Dewey Market Watch 2/6/21 thru 3/2/21
The spring selling season is upon us and in full gear. The present problem with the Dewey market is the lack of inventory. There’s presently only five single family homes for sale and eight condos in the entire town limits of Dewey. You can’t sell the product if the product isn’t available! Interest rates are on the rise. The present interest rate for a 30 year fixed is 3% and ditto for a jumbo that’s also at 3%. The days are getting longer and daylight savings time is only weeks away. Locals are eagerly awaiting the first sighting of the first migrating osprey and all of the summertime species. Welcome springtime!!!
CLICK ON ADDRESS FOR FULL MLS LISTING
|SINGLE FAMILY NEW||LOCATION||SIZE||ASKING PRICE|
|202 Chesapeake St. 52 year lease @ $17,176 yr||Reho. By The Sea||5bd/3.5ba||$1,250,000|
|3 Bellevue St.||Dewey Beach||4bd/3.5ba 2,000sq’||$2,195,000|
Waterfront on Lake Comegy’s on Chesapeake St. What more could you ask for?:) Great location with a solid $45K rental income. This is a Reho. By The Sea property with lease conditions of 52 years remaining at $17,176 a year. The new condo listing at 3 Bellevue is loaded with panoramic ocean and bay views. Located only one lot off of the ocean this 4bd/2.5ba, 2000sq’ home surely will provide summertime memories to last a lifetime!
|SINGLE FAMILY PENDING||LOCATION||SIZE||ASKING PRICE|
|1 & 3 Cullen St. (ocean front)||Reho. By The Sea||10bd/11ba (2 homes) .79ac. lot||$10,999,900|
|113 Houston St.||Reho. By The Sea||6bd/7fl ba/2hlf ba 5,102sq’||$3,100,000|
|23 Manor Dr.||Country Manor||3bd/1.5ba||$639,500|
|7 Cullen St.||Reho. By The Sea||5bd/3ba||$2,895,000|
The old Dupont estate located at 1 & 3 Cullen St has gone to contract. The .79ac ocean front complex consists of 2 homes and very well could be the most premier property in Dewey. The home with an asking price of $11M took just under 2 years to sell. New construction on the bayside at 113 Houston has also raised the bar for pricing. The 6bd/7fl ba/2hlf ba with 5,103sq’ was listed for $3.1M and sold in only 131 days on the market. 23 Manor Dr. has finally gone to contract after being on the market for 651 days. I always liked this property. It needs a interior renovation but the .29 ac lot allows plenty of room for expansion, pool…. 7 Cullen St. didn’t last long! The 5bd/3ba with 3,100sq’ living space only lasted 14 days on the market. It appears the big new construction is hovering right around the $3M+-.
|SINGLE FAMILY CLOSED||LOCATION||SIZE||ASKING PRICE||CLOSING PRICE|
|119 Saulsbury St. (2 rentals)||Reho. By The Sea||4bd/3ba 2,200sq’||$839,900||$755,000|
|27 Bedford Ave.||Indian Beach||4bd/3ba 2,400sq’||$1,599,000||$1,525,000|
|114 West St. 60 year lease @ $18,584. yr||Reho. By The Sea||3bd/2ba 1,000sq’||$489,000||$340,000|
|105 Dover St. 2,613sq. half lot||Dewey Beach||4bd/4.5ba 1,836sq’||$1,195,000||$1,300,000|
The new owners at 119 Saulsbury should feel pretty happy with their purchase. The $755K purchase price is almost lot value! The two rental licenses offer multiple opportunities with the property. The closing at 114 West is the least expensive Reho. By The Sea property in a long, long time. The closing price of $340K anywhere on West St. is truly a valuable purchase. The new construction on Dover sold for a whooping $1.3M. The undersized lot measured 2,613sq’, just over a half of a typical lot size.
|SINGLE FAMILY INCREASE/DECREASE||LOCATION||SIZE||PREVIOUS PRICE||NEW PRICE|
|38258 Robinson Dr.||Dodds Addition||4bd/3.5ba 2,632sq’||$1,495,000||$1,599,000|
|38189 Terrace Rd.||Silver Lake Manor||2bd/2ba 1,152sq’||$1,189,000||$1,289,000|
Increases instead of decreases! That’s the signs of a solid market!
