Dewey Market Watch 11/5/2020 thru 1/9/21

Happy New Year!!! 2021 is going to be a very exciting year!

      I hope that everyone had a safe and happy holiday season. 2020 was a year like nobody has ever witnessed in our lifetime. As the economy rebounds from the pandemic rumors have it that the interest rates are going to remain low for 2021 and possibly beyond. What did that do for the Dewey and the entire resort market? The 2.5% for a 30 year fixed and 2.875% for a jumbo has buyers snatching up new listings only days after they’re listed. Look at this edition of my Market Watch! This report contains all of the transactions right through the holiday season. I haven’t seen this kind of activity since the mid 2000’s during the boom and even then the market slowed from Thanksgiving until Valentines Day. I worked throughout the holiday and have just began to slow a little mainly because I’m totally out of listings. I think that this is the first time in 20 years that this has happened. ALL of my new listings are sold within the number of days that it takes to close a deal, 1-2 days maybe a week. I’ve never seen the inventory this low. Presently there are only seven fee simple single family homes and two homes on leased land in Dewey. There are only ten condos for sale and that’s it! There’s only one home for sale in Dodds Addition and one for sale in Silver Lake Manor. Buyers don’t have a lot to choose from. Appreciation has gone through the roof which is a direct result of the low industry.

      Change was coming!! The low interest rates surely are driving the market BUT there are other factors to figure in. Society was already transforming working from home. Computers and new technology has allowed people to work efficiently from home thus lowering the costs of overhead… There are many lawyers that have been doing this for years in Dewey. They go to the office (surrounding states) and work for two days and then work three days from their office at their beach home. Throw in the recent violence this past summer and people are fleeing to the beach resorts. Transition is taking place from what used to be 2nd homes/retirement is adding to the mix with every day year round people. This was coming regardless of the pandemic and the mayhem. The bottom line is that our area is now becoming a more of a full time, year round area to live in. 

    Hopefully 2021 will be a little more normal than 2020:) The market is and should continue to be strong. I’m fresh out of listings! Thinking of selling or just wondering what the value of your home is, give me a call and we’ll schedule an appointment to meet. Welcome 2021:) Bring on springtime!!!

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
1500 Bayard Ave. 40 yr lease @ $12,748 yr Rehoboth By The Sea 8bd/4ba (2 homes on double lot) $1,250,000
114 Carolina St. 55 year lease @ $18,648. yr Rehoboth By The Sea 3bd/2ba                       1,500 sq’ $845,000
131 Chesapeake St. Rehoboth By The Sea 5bd/3ba                       2,000 sq’ $1,599,000
1 Beach Ave. Indian Beach 6bd/5.5ba                    3,500 sq’ $4,399,000

Just look at the appreciation! Look at the 1st two homes that are on Rehoboth By The Sea leased land. Those prices of $1,250,000 and $845K were for fee simple (you own the land) only a couple of years ago. You can’t find fee simple property for under a million anymore. I believe that’s a thing of the past. 1500 Bayard is a double home on leased land located on the corner of Bayard Ave. and Ocean Hwy. The two homes sit on a double lot and have an affordable 40 year lease @ $12,748. year. 114 Carolina is a quaint 3bd/2ba, 1,500 sq’ home from yesteryear. The home has a lease @ $18,648 year. It’s all about the views at 131 Chesapeake. The five bedroom, 2000 sq’ home sits directly waterfront on Lake Comegy’s and only 1.5 blocks from the ocean. This is a great location and I don’t expect this one to last very long. 1 Beach, the address says it all. Step out onto the sands of the Atlantic in this highly coveted oceanfront lot. This home is just completing an extensive remodel that will make the new owner a very happy person:)

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
210 Carolina St. 54 year lease @ $13,995 yr Rehoboth By The Sea 3bd/2ba $895,500
111 Cullen St. Rehoboth By The Sea 5bd/3fl ba/2hlf ba      3,658 sq’ $2,700,000
200 Jersey St. Rehoboth By The Sea 4bd/2ba $1,100,000
103 West St. 27 year lease @ $4,185 yr Rehoboth By The Sea 3bd/2ba $799,000
16 New Orleans St. Dewey Beach 5bd/3.5ba                    1,680 sq’ $1,295,000
5 Clayton St. Rehoboth By The Sea 6bd/5fl ba/2hlf ba      3,568 sq’ $3,699,000
119 Saulsbury St. Rehoboth By The Sea 4bd/3ba                       2,200 sq’ ( 2 units) $839,990
22 Carolina St. 60 year lease @ $30,000 yr Rehoboth By The Sea 3bd/2ba   $730,000
27 Bedford Ave. Indian Beach 4bd/3ba                       2,300 sq’ $1,599,000

Here’s where all of the recent inventory ended up. These nine sales throughout the holiday has to be a record. The homes were located throughout the town. Five of the homes were fee simple homes and three of the homes were Rehoboth By The Sea leased land properties. There was also one sale in Indian Beach.

 

PRICE INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
36 Collins Ave Indian Beach 4bd/1.5ba                  1,558 sq’ $1,399,000 $1,374,900
114 West St. 60 year lease @ $18,584 sq’ Rehoboth By The Sea 3bd/2ba                     1,000 sq’ $525,000 $489,000
121 Jersey St. 56 year lease @ $17,212 yr Rehoboth By The Sea 3bd/1.5ba  $859,000 $830,000
113 Houston St. Rehoboth By The Sea 6bd/7fl ba/2hlf ba   5,103 sq’ $3,200,000 $3,100,000
33 Hall Ave. Chancellery 5bd/5ba                     4,070 sq’ $2,799,000 $2,650,000
38142 Terrace Ave. Silver Lake Manor 5bd/4.5ba                  2,547 sq’ $924,500 $919,900

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSING PRICE
110 Carolina St. 55 year lease @ $19,460 yr Rehoboth By The Sea 3bd/2ba $825,000 $825,000
210 Carolina St. 54 year lease @ $13,995 Rehoboth By The Sea 3bd/2ba $895,000 $887,800.
200 Jersey St. Rehoboth By The Sea 4bd/2ba $1,100,000 $1,035,000
103 West St. 27 year lease @ $4,185 yr Rehoboth By The Sea 3bd/2ba $799,000 $800,000
109 Carolina St. 55 year lease @ $19,396 yr Rehoboth By The Sea 4bd/3ba                    1,548 sq’ $949,000 $950,000
110 Chicago St. Rehoboth By The Sea 3bd/2ba                    4,996 sq’ $1,199,000 $1,199,000
20 St. Louis St. Rehoboth By The Sea 4bd/2ba                    1,508 sq’ $1,649,000 $1,600,000
32 Beach Ave. Indian Beach 6bd/5ba                    3,299 sq’ $1,899,000 $1,925,000
29 Rodney Ave. Dewey Beach 6bd/5fl ba/2hlf ba  5,718 sq’ $2,795,000 $2,600,000
111 Cullen St.  Rehoboth By The Sea 5bd/3fl ba/2hlf ba  3,658 sq’ $2,700,000 $2,650,000
5 Clayton St. Rehoboth By The Sea 6bd/5fl ba/2hlf ba  3,568 sq’ $3,699,000 $3,200,000

Eleven closings! That’s incredible! Typically condos outsell the single family homes but this report neck to neck. Take a look down the closing prices. It’s astonishing how the prices have risen. The four closings on Rehoboth By The Sea leased lands ranged from $800K to $950K. Who ever thought that you’d see the day where leased land properties near a million dollars? Take a look at the pricing of the fee simple properties. The minimum closing price started at $1,035,000 and covered every price range up to $3,200,000. There are buyers in the market in every price range.

