been a little on the slow side coming out of the winter months. Inventory has increased considerably since the 1st of the year so the spring selling season offers a variety of properties to choose from. Interest rates are very good. A 30 year fixed with 20% down is at 4.370%. A 15 year fixed with 20% down is 3.99% and a 30 year jumbo with 25% down is at 4.25%. Everybody in Dewey knows this for sure:) Bring on ST. Patty’s!!!!!

 

SINGLE FAMILY NEW COMMUNITY                            SIZE ASKING PRICE
38189 Terrace Road Silver Lake Manor                         2bd/2ba  $1,495,000
20591 Fisher Street Dodds Addition                         5bd/4.5ba  $1,395,000
38369 Josephine Street Dodds Addition                         3bd/2ba  $725,000
110 Chicago Street Reho. By The Sea                         3bd/2ba  $1,299,000
102 Jersey St.  57 yr lease @ $20,180 yr Reho. By The Sea                         4bd/2ba  $724,900
20 Carolina St. 58 yr lease @ $24,975 yr Reho. By The Sea                         3bd/2ba  $450,000
 123 Chesapeake Street Reho. By The Sea                          5bd/3fl ba/2hlf ba   $1,999,990
206 Jersey Street Reho. By The Sea                         3bd/1.5ba                 $749,000

There’s been a much needed boost in the inventory for single family homes. The new inventory is from all areas of the market. There’s two new listings in the Forgotten Mile. These two new listings on Terrace and Fisher bring the inventory up to five listings in the Forgotten Mile. There are two homes for sale in Dodds Addition and three homes in Silver Lake Manor. That’s a pretty nice start for inventory in the Forgotten Mile for the upcoming spring season. Presently there’s 16 fee simple single family homes on the market in Dewey. The average amount of listings recently have been nine to eleven properties so the inventory is looking pretty good for the spring selling season. There are six leased land properties on the market. The inventory of six is slightly above average so the inventory for single family homes on leased land is pretty stable at the moment. Bring on spring!!

 

SINGLE FAMILY PENDING COMMUNITY                              SIZE ASKING PRICE
38730 Seagull Drive  Indian Beach                         6bd/3.5ba  $2,450,000
20968 Ann Avenue Ann Acres                         6bd/4.5ba  $849,000
 38369 Josephine Street Dodds Addition                          3bd/2ba   $725,000
20 Carolina 58 yr lease @ $24,975 yr Reho. By The Sea                         3bd/2ba $450,000

Minimal sales were recorded for the 1st two months in 2019. This is very typical due to the holidays and the winter weather in surrounding states. Valentines Day is our average kickoff to the spring season. The sale on Seagull Drive made the new owner very, very happy. This over sized .41 ac bay front oasis rarely becomes available. The sale in Ann Acres @ $849,000 will be the new future for Ann Acres. This affordable hamlet just north of Dewey is in transition from the older bungalows to the new elaborate newly constructed homes. Values continue to escalate in Dodds Addition. The 3bd/2b home on Josephine St was built in the 70’s and is situated on a typical 5000sq’ lot  on Josephine St. has gone pending at $725,000. Reho. By The Sea leased land properties has another sale in their community. The ocean block yesteryear home was built in the mid sixties sold in only 18 days. 

 

SINGLE FAMILY CLOSED  COMMUNITY        SIZE ASKING PRICE CLOSING PRICE
20980 Rogers Avenue Ann Acres    2bd/1ba  $399,000 $390,000 
 38730 Seagull Drive  Indian Beach   6bd/3.5ba  $2,450,000  $2,350,000 
108 Carolina Ave 54 yr lease @ $15,440yr Reho. By The Sea   3bd/2ba $649,000 $625,000
20968 Ann Avenue Ann Acres   6bd/4.5ba $849,000 $845,000

Great closing prices for all of these listings! Both homes on Rogers Ave and Ann Avenue sold for full price!! Good times in store for Ann Acres:) The bay front compound on Seagull Lane closed $100K off of their asking price of $2,450,000. What an amazing property!! Look at the closing price for the quaint little home in Rehoboth By The Sea on Carolina Ave, $625K! Just for the record, Reho. By The Sea leased land single family homes outsold fee simple homes by one last year. 

