Dewey Market Watch 7/6/22 thru 8/2/22

Hello Everyone! Happy summer to all:) The summer’s going way too fast and needs to slow down a little:) The market remains slow only due to very little inventory. In the town limits of Dewey there are two condos, four single family homes, one single family on leased land and one Surf Club unit (quarterly fractional share) on the market. There’s one single family home in Ann Acres, one single family home in Poynters Addition and one lot in Indian Beach. There’s nothing available in the Forgotten Mile. You can’t sell it if you don’t have it!! There were two pending contracts for single family homes and two condo sales in the previous 3.5 weeks. Closing prices are still close to asking price. The bad news for all of us is that the prime just went up .750%. The good news is that the mortgage rates actually dropped a little. The interest rate for a 30 year fixed is hovering around 5.5% and a 30 year jumbo is approx. 4.750%. Perhaps we’ll see a few new listings once the summer comes to an end and owners have realized most of their rental incomes. Are you thinking of listing in the autumn? Call me for a free “no pressure” market analysis that will educate you on your home’s value in today’s present market. Act fast while the rates are still reasonable!!! Stay safe and enjoy the remainder of the summer!!

 

SINGLE FAMILY NEW  LOCATION SIZE ASKING PRICE
20920 South Ave. (back on market) Poynters Addition 6bd/4ba $1,180,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
38329 William F St. Dodds Addition 4bd/4ba           1,500 sq’ $1,200,000
21 St. Louis St. 55 year lease @ $28K yr. Rehoboth By The Sea 5bd/3ba $1,642,150

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
115 Clayton St. Rehoboth By The Sea 6bd/2ba          2,100sq’ $1,675,000 $1,650,000
307 Swedes St. Seabreeze Dev 3bd/1ba           1,650sq’   $800,000 $800,000

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
20 St. Louis St. Rehoboth By The Sea 4bd/2ba           7,405sq’ lot $3,795,000 $3,525,000

 

CONDOS NEW BUILDING SIZE ASKING PRICE
23 Collins Ave. #2C Tidewatch 2bd/1ba $629,900
103 Collins Ave. #601 Cove 4bd/3ba $975,000
105 Dagsworthy St. (relist) #C Rainbow Cove 3bd/2ba $599,000

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
8 Swedes St. 8A Mariners Surfside 2bd/1ba $449,000
105 Dagsworthy St. #C Rainbow Cove 3bd/2ba                     944 sq’ $599,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
1301 Coastal Hwy. #412 Lighthouse Cove 2bd/2ba               1,050 sq’ $898,000 $896,000
1 Read Ave. (quarterly fractional share 212A Surf Club 0bd/1ba                   480 sq’ $74,900 $68,900
1 Read Ave. (quarterly fractional share 313DA Surf Club 0bd/1ba                   480 sq’ $83,000 $83,000

 

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
N/A N/A N/A N/A N/A

 

LOTS/LAND LOCATION SIZE ASKING PRICE
LOT 26 North Pepper Ave. Indian Beach 90 X 82.5       7,425 sq’ $2,595,000

 

 

Dewey Market Watch 5/16/22 thru 7/5/22

     Happy summer!!! It’s good to be back on my feet:) I missed the first six weeks of summer after catching covid on Memorial weekend. No fun but back to enjoying this gorgeous summer:) Due to my covid this market watch is for the previous seven weeks. There hasn’t been a lot of activity due to the minimal amount of listings (same old story). Values appear to be holding steady and then some. The four closings for single family homes realized one listing selling for full asking price and the three remaining closings all closed ABOVE asking price. The condo market also has three closings over the asking price and one unit sold for full price. That’s some pretty strong statistics. The interest rates have been fluctuating on a daily basis. The interest rates breached at slightly over 6% for a short time but since then have come back down to 5.375%. The market remains strong in the immediate resort areas. Rental incomes have been on the rise thus keeping investors and 2nd home buyers in the market. That’s not the case in all of the area markets. I just reviewed the 3 day holiday hot sheet. There were 28 price reductions in Sussex, something we haven’t seen in some time. 