 

CONDOS NEW BUILDING SIZE ASKING PRICE
101 Rodney Ave. #2 Bay View 2Bd/1ba                    800 Sq’ $449,000
1904 Coastal Hwy. #C Surfrider 3bd/3ba                  1,250 sq’ $599,900
2 McKinley Ave #100 Sunspot 2bd/1.5ba                  890 sq’ $539,000
20930 Coastal Hwy. #6 Poynters Square 6bd/4.5ba               3,800 sq’ $697,000

101 Rodney is an entry level priced condo that shows very nicely. 1904 Coastal Hwy is a 3bd/3ba ocean block unit located in the Surfrider. Great rental potential. 2 McKinley is a 2bd/1.5ba  ocean front unit. The interior shows great and the exterior of the building has just been totally renovated. 20930 Coastal Hwy # 6 Poynters Square is a very large 6bd/4.5ba, 3,800 sq’ unit. Plenty of room to stretch out in this spacious condo just a few streets north of Dewey. There’s only 10 condos presently listed and I’m out of listings. Please call me for a free no pressure market analysis to determine your value in today’s very active market.

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
100 Anchor Way #5 Anchor Way 4bd/2.5ba              2,200 sq’ $669,000
21 Rodney St. #1 Rodney Street Condos 2bd/1ba $439,000
101 Anchor Way #203 Anchor Way 3bd/2.5 ba             1,800 sq’ $646,000
21 Bellevue St. #6 Ocean Reach 4bd/4ba                 2,300 sq’ $899,000
1904 Coastal Hwy. # C Surfrider 3bd/3ba                 1,250 sq’ $599,900
2003 Bayard Ave. #10 Baystrand 3bd/2ba     $515,000

Here’s where a quarter of the inventory ended up, as someone Christmas present!!! Condos are much more affordable than the single family homes. Although there has been considerable appreciation in the condo market it’s still possible to get a nice sized AFFORDABLE condo at the beach. The Lighthouse Cove new construction has dwindled down to a couple listings then add in the resales, it’s only 10 units that make up the entire market. It’s a great time to list when the inventory’s this low!

 

CONDOS PRICE INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
1 St. Louis St. #104 Wilson Dunes 3bd/2ba                  1,850 sq’ $1,850,000 $1,799,000
100 Anchor Way #5 Anchor Way 4bd/2.5ba               2,200 sq’ $699,000 $669,000
2 Saulsbury St. 6 year lease @ $1,200. yr #4 Colonial Seas 3bd/2ba  $259,500 $245,000

The price reduction on my listing at 100 Anchor Way did the job! The unit sold about one week later and is now pending.

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
101 Anchor Way #203 Anchor Way 3bd/2.5ba               1,800 sq’ $646,000 $646,000
3 Dickinson Ave #7A Ocean Reach 4bd/4ba                  2,300 sq’ $899,000 $925,000
1609 Coastal Hwy. #105 Opal 4bd/3ba    $549,000 $535,000
100 Collins Ave. #103 Marina View 1bd/1ba     $374,900 $374,900
22 McKinley St. #B Summerset 2bd/1ba $429,900 $429,900
100 Collins Ave. #203 Marina View 1bd/1ba                   1,026 sq’  $380,000 $372,000
1301 Coastal Hwy. #441 Lighthouse Cove 2bd/2ba                   1,137 sq’  $699,900 $694,900
9 Bellevue St. #A  Guthrie 3 2bd/2ba                     980 sq’ $625,000 $625,000
21 Bellevue St. #6 Ocean Reach 4bd/4ba                  2,300 sq’ $899,000 $925,000
10 Swedes St. 55 year lease @ $8,600 yr #C Mariners Surfside 2bd/1ba $370,000 $370,000
1301 Coastal Hwy. #363 Lighthouse Cove 3bd/2.5ba               1,523 sq’ $1,399,900 $1,389,900
12 Dickinson St. #D Dewey Dunes 4bd/3.5ba    $990,000 $948,000

It was a wonderful selling season for condos in the autumn season. These closings are a direct result of all of that activity. There were 12 closings in total. Ten of the closings were resales and two were new construction in Lighthouse Cove. The activity in the Autumn and the pending contracts that took place over the holidays has reduced our present inventory to the meek 10 units. It was just the opposite for the last several years. The new construction at the Lighthouse Cove dominated the inventory and sales. The role has changed now and resales are now dominating the market.

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 

 

 

Dewey Market Watch 7/16/20 to 8/26/20

The market has been absolutely bizarre! This is my 2nd delayed Dewey Market watch. The amount of follow up time for my eight pending contracts has my schedule going backwards due to keeping up with deadlines, home inspections, appraisals…. Selling a home is the easy part, keeping it together to get it to the settlement table can often be a challenge and very time consuming. This market update is up to 8/26 and will resume from then until my next update. Due to the amount of transactions in this update I won’t comment on each individual transaction. Please click on the address and the full details on the subject property will emerge just as it’s listed in our MLS. Please contact me directly if you have any questions regarding any of the listings. The mortgage interest rates are fueling the fire! Interest rates are starting in the 2.5% – 2.750% for primary and just under 3% to 3.250% for jumbo loans. The rumor is that the interest rates are going to remain low for the next year to year and a half as the economy rebounds from the pandemic. The super bad news is that the inventory is the lowest I’ve seen in my 20 year career. Presently there’s 7 single family homes for sale. Typically there’s about 13-14 in the inventory. There are no listings in Rehoboth By The Sea leased land properties. Typically there’s 4-6 active listings but nothing on the market at the present time. Condominiums are typically the backbone of the Dewey Market. There’s usually about 32-34 active condos for sale, in today’s market there’s only 16 listings. Many, many appraisals are coming in low due to lack of activity in the market which is a direct result of the very low inventory. Lots of buyers are offering above appraised value and coming to the table with cash for anything above the appraised value. The 2020 season has been a challenge to say the least! Summer rentals are winding down with Labor day weekend just days away. Most rental incomes have been realized and maybe you’re considering selling. It’s a sellers market due to the low inventory AND it’s a buyers market due to the incredibly low interest rates. It’s a great market!! You may be very surprised to see what the value of your home would be worth in today’s market. Please feel free to contact me for a free, no hassle market analysis that will educate you with your value in today’s appreciating market. Have a happy, healthy and safe Labor Day weekend!!!!

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
200 Jersey St. Rehoboth By The Sea 4bd/2ba 2 units $1,100,000
33 Hall Ave. Chancellery 5bd/5ba      4,070 sq’ $2,799,000
38142 Terrace Rd. Silver Lake Manor 5bd/4.5ba $929,500
110 West St. 28 yr leasehold @ $4,185. yr Rehoboth By The Sea 4bd/2ba     1,200 sq’ $769,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
111 Bellevue St. Dewey Beach 7bd/4ba 2 units       3,200 sq’ $1,249,000
14 Carolina St Rehoboth By The Sea 3bd/2ba  
21 Hall Ave.  Chancellery 5bd/6ba                     4,582 sq’ $5,850,000
8 Venetian Dr. Seabreeze Dev 4bd/3ba                     2,761 sq’ $1,250,000
18 Chesapeake St. 60 yr lease @ $27,692 yr Rehoboth By The Sea 3bd/2ba                     1,158 sq’ $799,000
27 Chesapeake St. Rehoboth By The Sea  6bd/3.5ba                 2,600 sq’ $2,247,000
25 Chesapeake St. Rehoboth By The Sea 7bd/3.5ba                 2,600 sq’ $2,387,000
127 Chesapeake St. Rehoboth By The Sea 5bd/4.5ba                 2,965 sq’  $1,695,000
7 Houston St. Rehoboth By The Sea 5bd/4fl ba/2hlf ba  3,500 sq’ $2,195,000

 

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
110 West St. 28 yr leasehold @ $4,185. yr Rehoboth By The Sea 4bd/2ba                     1,200 sq’ $769,000 $749,000
305 Swedes St. Seabreeze Dev 5bd/3ba                     2,400 sq’ $795,000 $800,000
31 Hall Ave. Chancellery 5bd.6fl ba/2hlf ba    6,413 sq’  $2,650,000 $2,655,000
27 Hall Ave. Chancellery 7bd/8fl ba/2hlf ba   9,500 sq’ $4,995,000 $4,800,000
106 West St. Rehoboth By The Sea 3bd/2ba                     1,000 sq’ $1,150,000 $1,050,000
123 Chesapeake St. Rehoboth By The Sea 5bd/3fl ba/2hlf ba   3,100 sq’ $1,595,000 $1,650,000
25 Chesapeake St. Rehoboth By The Sea 7bd/3.5ba                  2,600 sq’ $2,387,000 $2,100,000
27 Chesapeake St. Rehoboth By The Sea 6bd/3.5ba                  2,600 sq’ $2,247,000 $1,900,000
20701 Fisher St. Dodds Addition 2bd/2ba                      1,332 sq’ $825,000 $725,000
38356 Josephine St. Dodds Addition 3bd/2ba                      1,406 sq’ $935,000 $885,000

