Happy summer!!! It’s good to be back on my feet:) I missed the first six weeks of summer after catching covid on Memorial weekend. No fun but back to enjoying this gorgeous summer:) Due to my covid this market watch is for the previous seven weeks. There hasn’t been a lot of activity due to the minimal amount of listings (same old story). Values appear to be holding steady and then some. The four closings for single family homes realized one listing selling for full asking price and the three remaining closings all closed ABOVE asking price. The condo market also has three closings over the asking price and one unit sold for full price. That’s some pretty strong statistics. The interest rates have been fluctuating on a daily basis. The interest rates breached at slightly over 6% for a short time but since then have come back down to 5.375%. The market remains strong in the immediate resort areas. Rental incomes have been on the rise thus keeping investors and 2nd home buyers in the market. That’s not the case in all of the area markets. I just reviewed the 3 day holiday hot sheet. There were 28 price reductions in Sussex, something we haven’t seen in some time.
Please use extreme caution when driving or walking through Dewey! MANY drivers are still oblivious to the flashing yellow lights and the crosswalks. Walking? Look three times and cross with extreme caution, don’t expect everyone to stop! Patience, patience everyone. Businesses are still short staffed so everyone needs to have a little patience and be respectful to those who are working. Grab a drink or two or three and enjoy the summer and everything that Dewey has to offer:):)
| SINGLE FAMILY NEW |
LOCATION |
SIZE |
ASKING PRICE |
| 21 St. Louis St. 55 year lease @ $28K yr. |
Rehoboth By The Sea |
5bd/3ba |
$1,642,150 |
| 13 Bellevue St. |
Rehoboth By The Sea |
6bd/5.5ba 4,700 sq’ |
$4,199,000 |
| 20 St. Louis St. |
Rehoboth By The Sea |
4bd/2ba 1,508 sq’, 7,405 sq’ lot |
$3,795,000 |
| 205 Carolina Ave. 60 year lease @ $28K yr. |
Rehoboth By The Sea |
3bd/1ba 1,750 sq’ |
$1,200,000 |
| SINGLE FAMILY PENDING |
LOCATION |
SIZE |
ASKING PRICE |
| 115 Clayton St. |
Rehoboth By The Sea |
6bd/2ba 2,100 sq’ |
$1,675,000 |
| 20920 South Ave. |
Poynters Addition |
6bd/4ba 2,288 sq’ |
$1,180,000 |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 121 Cullen St. 54 year lease @ $18,350 yr. |
Rehoboth By The Sea |
3bd/1.5 ba 1,450 sq’ |
$1,249,000 |
$1,250,000 |
| 38292 Blackstone Ave. |
Silver Lake Manor |
5bd/3.5ba 2,421 sq’ |
$1,899,900 |
$2,000,000 |
| 11 West St. |
Rehoboth By The Sea |
3bd/1ba |
$2,400,000 |
$2,500,000 |
| 15 Bedford Ave. |
Indian Beach |
4bd/2.5ba |
$2,650,000 |
$2,650,000 |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| CONDOS NEW |
BUILDING |
SIZE |
ASKING PRICE |
| 23 Houston St. |
#1 Ocean View 2 |
2bd/1ba |
$600,000 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 1 Swedes St. |
#4 Beachcomber |
2bd/1.5ba 760 sq’ |
$869,000 |
$819,000 |
| 26 Van Dyke St. |
#D Van Dyke Villas |
4bd/3.5ba 1,900 sq’ |
$995,000 |
$1,000,000 |
| 38172 Robinson Dr. |
#10 Robinson Square |
2bd/2.5ba 950 sq’ |
$499,000 |
$520,000 |
| 38399 F Benson St. |
#19B Benson Place |
3bd/1.5ba |
$699,900 |
$751,000 |
| 3 Collins Ave |
#B Sea Mist |
4bd/2.5ba 1,875 sq’ |
$2,100,000 |
$1,925,000 |
| 2009 Bayard Ave. |
#108 Cajun Cove |
2bd/2.5ba 1,296 sq’ |
$799,000 |
$799,000 |
| 1701 Coastal Hwy. |
#N301 Opal |
1bd/2ba 821 sq’ |
$450,000 |
$413,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 105 Dagsworthy St. |
#C Rainbow Cove |
3bd/2ba 944 sq’ |
$639,900 |
$625,000 |
| COMMERCIAL |