      Please use extreme caution when driving or walking through Dewey! MANY drivers are still oblivious to the flashing yellow lights and the crosswalks. Walking? Look three times and cross with extreme caution, don’t expect everyone to stop! Patience, patience everyone. Businesses are still short staffed so everyone needs to have a little patience and be respectful to those who are working. Grab a drink or two or three and enjoy the summer and everything that Dewey has to offer:):) 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
21 St. Louis St.         55 year lease @ $28K yr. Rehoboth By The Sea 5bd/3ba    $1,642,150
13 Bellevue St. Rehoboth By The Sea 6bd/5.5ba           4,700 sq’ $4,199,000
20 St. Louis St. Rehoboth By The Sea 4bd/2ba               1,508 sq’,      7,405 sq’ lot $3,795,000
205 Carolina Ave.   60 year lease @ $28K yr. Rehoboth By The Sea 3bd/1ba               1,750 sq’   $1,200,000

 

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
115 Clayton St. Rehoboth By The Sea 6bd/2ba               2,100 sq’ $1,675,000
20920 South Ave. Poynters Addition 6bd/4ba               2,288 sq’ $1,180,000

 

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
121 Cullen St. 54 year lease @ $18,350 yr. Rehoboth By The Sea 3bd/1.5 ba           1,450 sq’ $1,249,000 $1,250,000
38292 Blackstone Ave. Silver Lake Manor 5bd/3.5ba            2,421 sq’ $1,899,900 $2,000,000
11 West St. Rehoboth By The Sea 3bd/1ba  $2,400,000 $2,500,000
15 Bedford Ave. Indian Beach 4bd/2.5ba $2,650,000 $2,650,000

 

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS  PRICE NEW PRICE
N/A N/A N/A N/A N/A

 

 

CONDOS NEW BUILDING SIZE ASKING PRICE
23 Houston St.  #1 Ocean View 2 2bd/1ba $600,000

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
1701 Coastal Hwy. #N301  Opal 1bd/2ba                   821 sq’ $450,000
38372 F Benson St. Dodds Addition #1 2bd/1ba               1,020 sq’ $219,000
1 Read Ave. (quarterly fractional share) #212A Surf Club 0bd/1ba                  480 sq’ $74,900
1 Read Ave. (quarterly fractional share) #313D Surf Club 0bd/1ba                  480 sq’ $83,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
1 Swedes St. #4 Beachcomber 2bd/1.5ba                760 sq’ $869,000 $819,000
26 Van Dyke St. #D Van Dyke Villas 4bd/3.5ba            1,900 sq’ $995,000 $1,000,000
38172 Robinson Dr. #10 Robinson Square 2bd/2.5ba               950 sq’ $499,000 $520,000
38399 F Benson St. #19B Benson Place 3bd/1.5ba $699,900 $751,000
3 Collins Ave #B Sea Mist 4bd/2.5ba            1,875 sq’ $2,100,000 $1,925,000
2009 Bayard Ave.  #108 Cajun Cove 2bd/2.5ba            1,296 sq’ $799,000 $799,000
1701 Coastal Hwy. #N301  Opal 1bd/2ba                   821 sq’ $450,000 $413,000

 

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
105 Dagsworthy St. #C Rainbow Cove 3bd/2ba                  944 sq’ $639,900 $625,000

 

COMMERCIAL BUSINESS SIZE ASKING PRICE CLOSED PRICE
2206 Coastal Hwy. Colliers canvas repair 1st fl 2bd/2ba apt 2nd fl $1,950,000 pending
1205 Coastal Hwy formerly Mez Cali 1st fl 2bd/2ba apt 2nd fl $1,300,000 $1,150,000

 

LAND LOCATION SIZE ASKING PRICE CLOSED PRICE
119 Jersey St. 60 year lease @ $16,200 yr. Rehoboth By The Sea 50 X 100 $1,000,000 $1,100,000
lot 26 N Pepper Ave. Indian Beach 90 X 82                7,425 sq’ $2,595,000 active TBD

 

Dewey Market Watch 4/12/22 thru 5/15/22

      We have sun!! What a nor ‘eastern! Wind gusts up to 72mph! There was a lot of beach erosion but not to worry, the summer ocean currents will bring it back naturally and all will be good! What a month in real estate. I believe that we’re at the very top of the market and things are about to change. I sold a home to my nephew in Feb. and his rate was 3.50%. The rates in May have been hovering between 5.50% up to 5.875% with rumors of up to another half dozen increases this year to help stop the inflation. Properties are still selling and our present market is still strong. What I am noticing is price reductions throughout the area, longer days on the market, contracts with contingencies and home inspections again. Speaking with Realtor friends from the north and west of our state, they realized a bit of a slow down and similar market changes about four months ago. We are a resort niche! Our market is so different than the surrounding areas because so many of our properties are bought as investments accompanied with strong rental incomes. The rising interest rates might slow our market a bit but will not stop it. I expect many owners who were sitting on the fence (to list) as prices continued to rise will hopefully list their homes and increase our inventory. I think that this will happen during the course of the year. The 11 pending contracts in a one month period is still way above pre covid statistics. Please call me if you’d like a value on your home for possible listing consideration.