 

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
111 Chicago St. Dewey Beach 6bd/5ba/2hlf ba     4,876 sq’ $2,750,000 $2,790,000

 

 

CONDOS NEW BUILDING SIZE ASKING PRICE
9 Clayton building #13 #2 Ocean Mist 4bd/3ba                  2,000 sq’ $1,049,000
1609 Coastal Hwy. #404S Opal 2bd/2ba                   $399,000
100 Collins Ave. #107 Marina View 1bd/1ba                     800 sq’ $359,000
20902 South Ave. # B Poynters Addition 3bd/2ba                 1,080 sq’ $429,900

 

 

CONDOS PENDING BUILDING SIZE  ASKING PRICE
9 Clayton building #13 #2 Ocean Mist 4bd/3ba                  2,000 sq’ $1,049,000
109 Dagsworthy St. # D Rainbow Cove 3bd/2ba                  1,080 sq’ $429,000
24 Dickinson Ave. #7A Dewey Villas 1bd/1ba $325,000
107 Collins Ave. #501 Cove 4bd/3ba                  1,340 sq’ $589,000
1301 Coastal Hwy. #263 Lighthouse Cove 3bd/2.5ba               1,523 sq’ $1,199,000
35 Rodney Ave. #1 Dewey Beach Dev 4bd/3.5ba               1,873 sq’ $999,000
35 Rodney Ave. #2 Dewey Beach Dev 4bd/3.5ba               1,873 sq’ $999,000
14 Van Dyke Ave. #B Ocean Sunset 4bd/3.5ba               2,040 sq’ $949,900
1701 Coastal Hwy. #305  Opal 2bd/2ba                      925 sq’ $409,900
2007 Bayard Ave. #5 Baystrand 3bd/3ba                  2,100 sq’ $799,000
1301 Coastal Hwy. #459 Lighthouse Cove 2bd/2ba                  1,077 sq’ $699,900
1301 Coastal Hwy. #242 Lighthouse Cove 3bd/3ba                  1,578 sq’ $1,099,900

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
2007 Bayard Ave. #5 Baystrand 3bd/3ba                  2,100 sq’ $799,000 $768,550
107 Collins Ave. #501 Cove 4bd/3ba                  1,340 sq’ $589,000 $575,000
1301 Coastal Hwy #258 Lighthouse Cove 2bd/2ba                  1,050 sq’ $614,000 $610,000
24 Dickinson Ave. 8A Dewey Villas 1bd/1ba $330,000 $325,000
24 Dickinson Ave #7A Dewey Villas 1bd/1ba $325,000 315,000
109R Dagsworthy St. # C Rainbow Cove 3bd/2ba                    920 sq’ $379,000 360,000
109 Dagsworthy St. # D Rainbow Cove 3bd/2ba                   1,020 sq’ $429,000 $412,000
1609 Coastal Hwy. #302S Opal 2bd/2ba                       925 sq’ $379,900 $369,999
2007 Bayard Ave. #5 Baystrand 3bd/3ba                    2,100 sq’ $799,000 $768,550
1301 Coastal Hwy. #254 Lighthouse Cove 2bd/2ba                    1,077 sq’ $599,900 $599,900
20950 Ann Ave #11 Ocean Dunes 3bd/2.5ba                 1,685 sq’ $499,900 $480,000
100 Collins #104 Marina View 1bd/1ba                     1,026 sq’ $375,000 $367,500
100 Collins Ave. #204 Marina View 1bd/1ba                     1,026 sq’ $378,900 $372,000
119 Collins Ave. #112 Marina View 1bd/1ba                    1,000 sq’ $385,500 $385,500

 

 

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

 

 

ALL LOTS FOR SALE/CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
1 Clayton FOR SALE Ocean front Clayton 50 X 100 $2,300,000 N/A
lot 26 Fisher St. Dodds Addition 50 X 100 $705,000 $700,000

 

 

ALL COMMERCIAL BUSINESS SIZE ASKING PRICE
21 Van Dyke St. Bell Buoy Motel 16 units + owners suite $1,975,000
20968 Ann Ave. Lorraine’s Hair Salon 100 X 100 (double lot) $825,000

 

 

Dewey Market Watch 5/29/20 thru 7/15/20

Happy summer!!! It’s been a very , very strange summer! It’s been a summer like we’ve never experience before. The covid 19 has tremendously impacted our resort area. Summer was a little delayed due to the 14 day quarantine that was in place. Perhaps this is part of the reason for our real estate market going off of the charts with activity. I’ve been so overwhelmed in the past six weeks that it’s taken me this long to update my Market Watch. A 12-13 hour day is very typical with a six day work week. Typically we realize two sales a week in the immediate area of Dewey and within this market report. The last six weeks has realized 32 pending transactions almost triple the amount of normal activity! The low interest rates are fueling the fire. I’ve seen 30 year fixed go as low as 2.650% and 15 year mortgages as low as 2.165%. Every person who’s reading this should check their interest rate on their present mortgage to see if it’s worth a refinance. I’d have to guess 75% would benefit by a refinance. Appreciation is occurring in every single property within this report. The present market has lowest of inventories that I’ve seen since 2005-2006. If you like a property and don’t write on it immediately then it’s gone by tomorrow. It’s truly a sellers market and a buyers market. When that happens the inventory plummets as anxious buyers consume everything! Presently there’s six fee simple single family homes and two leased land single family homes. There’s only a meek 19 condos presently listed. My personal inventory is down to one listing in Dewey and one listing in Rehoboth. I sold all of my inventory in the last eight days. Incredible! SO I desperately need listings now and for the upcoming autumn season. The market has appreciated to new levels over the past couple of years. You may be very surprised to hear what your property is worth now in this very, very hot market. Considering listing or just wondering what your home’s value is worth? Give me a call and I’d be more than happy to educate you with today’s present market value.

Due to the numerous transactions vs my 12 hour days, I’m not going to comment on each transaction as I typically do. If you want more details please just click on the address and it’ll bring you to the actual MLS sheet as it’s listed in our MLS system. If you have further questions beyond that please feel free to call my cell anytime.

Be happy! Stay Safe! and have an enjoyable summer!!!

 

 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
110 West St 28 yr lease @ $4,185. yr Rehoboth By The Sea 4bd/2ba $769,000
21 Hall Ave.       (back on the market) Chancellery 5bd/6ba                     4,582 sq’ $5,850,000
8 Venetian Dr.  (back on the market) Seabreeze  Dev 4bd/3ba                     2,761 sq’ $1,250,000

 

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
110 West St 28 yr lease @ $4,185. yr Rehoboth By The Sea 4bd/2ba  $769,000
305 Swedes St. Seabreeze Dev 5bd/3ba                       2,400 sq’ $795,000
27 Chesapeake St. Rehoboth By The Sea 6bd/3.5ba                   2,600 sq’ $2,247,000
25 Chesapeake St. Rehoboth By The Sea 7bd/3.5ba                   2,600 sq’ $2,247,000
123 Chesapeake St. Rehoboth By The Sea 5bd/3 fl ba/2 hlf ba  3,100 sq’ $1,595,000
7 Houston St. Rehoboth By The Sea 5bd/4 fl ba/2 hlf ba  3,500 sq’ $2,195,000
203 Salisbury St. Seabreeze Dev 5bd/2.5ba                     $849,000
8 Venitian Dr. (canal front) Seabreeze Dev 4bd/3ba                      2,761 sq’ $1,250,000
27 Hall Ave. chancellery 7bd/8 fl ba/2 hlf ba  9,500 sq’ $4,995,000
106 West St. Rehoboth By The Sea 3bd/2ba                       1,000 sq’ $1,150,000