BUSINESS |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 2206 Coastal Hwy. |
Colliers canvas repair 1st fl |
2bd/2ba apt 2nd fl |
$1,950,000 |
pending |
| 1205 Coastal Hwy |
formerly Mez Cali 1st fl |
2bd/2ba apt 2nd fl |
$1,300,000 |
$1,150,000 |
We have sun!! What a nor ‘eastern! Wind gusts up to 72mph! There was a lot of beach erosion but not to worry, the summer ocean currents will bring it back naturally and all will be good! What a month in real estate. I believe that we’re at the very top of the market and things are about to change. I sold a home to my nephew in Feb. and his rate was 3.50%. The rates in May have been hovering between 5.50% up to 5.875% with rumors of up to another half dozen increases this year to help stop the inflation. Properties are still selling and our present market is still strong. What I am noticing is price reductions throughout the area, longer days on the market, contracts with contingencies and home inspections again. Speaking with Realtor friends from the north and west of our state, they realized a bit of a slow down and similar market changes about four months ago. We are a resort niche! Our market is so different than the surrounding areas because so many of our properties are bought as investments accompanied with strong rental incomes. The rising interest rates might slow our market a bit but will not stop it. I expect many owners who were sitting on the fence (to list) as prices continued to rise will hopefully list their homes and increase our inventory. I think that this will happen during the course of the year. The 11 pending contracts in a one month period is still way above pre covid statistics. Please call me if you’d like a value on your home for possible listing consideration.
The summer season is fully upon us. Life is good, let’s keep it that way. The town of Dewey installed posts with a nice nautical rope connecting them all, this was done to reduce the possibility of an pedestrian accident. PLEASE use all of the designated crossovers and I’d suggest hitting the flashing light button before you cross. PLEASE exercise extreme caution while driving in all of our resort towns. Happy summer!!!!
| SINGLE FAMILY NEW |
LOCATION |
SIZE |
ASKING PRICE |
| 115 Clayton St. |
Rehoboth By The Sea |
6bd/2ba 2,100 sq’ |
$1,675,000 |
| 20937 Ann Ave. |
Ann Acres |
2bd/1ba commercial/residential |
$995,000 |
| SINGLE FAMILY PENDING |
LOCATION |
SIZE |
ASKING PRICE |
| 121 Cullen St. |
Rehoboth By The Sea |
3bd/1.5ba 1,450 sq’ |
$1,249,000 |
| 11 West St. |
Rehoboth By The Sea |
3bd/1ba |
$2,400,000 |
| 38175 Terrace Rd. |
Silver Lake Manor |
5bd/3.5ba 2,556 sq’ |
$1,600,000 |
| 121 Cullen St. 54 year lease @ $18,350 yr. |
Rehoboth By The Sea |
3bd/1.5ba 1,450 sq’ |
$1,249,000 |
| 15 Bedford Ave. |
Indian Beach |
4bd/2.5ba |
$2,650,000 |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 38175 Terrace Rd. |
Silver Lake Manor |
5bd/3.5ba 2,556 sq’ |
$1,650,000 |
$1,600,000 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 26 McKinley Ave. |
#9 Seabreeze Village |
4bd/3.5ba |
$965,000 |
$890,000 |
| 20909 Coastal Highway |
3bd/2.5ba |
3bd/2.5ba |
$587,000 |
$575,000 |
| 1 Read Ave. quarterly fractional share |
#113 C Surf Club |
0bd/1ba |
$64,900 |
$60,000 |
| 105 Bayside Ct. |
#8 Bayside Ct |
3bd/3ba |
$799,000 |
$846,000 |
| 23 Rodney Ave. |
Rodney Street Condos |
2bd/1ba |
$575,000 |
$599,000 |
| 18 West St. |
Guthrie IV |
2bd/1ba |
$699,000 |
$625,000 |
| COMMERCIAL |
BUSINESS |
SIZE |
ASKING PRICE |
CLOSING PRICE |
| 20968 Coastal Highway |
formerly Lorraine’s |
100 X 100 double lot |