      The summer season is fully upon us. Life is good, let’s keep it that way. The town of Dewey installed posts with a nice nautical rope connecting them all, this was done to reduce the possibility of an pedestrian accident. PLEASE use all of the designated crossovers and I’d suggest hitting the flashing light button before you cross. PLEASE exercise extreme caution while driving in all of our resort towns. Happy summer!!!!

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
115 Clayton St. Rehoboth By The Sea 6bd/2ba             2,100 sq’ $1,675,000
20937 Ann Ave. Ann Acres 2bd/1ba   commercial/residential $995,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
121 Cullen St. Rehoboth By The Sea 3bd/1.5ba     1,450 sq’ $1,249,000
11 West St. Rehoboth By The Sea 3bd/1ba $2,400,000
38175 Terrace Rd. Silver Lake Manor 5bd/3.5ba     2,556 sq’ $1,600,000
121 Cullen St. 54 year lease @ $18,350 yr. Rehoboth By The Sea 3bd/1.5ba     1,450 sq’ $1,249,000
15 Bedford Ave. Indian Beach 4bd/2.5ba                  $2,650,000

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSING PRICE
102 Jersey St. 54 year lease @ $22,372 yr Rehoboth By The Sea 4bd/2ba $1,350,000 $1,330,000

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
38175 Terrace Rd. Silver Lake Manor 5bd/3.5ba    2,556 sq’ $1,650,000 $1,600,000

 

CONDOS NEW BUILDING SIZE ASKING PRICE
1301 Coastal Highway #412 Lighthouse Cove 2bd/2ba       1,050 sq’ $898,000
1701 Coastal Highway # N301 Opal 1bd/2ba           821 sq’ $450,000

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
3 Collins St. #8 Sea Mist 4bd/2.5ba    1,875 sq’ $2,100,000
38399 F Benson St #19B  3bd/1.5ba $699,900
101 Anchor Way #204 Villas By The Bay 3bd/2.5ba $735,000
1301 Coastal Highway #412 Lighthouse Cove 2bd/2ba       1,050 sq’ $898,000
38172 Robinson Dr. #10 Robinson Square 2bd/2.5ba       950 sq’ $499,000
38399 F Benson St. #19B Benson Place 3bd/1.5ba                  $699,900

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
26 McKinley Ave. #9 Seabreeze Village 4bd/3.5ba     $965,000 $890,000
20909 Coastal Highway 3bd/2.5ba 3bd/2.5ba $587,000 $575,000
1 Read Ave. quarterly fractional share #113 C Surf Club 0bd/1ba $64,900 $60,000
105 Bayside Ct. #8 Bayside Ct 3bd/3ba       $799,000 $846,000
23 Rodney Ave. Rodney Street Condos 2bd/1ba $575,000 $599,000
18 West St. Guthrie IV 2bd/1ba $699,000 $625,000

 

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
1 Swedes St. #4 Beachcomber 2bd/2.5ba    760 sq’ $894,900 $869,000
2 McKinley Ave. #100 Sunspot 2bd/1ba       890 sq’ $559,900 549,900
1 Read Ave. (quarterly fractional share) #111C Surf Club 0bd/1ba       480 sq’ $89,900 $85,900

 

COMMERCIAL BUSINESS SIZE ASKING PRICE CLOSING PRICE
20968 Coastal Highway formerly Lorraine’s 100 X 100 double lot $1,395,000 $987,500

 

         

 

Dewey Market Watch 3/11/22 thru 4/11/22

Happy springtime!! It’s 75 glorious degrees at this typing:):) Spring has sprung!!  Dewey and the entire resort area is open and in full gear! The market continues to sizzle. In most cases agents are giving an actual date for contracts to be entertained thus allowing enough time for the general public to view the property before it’s gone by the 1st weekend from listing. Presently there’s five condos listed in Dewey. There’s 3 single family homes available in Dewey, one in Silver Lake Manor and one in Ann Acres. Also included in the inventory are four quarterly fractional share units in the Surf Club. The interest rates have been going up and down and are presently at 5% for a 30 year fixed and 4.250% for a jumbo. The rumors are that they’re going to continue to go up but we’ll have to wait and see. The 5% is actually still a very good rate:) Are you considering listing your home? I’d be more than happy to provide you a free market analysis based off of recent closing prices. Thinking of buying a home in this hostile market? Buyers must be educated and prepared to write a contract within a day or two of the listing or you’ll probably loses out. Please contact me for an education of your areas of desire. Happy spring! I think I’m shedding my shoes and going for a beach walk:):)

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
13 New Orleans St. unit A Green By Way 2bd/1.5ba    1,200 sq’ $1,200,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
102 Jersey St. 54 year lease @ $22,372 yr Rehoboth By The Sea 4bd/2ba         $1,350,000
38292 Blackstone Ave. Silver Lake Manor 5bd/3.5ba  2,421 sq’ $1,899,900