 

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
205 Jersey St. 53 yr lease @ $12,900 yr Rehoboth By The Sea 3bd/2ba $529,900 $510,000
13 Dagsworthy St (condominiumized) Scrod Acres 3bd/2ba     1,800 sq’ $780,000 $700,000
15 West St. 57 yr lease @ $27,500 yr Rehoboth By The Sea 7bd/5ba     3,600 sq’ $999,000 $965,000
38444 Carolina St  Rehoboth By The Sea 5bd/4.5ba  3,000 sq’ $1,425,000 $1,300,000

 

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
36 Collins Ave. Indian Beach 4bd/1.5ba                     1,558 sq’ $1,435,000 $1,399,000
31 Hall Ave Chancellery 5bd/6fl ba/2 hlf ba     6,413 sq’ $2,950,000 $2,650,000
18 Chesapeake St. 57 yr lease @ $27,692 yr Rehoboth By The Sea 3bd/2ba                        1,158 sq’ $809,900 $799,000
14 Carolina St. 60 yr lease @ $29,184 yr Rehoboth By The Sea 3bd/2ba $779,000 $749,000

 

 

CONDOS NEW BUILDING SIZE ASKING PRICE
1609 Coastal Hwy #105 Opal 4bd/3ba     $549,900
20969 Rogers Ave. #A Ocean Walk 3bd/2ba $499,900
1609 Coastal Hwy #S207 Opal 2bd/2ba                     920 sq’ $379,900

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
119 Collins Ave. #112 Marina View 1bd/1ba                        1,000 sq’ $385,500
100 Collins Ave  #104 Marina View 1bd/1ba                        1,026 sq’ $375,000
2007 Bayard Ave. #5 Baystrand  3bd/3ba                       2,100 sq’ $799,000
107 Rodney Ave. #C Marina Reach 3bd/2.5ba                   1,600 sq’ $635,000
109 Dagsworthy St. #D Rainbow Cove 3bd/2ba                       1,080 sq’ $419,500
24 Dickinson Ave. #7A Dewey Villas 1bd/1ba $325,000
24 Dickinson Ave. #8A Dewey Villas 1bd/1ba                         $329,900
109R Dagsworthy St. # C Rainbow Cove 3bd/2ba                      1,080 sq’ $369,000
1301 Coastal Hwy. #242 Lighthouse Cove 3bd/3ba                      1,578 sq’ $1,099,000
100 Collins Ave #204 Marina View 1bd/1ba                       1,026 sq’ $378,900
35 Rodney Ave #2 Dewey Beach Dev 4bd/3.5ba                  1,873 sq’ $999,000
1301 Coastal Hwy. #425    Lighthouse Cove 2bd/2ba $664,500
1301 Coastal Hwy. #440    Lighthouse Cove 4bd/3ba                     1,547 sq’ $999,900
1301 Coastal Hwy. #258    Lighthouse Cove 2bd/2ba                     1,050 sq’ $614,900
1301 Coastal Hwy. #C413  Lighthouse Cove 2bd/2ba                     1,047 sq’ $600,000
1301 Coastal Hwy. #254    Lighthouse Cove 2bd/2ba                     1,077 sq’ $599,900
1609 Coastal Hwy. #302S Opal 2bd/2ba                     925 sq’ $379,900
1609 Coastal Hwy. #305S Opal 2bd/2ba                     920 sq’ $385,000
20950 Ann Ave. #11 Ocean Dunes 3bd/2.5ba                  1,685 sq’ $499,900
107 Collins Ave #501 Cove 4bd/3ba                     1,340 sq’ $575,000
109 Read St. #C Over Bay View 4bd/4ba                     2,000 sq’ $825,000
31 Hall Ave. Chancellery 5bd/6fl ba/2hlf ba   6,413 sq’ $2,650,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
38373 F Benson St. #2 Benson Proper 2bd/1ba $299,900 $325,000
124 Swedes St. #1 Swedes Street 3bd/2ba               2,000 sq’ $538,000 $550,000
2 Saulsbury St. 6 yr lease @ $1,200. yr #6 Colonial Seas 2bd/2ba               900 sq’ $185,000 $165,000
107 Rodney St. #C Marina Reach 3bd/2.5ba $650,000 $615,000

 

 

CONDOS INCREASED/DECREASED BUILDING SIZE PREVIOUS PRICE NEW PRICE
35 Rodney St. #1 Dewey Beach Dev 4bd/3.5ba        1,873. $1,045,000 $999,000
1301 Coastal Hwy.  #433 Lighthouse Cove 3bd/3ba $899,900 $999,900

 

 

 

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

 

 

Dewey Beach Market Watch 4/2/20 through 5/14/20

The corona virus had the Dewey and resorts market in a lull. Last week Governor Carney removed the 14 day quarantine for out of state buyers. The new guideline allows the out of state buyers to come into town without the 14 day quarantine to view properties but must lease directly after their tour. I was immediately very busy once the removal took place. Buyers are out there and anxious to come to town to view their selection. Interest rates were hovering around 3.125% for a 30 year fixed. There’s only been five sales since 4/2/20. This time frame is typically the busiest of the year. Hopefully the removal of the 14 day quarantine will spark a selling trend. Many, many people are out of jobs and many are still wondering what lies ahead. Only time will tell:)

corona balogna update: The Rehoboth boardwalk opens today! Next weekend the beaches open, swimming, community pools… Finally trying to re open! The 14 day quarantine is still in effect so short term rentals are still a no go. I’ve read that state police will be roadblocking at major arteries leading into the resorts area. They will have an array of questions for each stop. No further details on what the questions are. If you would like a detailed update please google Governor John Carney and it’ll bring you to his websites where all of the updates are. Welcome summer!!!!!

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
20701 Fisher St. Dodds Addition 2bd/2ba $825,000
111 Bellevue St. (back on market) Dewey Beach 7bd/4ba $1,319,000
38356 Josephine St. Dodds Addition 3bd/2ba          7,500 sq’ over sized lot $935,000

20701 Fisher St is a 2bd/2ba home situated on an over sized 8,712sq’ lot. The home went to contract in only 31 days. 111 Bellevue is a duplex town home. The home was originally offered as two individual town homes or a single family but is now currently only listed as one large single family home. 38356 is another home that was just listed in Dodds Addition. The 3bd/2ba home is highlighted by an over sized 7,500sq’ lot. Presently there’s five homes listed in Dodds & Killens Addition & Silver Lake Manor.

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
16 New Orleans St Rehoboth By The Sea 5bd/3.5ba $1,150,000
38444 Carolina St. Rehoboth By The Sea 5bd/4.5ba $1,425,000
20701 Fisher St. Dodds Addition 2bd/2ba  8,712 sq’ over sized lot $825,000

16 New Orleans has gone to contract. Lot value in this location is a minimum $1M. The detached garage cabana was a nice feature of the property. 38444 Carolina is a brand spanking new 5bd/4.5ba, 3000sq’ home that’s loaded with upgrades. The location is 3.5 blocks off of the ocean or two lots off of Ocean Highway. This is another prime example of what the future of Dewey is going to be like in the future and surely brings appreciation to the town of Dewey. 20701 Fisher (mentioned above) was a quaint nicely appointed 2bd/2ba home on a premier over sized lot. Priced at lot value this little home sold in only 31 days.

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
121 Houston St. Rehoboth By The Sea 6bd/2ba $799,900 $742,000

Finally a closing on 121 Houston! This home came with two rental licenses and was a duplex that offered many possibilities. This home was one of my favorites. The property  could be a quality investment with a little creative renovation and expansion. Grandfathered homes like this are like a diamond in the ruff! It’ll be interesting to see how they improve the property.