$1,395,000 |
$987,500 |
Happy springtime!! It’s 75 glorious degrees at this typing:):) Spring has sprung!! Dewey and the entire resort area is open and in full gear! The market continues to sizzle. In most cases agents are giving an actual date for contracts to be entertained thus allowing enough time for the general public to view the property before it’s gone by the 1st weekend from listing. Presently there’s five condos listed in Dewey. There’s 3 single family homes available in Dewey, one in Silver Lake Manor and one in Ann Acres. Also included in the inventory are four quarterly fractional share units in the Surf Club. The interest rates have been going up and down and are presently at 5% for a 30 year fixed and 4.250% for a jumbo. The rumors are that they’re going to continue to go up but we’ll have to wait and see. The 5% is actually still a very good rate:) Are you considering listing your home? I’d be more than happy to provide you a free market analysis based off of recent closing prices. Thinking of buying a home in this hostile market? Buyers must be educated and prepared to write a contract within a day or two of the listing or you’ll probably loses out. Please contact me for an education of your areas of desire. Happy spring! I think I’m shedding my shoes and going for a beach walk:):)
| SINGLE FAMILY NEW |
LOCATION |
SIZE |
ASKING PRICE |
| 13 New Orleans St. |
unit A Green By Way |
2bd/1.5ba 1,200 sq’ |
$1,200,000 |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 18 Hazlett St. |
Indian Beach |
5bd/5ba 3,320 sq’ |
$2,599,900 |
$2,599,900 |
| 38312 James A St. |
Dodds Addition |
4bd/4ba 2,324 sq’ |
$1,150,000 |
$1,119,000 |
| 1502 Coastal Hwy. |
Dewey |
3bd/1ba |
$930,000 |
$850,000 |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 38189 Terrace Rd. |
Silver Lake Manor |
2bd/2ba 1,152 sq’ |
$1,384,900 |
$1,379,000 |
| 121 Cullen St. 54 year lease @ $18,50 yr |
Rehoboth By The Sea |
3bd/1.5ba 1,450 sq’ |
$1,300,000 |
$1,295,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
Happy Friday!! Happy spring!! Daylight savings time kicks in this weekend!! St. Patty’s is here and the 2022 season is officially kicking in:):)The lack of inventory continues to plague the market. Supply and demand dictate any market so with that being said appreciation is still occurring in the resort area. The interest rates continue to rise but are still at excellent rates at 4% for a fixed 30 year and 3.50% for a jumbo. They’re still incredible rates and shouldn’t slow our market. I’m preparing my 1st year to date comparison to last years activity for the same time period and I expect the number of transactions to be lower due to the lack of inventory. We have four new listings recently added to our inventory. Who would have ever thought that leased land properties would breach $1M in such a short period of time? 121 Cullen & 102 Jersey are two gorgeously renovated cottages that are asking $1.3M & $1.350,000. There is a 50 X 100 leased land lot that has a pending contract in two days with an asking price of $1M. The 3rd new listing is my listing at 18 West St. unit B in the Guthrie. This est. 900 sq’ unit has been remodeled with new Trane HVAC, windows, flooring, ss appliances and the list goes on and on. Click on the address below for full information. Won’t last long. The final new listing is an oceanfront unit in the Beachcomber on Swedes St. There are no oceanfront units available just about everywhere in the resorts so this unit will sell super fast.
Spring has sprung! Get outside and enjoy the many activities that our resorts have to offer!!!
