Dewey Market Watch 2/28/2020 thru 4/1/2020

Corona bologna!!! Can you believe this is happening? The resort area is a ghost town. The home quarantine recommendation will probably go to a mandatory home quarantine similar to what Maryland just initiated. Two weeks ago the temperature soared to 86 degrees. The out of staters flocked to the boardwalk and beaches and with it came their corona. The number of cases in Sussex County soared the following 10 days and now leads the state in confirmed corona cases. Officials are asking EVERYONE to stay home. If you do not have a primary residence here stay home. The grocery stores are empty, the outlets are closed along with the beaches, boardwalk, restaurants, bars… Thank God the liquor stores are still open or there would be riots:)

       The market has slowed to a crawl especially in the immediate resort area. All of the pending transactions mentioned in this update were pending before the Corona balogna. One week prior to the corona pandemic the interest rates plummeted to as low as 2.99%. The refi area of the market overwhelmed the banks in just two days so they raised the rates back up to 4.250. The rates have slowly trickled back down to 3.2% for a 30 year fixed with no points. What does this mean? People will start buying again! The uncertainty clearly has everyone concerned but when this virus is defeated we are going to see stock markets soar along with the real estate market. I believe that it will be record setting.

     Presently it’s a buyers market with super low interest rates. Sellers are aware of the delayed market. Now might be an excellent time to grab a good deal! Speaking of good deals, my seller at 109R unit C is ready to “unload” his unit in Rainbow Cove. There’s a long history of rental income averaging $22K to $23K annually. Micro managing through VRBO may increase the income even more. The unit has been totally renovated to include paint, granite, carpet, vinyl flooring, bathroom vanities and floors, hvac mechanicals under one year old, plumbing fixtures and all new lighting. The unit appraised last summer BEFORE renovations at $380K. The unit next door had all original materials and closed about 1.5 – 2 years ago for $384K. Presently the seller has it listed for $369K which is already a steal well below market value! Seller says bring him an offer and lets “talk”. Presently ALL of my listings are priced very accurately if not a little below the market. All of my listing are supplied with virtual tours, still photos and drone shots. Virtual touring has increased dramatically since the corona outbreak. Please view my present listings on my home page, maybe one will strike your interest:)

       It’s trying times for America and the whole world. Listen to the advice of the CDC, self isolate and we’ll all get by this in due time. Thank you ALL 1st responders, health field workers, janitors, truckers, grocery store clerks and the list is just too numerous to mention. Thank you all! Stay healthy and God bless!



3 Clayton St. Reho By The Sea ocean front  5bd/4.5ba    3,173sq’  $3,054,056
106 Dagsworthy St. Dewey Beach Sub 3bd/2.5ba       $935,000
106 West St (back on market) Rehoboth By The Sea 3bd/2ba      1,000 sq’ $1,099,000

106 Dagsworthy is a 3bd/2.5ba coastal cottage. The home was built in 1980 and sits on an undersized 3,200 sq’ lot. Lots of deck space and two balconies offer plenty of outdoor entertainment area. 106 West St. went back on the market. Corona virus impacted borrowing abilities thus many pending transactions have gone to back on the market. 


 108 Cullen St.  Rehoboth By The Sea  3bd/2ba  $1,325,000
121 Houston St. Rehoboth By The Sea 6bd/2ba $799,900

108 Cullen was a 3bd/2ba 1949 home that was accented with original pine walls and hardwood flooring. This rock solid home only lasted on the market for 57 days. Inventory is minimal so the price of single family homes is on the rise. 121 Houston is a 6bd/2ba single family/duplex home that comes with two rental licenses. The grandfathered duplex is split upstairs and downstairs. You could rent them individually or use one rent the other. The property offered many possibilities. Both of these homes were pending prior to the corona virus.


 27 Chesapeake St. Rehoboth By The Sea   6bd/3.5ba    2,600 sq’  $2,387,000  $2,247,000
 25 Chesapeake St. Rehoboth By The Sea   7bd/3.5ba    2,600 sq’  $2,387,000 $2,247,000 
 18 Chesapeake St. RBTS 57 yr lease @$24,976 yr Rehoboth By The Sea  3bd/2ba        1,158 sq’ $849,900  $819,000 
 16 New Orleans St.  Rehoboth By The Sea  5bd/3.5ba    1,680 sq’  $1,299,000 $1,250,000 

There were four nice price reductions in the fee simple single family market. All of the homes were in the ocean block. 25 & 27 Chesapeake adjusted their price by reducing both homes $140K each. Opportunities like this don’t become available very often. Chesapeake St. is one of the most sought after streets in Dewey. Both homes are water front on Silver Lake and offer an easy walk into Rehoboth and Dewey. Please contact me for a private showing. 18 Chesapeake is a 1970 3bd/2ba 57 year leased land property. The annual lease id $24,976 yr. This home from yesteryear shows incredibly well and offers many possibilities. 16 New Orleans is a 5bd/2.5 ba Beach cottage with separate detached garage cabana located steps to the beach. Strong $50K rental income qualifies this for a nice ocean block investment.