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
3 Clayton St. Rehoboth By The Sea 5bd/4.5ba $3,054,000 $2,954,056
15 West St. Rehoboth By The Sea 7bd/5ba $1,150,000 $1,099,000
18 Chesapeake St. Rehoboth By The Sea 3bd/2ba $819,900 $809,900
15 West St 57 yr lease @ $27,500 yr Rehoboth By The Sea 7bd/5ba $1,099,000 $999,000
2 Saulsbury St 6 yr lease @ $1,200. yr #6 Colonial Seas 2bd/2ba $195,000 $185,000

There were five price reductions in the single family home market. My listings were showing 2-3 times a weekend prior to the corona outbreak. Last week the 14 day quarantine was lifted for out of state buyers. The new rule is out of state buyers may view their properties but must leave immediately after their tour. Since the ban was lifted activity has increased ten fold. Hopefully this is an indicator that the market will rebound in the months ahead. It’s a great time to buy while the interest rates are at near all time records.

 

CONDOS NEW BUILDING SIZE ASKING PRICE
1301 Coastal Highway (back on market) #363 Lighthouse Cove 3bd/2.5ba $1,399,900
35 Rodney Ave. (back on market) #1 Dewey Beach Dev 4bd/3.5ba $1.129,000
35 Rodney Ave. (back on market) #2 Dewey Beach Dev 4bd/3.5ba $1,129,000

Back on the market!!! Three fine properties have been put back on the market. A penthouse suite is being offered in the Lighthouse Cove. Interested? Better get one while they’re still available. The two newly constructed town homes on Rodney Ave. are yours for the taking!! I viewed both of these properties and they are very, very nice. I’m actually a little surprised that they haven’t sold yet. Tons and tons of upgrades are featured in both homes. 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
2 McKinley St. #102 Sunspot 2bd/2ba $578,400
1301 Coastal Highway #362 Lighthouse Cove 3bd/2.5ba $1,399,900

Unit 102 in the Sun Spot has gone to contract. This unit was totally renovated from the studs out. One of the renovations was a 2nd bathroom thus creating a 2bd/2ba unit. Lots of upgrades and an interior to die for and will bring one of the highest sales to date in the Sun Spot for a 2bd/2ba. One of the 3bd/2.5ba penthouse units has a pending contract. Thank God for the Lighthouse Cove as they have been the staple diet for the condo market

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
25 Collins Ave. #3B Tidewatch Apts. 2bd/1ba $385,000 $375,000
3 Seastrand Court #29 Seastrand 4bd/3.5ba $829,000 $800,000

3 Seastrand is a fine example of elegance on Chesapeake St. The Seastrand is a Reho. By The Sea leased land property. This unit conveyed a 37 year lease @ $9,888. annually. The $800K closing price is the most expensive sale in the Seastrand’s history. 25 Collins in the Tidewatch Apts. is a seasonal building that’s typically open from 4/1 through 12/1. The Tidewatch Apts. were built in 1965 and offer a glimpse of yesteryear. The units rent very well and are priced affordable enough to use as a rental or just enjoy for personal use.

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
126 Read St. #9 Snug Harbor 2bd/1ba $375,900 $370,900

Is this unit still on the market? I don’t know how! Snug Harbor is a bay front building that offers million dollar bay views. This quaint little unit has all of the upgrades hardwood, tile stainless appliances… Snug Harbor even has it’s own white sandy beach! It doesn’t get any better than that!!!

 

LAND ALL Dewey & Forgotten Mile LOCATION SIZE ASKING PRICE
lot 26 Fisher St. Dodds Addition. 50 X 100  $750,000
22 McKean Ave. Indian Beach 101 X 100 $1,299,999
38737 Seagull Dr. Indian Beach 105 X 70 $849,000
o Route One Poynters Addition 7,350 sq’ commercial zoning $1,267,000

 

 

 

Dewey Beach Mayor TJ Redefer succumbs to cancer

I have very, very disheartening news, Mayor TJ Redefer has passed away due to pancreatic cancer. The resort community is in total shock. TJ was the heart of Dewey. His countless contributions to the community and to the town of Dewey Beach leave us in a much better state that we’re in today. It was TJ’s big smile that I will remember most. During my 18 years as a Realtor I chose Dewey Beach as my target marketing area. I’ve had many transactions over the years with TJ. TJ was my most direct competition in so many of my listing appointments. We both knew it and we had so many laughs about it that spanned over the years. Real estate transactions have many obstacles that we sometimes as agents have to overcome. During some of those sometimes stressful times TJ still always wore that “big smile” accompanied with his easy going attitude. TJ was involved in so many community activities and was always there to help anybody. His heart and soul was Dewey Beach. As Mayor of Dewey Beach TJ’s leadership shined through as he was able to use his gifted talent of negotiation to overcome so many situations. I’m going to miss TJ as an agent but so much more for the decent, honorable and happy man that he was. The community and Dewey Beach will not be the same without him. There will be a funeral procession through the town of Dewey on Sat. 4/11 at 10:30. People that are attending are cautioned on staying your safe 6′ distance or stay in your car. I’ve read many articles in social media and the local newspapers but nobody said it better than Ellen Driscoll in the Cape Gazette on 4/11/20. If you knew TJ please read the article, it was very fulfilling. Out of state friends please beware that corona 19 road blocks are going to be in full effect this weekend so if you were going to attend you probably will go through one of these. Our state rules are a self mandatory 14 day quarantine. Traffic backups were for miles long last weekend. NOTHING is open. You can’t even walk on any beach and they are patrolling with drones and vehicles. Local officials are requesting everyone to stay home and don’t visit. Did you ever think that we would hear such news? As Americans we all remained strong and for the most part followed the CDC guidelines THUS hopefully reducing the amounts of deaths so that we can all enjoy another time at the beach. In closing RIP TJ it was an honor to be your friend.

Dewey Market Watch 2/28/2020 thru 4/1/2020

Corona bologna!!! Can you believe this is happening? The resort area is a ghost town. The home quarantine recommendation will probably go to a mandatory home quarantine similar to what Maryland just initiated. Two weeks ago the temperature soared to 86 degrees. The out of staters flocked to the boardwalk and beaches and with it came their corona. The number of cases in Sussex County soared the following 10 days and now leads the state in confirmed corona cases. Officials are asking EVERYONE to stay home. If you do not have a primary residence here stay home. The grocery stores are empty, the outlets are closed along with the beaches, boardwalk, restaurants, bars… Thank God the liquor stores are still open or there would be riots:)

       The market has slowed to a crawl especially in the immediate resort area. All of the pending transactions mentioned in this update were pending before the Corona balogna. One week prior to the corona pandemic the interest rates plummeted to as low as 2.99%. The refi area of the market overwhelmed the banks in just two days so they raised the rates back up to 4.250. The rates have slowly trickled back down to 3.2% for a 30 year fixed with no points. What does this mean? People will start buying again! The uncertainty clearly has everyone concerned but when this virus is defeated we are going to see stock markets soar along with the real estate market. I believe that it will be record setting.

     Presently it’s a buyers market with super low interest rates. Sellers are aware of the delayed market. Now might be an excellent time to grab a good deal! Speaking of good deals, my seller at 109R unit C is ready to “unload” his unit in Rainbow Cove. There’s a long history of rental income averaging $22K to $23K annually. Micro managing through VRBO may increase the income even more. The unit has been totally renovated to include paint, granite, carpet, vinyl flooring, bathroom vanities and floors, hvac mechanicals under one year old, plumbing fixtures and all new lighting. The unit appraised last summer BEFORE renovations at $380K. The unit next door had all original materials and closed about 1.5 – 2 years ago for $384K. Presently the seller has it listed for $369K which is already a steal well below market value! Seller says bring him an offer and lets “talk”. Presently ALL of my listings are priced very accurately if not a little below the market. All of my listing are supplied with virtual tours, still photos and drone shots. Virtual touring has increased dramatically since the corona outbreak. Please view my present listings on my home page, maybe one will strike your interest:)

       It’s trying times for America and the whole world. Listen to the advice of the CDC, self isolate and we’ll all get by this in due time. Thank you ALL 1st responders, health field workers, janitors, truckers, grocery store clerks and the list is just too numerous to mention. Thank you all! Stay healthy and God bless!