| SINGLE FAMILY PENDING |
LOCATION |
SIZE |
ASKING PRICE |
| 38312 James A St. |
Dodds Addition |
4bd/4ba 2,324 sq’ |
$1,150,000 |
| 18 Hazlett St. |
Indian Beach |
5bd/5ba 3,320 sq’ |
$2,599,900 |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| CONDOS NEW |
BUILDING |
SIZE |
ASKING PRICE |
| 18 West St. |
# B Guthrie iv |
2bd/1ba |
$695,000 |
| 1 Swedes St. |
#4 Beachcomber |
2bd/1.5ba 720 sq’ |
$894,900 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 1609 Coastal Hwy. |
# s202 Opal |
2bd/2ba 975 sq’ |
$580,000 |
$580,000 |
| 26 Van Dyke St. |
#A Van Dyke Villas |
4bd/3ba 1,856 sq’ |
$1,200,000 |
$1,100,000 |
| 1701 Coastal Hwy. |
#305 Marina View |
2bd/2ba 925 sq’ |
$550,000 |
$550,000 |
| 1 Swedes St. |
#8 Beachcomber |
2bd/1ba 720 sq’ |
$729,900 |
$660,000 |
It’s coastal living at it’s finest! We received the 2nd winter coastal storm of the season. There was 12 inches of the fluffy white only to be gone in 3-4 days:) It was 62 degrees yesterday and in the 60’s today and tomorrow before we receive yet another 2-3 inches on Sunday. Coastal living!! There were two new listings this month. 18 Hazlett in Indian Beach is the only single family home presently being offered for sale. The 2004 5bd/5ba, 3,320 sq’ home is being offered at $2,599,900. The 2nd new listing is the old Lorraine’s hair salon just north of Dewey On Coastal & Ann St. The double commercial 1 lots borders my single family 2bd/2ba/zoned commercial 1. The three lot commercial availability offers many, many possibilities. All three lots fall under Sussex County zoning because they’re outside of Dewey town limits. There were four pending contracts in the condo market for the last month. Presently there’s only one condo for sale in Dewey, one home in Silver Lake Manor, one single family home in Dewey, one home in Indian Beach and the two properties previously mentioned. The interest rates are on the rise again. The interest rate rose to 3.825% for a 30 year fixed and a jumbo loan will now cost you 3.50%.
Just for the record! 119 Jersey was the house that burnt down. They just offered it for sale for $1M with a 60 year lease at $16,200 per year. It sold within a day or two as the contract was being shuffled around. It looks like we’ll have a new land value in Rehoboth By The Sea! Those of you that had automated searches set up received the new listing, those that weren’t lost out. This is the benefit of having auto searches set up for you so that you don’t miss out. Please contact me if you’d like a search set up for you:)
The new island barriers that are presently being installed are similar to those being used in Ocean City MD that will force pedestrians to use the crosswalks. Walking and driving can be very dangerous and caution should be observed by everyone. I actually witnessed at least a half a dozen incidents where the drivers totally disregarded the big white lines at each crossover and the bright flashing lights as people are crossing over. There are some drivers that drive as if they had blinders on like a race horse. Gotta take precaution! Only five weeks until spring!! Wooo Hoooo!!!!
| SINGLE FAMILY PENDING |
LOCATION |
SIZE |
ASKING PRICE |
| N/A |
N/A |
N/A |
N/A |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 38189 Terrace Rd. |
Silver Lake Manor |
2bd/2ba 1,152 sq’ lot 5,663 |
$1,385,000 |
$1,384,900 |
| CONDOS NEW |
BUILDING |
SIZE |
ASKING PRICE |
| N/A |
N/A |
N/A |
N/A |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 26 McKinley Ave. |
#9 Seabreeze Village |
4bd/3.5ba |
$995,000 |
$965,000 |
| 38372 F Benson St. |
#1 |
2bd/2ba |
$229,900 |
$219,900 |
| COMMERCIAL (all listings) |
BUSINESS |
SIZE |
ASKING PRICE |
| 20968 Coastal Hwy. |
previously Lorraine’s Hair salon |
100 X 100 commercial lot |
$1,395,000 |
| Rt 1 & Old Bay Rd. |
zoned commercial 1 |
.86 ac |
$1,267,000 |
| 20937 Ann Ave. |
single family zoned commercial 1 |
50 x 100 |
$1,049,000 |
| 1205 Coastal Hwy. #300 |
Mez Cali |
2,700 sq’, restaurant & 2bd/2ba |
$1,300,000 |
Happy New Years!!!! Life is good:) We had the pleasure of a winter coastal storm and received between 12″ to 14″ of snow. The brilliant uv rays and warm afternoon temps had it gone in a couple of days, just the way I like it! The daylight hours are increasing daily and spring is right around the corner. Market activity (1 month) has been minimal, partly due to the holidays and mostly due to minimal inventory. Interest rates have increased with the new year. The interest rate for a 30 year fixed has risen to 3.5% and a 30 year fixed jumbo loan is now 3.250%. Presently there’s only 2 single family homes available, four condos and four Surf Club units (fractional shares-1 week per month x 12). The rental inventory is also critically low or non excitant. I personally do not participate in rentals only sales but all four of our office’s do. Thinking of renting? You may be surprised at the rental incomes. Please call for a free quote. Think spring, stay healthy!!!