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2007 Bayard Ave.  unit #3 Baystrand 3bd/3ba      2,100 sq’ $799,000
1 St Louis St.  ocean front #104 Wilson Dunes  3bd/2ba     1,850 sq’ $1,900,000
1904 Coastal Hwy.(back on market) unit D Surfrider 3bd/2ba     1,249 sq’ $515,000

Unit #3 at 2007 Bayard Ave. is located in Baystrand. This unit is an over sized 3bd/3ba, 2,100 sq’  featuring bay views and an amazing private bay beach that is shared with only 6 other homes. 1 St. Louis is a rarely offered water front unit in Wilson Dunes. The kitchen and baths were recently updated and renovated which includes granite tops, recessed lighting, new cook top with down draft.


1301 Coastal Hwy. Unit #C413 Lighthouse Cove   2bd/2ba   1,047 sq’  $600,000
 3 Seastrand Reho. 37 yr lease @ $9,888 yr.  unit #29 Seastrand  4bd/3.5ba 1,800 sq’  $829,000

1301 Coastal Hwy. is a 2014 2bd/2ba Lighthouse Cove unit. The spacious 1,047 sq’ unit had all of the bells and whistles that you’d expect out of a Lighthouse Cove unit. 3 Seastrand is a 4bd/3.5 ba Reho. BY The Sea leased land property. The unit is an older lease that has 37 years remaining at $9,888 annually. I didn’t think that a Seastrand unit with an older lease would last very long, only 32 days on the market!!!



 35 Rodney Ave. #1 Dewey Beach Dev  4bd/3.5ba    1,873 sq’  $1,149,000  $1,129,000
 35 Rodney. Ave. #2 Dewey Beach Dev  4bd/3.5ba    1,873 sq’ $1,149,000  $1,129,000 
 107 Rodney St.  Unit C  Marina Reach 3bd.2.5ba    1,600 sq’  $650,000 $635,000 

35 Rodney unit #1 & #2 just reduced their price by $20K. These two properties show very well, nothing overlooked in this elegant new construction. Both homes feature open floor plans that accommodate easy entertaining! 107 Rodney unit C is  an end unit townhouse. The unit is being offered furnished, recently renovated with hardwood flooring throughout, new kitchen cabinets, granite counters and renovated baths with new vanities, custom tile showers and tile flooring… Great location!!


102 Anchor Way #18 Summer Winds  4bd/2.5ba  1,840 sq’ $1,295,000 $1,100,000

It’s been a while since we’ve seen a large bay front unit close. The 4bd/2.5 ba, 1,800 sq ‘ unit had all of the upgrades that one would expect in a bay front home. Take a peak at the photos in the link and the pictures say it all, closed at $1,100,000!!!


21 Van Dyke Bell Buoy Motel   $2,100,000
2107 Coastal Hwy. 1000 sq’ retail space Izzy Plaza $244,999

21 Van Dyke is the Bell Buoy Motel. This commercial property offers 16 units and an owners suite. Rental incomes have soared over the last few years. This would be an excellent renovation investment that surely could be supported with future escalating rentals. 2107 Coastal Highway is a 1st floor Izzy Plaza unit. The retail space consists of 1000 sq. , plenty of room for a small business owner to pedal their wares:)


1 Clayton St.  ocean front Dewey Beach 50 X 100 $2,400,000
22 McKean Ave. Indian Beach 101 X 100 $1,299,999
38737 Seagull Dr. Indian Beach 105 X 70 $849,000
lot 26 Fisher Dodds Addition 50 X 100 $750,000
Lot 1 Old Bay Rd. (Pending) Ann Acres .65ac $499,900

Lot 1 Clayton St. is the only ocean front lot for sale in Dewey. The lot is also being offered as a home/lot package for $3,006,290. There are two lots available in Indian Beach. The 1st lot is 22 McKean located on the ocean block of McKean and the 2nd lot 38737 Seagull is located on the bayside on Seagull Dr. Lot 26 on Fisher Street is a typical 50 X 100 lot that faces Fisher St. Easy access to the beach through Cottage Lane, to Pine Lane to the ocean block of Chesapeake St. Great location!!  Pending contract is lot 1 Old Bay Rd. The lot was part of the old Dodd farm. This .65 ac. lot is situated in a very quiet area yet steps to all of the resort activities. A .65 ac lot is hard to come by this close to the beach.