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
18 Hazlett St. Indian Beach 5bd/5ba      3,320 sq’ $2,599,900 $2,599,900
38312 James A St. Dodds Addition 4bd/4ba      2,324 sq’ $1,150,000 $1,119,000
1502 Coastal Hwy. Dewey 3bd/1ba               $930,000 $850,000

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
38189 Terrace Rd. Silver Lake Manor 2bd/2ba      1,152 sq’ $1,384,900 $1,379,000
121 Cullen St. 54 year lease @ $18,50 yr Rehoboth By The Sea 3bd/1.5ba   1,450 sq’ $1,300,000 $1,295,000

 

CONDOS NEW BUILDING SIZE ASKING PRICE
23 Rodney Ave. Rodney Street Condos 2bd/1ba $575,000
2 McKinley Ave #100 Sunspot 2bd/1ba         890 sq’ $559,900
3 Collins St #B Sea Mist 4bd/2.5ba  1,875 sq’ $2,100,000
105 Dagsworthy St. Rainbow Cove 3bd/2ba        944 sq’ $649,900
101 Anchor Way #204 Villas By The Bay 3bd/2.5ba                  $735,000

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
18 West St. #B Guthrie IV 2bd/1ba        950 sq’ $695,000
23 Rodney Ave. #5 Rodnet Street Condos 2bd/1ba $575,000
105 Bayside Ct. #8 Bayside Ct. 3bd/3ba $799,900
38520 Pine Lane #1 Silver Lake Shores 3bd/3.5ba  3,411 sq’ $2,600,000
26 McKinley Ave. #9 Seabreeze Village 4bd/3.5ba           $965,000

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
102 Van Dyke St. #401 The Cove 4bd/3ba                $900,000 $900,000
1301 Coastal Hwy. #354  Lighthouse Cove 2bd/2ba     1,050 sq’ $849,999 $840,000
1 Read Ave. quarterly fractional share #309 Surf Club 0bd/1ba $84,900 $80,000

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
N/A N/A N/A N/A N/A

 

LAND LOCATION SIZE ASKING PRICE
20937 Ann Ave. Ann Acres 50 X 100 commercial/single family $1,049,000
20968 Ann Ave. Ann Acres 100 X 100 $1,395,000
Rt 1 & Old Bay Rd. Poynters Addition .86 ac commercial $1,250,000

 

COMMERCIAL      

 

Dewey Market Watch 2/12/22 thru 3/10/22

Happy Friday!! Happy spring!! Daylight savings time kicks in this weekend!! St. Patty’s is here and the 2022 season is officially kicking in:):)The lack of inventory continues to plague the market. Supply and demand dictate any market so with that being said appreciation is still occurring in the resort area. The interest rates continue to rise but are still at excellent rates at 4% for a fixed 30 year and 3.50% for a jumbo. They’re still incredible rates and shouldn’t slow our market. I’m preparing my 1st year to date comparison to last years activity for the same time period and I expect the number of transactions to be lower due to the lack of inventory. We have four new listings recently added to our inventory. Who would have ever thought that leased land properties would breach $1M in such a short period of time? 121 Cullen & 102 Jersey are two gorgeously renovated cottages that are asking $1.3M & $1.350,000. There is a 50 X 100 leased land lot that has a pending contract in two days with an asking price of $1M. The 3rd new listing is my listing at 18 West St. unit B in the Guthrie. This est. 900 sq’ unit has been remodeled with new Trane HVAC, windows, flooring, ss appliances and the list goes on and on. Click on the address below for full information. Won’t last long. The final new listing is an oceanfront unit in the Beachcomber on Swedes St. There are no oceanfront units available just about everywhere in the resorts so this unit will sell super fast. 

Spring has sprung! Get outside and enjoy the many activities that our resorts have to offer!!!

 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
121 Cullen St. 54 year lease @ $18,350 yr Rehoboth By The Sea 3bd/1.5ba      1,450 sq’ $1,300,000
102 Jersey St. 54 year lease @ $22,372 yr Rehoboth By The Sea 4bd/2ba $1,350,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
38312 James A St. Dodds Addition 4bd/4ba        2,324 sq’ $1,150,000
18 Hazlett St. Indian Beach 5bd/5ba        3,320 sq’ $2,599,900

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
N/A N/A N/A N/A N/A

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
N/A N/A N/A N/A N/A

 

CONDOS NEW BUILDING SIZE ASKING PRICE
18 West St. # B Guthrie iv 2bd/1ba $695,000
1 Swedes St. #4 Beachcomber 2bd/1.5ba          720 sq’ $894,900