 

SINGLE FAMILY INCREASE/DECREASE COMMUNITY             SIZE PREVIOUS PRICE NEW PRICE
 38138 Terrace Road Dodds Addition        5bd/4.5ba   $835,000 $830,000 
31 Hall Avenue Chancellery 5bd/6fl ba/2hlf ba $4,100,000 $3,900,000

 

 

CONDOS NEW BUILDING                               SIZE ASKING PRICE
109 Dagsworthy Street unit D Rainbow Cove                            3bd/2ba $459,000
109R Dagsworthy Street unit C Rainbow Cove                            3bd/2ba $354,000
1301 Coastal Highway unit C401 Lighthouse Cove                            3bd/3ba $1,290,000
1904 Coastal Highway unit B Surfrider                            3bd/3ba $574,900
100 Collins Avenue unit 104 Marina View                            1bd/1ba $387,495
100 Collins Avenue unit 103 Marina View                            2bd/2ba $695,000
3 Dickinson Avenue unit 7A Ocean Harbor                            4bd/3ba $1,349,000
100 Van Dyke Avenue unit 107 The Cove                            2bd/1ba $349,000

Look at all of this new inventory in the condo market!! I have a nice new listing at 109 Dagsworthy St. unit D in Rainbow Cove. The unit is a top floor unit and boasts scenic bay views. The unit has cathedral ceilings, new paint, new flooring, new stainless refrigerator & stove. Won’t last long with the gorgeous bay views! Let’s not forget about my 2nd listing in Rainbow Cove. This unit is the least expensive 3 bedroom unit this close to the beach in all of the resort towns. Great investment return for your money! The remaining five listings cover all areas of the condo market. The Surfrider unit and the Ocean Harbor adds to the inventory in the ocean block. The Lighthouse Cove unit is a brand new just released (to be built)  bay front unit. The Cove and the two units in Marina View offer one and two bedroom units on the bay side that will make someone their perfect beach getaway! Presently there’s 30 condos actively for sale. Inventory includes 22 re sales and eight new Lighthouse Cove units

 

CONDOS PENDING BUILDING                           SIZE ASKING PRICE
100 Collins Avenue unit 301 Marina View                        1bd/1ba $394,900
1301 Coastal Highway unit 453 Lighthouse Cove                        2bd/2ba $624,900

Condo sales have been on the light side. Sales are typically down in February. Little activity occurs during the holiday months. Expect sales to increase dramatically in the up coming spring season. The condo inventory is stable and surely more will be listed for the spring selling season. Thinking of listing your unit or just wondering what your present market value is? Please contact me for a no pressure market analysis:)

 

CONDOS CLOSED BUILDING       SIZE ASKING PRICE CLOSED PRICE
1301 Coastal Highway unit 412 Lighthouse Cove    2bd/2ba $599,900 $575,000
102 Bayside Court unit 18 Bayside Court   4bd/3.5ba $575,000 $571,000

Condo closings have been minimal for the exact reason for the low pending sales (above). 

 

CONDOS INCREASE/DECREASE BUILDING       SIZE PREVIOUS PRICE NEW PRICE
 22 McKinley Street unit A  Summerset      2bd/1ba   $389,000 $385,000 
100 Collins Ave unit 104 Marina View     1bd/1ba $387,500 $387,499
1301 Coastal Highway unit 440 Lighthouse Cove    4bd/3ba $899,900 $949,000

 

 

COMMERCIAL BUSINESS   ASKING PRICE
 21 Van Dyke Ave.    fee simple  Bell Buoys Inn 16 unit motel with owners suite  $2,249,000
 2107A Coastal Highway   unit C8 Izzy Plaza commercial space  $399,900

Own a piece of Dewey history! Bell Buoy Inn is on the market. A full accounting is available upon request for this 16 room ocean block motel. How often does an ocean block motel become available? Rare offering! Please contact me for more details. A commercial end unit is available in Izzy Plaza. Present lease must be honored. Call for more info!!