 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
3 Clayton St. Reho By The Sea ocean front  5bd/4.5ba    3,173sq’  $3,054,056
106 Dagsworthy St. Dewey Beach Sub 3bd/2.5ba       $935,000
106 West St (back on market) Rehoboth By The Sea 3bd/2ba      1,000 sq’ $1,099,000

106 Dagsworthy is a 3bd/2.5ba coastal cottage. The home was built in 1980 and sits on an undersized 3,200 sq’ lot. Lots of deck space and two balconies offer plenty of outdoor entertainment area. 106 West St. went back on the market. Corona virus impacted borrowing abilities thus many pending transactions have gone to back on the market. 

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
 108 Cullen St.  Rehoboth By The Sea  3bd/2ba  $1,325,000
121 Houston St. Rehoboth By The Sea 6bd/2ba $799,900

108 Cullen was a 3bd/2ba 1949 home that was accented with original pine walls and hardwood flooring. This rock solid home only lasted on the market for 57 days. Inventory is minimal so the price of single family homes is on the rise. 121 Houston is a 6bd/2ba single family/duplex home that comes with two rental licenses. The grandfathered duplex is split upstairs and downstairs. You could rent them individually or use one rent the other. The property offered many possibilities. Both of these homes were pending prior to the corona virus.

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
 27 Chesapeake St. Rehoboth By The Sea   6bd/3.5ba    2,600 sq’  $2,387,000  $2,247,000
 25 Chesapeake St. Rehoboth By The Sea   7bd/3.5ba    2,600 sq’  $2,387,000 $2,247,000 
 18 Chesapeake St. RBTS 57 yr lease @$24,976 yr Rehoboth By The Sea  3bd/2ba        1,158 sq’ $849,900  $819,000 
 16 New Orleans St.  Rehoboth By The Sea  5bd/3.5ba    1,680 sq’  $1,299,000 $1,250,000 

There were four nice price reductions in the fee simple single family market. All of the homes were in the ocean block. 25 & 27 Chesapeake adjusted their price by reducing both homes $140K each. Opportunities like this don’t become available very often. Chesapeake St. is one of the most sought after streets in Dewey. Both homes are water front on Silver Lake and offer an easy walk into Rehoboth and Dewey. Please contact me for a private showing. 18 Chesapeake is a 1970 3bd/2ba 57 year leased land property. The annual lease id $24,976 yr. This home from yesteryear shows incredibly well and offers many possibilities. 16 New Orleans is a 5bd/2.5 ba Beach cottage with separate detached garage cabana located steps to the beach. Strong $50K rental income qualifies this for a nice ocean block investment.

 

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

 

CONDOS NEW BUILDING SIZE ASKING PRICE
2007 Bayard Ave.  unit #3 Baystrand 3bd/3ba      2,100 sq’ $799,000
1 St Louis St.  ocean front #104 Wilson Dunes  3bd/2ba     1,850 sq’ $1,900,000
1904 Coastal Hwy.(back on market) unit D Surfrider 3bd/2ba     1,249 sq’ $515,000

Unit #3 at 2007 Bayard Ave. is located in Baystrand. This unit is an over sized 3bd/3ba, 2,100 sq’  featuring bay views and an amazing private bay beach that is shared with only 6 other homes. 1 St. Louis is a rarely offered water front unit in Wilson Dunes. The kitchen and baths were recently updated and renovated which includes granite tops, recessed lighting, new cook top with down draft.

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
1301 Coastal Hwy. Unit #C413 Lighthouse Cove   2bd/2ba   1,047 sq’  $600,000
 3 Seastrand Reho. 37 yr lease @ $9,888 yr.  unit #29 Seastrand  4bd/3.5ba 1,800 sq’  $829,000

1301 Coastal Hwy. is a 2014 2bd/2ba Lighthouse Cove unit. The spacious 1,047 sq’ unit had all of the bells and whistles that you’d expect out of a Lighthouse Cove unit. 3 Seastrand is a 4bd/3.5 ba Reho. BY The Sea leased land property. The unit is an older lease that has 37 years remaining at $9,888 annually. I didn’t think that a Seastrand unit with an older lease would last very long, only 32 days on the market!!!

 

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
 35 Rodney Ave. #1 Dewey Beach Dev  4bd/3.5ba    1,873 sq’  $1,149,000  $1,129,000
 35 Rodney. Ave. #2 Dewey Beach Dev  4bd/3.5ba    1,873 sq’ $1,149,000  $1,129,000 
 107 Rodney St.  Unit C  Marina Reach 3bd.2.5ba    1,600 sq’  $650,000 $635,000 

35 Rodney unit #1 & #2 just reduced their price by $20K. These two properties show very well, nothing overlooked in this elegant new construction. Both homes feature open floor plans that accommodate easy entertaining! 107 Rodney unit C is  an end unit townhouse. The unit is being offered furnished, recently renovated with hardwood flooring throughout, new kitchen cabinets, granite counters and renovated baths with new vanities, custom tile showers and tile flooring… Great location!!

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
102 Anchor Way #18 Summer Winds  4bd/2.5ba  1,840 sq’ $1,295,000 $1,100,000

It’s been a while since we’ve seen a large bay front unit close. The 4bd/2.5 ba, 1,800 sq ‘ unit had all of the upgrades that one would expect in a bay front home. Take a peak at the photos in the link and the pictures say it all, closed at $1,100,000!!!

 

COMMERCIAL (ALL) BUSINESS LOCATION ASKING PRICE
21 Van Dyke Bell Buoy Motel   $2,100,000
2107 Coastal Hwy. 1000 sq’ retail space Izzy Plaza $244,999

21 Van Dyke is the Bell Buoy Motel. This commercial property offers 16 units and an owners suite. Rental incomes have soared over the last few years. This would be an excellent renovation investment that surely could be supported with future escalating rentals. 2107 Coastal Highway is a 1st floor Izzy Plaza unit. The retail space consists of 1000 sq. , plenty of room for a small business owner to pedal their wares:)

 

LAND LOCATION SIZE ASKING PRICE
1 Clayton St.  ocean front Dewey Beach 50 X 100 $2,400,000
22 McKean Ave. Indian Beach 101 X 100 $1,299,999
38737 Seagull Dr. Indian Beach 105 X 70 $849,000
lot 26 Fisher Dodds Addition 50 X 100 $750,000
Lot 1 Old Bay Rd. (Pending) Ann Acres .65ac $499,900

Lot 1 Clayton St. is the only ocean front lot for sale in Dewey. The lot is also being offered as a home/lot package for $3,006,290. There are two lots available in Indian Beach. The 1st lot is 22 McKean located on the ocean block of McKean and the 2nd lot 38737 Seagull is located on the bayside on Seagull Dr. Lot 26 on Fisher Street is a typical 50 X 100 lot that faces Fisher St. Easy access to the beach through Cottage Lane, to Pine Lane to the ocean block of Chesapeake St. Great location!!  Pending contract is lot 1 Old Bay Rd. The lot was part of the old Dodd farm. This .65 ac. lot is situated in a very quiet area yet steps to all of the resort activities. A .65 ac lot is hard to come by this close to the beach.

 

 

 

 

Dewey Market Watch 1/14/2020 to 2/28/2020

 

Hello spring!!!! A mild winter has us all smiling. The spring selling season is fully upon us. Due to a little minor surgery I’m a couple of weeks behind so this market update will be a lengthy one. Interest rates have dropped incredibly low. A 30 year fixed is 3.6250. Please contact me for a quote on a program that best fits your needs. Happy spring!!! Warm sunny days ahead!!!!

 

 

SINGLE FAMILY NEW LOCATION SIZE PRICE
18 Chesapeake St. 59 yr leasehold @$25,000 yr Reho. By The Sea 3bd/2ba  $849,900
36 Collins Ave. Indian Beach 4bd/1.5ba $1,435,000
123 Chesapeake St.  Reho. By The Sea 5bd/3fl ba/2 hlf ba $1,595,000

There were only three new single family home listings in the last six weeks. The 1st offering is 18 Chesapeake. Chesapeake St. is one of the most desirable streets in Dewey. This charmer of a home is a Reho. BY The Sea property that has a 57 year lease @ $24,976 yr. This 1970 3bd/2ba is the least expensive way to purchase on one of the nicest streets in town! 36 Collins is another ocean block home. This 1973 4bd/1.5ba is nestled on a spacious 8,712 sq’ lot and is located in the prestigious community of Indian Beach. Lake Comegys views adorn the home at 123 Chesapeake. Fabulous open floor plans provides plenty of space for beach entertainment. Gourmet kitchen with tons of upgrades makes this an irresistible offering. 