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
20909 Coastal Hwy. Killens Addition 3bd/2.5ba      1,408 sq’ $587,000
1 Read St. quarterly fractional share # 309D Surf Club 1bd/1ba $80,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
1609 Coastal Hwy. # s202 Opal 2bd/2ba              975 sq’ $580,000 $580,000
26 Van Dyke St. #A Van Dyke Villas 4bd/3ba           1,856 sq’ $1,200,000 $1,100,000
1701 Coastal Hwy.  #305 Marina View 2bd/2ba              925 sq’ $550,000 $550,000
1 Swedes St. #8 Beachcomber 2bd/1ba              720 sq’ $729,900 $660,000

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
1 Read Ave. quarterly fractional share # 111C Surf Club 1bd/1ba $94,900 $89,900
1 Read Ave. quarterly fractional share # 114B Surf Club 1bd/1ba $89,900 $82,500
1 Read Ave. quarterly fractional share # 110C Surf Club 1bd/1ba $93,800 $87,900

 

 

 

Dewey Market Watch 1/11/22 thru 2/11/22

It’s coastal living at it’s finest! We received the 2nd winter coastal storm of the season. There was 12 inches of the fluffy white only to be gone in 3-4 days:) It was 62 degrees yesterday and in the 60’s today and tomorrow before we receive yet another 2-3 inches on Sunday. Coastal living!! There were two new listings this month. 18 Hazlett in Indian Beach is the only single family home presently being offered for sale. The 2004 5bd/5ba, 3,320 sq’ home is being offered at $2,599,900. The 2nd new listing is the old Lorraine’s hair salon just north of Dewey On Coastal & Ann St. The double commercial 1 lots borders my single family 2bd/2ba/zoned commercial 1. The three lot commercial availability offers many, many possibilities. All three lots fall under Sussex County zoning because they’re outside of Dewey town limits. There were four pending contracts in the condo market for the last month. Presently there’s only one condo for sale in Dewey, one home in Silver Lake Manor, one single family home in Dewey, one home in Indian Beach and the two properties previously mentioned. The interest rates are on the rise again. The interest rate rose to 3.825% for a 30 year fixed and a jumbo loan will now cost you 3.50%. 

      Just for the record! 119 Jersey was the house that burnt down. They just offered it for sale for $1M with a 60 year lease at $16,200 per year. It sold within a day or two as the contract was being shuffled around. It looks like we’ll have a new land value in Rehoboth By The Sea! Those of you that had automated searches set up received the new listing, those that weren’t lost out. This is the benefit of having auto searches set up for you so that you don’t miss out. Please contact me if you’d like a search set up for you:)

     The new island barriers that are presently being installed are similar to those being used in Ocean City MD that will force pedestrians to use the crosswalks. Walking and driving can be very dangerous and caution should be observed by everyone. I actually witnessed at least a half a dozen incidents where the drivers totally disregarded the big white lines at each crossover and the bright flashing lights as people are crossing over. There are some drivers that drive as if they had blinders on like a race horse. Gotta take precaution! Only five weeks until spring!! Wooo Hoooo!!!!

 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
18 Hazlett St. Indian Beach 5bd/5ba          3,320 sq’ $2,599,900
38312 James A St. (BOM) Dodds Addition 4bd/4ba          2,324 sq’ $1,150,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
N/A N/A N/A N/A

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
N/A N/A N/A N/A N/A

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
38189 Terrace Rd. Silver Lake Manor 2bd/2ba 1,152 sq’  lot 5,663 $1,385,000 $1,384,900

 

CONDOS NEW BUILDING SIZE ASKING PRICE
N/A N/A N/A N/A

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
1609 Coastal Hwy. #S202 Opal 2bd/2ba            975 sq’ $580,000
1301 Coastal Hwy. #354 Lighthouse Cove 2bd/2ba        1,050 sq’ $849,999
26 Van Dyke Ave.  #D Van Dyke Villas 4bd/3.5 ba    1,900 sq’ $995,000
26 Van Dyke Ave. #A Van Dyke Villas 4bd/3ba        1,856 sq’ $1,200,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
17 Van Dyke St. #B Emerald Shoals 4bd/3.5ba    2,000 sq’ $1,125,000 $1,075,000
13 Saulsbury St. 55 year lease @ $9,400 yr. #B Mariners Surfside 2bd/1ba $399,000 $399,000

 

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
26 McKinley Ave. #9 Seabreeze Village 4bd/3.5ba     $995,000 $965,000
38372 F Benson St. #1 2bd/2ba $229,900 $219,900

 

 

