Dewey Market Watch 8/27/20 thru 11/4/20

The real estate market continues to be outstanding in Dewey and the surrounding communities. The election didn’t even slow the pace! I’ve witnessed five elections since I’ve been in business. The industry typically slows down considerably prior to an election but not this time. The low interest rates continue to fuel the fire. Rates are presently at 2.5% for a 30 year conventional, 3.00% for a 30 year jumbo and 2.675 for a 15 year jumbo. That’s almost free money! Most new listings are sold within the 1st week or two of listing the property. Inventory remains critically low. Now is the time to sell! You may be very surprised to see what the value of your property is in today’s present market. Please feel free to contact me for a free, no pressure analysis. Be well, stay safe!!!

All of my closings and several pending transactions (below) will appear a little differently when you click on the address. My website is being updated and I pulled info directly from our MLS. All information is exactly the same:)

 

SINGLE FAMILY HOMES NEW LOCATION SIZE ASKING PRICE
112 Read St (lot size 6,098 sq.’ Dewey Beach 3bd/2ba                    1,600 sq’ $1,349,000
119 Saulsbury St. (two units) Dewey Beach 4bd/3ba                    1,500 sq’ $839,990
113 Houston St. Rehoboth By The Sea 6bd/7fl ba/2hlf ba   5,103 sq’ $3,200,000
113 Cullen St. Rehoboth By The Sea 5bd/4ba                    2,250 sq’ $1,499,000
16 New Orleans St. Rehoboth By The Sea 5bd/3.5ba                 1,680 sq’ $1,295,000
111 Houston St Rehoboth By The Sea 5bd/3ba                       $1,075,000
29 Rodney Ave. Dewey Beach 6bd/5fl ba/2hlf ba   5,718 sq’ $2,795,000
210 Carolina St. 54 yr lease @ $13,995 yr Rehoboth By The Sea 3bd/2ba                       $895,000
109 Carolina St. 55 yr lease @ $19,396 yr Rehoboth By The Sea 4bd/3ba                    1,548 sq’ $949,500
109 Saulsbury St.  Rehoboth By The Sea 3bd/2ba $949,500
121 Jersey St. newer lease @ $17,212. yr Rehoboth By The Sea 3bd/2ba                    2,100 sq’ $889,000
114 West St. 60 yr lease @ $18,584 yr Rehoboth By The Sea 3bd/2ba                    1,000 sq’ $525,000
127 Chesapeake St. Rehoboth By The Sea 5bd/4.5ba                 2,965 sq’ $1,695,000

The inventory for fee simple single family homes in Dewey is semi stable for fee simple properties . Homes are selling in record time. The There are 12 fee simple homes presently on the market. Two homes are available on RBTS leased lands. The average number of days for the last 10 transactions AVERAGED 9 days on the market. Please take note of the asking prices of  the leased land properties $895K,$949,500,$949,500, $889K & $525K. These renovated homes mostly consist of the old Windjammer model and homes from the mid 60’s. These numbers reflect some serious appreciation in Rehoboth By The Sea! Inventory in the surrounding communities include one home in Ann Acres, one in Country Manor, one in Silver Lake Manor, two in Indian Beach and one in the Chancellery. These surrounding communities surely could appreciate some fresh listings to increase the inventory.

 

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
 110 Carolina St. RBTS 55 yr lease @ $19,460 yr  Rehoboth By The Sea 3bd/2ba $825,000
 20 St Louis St. Rehoboth By The Sea 4bd/2ba  $1,695,000
200 Jersey St. (2 units) Rehoboth By The Sea 4bd/2ba $1,100,000
32 Beach Ave. Indian Beach 6bd/5ba               $1,899,000
29 Rodney Ave. Dewey Beach 6bd/5fl ba/2hlf ba   5,718 sq’ $2,795,000
11 Swedes St. Rehoboth By The Sea 4bd/1.5ba                 1,250 sq’ $1,399,900
109 Carolina St. 55 yr lease @ $19,396 yr Rehoboth By The Sea 4bd/3ba                    1,548 sq’ $949,500
210 Carolina St. 54 yr lease @ $13,995 yr Rehoboth By The Sea 3bd/2ba $895,500
127 Chesapeake St. Rehoboth By The Sea 5bd/4.5ba                 2,965 sq’  $1,695,000

There are three pending contracts for single family on leased land. The asking prices for these homes from yesteryear are $825K, $949,500 & $895,500 thus proving the increased value of the Rehoboth By The Sea properties. Rehoboth By The sea properties have been selling within their 1st week of listing. There were three fee simple home that went pending and one from Indian Beach. The value in the entire single family home market has realized some very serious appreciation over the last couple of years. 