 

SINGLE FAMILY PENDING LOCATION SIZE PRICE
21019 Rogers Ave. Ann Acres 4bd/3ba $732,000
20996 Dodd Ave. Ann Acres 3bd/2ba $499,000
115 West. St 56 yr leasehold @ $17,296 yr Reho. By The Sea 3bd/2ba  $529,900

Just north of Dewey, 21019 Rogers Ave. was a 4bd/3ba recently renovated home. The home boasted a large open floor plan with an excellent rental history. The home sold in only 16 days. 20996 Dodd Ave. was a steal for the purchaser. The home was located on the corner of Dodd Ave. & Coastal Hwy. The 3bd/2b featured hardwood floors, updated kitchen & baths. The home was in excellent condition and sold in only 76 days. 115 West is a Reho. By The Sea original Windswept model. This home has an upgraded kitchen with lots of upgrades throughout the home. The annual lease has 56 years remaining @ $17,296 yr.

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
21 Saulsbury St 60 yr leasehold @ $24,584 yr Reho. By The Sea 7bd/3ba $399,000 $322,000
23 Saulsbury St. 56 yr leasehold @$10,818 yr Reho. By The Sea 3bd/2ba  $659,900 $625,000

I had the pleasure of selling the landmark A frame home at 21 Saulsbury. The home has a 60 year lease @ $24,584 year. The new owners are thrilled and can’t wait to renovate. It’s good to see a couple of the older homes remodeled to keep the charm of the old Dewey Beach. These new owners owners are perfect for the task ahead! The neighboring property at 23 Saulsbury is also a Reho. By The Sea property. There are two homes that split the property thus the lower annual lease of $10,818 a year. The home was totally renovated and boasted a$50K rental income!

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
106 West St. Reho. By The Sea 5bd/3fl ba/2hlf ba $1,649,900 $1,674,500
38444 Carolina St. Reho. By The Sea 5bd/4.5ba $1,395,000 $1,425,000
111 Bellevue St. Dewey Beach 7bd/4ba $1,454,900 $1,319,000

111 Bellevue is a duplex that can be used as a single family home or two condo units. Great southern exposure complimented with a very open floor plan that’s great for entertaining. You can buy the property as a single family home or purchase unit A or unit B (see below). Two price increases were realized at 106 West & 38444 Carolina. Both of the homes are new construction/to be built.

 

CONDOS NEW BUILDING SIZE ASKING PRICE
 109R Dagsworthy St.  # C Rainbow Cove   3bd/2ba  $369,000
 24 Dickinson St. # 7A Dewey Villas  1bd/1ba $325,000
100 Collins Ave. #201 Marina View 1bd/1ba $399,000
1301 Coastal Highway #342 Lighthouse Cove 3bd/3ba $999,900
1301 Coastal Highway #441 Lighthouse Cove 2bd/2ba $699,900
1301 Coastal Highway #459 Lighthouse Cove 2bd/2ba $699,900
1301 Coastal Highway #461 Lighthouse Cove 1bd/1ba $499,900
2009 Bayard Ave. #207 Cajun Cove 2bd/2ba $600,000
25 Collins Ave. #3B Tidewatch Apts. 2bd/1ba $385,000
1 Saint Louis St. #204 Wilson Dunes 3bd/2ba $2,390,000
100 Collins Ave. #104 Marina View 1bd/1ba $375,000
107 Rodney Ave. # C Marina Reach 3bd/2.5ba $$650,000
24 Dickinson #8A Dewey Villas 1bd/1ba $330,000

There are nine new re sale listings that just hit the market. This area of the market was very low in inventory so this is a big plus going into the spring selling season. Lighthouse Cove has four new listings that include 1bd/1ba, 2bd/2ba & 3bd/3.3ba. Two of the new re sale listings are mine that I’d like to review. 109R unit C in Rainbow Cove is the best investment in town. The least expensive @ $369,000 this 3bd/2ba unit is practically brand new. The renovations include all new HVAC mechanicals, new paint, new carpet throughout, new ceiling fan, new maintenance free vinyl floors in the kitchen & baths, new bathroom vanities, faucets & tops. The light fixtures throughout the unit have been replaced. The front entrance door is new. New granite counters were installed in the kitchen. Annual estimated carrying costs are $19,285. The average annual rental income before all of the new renovations was $21K to $23K. Need I say more? Seller says bring them an offer!! My 2nd new listing is 24 Dickinson unit 7A. This ground level 1bd/1ba @ $325,000 is the least expensive purchase in the ocean block. This unit has been enjoyed by the present owners for the last 35 years. Meticulously cared for this unit comes completely furnished and turn key ready. The estimated annual carrying costs are $16,073. The unit has been previously rented between $10K to $11K for the 10 week summer season. Additional income could easily be generated with additional shoulder season rentals. 25 Collins is a 2bd/1ba seasonal unit. This is an entry level price for a 2bedroom unit in the ocean block. Won’t last long! The price tag says it all for the new listing in Wilson Dunes.Wilson Dunes carries the title for the most expensive condos in Dewey Beach. Rarely on the market, this unit will surely satisfy the most discriminating consumer. Unit #104 in Marina View is a turn key investment. Recent renovations coupled with postcard sunsets and a $20K rental history qualifies this unit as a perfect entry level investment. 107 Rodney in Marina Reach offers an end unit with 3 levels of living, with two balconies, wood burning fireplace, bay views and killer sunsets. Recent renovations adorn this unit throughout! 24 Dickinson St unit 8A is another entry level price unit for the ocean block. The $330K price tag allows the unit to be used for personal use or as an entry level investment.

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
 20858 Coastal Highway  #  Kings Row  3bd/2ba $349,900 
1301 Coastal Highway #344 Lighthouse Cove 3bd/3.5ba $1,749,900
1301 Coastal Highway # 444 Lighthouse Cove 3bd/3.5ba $1,799,900
1301 Coastal Highway #363 Lighthouse Cove 3bd/2.5ba $1,399,900
101 Swedes St. #2 Four Tides 5bd/4.5ba $898,900
24 Dickinson St. # 8B Dewey Villas 3bd/2ba $499,900
3 Seastrand Ct. 37 yr leasehold @ $9,888. yr #29 Seastrand 4bd/3.5ba $829,000

There are four pending re sales and three new lighthouse Cove units that have gone to contract. Three of the new lighthouse Cove units had some expensive price tags ranging from $1,399,900 to $1,749,900. SWEET Dewey Beach!! A very rare offering in Seastrand didn’t last long. The unit had an older lease with 37 years remaining @ $9,888 yr. The Seastrand units located on Chesapeake St. are highly sought after and typically don’t remain on the market very long. 101 Swedes unit#2 is a 4bd/3.5ba townhouse located on the corner of Ocean Hwy & Swedes St. The 2,600 sq’ home was built in 2016 and only lasted 3 days on the market. The ocean block 3bd/2ba unit in Dewey Villas was offered for $499,900 and lasted only six days. Dewey Villas boasts a brand new in ground pool that to be enjoyed by all:) 20858 Coastal Hwy was a 3bd/2ba single family stand alone that was condominiumized. The outside areas were all common elements. This home showed like a charm and sold in only 7 days.

 

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
 1301 Coastal Highway #425 Lighthouse Cove  2bd/2ba  $689,900  $664,500
111 Bellevue St. # A 111 Bellevue Condo 3bd/2ba $749,000 $699,000
111 Bellevue St. # B 111 Bellevue Condo 4bd/2ba $699,000 $649,000

#425 Lighthouse Cove performed a significant $25,400 price reduction in this bay/ocean view unit. Every upgrade imaginable in this beachy unit. Both units A & B at 111 Bellevue have reduced their price by $50K. 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSING PRICE
 1301 Coastal Highway #360 Lighthouse Cove   2bd/2ba  $649,900  $649,900
 1301 Coastal Highway #458 Lighthouse Cove  2bd/2ba $699,900 $702,963

The only closings were new construction in the Lighthouse Cove.

