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 |