 

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
 3 Clayton St.  Rehoboth By The Sea  5bd/4.5ba $2,954,056 $2,997,000
 111 Cullen St. Rehoboth By The Sea 5bd/3fl ba/2hlf ba  3,658 sq’ $2,600,000 $2,700,000 
21162 Andrew Ave. Ann Acres 5bd/3.5ba        $1,395,000 $1,349,900
38142 Terrace Rd. Silver Lake Manor 5bd/4.5ba                 2,547 sq’ $929,500 $924,900

No surprise here! Two price increases at 3 Clayton & 111 Cullen. Sellers are adjusting accordingly to the very active market. The home on Andrew Ave reduced their asking price by $50K to $1,349,000. The only home for sale in Silver lake manor, 38142 Terrace reduced their price by $5K to $924,900

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
127 Chesapeake St. Rehoboth By The Sea 5bd/4.5ba                2,965 sq’ $1,695,000 $1,695,000
14 Carolina St. RBTS 60 yr lease @ $29,184 yr Rehoboth By The Sea 3bd/2ba $735,000 $735,000
111 Bellevue St. Dewey Beach 7bd/4ba                   3,200 sq’    
21 Hall Ave. Chancellery 5bd/6ba                   4,582 sq’  $5,500,000 $5,500,000

127 Chesapeake was a lake Comegys water front home. The home listed for $1,695,000 and sold for full price in only three days on the market. 14 Carolina was an ocean block leased land property. The property was listed at $735K and sold for full price. 111 Bellevue was a duplex with two rental licenses. The home could have been sold  individually as two condos or as a single family home.  21 Hall in the Chancellery was an ocean front compound that dreams are made of. The asking price was $5.5M and sold for full price in only 43 day. Incredible!

 

CONDOS NEW BUILDING SIZE ASKING PRICE
1301 Coastal Hwy. #427 Lighthouse Cove 4bd/3ba                    1,547 sq’ $1,099,900
1301 Coastal Hwy. #244 Lighthouse Cove 3bd/3.5ba                2,382 sq’ $1,649,900
2 Van Dyke Ave. #5 Seawinds 4bd/2.5ba                1,800 sq’ $1,850,000
12 Dickinson St. # D Dewey Dunes 4bd/3.5ba                 $990,000
100 Anchor Way #5 Anchor Way 4bd/2.5ba                2,200 sq’ $699,000
2 Saulsbury St. RBTS 6 yr lease @ $1,200. yr # 4 Colonial Seas 3bd/2ba $285,000
101 Anchor Way Anchor Way 3bd/2ba                   1,800 sq’ $646,000

Only three new Lighthouse Cove units are available for sale. Number five Seawinds is an ocean front  unit being offered for $1,850,000. One condo in Ann Acres. 12 Dickinson is the 3rd building complex (Dewey Dunes) off of the ocean. The 4bd/3.5 bath is being offered at $990K. My new listing at 100 Anchor Way is a spacious 4bd/3.5ba that offers nice bay views and has a proven rental history! 101 Anchor Way is a smaller 3bd/2ba with an asking price of $646K and is already pending contract. Unit #4 in Colonial Seas is an ocean front 3bd/2ba on Rehoboth By The Sea leased land property. Six years remain on the lease @ $1,200 a year and the unit generates a $50K rental income.

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
101 Anchor Way #203 Anchor Way 3bd/2ba                   1,800 sq’ $646,000
9A Bellevue St #A Guthrie 3 2bd/2ba                      980 sq’ $625,000
3 Dickinson St. #7A Ocean Harbor 4bd/3.5ba               2,020 sq’ $1,235,000
1609 Coastal Hwy. #S 404 Opal 2bd/2ba                      $399,000
100 Collins Ave  #103 Marina View 1bd/1ba                         $374,900
100 Collins Ave #203 Marina View 1bd/1ba $380,000
22 McKinley #B Summerset 2bd/1ba $429,900
123 Bellevue St. #6 Baywinds 3bd/2ba $650,000
1301 Coastal Hwy. #363 Lighthouse Cove 3bd/2.5 ba              1,523 sq’ $1,399,900
1301 Coastal Hwy. #441 Lighthouse Cove 2bd/2ba                   1,137 sq’ $699,900
1301 Coastal Hwy. #423 Lighthouse Cove 2bd/2ba                   1,079 sq’ 689,900
126 Read Ave.  #9 Snug Harbor 2bd/1ba                      825 sq’ $370,900
10 Swedes St. 55 yr lease # $8,600 yr Mariners Surfside 2bd/1ba $370,000
12 Dickinson St. #D Dewey Dunes 4bd/3.5ba $990,000
26 Van Dyke St. (no deeded parking) #D Van Dyke Villas 4bd/3.5ba              1,900 sq’ $750,000
1609 Coastal Hwy. #S207 Opal 2bd/2ba                    920 sq’ $379,900

Lighthouse Cove has been the staple of the inventory for condos in Dewey for the past several years. There are only three remaining units for sale thus you see many resales in this update. Pricing for the resales has escalated and will be the new norm for the condo market. The last 14 transactions have gone to contract on the AVERAGE in 12 days on the market. Many recent transactions have sold at asking prices that didn’t have the comparables available for the sale to appraise. Many buyers are bringing the difference from the contract price vs the appraised price. The condo market has been unbelievably hot!!!

