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!!!

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!!!

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.

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!

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.

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??