 

COMMERCIAL (ALL) BUSINESS LOCATION ASKING PRICE
 21 Van Dyke St Bell Buoy Motel -16 unit + owners suite  ocean block Van Dyke St.  $2,100,000
2107 Coastal Highway unit B Izzy Plaza 1000 sq’ retail space Coastal Highway & Swedes St. $249,999

21 Van Dyke is the Bell Buoy Motel. This commercial property offers 16 units and an owners suite. Rental incomes have soared over the last few years. This would be an excellent renovation investment that surely could be supported with future escalating rentals. 2107 Coastal Highway is a 1st floor Izzy Plaza unit. The retail space consists of 1000 sq. , plenty of room for a small business owner to pedal their wares:)

 

LAND (ALL) LOCATION SIZE ASKING PRICE
 lot 26 Fisher St. (new) Dodds Addition   50 X 100 $750,000 
1 Clayton St. ocean front Clayton St .11 / 5000 sq’ $2,400,000
7 Clayton St.  one lot off ocean Clayton St. .11 / 5000 sq’ $1,160,000
lot 1 Old Bay Rd. (Active with kickout) Ann Acres .65 acres $499,900

Lot 26 on Fisher Street is a typical 50 X 100 lot that faces Fisher St. Easy access to the beach through Cottage Lane, to Pine Lane to the ocean block of Chesapeake St. Great location!! Lot 1 & lot 7 Clayton are ocean front and 2nd lot back from the ocean. I believe that lot 7 is reasonably priced and would make an excellent location to build a dream home. Lot 1 Old Bay Rd is part of the old Dodd farm. This .65 ac. lot is situated in a very quiet area yet steps to all of the resort activities. A .65 ac lot is hard to come by this close to the beach.

Dewey Market Watch 12/5/19 to 1/13/20

Happy 2020!!! I hope everyone had an enjoyable holiday season:) 2019 is in the books and 2020 is waiting to see what unfolds and with a little luck it’ll be a very prosperous new year. The overall market in the entire resorts as expected has slowed due to the holidays. The interest rates are great which should bring immediate activity now that the holidays are over. Expect an early spring selling season. Weather in the surrounding states has been relatively mild which in turn brings people to the beach. The traditional Valentines Day weekend typically kicks off the new spring season but the mild weather could get us started a little earlier this year. Need a work break? There’s lots to do in town so pack up your bags and stop in for a winter weekend getaway!!!

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
106 West St Rehoboth By The Sea 3bd/2ba $1,099,000
 106 West St  Rehoboth By The Sea  5bd/3fl ba/2hlf ba $1,649,900

106 West St. is a unique property that’s listed two different ways. The present home that sits on the property is a 1955, 3bd/2ba windjammer model. The windjammer model is very popular and people just love them. The asking price for the property with the present home is $1,099,000. The 2nd offering is a 5bd/3fl ba/2hlf ba , 3118 sq’ open floor plan, covered porch, open porch and the list goes on and on (see pics). The asking price for the newly constructed home is $1,649,000. 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
 23 Saulsbury St. Rehoboth By The Sea   3bd/2ba $659,900 
20996 Dodd Ave Ann Acres 3bd/2ba $499,000

23 Saulsbury is a nicely renovated 1964, 3bd/2ba, 1,222 sq’ home. The property is a Reho. By The Sea Leased land property. The home shares the lot with another grandfathered home so the lease is split by two. The annual lease amount is $10,818 and has 56 years remaining on the lease. This was a very nice purchase for the new owner!

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
 135 Chesapeake 29 yr lease @ $4,186. yr  Rehoboth By The Sea  6bd/3ba  $795,000  $735,000
38217 Robinson Dr. Silver Lake Manor 5bd/4ba $1,249,000 $1,137,500

135 Chesapeake was a very nice 6bd/3ba, 2,552 sq’. The home was nicely updated and had lake views to die for. The 2nd beach block home was a Reho. By Th Sea leased land property. The older lease had 29 years remaining with an annual lease amount of $4,186. with minimal annual increases vs the newer leases that have a 3.5% annual increase. The property was on the market just shy of a year. I expected it to sell immediately. The new owner got a steal on this one!

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
13 Dagsworthy St. Scrod Acres  3bd/2ba $850,000 $800,000 

 

CONDOS NEW BUILDING SIZE ASKING PRICE
 1406 Coastal Highway  # 3i Delano  3bd/2ba  $499,900
1301 Coastal Highway #C413 Lighthouse Cove 2bd/2ba $624,900
3 Seastrand Ct.  37 yr lease @ $9,888. yr #29 Seastrand 4bd/3.5ba $899,000

I have a new ocean block condo in the Delano that I just listed. The 3bd/2ba, 1,100 sq’, features ceramic tile floors, stainless appliances, granite counters, 6 closets, stacked washer/dryer, secured storage…. The fully furnished unit (see pictures), tastefully decorated unit is rent ready or affordable enough for personal use! Call me for you personal showing:) Unit C413 Lighthouse Cove is a 2bd/2ba unit and was built in 2014. The unit is fully upgraded as all of the Lighthouse Cove units show extremely well! A rare offering in the Seastrand. Located on Chesapeake which is one of Dewey’s most popular and most sought after street This 2002, 4bd/3.5ba, three story, ocean & lake views is being offered for $899K. The unit is a leased land Reho. By The Sea property and has 37 years remaining on the lease at $9,888. per year.

CONDOS PENDING BUILDING SIZE ASKING PRICE
 1905 Coastal Highway #6 Ocean Winds Village   3bd/2.5ba  $499,000

The unit at #6 Ocean Winds Village was a 1987 2 story, 3bd/2.5ba, 1,300sq’ unit. The two story unit is located over the commercial strip mall on the 1st floor on Ocean Highway & New Orleans.

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSING PRICE
 1301 Coastal Highway #262 Lighthouse Cove   3bd/3ba $1,049,900  $1,034,900
100 Van Dyke St. # 201 Cove 2bd/1ba $339,000 $315,000
38398 George St #5 Beach Place 3bd/2.5ba $495,000 $495,000

1301 Coastal Hwy unit #262 is a 3bd/3ba brand spankin new Lighthouse Cove unit. this 1,523sq’ unit is one of the few of the last remaining units. Do you have an interest in the Lighthouse Cove? Better hurry as inventory dwindles down. #201 Cove on Van Dyke St was a entry level priced 2bd/1ba, 600sq’, ceramic tile throughout, granite… The Cove’s exterior complex was completely renovated a year ago and all assessments have been paid. In ground pool and tennis courts makes the Cove a very nice entry level investment or personal use. #5 Beach Place sold for full price in only 6 days. The nicely appointed unit had numerous upgrades. The two story town home was a 1983, 3bd/2.5ba last sold for $372,500 in 2015. The present owners totally renovated the entire unit thus the full offer in 6 days.

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

 

COMMERCIAL LOCATION BUSINESS ASKING PRICE
2107A Coastal Highway #c8 Izzy Plaza 920 sq’ retail space $375,000
2107B Coastal Highway #c7 Izzy Plaza 1000 sq’ retail space $244,999
21 Van Dyke St Dewey Beach Bell Buoy Inn 16 rooms/owners suite $2,100,000

Presently there’s two commercial retail units available in Izzy Plaza. The Bell Buoy Inn is a 16 unit motel. The ocean block complex also has an two bedroom owners suite for on the site maintenance or additional income as a 17th unit. Please contact me for financials and a private showing.

LAND LOCATION SIZE ASKING PRICE
 lot 26 Fisher St. Dodds Addition   5,000 sq’ $925,000
lot 1 Old Bay Rd.   .61 ac $499,900

Lot 26 Fisher St. is a 5,000 sq’ lot in Dodds Addition. Conveniently located on the corner of Cottage Lane and then Pine Lane then your at Silver Lake Drive and left to Rehoboth or right into Dewey. The best of both worlds!! Lot 1 Old Bay Rd is part of the original Dodd farm. This .61 acre parcel falls under county zoning thus avoiding tighter town codes.