COMMERCIAL (all listings) BUSINESS SIZE ASKING PRICE
20968 Coastal Hwy. previously Lorraine’s Hair salon 100 X 100 commercial lot $1,395,000
Rt 1 & Old Bay Rd. zoned commercial 1 .86 ac $1,267,000
20937 Ann Ave. single family zoned commercial 1 50 x 100 $1,049,000
1205 Coastal Hwy. #300 Mez Cali 2,700 sq’, restaurant & 2bd/2ba $1,300,000

 

LAND LOCATION SIZE ASKING PRICE
119 Jersey St. 60 year lease @ $16,200 yr Rehoboth By The Sea 50 X 100 $1,000,000

Dewey Market Watch 12/10/21 thru 1/10/22

Happy New Years!!!! Life is good:) We had the pleasure of a winter coastal storm and received between 12″ to 14″ of snow. The brilliant uv rays and warm afternoon temps had it gone in a couple of days, just the way I like it! The daylight hours are increasing daily and spring is right around the corner. Market activity (1 month) has been minimal, partly due to the holidays and mostly due to minimal inventory. Interest rates have increased with the new year. The interest rate for a 30 year fixed has risen to 3.5% and a 30 year fixed jumbo loan is now 3.250%. Presently there’s only 2 single family homes available, four condos and four Surf Club units (fractional shares-1 week per month x 12). The rental inventory is also critically low or non excitant. I personally do not participate in rentals only sales but all four of our office’s do. Thinking of renting? You may be surprised at the rental incomes. Please call for a free quote. Think spring, stay healthy!!!

 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
20937 Ann Ave. zoned commercial Ann Acres 2bd/1ba        lot 50 X 100 $1,049,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
1502 Coastal Hwy. zoned commercial Dewey Beach 3bd/1ba   lot  45 X 65 $930,000

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
122 Jersey St. 60 year lease @ $19,500 yr Rehoboth By The Sea 3bd/2ba $805,125 $805,125
1 Beach Ave. Indian Beach 6bd/5.5ba  3,500 sq. $4,399,000 $4,100,000
1500 Bayard Ave. 40 year lease @ $12,748 yr Rehoboth By The Sea      

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
N/A N/A N/A N/A N/A

 

CONDOS NEW BUILDING SIZE ASKING PRICE
1301 Coastal Hwy. # 354 Lighthouse Coce 2bd/2ba   1,050 sq’ $849,999
1 Read Ave. 1/4  fractional share #212 A Surf Club (you own 1 week a month X 12) 0bd/1ba      480 sq’ $74,900
1 Read Ave. 1/4 fractional share #111 C Surf Club (you own 1 week a month X 12) 0bd/1ba      480 sq’ $94,900
26 Van Dyke Ave. # A Van Dyke Villas 4bd/3ba     1,856 sq’ $1,200,000
1701 Coastal Hwy. #305 Opal 2bd/2ba         925 sq’ $550,000

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
17 Van Dyke St. # B Emerald Shoals 4bd/3.5ba $1,125,000
1701 Coastal Hwy. # 305 Opal 2bd/2ba              925 sq’ $550,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSING PRICE
1301 Coastal Hwy. #402 Lighthouse Cove 3bd/3ba 1,574 sq’ $1,449,900 $1,395,000
1 Read Ave. 1/4  fractional share #208 A Surf Club (you own 1 week a month X 12) 0bd/1ba  480 sq’ $89,000 $86,000

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
N/A N/A N/A N/A N/A

 

 

 

Dewey Market Watch 11/4/21 thru 12/9/21

Happy  Holidays to everyone! I hope that everyone had and enjoyable Thanksgiving holiday. We’re right in the thick of the holidays. Transactions have been at a minimal not due to the holidays but rather the low, low inventory. Presently in Dewey there’s only 2 single family homes, 3 condos and 3 Surf Club (quarterly fractional shares- 1 week per month). There’s only one single family/commercial in Ann Acres and a single condo on F Benson St. in Dodds Addition. That’s the entire inventory!

     The only two new listings since my last newsletter five weeks ago are mine. The 1st listing is directly behind the old Lorraines hair salon on Ann Ave. This cute 2 bed/ 1 bath classic beach cottage rests on a 50 X 100 lot that is zoned commercial/residential. The parcel is located four and a half blocks to the ocean and a few streets just outside of Dewey town limits. The property is under the jurisdiction of Sussex County which offers a number of possibilities with the unique zoning of commercial/residential. This location offers walk to “everything” that Dewey Beach has to offer. Take a walk or bike into Rehoboth and enjoy the gorgeous views of Silver Lake along the way.

