Dewey Market Watch 2/12/22 thru 3/10/22

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 NEW LOCATION SIZE ASKING PRICE
121 Cullen St. 54 year lease @ $18,350 yr Rehoboth By The Sea 3bd/1.5ba      1,450 sq’ $1,300,000
102 Jersey St. 54 year lease @ $22,372 yr Rehoboth By The Sea 4bd/2ba $1,350,000

 

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 PENDING BUILDING SIZE ASKING PRICE
20909 Coastal Hwy. Killens Addition 3bd/2.5ba      1,408 sq’ $587,000
1 Read St. quarterly fractional share # 309D Surf Club 1bd/1ba $80,000

 

 

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

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
1 Read Ave. quarterly fractional share # 111C Surf Club 1bd/1ba $94,900 $89,900
1 Read Ave. quarterly fractional share # 114B Surf Club 1bd/1ba $89,900 $82,500
1 Read Ave. quarterly fractional share # 110C Surf Club 1bd/1ba $93,800 $87,900