Dewey Market Watch 1/13/21 thru 2/5/2021
Happy, happy Friday!! The days are getting longer and spring is getting closer:):) The Dewey market and surrounding communities continues to be hot, hot, hot! There are 13 pending contracts for the last 3 weeks of activity. It’s middle of the winter in February which is typically the slowest time of the year and activity is surpassing the numbers of a normal spring selling season. New listings have been flying off of the shelf as soon as they’re listed. Rates are still record low, a 30 year primary fixed is 2.265 and a jumbo 30 year fixed is 2.875. The inventory is non existent. Presently in Dewey there are two single family leased land properties for sale, four single family fee simple and six condos. There are three single family homes, one in Dodds Addition and two in Silver Lake Manor. That’s it!! I’ve never seen the inventory this low nor have I been without a listing during my entire 19 year career. Present values in today’s market may astound you. Please call me for a free market analysis.
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 38189 Terrace Rd. | Silver Lake Manor | 2bd/2ba 1,152sq’ | $1,189,000 |
Back on the market! This quaint 2bd/2ba home from yesteryear is located on an over sized 5,663sq’ lot. Lots of charm!! The home features hardwood flooring, well-appointed gourmet kitchen with granite countertops, vaulted ceilings, exposed beams, gas fireplace…
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 131 Chesapeake St. | Reho. By The Sea | 5bd/3ba 3,000sq’ | $1,599,000 |
| 202 Jersey St. (over sized lot 6,098sq’) | Reho. By The Sea | 3bd/1.5 ba | $1,295,000 |
| 21162 Andrew Ave. | Ann Acres | 5bd/3.5ba 2,700sq’ | $1,325,000 |
| 105 Dover Rd. (half lot 2,613sq’) | Dewey Beach | 4bd/4.5ba 1,836sq’ | $1,195,000 |
131 Chesapeake is a 5bd/3.5ba lake Comegy’s waterfront home. The 1989, 2000sq’ home sold in only 62 days. 202 Jersey St. is a 2nd block off of the ocean and sits on an over sized 6,098sq’. 21162 Andrew Ave. has been off and on the market for years. The hot market has produced a sale and a new owner will now enjoy the bay views! 105 Dover is a newly constructed 4bd/4.5ba, 1,836sq’ home. The home was built on a 2,613sq’ lot (half lot) and sold within 6 days of listing. Great market!!
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| 114 Carolina St. 55 year lease @ $18,648 yr | Reho. By The Sea | 3bd/2ba 1,500sq’ | $845,000 | $832,500 |
Lots of old Dewey charm in this est.mid 60’s beach cottage. Loaded with original pine wood walls and an open floor plan creates a perfect home for beach gatherings.
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSING PRICE |
| 22 Carolina St. RBTS 60 year lease @ $30K yr | Reho. By The Sea | 3bd/2ba | $730,000 | $730,000 |
| 16 New Orleans St. | Reho. By The Sea | 5bd/3.5ba | $1,295,000 | $1,260,000 |
| 113 Cullen St. | Reho. By The Sea | 5bd/4ba 2,250sq’ | $1,499,000 | $1,425,000 |
Location, location!! 22 Carolina! Ocean block, very desirable street, sold for full price in only 5 days! They don’t last long! 16 New Orleans is another ocean block home that sold in 38 days. 113 Cullen has a relaxed vibe with cozy living space, hardwood floors, tiled baths, and welcoming feel from the minute you enter the front door. Sale includes a lovely 2 bedroom back cottage- perfect for overflow guests. Sold in only 45 days!
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 103 Rodney Ave. | #5 Bay View | 2bd/1ba | $429,900 |
| 15 Vandyke Ave. | Emerald Shoals | 4bd/2.5ba 2000sq’ | $989,900 |
103 Rodney is an affordable 2bd/1ba unit. Both doors and all windows have been replaced. The kitchen and bath have also been renovated and new vinyl floors installed throughout. 15 Van Dyke is a mid ocean block condo. Many recent upgrades and turn key ready for rentals or personal enjoyment.
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 2 Saulsbury St. 6 year lease @ $1,200 yr | #4 Colonial Seas | 3bd/2ba | $245,000 |
| 1609 Coastal Hwy. | #S 306 Opal | 1bd/2ba 821sq’ | $359,990 |
| 18 West St. | #C Guthrie | 1bd/1ba 336sq’ | $329,000 |
| 20930 Coastal Hwy. | #6 Poynters Square | 6bd/4.5ba 3,800sq’ | $667,000 |
| 100 Van Dyke St. | #204 Cove | 2bd/1ba 600sq’ | $369,900 |
| 1 Saulsbury St. | Seastrand | 3bd/1.5ba 1,000sq’ | $867,900 |
| 20969 Rogers Ave | #A Ocean Walk | 4bd/2ba 1,100sq’ | $475,000 |
| 2 Saulsbury St. 6 year lease @ $1,200 yr | #5 Colonial Seas | 3bd/2ba | $299,000 |
| 19 McKinley St. | #B17 McKinley Condo | 5bd/2.5ba 2,150sq’ | $1,385,000 |
There were five ocean block condos that recently sold. The two units #4 & #5 in Colonial Seas went to contract. The leases will expire in six years and will not be renegotiated. 18 West #C in the Guthrie is an entry level priced condo. The 1bd/1ba unit sold in only 8 days. 20930 Coastal Highway unit #6 is a very large 3,800sq’ home. The 6bd/4.5ba is located just north of Dewey had a rental history of $50K and it sold in only 18 days. 20969 Rogers Ave is another condo just north of Dewey. The unit is located just a short 4 blocks to the beach. 100 Van Dyke is another entry level priced 2bd/1ba unit located in the Cove. 19 McKinley St. is an ocean block rental machine. The unit boasted a $85,665. rental income and sold in 49 days.
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| N/A | N/A | N/A | N/A | N/A |
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 21 Rodney Ave. | #1 Rodney St. Condos | 2bd/1ba | $439,000 | $439,000 |
| 1609 Coastal Hwy. | #S207 Opal | 2bd/2ba 920sq’ | $379,900 | $379,900 |
21 Rodney unit #1 is a mid ocean block, year round 2bd/1ba condo. The unit sold for full price and had a ratified contract within 14 days. 1609 Coastal Highway unit #S207 is a 2bd/2ba Opal unit. The unit features Hardwood Floors, Granite Countertops, Stainless Steel Appliances and is a 2nd Floor Unit with Elevator.
| LAND (all active, pending, closed) | LOCATION | SIZE | ASKING PRICE |
| 1 Clayton ocean front pending | Reho. By The Sea | 5000sq’ | $2,300,000 |
| 3 Clayton ocean front pending | Reho. By The Sea | 5000sq’ | $2,300,000 |
| 22 McKean Ave. pending | Indian Beach | 100′ X 100′ | $1,299,999 |
| 0 Route One commercial active | Poynters Addition | .87 acres | $1,267,000 |
The two ocean front lots on Clayton St. that have been on the market forever both have pending contracts. The only lot for sale in Indian Beach at 22 McKean Ave has also gone to contract. The only remaining lot that’s for sale is the commercial lot on Rt.1
| COMMERCIAL | LOCATION | BUSINESS | ASKING PRICE |
| 21 Van Dyke Ave. | ocean block | Bell Buoy Motel 16 units + owners | $1,975,000 |
The Bell Buoy Motel boasts 16 efficiency units plus one 2bd/2ba owners/managers unit. The motel is situated on just shy of a double lot. This would create an excellent investment opportunity. Please contact me for recent rental numbers and carrying costs…