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSING PRICE |
| 1301 Coastal Hwy. |
#402 Lighthouse Cove |
3bd/3ba 1,574 sq’ |
$1,449,900 |
$1,395,000 |
| 1 Read Ave. 1/4 fractional share |
#208 A Surf Club (you own 1 week a month X 12) |
0bd/1ba 480 sq’ |
$89,000 |
$86,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
Happy Holidays to everyone! I hope that everyone had and enjoyable Thanksgiving holiday. We’re right in the thick of the holidays. Transactions have been at a minimal not due to the holidays but rather the low, low inventory. Presently in Dewey there’s only 2 single family homes, 3 condos and 3 Surf Club (quarterly fractional shares- 1 week per month). There’s only one single family/commercial in Ann Acres and a single condo on F Benson St. in Dodds Addition. That’s the entire inventory!
The only two new listings since my last newsletter five weeks ago are mine. The 1st listing is directly behind the old Lorraines hair salon on Ann Ave. This cute 2 bed/ 1 bath classic beach cottage rests on a 50 X 100 lot that is zoned commercial/residential. The parcel is located four and a half blocks to the ocean and a few streets just outside of Dewey town limits. The property is under the jurisdiction of Sussex County which offers a number of possibilities with the unique zoning of commercial/residential. This location offers walk to “everything” that Dewey Beach has to offer. Take a walk or bike into Rehoboth and enjoy the gorgeous views of Silver Lake along the way.
My 2nd new listing is a unit in the Surf Club. Gorgeous ocean views!!! You own a quarterly fractional share (one week per month) for mere pennies. This is a totally managed property. HOA includes EVERYTHING and when I say everything I mean everything to include water, sewer, taxes, internet, cable tv, custodial services, electric, heat, air conditioning, furniture, tableware…. This efficiency comes equipped with a king size bed, foldout queen sofa, microwave, cooktop, refrigerator/freezer, kitchenette, flat screened tv and a whole lot of happiness:)
Only 10 days before the days start getting longer!! Yeahhhh:) Happy holidays to everyone!! Let’s celebrate the new year with a little more love, peace and happiness!
| SINGLE FAMILY NEW |
LOCATION |
SIZE |
ASKING PRICE |
| 20937 Ann Ave. |
Ann Acres |
2bd/1ba 50 X 100 commercial lot |
$1,049,000 |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 110 Clayton St. |
Rehoboth By The Sea |
5bd/3ba 2,300 sq’ |
$1,224,900 |
$1,200,000 |
| 131 Chesapeake St. |
Rehoboth By The Sea |
5bd/3ba 2,140 sq’ |
$1,756,125 |
$1,756,125 |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 17 Van Dyke St. |
# B Emerald Shoals |
4bd/3.5ba |
$1,200,000 |
$1,125,000 |
| CONDOS NEW |
BUILDING |
SIZE |
ASKING PRICE |
| N/A |
N/A |
N/A |
N/A |
| CONDOS PENDING |
BUILDING |
SIZE |
ASKING PRICE |
| 1301 Coastal Hwy |
#402 Lighthouse Cove |
3bd/3ba 1,574 sq’ |
$1,499,900 |
| 38372 F Benson St. |
#1 Killens Addition |
2bd/1ba 1,020 sq’ |
$234,900 |
| |
|
|
|
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 101 Swedes St. |
#1 Four Tides |
5 bd/4.5ba 2,600 sq’ |
$1,499,000 |
$1,475,000 |
| 1609 Coastal Hwy |
#403 Opal |
2bd/2ba |
$550,000 |
$550,000 |
| 20960 Rogers Ave. |
#4 El Capitan |
2bd/1ba |
$175,000 |
$175,000 |
| 1301 Coastal Hwy. |
#V453 Lighthouse Cove |
2bd/2ba 1,026 sq’ |
$899,000 |
$905,000 |
| 1904 Coastal Hwy. |
#D Surfrider |
3bd/2ba 1,250 sq’ |
$635,000 |
$635,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
Happy Holidays! It’s that time of the year again. The holiday season is upon us. The daylight hours are getting much shorter, kind of like the inventory in our market:) Dewey’s entire inventory includes three single family homes on land that you own, one single family on leased land and two condos. Killens Addition, Dodds Addition, Silver Lake Manor, Ann Acres, Poynters Addition, Sea Breeze Dev and Country Manor only offer one single family home and one condo and that’s the entire inventory. Limited inventory results in low transactions thus this very small update for a 2.5 week time span. The interest rates have remained the same, a 30 year fixed is 3.125% and a jumbo loan remains at 2.750. Happy and safe holidays to all!!!