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
1 St. Louis St. #104 Wilson Dunes 3bd/2ba                  $1,900,000 $1,850,000
1 St Louis St. #204 Wilson Dunes 3bd/2ba $2,300,000 $2,245,000
1406 Coastal Hwy. #3I Delano 3bd/2ba                   1,106 sq’ $499,900 $489,900
19 McKinley St  # B 17 McKinley condo 5bd/2.5ba               2,150 sq’ $1,435,000 $1,385,000
2 Saulsbury St. 6 yr lease @ $1,200.  #4 Colonial Seas 3bd/2ba $285,000 $259,500

All five of the decrease in pricing came within the ocean block. Two of the price reductions came within the ocean front Wilson Dunes complex. The 3rd price reduction was my listing at 1406 Coastal Hwy unit 3I. This 3 bed unit was gently rented and used mostly by the owners as a weekend retreat. 19 McKinley is a mid ocean block duplex being offered for $1,385,000. Unit #4 in Colonial Seas is an ocean front, Rehoboth By The Sea leased land property. Six years remain on the lease @ $1,200 a year. A $50K rental income would surely offset an asking price of $259,900

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE  CLOSED PRICE
1301 Coastal Hwy. # 242Lighthouse Cove 3bd/3ba                  1,578 sq’ $1,099,900 $1,099,900
1301 Coastal Hwy. #263 Lighthouse Cove 3bd/2.5 ba             1,523 sq’ $1,199,900 $1,199,900
1301 Coastal Hwy. #440 Lighthouse Cove 4bd/3ba                 1,547 sq’ $999,900 $999,900
1301 Coastal Hwy. #C413Lighthouse Cove 2bd/2ba                 1,047 sq’ $600,000 $587,000
1701 Coastal Hwy. #305 Opal 2bd/2ba                    925 sq’ $409,900 $390,000
14 Van Dyke St. #B Ocean Sunset 4bd/3.5ba            2,040 sq’ $949,900 $940,000
100 Collins Ave. #107 Marina View 1bd/1ba                    800 sq’ $359,000 $348,500
109 Dagsworthy St. #D Rainbow Cove 3bd/2ba                1,080 sq’ $419,500 $412,000
24 Dickinson Ave. #7A Dewey Villas 1bd/1b $325,000 $315,000
35 Rodney Ave. #1 Dewey Beach Dev 4bd/3.5ba             1,873 sq’ $999,000 $960,000
35 Rodney Ave. #2 Dewey Beach Dev 4bd/3.5ba             1,773 sq’ $999,000 $960,000
9 Clayton St. #2 Ocean Mist 4bd/4ba               2,000 sq’ $1,049,900 $1,055,000
109 Read Ave. #C Over Bay View 4bd/4ba               2,000 sq’ $862,600 $862,600
1609 Coastal Hwy. #S404 Opal 2bd/2ba $399,000 $416,850
1301 Coastal Hwy  #459 Lighthouse Cove 2bd/2ba               1,077 sq’ $699,900 $699,900
126 Read Ave #9 Snug Harbor 2bd/1ba $375,000 $350,000
20902 South Ave. #B Poynters Addition 3bd/2ba              1,080 sq’ $429,900 $419,000
123 Bellevue St. #6 Baywinds 3bd/2ba $650,000 $650,000
26 Van Dyke St. #D Van Dyke Villas  4bd/3.5ba           1,900 sq’ $750,000 $738,000

There are way too many transactions to review each individually. What’s to learn from all of these transactions? Review the asking price and then review the selling price. Six of the transactions were for full asking price and two were over asking price. The remaining transactions all closed very close to their asking price. As previously mentioned in the pending condo (above) the last 14 condo transactions closed within 12 days from the listing date. These closings represent all different sizes, locations, pricing, new vs old so it’s a good overall picture of the recent condo market.

 

LAND (ALL TRANSACTIONS) LOCATION SIZE ASKING PRICE
 1 Clayton St. for sale  Rehoboth By The Sea  50 X 100 ocean front $2,300,000 

 

COMMERCIAL (ALL TRANSACTIONS LOCATION BUSINESS ASKING PRICE
 N/A  N/A N/A  N/A