 

LAND COMMUNITY LOCATION ASKING PRICE
1A Clayton Street Reho. BY The Sea ocean front $2,400,000
3 Clayton Street Reho. By The Sea ocean front $2,400,000
7 Clayton Street Reho. By The Sea one lot off ocean $1,400,000

 

Dewey Market Watch 12/6/18 to 12/27/18

Happy Holidays to everyone!!! I hope everyone is enjoying their holiday season!! The market has been extremely slow as expected for the last three weeks due to the holidays. I have a customer/client that is searching for an ocean front condo unit to rent the week of June 22 or June 29.. If anyone has an unit that’s available please contact me and I’ll put you in direct contact with my client. Hope to see everyone in Dewey to ring in the New Year!! Dewey celebrates the new year like no other and the town is packed for the entire weekend:) Come join us in ring in 2019!!! Hope everyone has an enjoyable New Year. Please keep it safe and don’t drink and drive. Happy New Year!!!

 

SINGLE FAMILY NEW COMMUNITY SIZE PRICE
 N/A N/A  N/A  N/A

 

 

SINGLE FAMILY PENDING COMMUNITY SIZE PRICE
 20980 Rogers Ave.  Ann Acres  2bd/1ba  $399,000
108 Carolina 54 yr leasehold $15,440 yr Reho. By The Sea 3bd/2ba $649,000
1 Hazlett Ave Indian Beach 6bd/4fl ba/2hlf ba $4,900,000

There were three pending contracts in the last three weeks. The 1st sale was the tiny little bungalow on Rogers Ave. in Ann Acres. This entry level priced home is prime for personal use or at this price tear it down and build new construction. The 2nd pending contract was at 108 Carolina. The home is a Reho. By The Sea land leased property. The leased land properties out sold the fee simple properties this year. Appreciation is being realized as inventory for single family homes is virtually non existent. They say that the 3rd is a charm. The sale at 1 Hazlett is as sweet as it gets. Someone bought themselves a Christmas gift which many would consider one of the nicest homes in the resorts area. This beautiful home boasts 8,400 sq’ on 1/3 acre ocean front lot. It doesn’t get any better than this!!!

 

SINGLE FAMILY CLOSED  COMMUNITY SIZE ASKING PRICE CLOSED PRICE
 103 Jersey St 54 yr leasehold @ $16,628 Reho. By The Sea  3bd/2ba  $499,900  $492,500

The closing at 103 Jersey in Reho. By The Sea actually is the magic sale that has Reho. By The Sea properties out selling fee simple properties in 2018! There were seven closed transactions in RBTS to date this year vs six closings for the fee simple homes in 2018. The price for single family homes is sharply increasing due to the lack of inventory in both areas of the market.

 

SINGLE FAMILY INCREASE?DECREASE  COMMUNITY SIZE PREVIOUS PRICE NEW PRICE
 38138 Terrace Rd Dodds Addition 5bd/4.5ba  $850,000  $835,000 
38285 Blackstone Ave Silver Lake Manor 4bd/4fl ba/2hlf ba $1,850,000 $1,795,000

There were two nice price reductions in the Forgotten Mile. The baby McMansion on Blackstone is to die for. The home that sits on a 1/4 acre. Blackstone is a very desirable and private location. I expect this home to sell once the holidays are over and the market resumes to normal. The 2nd home on Terrace is a 5bd/4.5ba, 2,348sq’ home in another great location. Both of these fine homes are an easy walk to Dewey or Rehoboth. Appreciation is surely being realized in the Forgotten Mile!

 

CONDOS NEW BUILDING SIZE PRICE
 N/A N/A  N/A   N/A  

 

 

CONDOS PENDING BUILDING SIZE PRICE
 1301 Coastal Highway unit #352  Lighthouse Cove  2bd/2ba $599,900

Lighthouse Cove has another pending sale at unit 352. Lighthouse Cove accounted for over half of the condominium closings for 2018. The final building was just released and offers some beautiful water front units. Pricing for a 1bd/1ba asking $439,900. The 2bd/2ba units range from $549,900 to $624,900. The new building is offering 3bd/2.5 ba  units for $899,900 up to $1,499,900. Please contact me for availability, pricing and complex update.

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
  2 McKinley St unit #102   Sunspot   2bd/1ba   $325,000   $320,000

Deal or no deal?? The Sunspot had some recent structural issues that are presently being resolved. Heavy assessments were issued to each home owner. The last that I read future assessments were upcoming and the price wasn’t determined at that time. Even with heavy and undetermined assessments, the purchase price of $320K for an ocean front unit leaves plenty of room to re group the assessments that were levied to each owner. Surely once all of the assessments are complete the value for this building will appreciate back up to present market values.Deal or no deal??

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
  N/A   N/A   N/A   N/A   N/A