| SINGLE FAMILY PENDING |
LOCATRION |
SIZE |
ASKING PRICE |
| N/A |
N/A |
N/A |
N/A |
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSING PRICE |
| 22 Jersey St. |
Rehoboth By The Sea |
4bd/2ba |
$1,735,150 |
$1,790,000 |
| 118 Jersey St. 60 year lease @ $19K yr |
Rehoboth By The Sea |
3bd/2ba 1,350 sq’ |
$790,000 |
$780,000 |
| 123 Swedes St. |
Dewey Beach |
3bd/1.5ba |
$1,100,000 |
$1,060,000 |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| CONDOS NEW |
BUILDING |
SIZE |
ASKING PRICE |
| 1301 Coastal Hwy |
#402 Lighthouse Cove |
3bd/3ba 1,574 sq’ |
$1,449,900 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSING PRICE |
| 1301 Coastal Hwy. |
#462 Lighthouse Cove |
3bd/2.5ba 1,362 sq’ |
$1999,999 |
$1,888,000 |
| 1301 Coastal Hwy. |
#422 Lighthouse Cove |
2bd/2ba 1,077 sq’ |
$899,000 |
$899,000 |
| 2 McKinley Ave |
#204 Sunspot |
2bd/1ba |
$679,900 |
$715,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 38372 F Benson St. |
Killens Addition |
2bd/1ba |
$239,900 |
$234,900 |
Happy autumn!!! Temperatures have cooled but not the market. Low inventory continues to plague the market. Presently there’s two single family homes and four condos on the market in the town of Dewey. Indian Beach, Chancellery, Dodds Addition, Killens Addition, Silver Lake Manor, Ann Acres and Poynters Addition only have two single family homes and one condo on the market. That’s a total of four single family homes and five condos from Robinson Dr. in Silver Lake Manor to the south end of Dewey in the Chancellery. Not much, not much!!
Sellers and owners beware!! I’ve come across from very disturbing intel that I think that you should be aware of. I’ve witnessed three transactions that could have ended very differently. All three scenarios were single family home owners that were getting either appraisals or a quote by a local agent. The 1st scenario was an owner who was considering selling so they obtained an appraisal. The appraisal for a fee simple 50 X 100 lot with a tear down was appraised at $450K this past April. I listed and sold the home for $925K. The 2nd scenario an owner received a quote from an inexperienced agent for $700K for a fee simple 50 X 100 lot with another possible tear down. Leased land properties in Reho. By The Sea are selling at a starting price in the low $800’s! The home has a value between $1.2M to $1.3M. My quote was based on recent comparable closings. The third scenario was an appraisal for an estate that came in at $750K for another fee simple 50 X 100 with a home that needed a renovation but surely not a tear down. In today’s market the property would be valued between $1.2M to $1.4M. Both appraisers and the agent used closings that were 2-3 years old or comparables that were not evaluated properly. In all three cases I used at least EIGHT recent closings within the year to base my evaluation on. My market analysis was actually quite easy with the eight comps that were available. The eight comparables were excellent and should have been used in all three cases, not closings that were 2-3 years old. How can professionals be so far off? I could see $25K to $50K off in this crazy market but these cases were half of their true values. I thought that this information was valuable enough to post to keep home owners in Dewey up to date with all aspects of the market:)
Have a happy autumn! Get outdoors and enjoy Delmarva!!
