Dewey Market Watch 7/16/19 to 8/15/19
Summer is winding down. It was a good 3-4 weeks in the Dewey Market. There were nine pending transactions this month and that’s great for this time of the year. There were seven new listings to replace the nine that just sold. Interest rates are at 3.750% going into the autumn selling season. Should be a good one!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 36 Collins St. | Indian Beach | 4bd/1,5ba | $1,435,000 |
| 38189 Terrace Rd | Silver Lake Manor | 2bd/2ba | $1,195,000 |
| 123 Chesapeake St (BOM) | Reho. By The Sea | 5bd/3fl ba/2hlf ba | $1,875,000 |
| 200 Chesapeake St 60 yr leasehold @ $15K yr | Reho. By The Sea | 5bd/3ba | $624,500 |
There’s four new single family home listings to help bolster the inventory in Dewey and the surrounding communities. Presently there’s 12 active (fee simple) single family homes on the market in Dewey. The Forgotten Mile to include Killens Addition, Dodds Addition & Silver Lake Manor has six homes presently listed. Indian Beach is looking good and has three listings and the chancellary has one. Ann Acres has one active listing so overall the inventory isn’t all that bad for single family homes!! Are you thinking of possibly selling after the rental season? Our autumn season is usually pretty strong. Please contact me for a free, no pressure market analysis!
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 116 McKinley Ave | Dewey Beach | 3bd/2ba | $663,000 |
| 1600 Bayard Ave. | Dewey Beach | 3bd/2ba | $795,000 |
| 308 Carla Ave | Seabreeze Dev | 3bd/3ba | $674,900 |
| 200 Chesapeake RBTS 60 yr leasehold @ $15K yr | Reho By The Sea | 5bd/3ba | $624,500 |
There were four pending contracts for single family homes in the previous three weeks. That’s a very good number. Typically in a good market, usually springtime you’ll see two transactions a week (condos included). August is one of the slow months due to vacations, back to school and buyers anticipating the new autumn listings. The inventory is stable and interest rates for 30 year fixed and jumbo loans are hovering in the 3.750%. I anticipate a strong autumn season!!
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSING PRICE |
| 23 Carolina St RBTS 56 yr leasehold @ $23,782 | Reho. By The Sea | 4bd/2ba | $465,500 | $465,500 |
| 2002 Bayard Ave. | Reho. By The Sea | 3bd/2ba | $460,000 | $440,000 |
Strong closing numbers for both properties. 23 Carolina sold for the full asking price of $465,500 in only three days. 2002 Bayard sold $20K off of the asking price. The home went to contract in only seven days. Reho. By The Sea leased land properties have been selling tremendously fast. Please contact me for a updated market analysis to educate you with all of the Reho. By The Sea properties. The autumn season is just a few weeks away. It’s a great time to list after the rental season!!
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| 135 Chesapeake St RBTS 29 yr leasehold @ $4,186. yr | Reho. By The Sea | 6bd/3ba | $874,000 | $849,000 |
| 13 Dagsworthy St. | Scrod Acres | 3bd/2ba | $950,000 | $900,000 |
| 205 Jersey St RBTS 54 yr leasehold @$12,900 yr | Reho. By The Sea | 3bd/2ba | $590,000 | $589,900 |
| 38175 Robinson Dr. | Silver Lake Manor | 4bd/5fl ba/1hlf ba | $874,900 | $849,900 |
| 30 Beach Ave. | Indian Beach | 3bd/2ba | $1,350,000 | $1,295,000 |
| 123 Chesapeake St | Reho By The Sea | 5bd/3fl ba/2hlf ba | $1,875,000 | $1,825,000 |
There were six single family price changes. That provides six opportunities to be the next active transaction. Five of the six reductions were very significant and should generate a bit of activity. My top pick would be 13 Dagsworthy St. The condominiumized stand alone single family has tons to offer to the person with a little imagination. Location, location, location!!
