Dewey Market Watch 10/6/18 to11/14/18
The Autumn selling season has been very good! There’s 10 new listings for the previous month which is average to good for this time of the year. The number of days on the market has been very low. If a property is accurately priced then a quick sale has been the result. I don’t believe that we’ll have an “off season” this year. There are tons of buyers out there and the minimal inventory that should keep purchasers busy throughout the year. We’ll experience a slight slow down during the holidays but expect the market to remain very active. Buyers who are serious had their Realtors set up auto searches so that their clients are alerted for every new listing. Buyers use websites like Realtor.com, Zillow… to set up similar automated searches that enable them to follow the market right up to date.
There’s been eight pending contracts for the 4-5 weeks. Eight sales are good for this time of the year. The pending contracts have covered all areas of the market. Contracts that were ratified contained single family homes, single family homes on leased land, new condo construction and several resales. This further proves that active buyers are out there in all areas of the market. The interest rates are hovering around 5% for a 30 year fixed and still remains to be a good rate for a home purchase. The market surely needs inventory! You may be surprised to see how much your home is worth in “today’s” present market. Wondering? Please give me a call to set up a free, no sales pressure market analysis that will educate you with the value of your home
|SINGLE FAMILY NEW||COMMUNITY||SIZE||ASKING PRICE|
|107 Clayton St||Reho By The Sea||4bd/2ba||$725,000|
|102 West St. 57 year lease @ $19K yr||Reho By The Sea||6bd/2.5ba||$624,900|
|22 Bedford Ave||Indian Beach||7bd/4ba||$2,100,000|
Just listed! Rare single family home, fee simple in the heart of Dewey! This 4bd/2ba single family home is one of the few homes that’s listed under $1M in Dewey. Great rental location. Due to the location and the pricing this home will not last. Please call me asap for detailed information. Looking for a super strong rental? Look no further. This Reho. By The Sea home has a newly renegotiated lease. Previous years rental incomes were $67K. Great condition!! 22 Bedford is a new single family home just listed in prestigious Indian Beach. 1 Hazlett and 1 McKean, both listed for 4,900,000 makes this new listing the most affordable in Indian Beach.
|SINGLE FAMILY PENDING||COMMUNITY||SIZE||ASKING PRICE|
|103 Jersey St 54 yr lease @ $16,628||Reho By The Sea||3bd/2ba||$499,900|
|16 Jersey St||Reho By The Sea||5bd/4ba||$1,650,000|
|103 Chicago St 16 yr lease @ $12K yr||Reho By The Sea||3bd/2ba||$450,000|
|119 West St 60 yr lease @ $15K yr||Reho By The Sea||3bd/1ba||$279,000|
|21180 1st St||Ann Acres||3bd/1.5ba||$559,900|
The Autumn sales market has picked up considerably. The Reho. By The Sea market has been strong with three recent pending contracts. My new listing at 21180 1st St. that sits at the end of a dead end street (quiet cul de sac) went to contract within the hour of listing the home. The quaint home at 16 Jersey went to contract. Jersey street is a high demand area in Dewey and reflects the quieter side of Dewey.
|SINGLE FAMILY CLOSED||COMMUNITY||SIZE||ASKING PRICE||CLOSING PRICE|
|107 Carolina 57 yr lease @ $18,104 yr||Reho By The Sea||4bd/2ba||$579,900||$564,750|
|38399 George St||Killens Addition||2bd/1.5ba||$599,999||$300,000|
|38421 George St||Killens Addition||4bd/1.5ba||$575,000||$550,000|
|315 Dutch Rd||Seabreeze Dev||3bd/3ba||$699,000||$625,000|
Single family home sales in the surrounding communities have increased. The 2 homes in Killens Addition and the one home in Sea Breeze are affordable single family homes that are still just a very short walk to the beach. I expect these prices to increase due to supply and demand. 107 Carolina is a wonderful home in RBTS that comes with a newer 57 year lease. Closing prices continue to appreciate in this area of the market. 120 Rodney didn’t last long! On the market for only 2 days this water view home is a true oasis. This home comes complete with pools, hot tubs and upgrades that will satisfy the most demanding clients!
|SINGLE FAMILY INCREASE/DECREASE||COMMUNITY||SIZE||PREVIOUSLY||NEW PRICE|
|108 Carolina 54 yr lease @ $15,440||Reho By The Sea||3bd/2ba||$699,000||$649,900|
|123 Chesapeake St||Reho By The Sea||5bd/3.5ba||$2,065,000||$1,999,999|
|38285 Blackstone Ave||Silver Lake Manor||4bd/4fl ba/2hlf ba||$1,850,000||$1,795,000|
|20968 Ann Ave||Ann Acres||6bd/4.5ba||$929,000||$899,000|
|CONDOS NEW||BUILDING||SIZE||ASKING PRICE|
|1301 Coastal Hwy unit #443||Lighthouse Cove||3bd/2.5ba||$899,900|
|1301 Coastal Hwy unit #463||Lighthouse Cove||3bd/2.5ba||$1,499,900|
|1301 Coastal Hwy unit #462||Lighthouse Cove||3bd/2.5ba||$1,499,900|
|1301 Coastal Hwy unit #258||Lighthouse Cove||2/2||$599,900|
|1301 Coastal Hwy unit #440||Lighthouse Cove||4/3||$899,900|
|22 McKinley St unit A||Summerset||2bd/1ba||$399,000|
|1406 Coastal Hwy||Delano||2bd/2ba||$399,900|
Lighthouse Cove has released another building. This building is on the water front and is reflected in the pricing. Lighthouse Cove sales have been extremely strong and carries a bulk of the condo market. The two new condo listings at McKinley and Coastal Hwy are two new ocean block listings. The condo inventory in the ocean block is extremely low so don’t expect these units to last very long!
|CONDOS PENDING||BUILDING||SIZE||ASKING PRICE|
|1301 Coastal Hwy unit #359||Lighthouse Cove||4bd/3ba||$799,900|
|1701 Coastal Hwy unit #206||Opal||2bd/2ba||$350,000|
|20981 Coastal Hwy unit #1||Beach Club||3bd/1.5ba||$335,000|
This area of the market always carried the market. Dur to the low, low inventory the numbers have fallen considerably. Supply and demand dictate a market. I expect resales to appreciate and new construction to fly off of the market. Due to the low inventory makes this an excellent time to list and sell in a very short period.
|CONDOS CLOSED||BUILDING||SIZE||ASKING PRICE||CLOSING PRICE|
|1301 Coastal Hwy unit #450||Lighthouse Cove||2bd/2ba||$599,900||$608,144|
|18 West St unit C||Guthrie 2||1bd/1ba||$274,900||$260,000|
|CONDOS $$ INCREASE/DECREASE||BUILDING||SIZE||PREVIOUSLY||NEW PRICE|
|119 Collins Ave unit #214||Marina View||1bd/1ba||$424,900||$419,900|
|100 Van Dyke St unit # 201||Cove||1bd/1ba||$369,000||$360,000|