     My 2nd new listing is a unit in the Surf Club. Gorgeous ocean views!!! You own a quarterly fractional share (one week per month) for mere pennies. This is a totally managed property. HOA includes EVERYTHING and when I say everything I mean everything to include water, sewer, taxes, internet, cable tv, custodial services, electric, heat, air conditioning, furniture, tableware…. This efficiency comes equipped with a king size bed, foldout queen sofa, microwave, cooktop, refrigerator/freezer, kitchenette, flat screened tv and a whole lot of happiness:) 

     Only 10 days before the days start getting longer!! Yeahhhh:) Happy holidays to everyone!! Let’s celebrate the new year with a little more love, peace and happiness! 

 

 

 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
20937 Ann Ave. Ann Acres 2bd/1ba 50 X 100 commercial lot $1,049,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
1 Beach Ave. Indian Beach 6bd/5.5ba $4,399,000
122 Jersey St 60 year lease @ $19,500 yr Rehoboth By The Sea 3bd/2ba $805,125

 

SINGLE FAMILY CLOSED LOCATION  SIZE ASKING PRICE CLOSED PRICE
110 Clayton St. Rehoboth By The Sea 5bd/3ba            2,300 sq’ $1,224,900 $1,200,000
131 Chesapeake St. Rehoboth By The Sea 5bd/3ba             2,140 sq’ $1,756,125 $1,756,125

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
17 Van Dyke St. # B Emerald Shoals 4bd/3.5ba $1,200,000 $1,125,000

 

CONDOS NEW BUILDING SIZE ASKING PRICE
N/A N/A N/A N/A

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
1301 Coastal Hwy #402 Lighthouse Cove 3bd/3ba                        1,574 sq’ $1,499,900
38372 F Benson St. #1 Killens Addition 2bd/1ba                        1,020 sq’ $234,900
       

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
101 Swedes St. #1 Four Tides 5 bd/4.5ba            2,600 sq’ $1,499,000 $1,475,000
1609 Coastal Hwy #403 Opal 2bd/2ba                  $550,000 $550,000
20960 Rogers Ave. #4 El Capitan 2bd/1ba $175,000 $175,000
1301 Coastal Hwy. #V453 Lighthouse Cove 2bd/2ba                1,026 sq’ $899,000 $905,000
1904 Coastal Hwy. #D Surfrider 3bd/2ba                1,250 sq’ $635,000 $635,000

 

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
N/A N/A N/A N/A N/A

 

 

Dewey Market Watch 10/14/21 thru 11/3/21

Happy Holidays! It’s that time of the year again. The holiday season is upon us. The daylight hours are getting much shorter, kind of like the inventory in our market:) Dewey’s entire inventory includes three single family homes on land that you own, one single family on leased land and two condos. Killens Addition, Dodds Addition, Silver Lake Manor, Ann Acres, Poynters Addition, Sea Breeze Dev and Country Manor only offer one single family home and one condo and that’s the entire inventory. Limited inventory results in low transactions thus this very small update for a 2.5 week time span. The interest rates have remained the same, a 30 year fixed is 3.125% and a jumbo loan remains at 2.750. Happy and safe holidays to all!!!

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
122 Jersey St. 54 year lease @ $19k yr Rehoboth By The Sea 3bd/2ba $805,125

 

SINGLE FAMILY PENDING LOCATRION SIZE ASKING PRICE
N/A N/A N/A N/A

 

SINGLE FAMILY  CLOSED LOCATION SIZE ASKING PRICE CLOSING PRICE
22 Jersey St.  Rehoboth By The Sea 4bd/2ba $1,735,150 $1,790,000
118 Jersey St. 60 year lease @ $19K yr Rehoboth By The Sea 3bd/2ba       1,350 sq’ $790,000 $780,000
123 Swedes St. Dewey Beach 3bd/1.5ba $1,100,000 $1,060,000

 

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
N/A N/A N/A N/A N/A

 

 

CONDOS NEW    BUILDING    SIZE ASKING PRICE
1301 Coastal Hwy #402 Lighthouse Cove 3bd/3ba      1,574 sq’ $1,449,900

 

 

CONDOS PENDING    BUILDING    SIZE ASKING PRICE
1609 Coastal Hwy. #403 Opal 2bd/2ba $550,000
1904 Coastal Hwy.  #D Surfrider 3bd/2ba $635,000
20960 Rogers Ave. #4 El Capitan 2bd/1ba $199,900
101 Swedes St. #1 Four Tides 5bd/4.5ba    2,600 sq’ $1,495,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSING PRICE
1301 Coastal Hwy. #462 Lighthouse Cove 3bd/2.5ba    1,362 sq’ $1999,999  $1,888,000
1301 Coastal Hwy.  #422 Lighthouse Cove 2bd/2ba       1,077 sq’ $899,000 $899,000
2 McKinley Ave #204 Sunspot 2bd/1ba $679,900 $715,000