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 107R (rear building) Dagsworthy St | unit B Rainbow Cove | 3bd/2ba | $409,000 |
| 14 Van Dyke St | unit A Ocean Sunset | 4bd/3.5ba | $799,900 |
| 109 Dagsworthy St | unit C Rainbow Cove | 3bd/2ba | $449,900 |
There are three new listings to add to the condo inventory. The 1st listing is my new listing in the Rainbow Cove. The unit is in a 3 unit building and is the only top floor unit that provides plenty of privacy and sunshine. The unit is totally upgraded, personal use and turn key ready for your enjoyment. The 2nd listing is a mid ocean block listing in Ocean Sunset. This unit shows very, very well. A 2nd new listing in the Rainbow Cove. Unit 109 Dagsworthy unit C is an upgraded unit that shows very well. Who wants a Rainbow Cove unit? There are three nice listings to choose from. Call me and let’s review the carrying costs vs rental income
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 2 Saulsbury St RBTS 7 yr leasehold @ $1,200. yr | #3 Colonial Seas | 2bd/2b | $163,000 |
| 1701 Coastal Hwy. | #N302 Opal | 1bd/2ba | $325,000 |
| 100 Collins Ave | #108 Marina Views | 2bd/2ba | $695,000 |
| 103 Vista Rd. | #3 Pelican Cove | 1bd/1ba | $425,000 |
| 1301 Coastal Hwy. (active/under contract) | #401 Lighthouse Cove | 3bd/3ba | $1,099,000 |
There were five pending contracts in the condo market in the last three weeks. These are strong numbers for this time of the year. If you couple these numbers with the single family home numbers then we realize nine pending contracts in the last three weeks and that well above the normal 2 transactions per week. As mentioned in my single family review, I’d credit this brisk activity to the record low interest rates that are presently available. It’s a good time to buy and a great time to sell!!
| CONDO CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSING PRICE |
| 119 Collins Ave | #214 Marina Views | 1bd/1ba | $415,000 | $385,000 |
| 102 Bayside Ct | unit 20 Bayside Ct | 4bd/3.5ba | $540,000 | $540,000 |
| 1301 Coastal Hwy | unit 401 Lighthouse Cove | 3bd/3ba | $1,099,000 | $982,500 |
The going price for a Marina View condo is $385K. Prices will vary depending upon location of the unit within the building. 102 Bayside Ct. was a bankruptcy sale and was aggressively priced for a quick sale. The Lighthouse Cove project is nearing completion. Bay front with bay and ocean views with outdoor pool and amenities are all included for $982,500 in the resale of unit 401. The next issue of Dewey Market Watch should have the closings of the above pending transactions above. It’ll give us a good value on the market with the upcoming autumn selling season.
| CONDO INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 109 Dagsworthy St | unit D Rainbow Cove | 3bd/2ba | 439,500 | $434,500 |
| 38170 Robinson Dr. | Robinson Square | 2bd/2fl ba/1hlf ba | $329,000 | $324,000 |
| 100 Collins Ave | #104 Marina Views | 1 bd/1ba | $387,500 | $375,000 |
My sellers at 109 Dagsworthy unit D Rainbow Cove just reduced their asking price by $5K. The unit has new laminate throughout, new paint, new stainless oven & refrigerator. Shows great! Bring me an offer! 38170 Robinson just dropped their asking price by $5K. The new asking price is $324,900 which is very affordable housing for so close to the beach. !00 Collins aggressively dropped their asking price by $12K. I’m betting that unit will be pending by my next market Watch update!
| COMMERCIAL | LOCATION | BUSINESS | ASKING PRICE |
| 2107 Coastal Hwy | Izzy Plaza | 924sq’ retail space | $375,000 |
| 21 Van Dyke St. | Bell Buoys Motel | ocean block 16 unit motel | $2,249,000 |
| LAND | LOCATION | SIZE | ASKING PRICE |
| 1 Clayton St | ocean front | 50 X 100 | $2.4M |
| 3 Clayton St | ocean front | 50 X 100 | $2.4M |
| 1 Old Bay Rd. | Ann Acres | .65 ac | $499,900 |
| 29 Rogers Ave. | Ann Acres | 6,631 sq’ | $324,900 |
| lot 26 Fisher St | Dodds Addition | 50 X 100 | $925,000 |
| 38390 F Benson St. | killens Addition | 50 X 100 | $574,900 |
Lots of lots!!! I can’t remember when there were this many lots on the market at one time. All areas represented to include Dewey, Dodds & Killens Additions and Ann Acres. Variety and choice that offers a variety of price ranges. Looking to build? Please contact for more information on any of these resort lots!!