|CONDOS NEW||BUILDING||SIZE||ASKING PRICE|
|1301 Coastal Hwy.||#405 Lighthouse Cove||2bd/2ba||$749,900|
|1301 Coastal Hwy.||#443 Lighthouse Cove||3bd/3ba||$999,900|
|1301 Coastal Hwy.||#442 Lighthouse Cove||3bd/3ba||$1,399,900|
|1301 Coastal Hwy.||#445 Lighthouse Cove||3bd/2.5ba||$1,499,900|
|1301 Coastal Hwy.||#244 Lighthouse Cove||3bd/2.5ba||$1,649,900|
|1301 Coastal Hwy.||#258 Lighthouse Cove||2bd/2.5ba||$759,000|
|1 St. Louis St.||#204 Wilson Dunes||3bd/2.5ba 1,884sq’||$2,195,000|
|17 Saulsbury St. 54 year lease @ $13,414 yr||#1A Mariners Surfside||4bd/2ba 1,400sq’||$895,000|
|119 Collins Ave.||#116 Marina View||2bd/2ba 1,600sq’||$799,000|
The Lighthouse Cove is offering their last four units that are available in new construction. That’ll be it for Lighthouse Cove! The two remaining units on the market are resales. The ocean front complex of Wilson Dunes has a new listing available. Ocean views adorn this 3bd/2.5ba. Recent updates include the exterior and interiors of this rare ocean front unit. Mariners Surfside has a new listing. The single family detached, condominiumized home is a 4bd/2ba home built in 2015. The land lease is a very affordable $13,414 yr. This may well be the most affordable single family ocean block Reho. By The Sea property. Bay front anyone? The new listing in Marina Views will satisfy just the appetite. Sunsets to die for!!
|CONDOS PENDING||BUILDING||SIZE||ASKING PRICE|
|1301 Coastal Hwy.||#427 Lighthouse Cove||4bd/3ba||$1,099,900|
|CONDOS CLOSED||BUILDING||SIZE||ASKING PRICE||CLOSED PRICE|
|1301 Coastal Hwy.||#344 Lighthouse Cove||3bd/3.5ba 2,382 sq’||$1,749,900||$1,828,326|
|19 McKinley||#B 17 McKinley Condos||5bd/2.5ba 2,150 sq’||$1,385,000||$1,289,000|
|2 Saulsbury St. 6 year lease @ $1,200. yr.||#5 Colonial Seas||3bd/2ba||$299,000||$299,000|
|2 Saulsbury St. 6 year lease @ $1,200. yr||#4 Colonial Seas||3bd/2ba||$245,000||$205,000|
|100 Anchor Way||#5 Anchor Way||4bd/2.5ba 2,200 sq’||$669,000||$660,000|
|1609 Coastal Hwy.||#S306 Opal||1bd/2ba 821 sq’||$359,990||$355,000|
|20930 Coastal Hwy||#6 Poynters Square||6bd/4.5ba 3,800 sq’||$667,000||$655,000|
The closing of the penthouse unit in the Lighthouse Cove closed for an astounding $1,828,326. That has to be a record for the complex! Unit B17 in McKinley Condos sold in 49 days. This mid ocean block condo offered tons of living space in this 5bd/2.5ba 2,150sq’ home. Two units closed in Colonial Seas. There are only six years remaining on the present lease with no opportunity to renegotiate the lease. Unit #5 sold for $299K with an ocean view and #4 sold for $205K without an ocean view. Unit #5 in Anchor Way offered a wonderful southern exposure with gorgeous sunsets. Entry level pricing for the sale of unit #S306 in the Opal. The closing price of $355K allows for an affordable beach getaway. Unit #6 in Poynters Square contained 3,800sq’ of living space. The 6bd/4.5ba had a rental income of $50,000.
|CONDOS INCREASE/DECREASE||BUILDING||SIZE||PREVIOUS PRICE||NEW PRICE|
|2 McKinley Ave.||#100 Sunspot||2bd/1ba||$519,000||$499,000|
|103 Rodney Ave.||#5 Bay View||2bd/1ba||$429,900||$414,900|
The price reduction in #100 Sunspot should be significant enough to sell the unit. This complex just realized a major exterior renovation and update and will treat the new owner to many fond summertime memories. Would you like something a little less expensive? Located on the bay side unit #5 in Bay View reduced their price to $414,900
|COMMERCIAL ALL TRANSACTIONS||LOCATION||BUSINESS||ASKING PRICE|
|1205 Coastal Hwy.||#300 Cove||Restaurant/Bar||$1,600,000|
|21 Van Dyke Ave.||ocean block Van Dyke||16 efficiencies + owners suite||$1,975,000|
New commercial listing!!! This property is a free standing unit part of the the Cove Condominiums. You own the 2 bedroom unit above the restaurant and you own the property the restaurant is located in. You can also rent out the bottom floor unit restaurant, keep it for yourself to operate or change the concept completely. The opportunities are endless with this property. This incredible seasonal business has everything you need to just start right up. Location, equipment, menus, recipes, furnishings, and even including the employees already in place. Restaurant is also available for lease with or without the condo. You can buy everything for 1.6m or, you can buy the business and lease just the restaurant for 50k per year or take both the restaurant and the condo above for 70k total per year.
The 2nd listing 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…
|LAND ALL TRANSACTIONS||LOCATION||SIZE||ASKING PRICE|