 

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
38372 F Benson St. Killens Addition 2bd/1ba $239,900 $234,900

 

 

 

Dewey Market Watch 9/18/21 thru 10/13/21

     Happy autumn!!! Temperatures have cooled but not the market. Low inventory continues to plague the market. Presently there’s two single family homes and four condos on the market in the town of Dewey. Indian Beach, Chancellery, Dodds Addition, Killens Addition, Silver Lake Manor, Ann Acres and Poynters Addition only have two single family homes and one condo on the market. That’s a total of four single family homes and five condos from Robinson Dr. in Silver Lake Manor to the south end of Dewey in the Chancellery. Not much, not much!!

     Sellers and owners beware!! I’ve come across from very disturbing intel that I think that you should be aware of. I’ve witnessed three transactions that could have ended very differently. All three scenarios were single family home owners that were getting either appraisals or a quote by a local agent. The 1st scenario was an owner who was considering selling so they obtained an appraisal. The appraisal for a fee simple 50 X 100 lot with a tear down was appraised at $450K this past April. I listed and sold the home for $925K. The 2nd scenario an owner received a quote from an inexperienced agent for $700K for a fee simple 50 X 100 lot with another possible tear down. Leased land properties in Reho. By The Sea are selling at a starting price in the low $800’s! The home has a value between $1.2M to $1.3M. My quote was based on recent comparable closings. The third scenario was an appraisal for an estate that came in at $750K for another fee simple 50 X 100 with a home that needed a renovation but surely not a tear down. In today’s market the property would be valued between $1.2M to $1.4M. Both appraisers and the agent used closings that were 2-3 years old or comparables that were not evaluated properly. In all three cases I used at least EIGHT  recent closings within the year to base my evaluation on. My market analysis was actually quite easy with the eight comps that were available. The eight comparables were excellent and should have been used in all three cases, not closings that were 2-3 years old. How can professionals be so far off? I could see $25K to $50K off in this crazy market but these cases were half of their true values. I thought that this information was valuable enough to post to keep home owners in Dewey up to date with all aspects of the market:)

Have a happy autumn! Get outdoors and enjoy Delmarva!!

 

PLEASE CLICK ON THE ADDRESSES FOR COMPLETE MLS INFORMATION

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
1 Beach Ave  (back on market) Indian Beach 6bd/5.5ba                        3,500 sq’ $4,399,000

 

SINGLE FAMILY PENDING LOCATION SIZE  ASKING PRICE
1500 Bayard Ave 40 year lease @ $12,748 yr Rehoboth By The Sea 8 bd/2ba  2 homes $1,199,000
110 Clayton St. Dewey Beach 5bd/3ba $1,224,900

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
108 St. Louis St Rehoboth By The Sea 2bd/1.5ba $999,000 $925,000
7 Hall Ave. Indian Beach 6bd/7fl ba/2hlf ba  5,200 sq’ $3,995,000 $3,518,000
15 Cullen St. Rehoboth By The Sea 5bd/6.5ba             4,080 sq’ $4,950,000 $4,750,000

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE   NEW PRICE
1502 Coastal Hwy ( zoned commercial) Dewey Beach 3bd/1ba $990,000 $930,000

 

 

CONDOS NEW BUILDING SIZE ASKING PRICE
101 Swedes St. #1 Four Tides 5bd/4.5ba             2,600 sq’ $1,495,000
26 McKinley St.
#9 Sea Breeze Village 4bd/3.5ba            $995,000
17 Van Dyke St. # B Emerald Shoals 4bd/3.5ba          2,000 sq’ $1,200,000
38372 F Benson St. ( bank owned ) Killens Addition 2bd/1ba    1,020 sq’ $239,900

 

 

CONDOS PENDING LOCATION SIZE ASKING PRICE
1301 Coastal Hwy. # V453 Lighthouse Cove 2bd/2ba             1,026 sq’ $899,000
13 Saulsbury St. 55 year lease @ $9,400 yr #B Mariners Surfside 2bd/1ba             588 sq’ $399,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
21 Rodney Ave. #3 Rodney Condos 2bd/1ba          $499,900 $450,000
4 Swedes St. #7 Bermuda Sea Mist 4bd/4.5ba            $1,200,000 $1,200,000
1301 Coastal Hwy. #445 Lighthouse Cove 3bd/2.5ba        1,634 sq’ $1,549,900 $1,500,000

 

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
 N/A N/A  N/A  N/A  N/A 

 

LAND LOCATION SIZE ASKING PRICE
Rt 1 & Old Bay Rd. Poynters Addition 382 X 99    .86ac     zoned c-1  $1,267,000