PLEASE CLICK ON THE ADDRESSES FOR COMPLETE MLS INFORMATION
| SINGLE FAMILY CLOSED |
LOCATION |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 108 St. Louis St |
Rehoboth By The Sea |
2bd/1.5ba |
$999,000 |
$925,000 |
| 7 Hall Ave. |
Indian Beach |
6bd/7fl ba/2hlf ba 5,200 sq’ |
$3,995,000 |
$3,518,000 |
| 15 Cullen St. |
Rehoboth By The Sea |
5bd/6.5ba 4,080 sq’ |
$4,950,000 |
$4,750,000 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSED PRICE |
| 21 Rodney Ave. |
#3 Rodney Condos |
2bd/1ba |
$499,900 |
$450,000 |
| 4 Swedes St. |
#7 Bermuda Sea Mist |
4bd/4.5ba |
$1,200,000 |
$1,200,000 |
| 1301 Coastal Hwy. |
#445 Lighthouse Cove |
3bd/2.5ba 1,634 sq’ |
$1,549,900 |
$1,500,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
| LAND |
LOCATION |
SIZE |
ASKING PRICE |
| Rt 1 & Old Bay Rd. |
Poynters Addition |
382 X 99 .86ac zoned c-1 |
$1,267,000 |
Happy Autumn!!! It’s a great time of the year to spend a nice, peaceful day on a uncrowded beach:) The market continues to be anything but peaceful. New listings are snatched up within a day or two. Inventory from Terrace Rd. in Silver lake Manor to Hall Ave in the Chancellery consists of only six single family homes (5 fee simple & 1 leased land) and three condos. Presently there are eight single family and three condos that have pending contracts on them. You can imagine the demand for inventory once people returned to work after the covid lockdown and were informed that they could work from anywhere through networking. HA I’d be camping here until I found something:)
Many people, many home owners in Dewey follow my Dewey Market Watch to keep up with the values and availability in Dewey. The same goes for an automated search. If you’re looking to purchase anything you need to have an automated search set up. You would be alerted as soon as the subject property is entered into the MLS system. The time is ticking once the listing is entered. Perfect example is 22 Jersey St., it was listed one day and pending the following day. Once a new listing of interest becomes available then contact me or your personal Realtor to IMMEDIATELY show you the property. If a client can’t make it that day, typically I’ll make an appointment and Facetime them from the new listing. Time is of the essence once the property is listed. I have many searches set up with homeowners just so that they can keep up with any transactions within their complex, street…. If you owned a condo in Izzy Plaza then I’d set up a search just for Izzy Plaza. You may want to expand from only your building to a similar comparable anywhere in Dewey. My auto searches are simply designed to educate a buyer with any new listing, pending contract or closing or to notify an owner with any similar transaction from the same building, street… NO SALES pressure! I just need to know a little about your property #beds, #baths, upgrades… if you’re interested in me setting you up a search. Please contact me if you are interested in a search. Get out and enjoy a walk on a nice uncrowded beach. It’s a great stress relief!!!!
| SINGLE FAMILY PENDING |
LOCATION |
SIZE |
ASKING PRICE |
| 123 Swedes St. |
Rehoboth By The Sea |
3bd/1.5ba |
$1,100,000 |
| 131 Chesapeake St. |
Rehoboth By The Sea |
5bd/3ba 2,140 sq’ |
$1,895,000 |
| 22 Jersey St. |
Rehoboth By The Sea |
4bd/2ba |
$1,735,000 |
| SINGLE FAMILY INCREASE/DECREASE |
LOCATION |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| 110 Clayton St. |
Rehoboth By The Sea |
5bd/3ba 2,300 sq’ |
$1,299,999 |
$1,224,900 |
| CONDOS CLOSED |
BUILDING |
SIZE |
ASKING PRICE |
CLOSING PRICE |
| 1904 Coastal Hwy. |
#E Surfrider |
3bd/2ba 1,300 sq’ |
$585,000 |
$533,727 |
| 2101 Coastal Hwy. |
#C Izzy Plaza |
4bd/2.5ba 1,960 sq’ |
$700,000 |
$700,000 |
| 2009 Bayard Ave. |
#207 Cajun Cove |
2bd/2ba 1,264 sq’ |
$670,000 |
$670,000 |
| 116 Clayton St. |
#3 Holly Tree |
4bd/2ba 1,800 sq’ |
$859,999 |
$775,000 |
| CONDOS INCREASE/DECREASE |
BUILDING |
SIZE |
PREVIOUS PRICE |
NEW PRICE |
| N/A |
N/A |
N/A |
N/A |
N/A |
