Dewey Market Watch 5/15/20 thru 5/29/20
Happy Friday and a happy one at that it is! Welcome back!! The 14 day quarantine has been lifted and starting this Monday 6/1 short term rentals will be permitted. Heavy restrictions will apply. Making reservations? I’d suggest calling vs booking online. Many websites have not been updated with the new guidelines. One very important guideline to everybody in the resorts area is that all restaurants will require a reservation. I heard that the reservation list is already two weeks out so plan ahead. Please support you favorite restaurant and local watering hole. They need all of the support that we can give them!
The real estate market has picked up tremendously! There were three sale transactions in the last 2 weeks compared to three transactions for the nine weeks prior to the removal of the 14 day quarantine that enabled buyers to come into town to view their properties but then had to leave immediately thereafter. I’ve heard of 30 year fixed mortgages as low as 2.9%. The low interest rate is surely going to impact how fast our markets rebound from being closed due to the corona virus. The next month will be very interesting to see how fast the market picks up.
|SINGLE FAMILY NEW||LOCATION||SIZE||ASKING PRICE|
|110 Chicago St.||Rehoboth By The Sea||3bd/2ba 4,996 sq’||$1,199,000|
Back on the market at a reduced price. This laid-back surf shack is one of the few remaining “Atrium” mid-century style homes left in Rehoboth-By-The-Sea. Solid wood floors and pine walls enhance this wonderful home from yesteryear. Located on popular Chicago street this home is just a very short walk to the beach!
|SINGLE FAMILY PENDING||LOCATION||SIZE||ASKING PRICE|
|15 West St. 57 yr lease @ $27,500 yr||Rehoboth By The Sea||7bd/5ba 3,600 sq’||$999,000|
|13 Dagsworthy St.||Scrod Acres||3bd/2.5ba 1,800 sq’||$780,000|
15 West is a gently use three year old home. The home is a Rehoboth By The Sea leased land property. The home has a 57 year lease @ $27,500. I think that new construction on renegotiated leases is going to be the wave of the future. Limited building lots will increase this activity and will further strengthen the Rehoboth By The Sea leased land market. 13 Dagsworthy is a stand alone condominiumized single family home. This 3bd/2.5 bath is located next to the Lifeguard museum. The tiny six unit complex offers excellent proximity to the beach (100′ from beach) for a very reasonable price.
|SINGLE FAMILY INCREASE/DECREASE||LOCATION||SIZE||PREVIOUS PRICE||NEW PRICE|
|111 Bellevue St.||Dewey Beach||7bd/4ba 3,200 sq’||$1,295,000||$1,249,000|
|21162 Andrew Ave.||Ann Acres||5bd/3.5ba 2,700 sq’||$1,525,000||$1,475,000|
|Lot 26 Fisher||Dodds Addition||4bd/2.5ba 2,383 sq’||$1,252,834||$1,242,834|
111 Bellevue reduced their price by $50K. This single family duplex had double rental licenses. The home shows very well and would add value to any investor’s portfolio. 21162 Andrew Ave is located in Ann Acres. The 5bd/3.5 ba, 2,700 sq’ home is situated on a spacious 1/4 ac corner lot. Lot 26 Fisher in Dodds Addition is a new construction to be built. The 4bd/2.5ba, 2,383 sq’ home can be purchased as a lot/home package or just the lot for $740,000.
|SINGLE FAMILY CLOSED||LOCATION||SIZE||ASKING PRICE||CLOSING PRICE|
|16 New Orleans St.||Rehoboth By The Sea||5bd/3.5ba 1,680 sq’||$1,150,000||$1,120,000|
|108 Cullen St.||Rehoboth By The Sea||3bd/2ba||$1,325,000||$1,000,000|
16 New Orleans is a mid ocean block home. The 5bd/3.5ba was accented by a separate detached garage cabana. Lot value alone is a minimal $1,050,000. This was a very good purchase for $1,120,000. 108 Cullen is a 3bd/2ba home located in the 2nd block of highly sought after Cullen St. This mid century home offers all of the charm from yesteryear. $1M for an original Rehoboth By The Sea property is very encouraging for the overall Dewey market.
|CONDOS NEW||BUILDING||SIZE||ASKING PRICE|
|124 Swedes St.||unit #1 Swedes St.||3bd/2ba 2000 sq’||$538,000|
|1609 Coastal Hwy.||unit #302S Opal||2bd/2ba 925 sq’||$379,900|
|119 Collins Ave.||unit # 112 Marina Views||1bd/1ba 1000 sq’||$385,500|
There were three new condo listings added to the inventory. 124 Swedes St. is a bright duplex, 3bd/2ba, 2000 sq’ unit. The numerous upgrades and only steps to the bay surely enhance this nice Dewey investment. 1609 Coastal Hwy.unit 302S located in the Opal is a 2bd/2ba entry level priced investment. Affordable enough for personal use and or your investment portfolio. 119 Collins unit 112 in Marina Views offers spectacular bay front views. The views alone are worth a million dollars. It would be hard to rent this one, you’ll love the views that much!
|CONDOS PENDING||BUILDING||SIZE||ASKING PRICE|
|2 Saulsbury St. 6 yr lease @ $1,200. yr||unit #6 Colonial Seas||2bd/2ba 900 sq’||$185,000|
2 Saulsbury St. unit #6 is located in Colonial Seas. The complex is a Rehoboth By The Sea leased land property. The lease has six years remaining @ $1,200. a year. The complex will not be renewing the lease at the end of the present six year lease. It’ll be interesting to see what this one actually sells for. The complex is a popular ocean front building that many tourists have created many wonderful memories in Dewey!
|CONDOS INCREASE/DECREASE||BUILDING||SIZE||PREVIOUS PRICE||NEW PRICE|
|1904 Coastal Hwy.||unit D Surfrider||3bd/2ba 1,249 sq’||$515,000||$500,000|
1904 Coastal Hwy. unit D just reduced their price by $15K. The un it is a 3bd/2ba and is located in the very popular Surfrider complex. Walk down the stairs and enjoy a crab cake from world famous Woody’s or go the other direction and you’re 1,200 from the beach. It can’t get any easier than that.
|CONDOS CLOSED||BUILDING||SIZE||ASKING PRICE||CLOSING PRICE|
|1301 Coastal Hwy.||unit # 362 Lighthouse Cove||3bd/2.5ba 1,523 sq’||$1,399,900||$1,399,900|
|1301 Coastal Hwy.||unit # 462 Lighthouse Cove||3bd/2.5ba 1,632 sq’||$1,499,900||$1,499,900|
There were two new penthouse suites that just closed in the Lighthouse Cove. The closing prices of $1,399,900 & $1,499,900 will surely increase value within the Dewey market. Luxury penthouses at their finest!!!
|ALL LAND||LOCATION||SIZE||ASKING PRICE|
|lot 26 Fisher St.||Dodds Addition||50 X 100||$740,000|
|22 McKean||Indian Beach||101 X 100||$1,299,999|
|38737 Seagull Dr.||Indian Beach||105 X 70||$849,000|