Dewey Market Watch 8/24/21 thru 9/17/21

     Happy Autumn!!! It’s a great time of the year to spend a nice, peaceful day on a uncrowded beach:) The market continues to be anything but peaceful. New listings are snatched up within a day or two. Inventory from Terrace Rd. in Silver lake Manor to Hall Ave in the Chancellery consists of only six single family homes (5 fee simple & 1 leased land) and three condos. Presently there are eight single family and three condos that have pending contracts on them. You can imagine the demand for inventory once people returned to work after the covid lockdown and were informed that they could work from anywhere through networking. HA I’d be camping here until I found something:)

     Many people, many home owners in Dewey follow my Dewey Market Watch to keep up with the values and availability in Dewey. The same goes for an automated search. If you’re looking to purchase anything you need to have an automated search set up. You would be alerted as soon as the subject property is entered into the MLS system. The time is ticking once the listing is entered. Perfect example is 22 Jersey St., it was listed one day and pending the following day. Once a new listing of interest becomes available then contact me or your personal Realtor to IMMEDIATELY show you the property. If a client can’t make it that day, typically I’ll make an appointment and Facetime them from the new listing. Time is of the essence once the property is listed. I have many searches set up with homeowners just so that they can keep up with any transactions within their complex, street…. If you owned a condo in Izzy Plaza then I’d set up a search just for Izzy Plaza. You may want to expand from only your building to a similar comparable anywhere in Dewey. My auto searches are simply designed to educate a buyer with any new listing, pending contract or closing or to notify an owner with any similar transaction from the same building, street… NO SALES pressure! I just need to know a little about your property #beds, #baths, upgrades… if you’re interested in me setting you up a search. Please contact me if you are interested in a search. Get out and enjoy a walk on a nice uncrowded beach. It’s a great stress relief!!!!

 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
1500 Bayard Ave. 40 year lease @ $12,748 yr. Rehoboth By The Sea 8bd/4ba 2 homes on double lot $1,199,000
22 Jersey St. Rehoboth By The Sea 4bd/2ba  $1,735,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
123 Swedes St. Rehoboth By The Sea 3bd/1.5ba $1,100,000
131 Chesapeake St. Rehoboth By The Sea 5bd/3ba        2,140 sq’ $1,895,000
22 Jersey St. Rehoboth By The Sea 4bd/2ba $1,735,000

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
110 Clayton St. Rehoboth By The Sea 5bd/3ba        2,300 sq’ $1,299,999 $1,224,900

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
206 Carolina St. 51 year lease @ $13,168 yr. Rehoboth By The Sea 3bd/2ba            $799,000 $855,000
3 Bellevue St.  Sea Cove 4bd/3.5ba $2,195,000 $2,100,000
11 Dagsworthy St. #3 Scrod Acres 3bd/2.5ba         900 sq’ $995,000 $805,000

 

CONDOS NEW BUILDING SIZE ASKING PRICE
17 Van Dyke St. unit B Emerald Shoals 4bd/3.5 ba     2,000 sq’ $1,200,000
1301 Coastal Hwy. # 462 Lighthouse Cove 3bd/2.5 ba     1,632 sq’ $1,999,900
1904 Coastal Hwy. # D Surfrider 3bd/2ba         1,250 sq’ $635,000

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
1609 Coastal Hwy. # 403 Opal 2bd/2ba $550,000
101 Swedes St. #2 Four Tides  5bd/4.5ba     2,610 sq’ $1,395,000
1301 Coastal Hwy. #422 Lighthouse Cove 2bd/2ba        1,077 sq’ $899,000
2 McKinley Ave. #204 Sunspot 2bd/1ba           700 sq’ $679,900

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSING PRICE
1904 Coastal Hwy. #E Surfrider 3bd/2ba        1,300 sq’ $585,000 $533,727
2101 Coastal Hwy. #C Izzy Plaza 4bd/2.5ba     1,960 sq’ $700,000 $700,000
2009 Bayard Ave. #207 Cajun Cove 2bd/2ba        1,264 sq’ $670,000 $670,000
116 Clayton St. #3 Holly Tree  4bd/2ba        1,800 sq’ $859,999 $775,000

 

 

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

 

 

Dewey Market Watch 8/1/21 thru 8/23/21

The annual running of the bull was held in Dewey this past weekend. It was a good time and enjoyed by all that attended. This annual event unfortunately signifies an end to summer as local summer teens head back to college. The locals summer begins now and into the autumn season:) The market continues to be as strong as it’s ever been. Interest rates are 2.875% for a 30 year fixed and 2.750 for jumbo loans and is the fuel for the red hot market. Inventory is almost non existent in the entire county. Prior to the Covid pandemic this was the time that owners were considering listing their home after all of the summer rentals were realized however that’s not the case anymore in this very aggressive market. Our present market is labeled “aggressive” year round. There were six pending contracts in the last three weeks. Prior to covid the average sales during the peak spring and autumn months was two per week. Summer activity typically slowed during the summer as people vacationed and didn’t pursue their search until autumn after summer rentals have gone. There is no down time in the present market. Many listings are still selling over asking price. There were three such properties within this three week update, see below. Wondering the value of your home in today’s market? Let’s meet after the summer rentals are complete. Looking to purchase? Let me educate you with your area of the market. You absolutely have to be pre educated so that when the right listing hits the market, you’re ready to present an educated offer at a moments notice. Enjoy the remainder of summer!!!

 

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

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
206 Carolina St 51 year lease @ $13,168 yr Reho. By The Sea 3bd/2ba $799,000

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
21207 2nd St Ann Acres  3bd/2ba  $700,000 $700,000 
21100 Elizabeth Ave Ann Acres 3bd/3ba $799,000 $1,025,000
15 Hazlett St. Indian Beach 10bd/7fl ba/2hlf ba   7,750 sq’ $4,799,999 $4,200,000

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE  NEW PRICE
110 Clayton St. Dewey 5bd/4.5BA      2,300 sq’ $1,349,000 $1,299,000
20991 Dodd Ave. Ann Acres 4bd/2.5ba         1,994 sq’ $1,250,000 $1,150,000

 

 

CONDOS NEW BUILDING SIZE ASKING PRICE
 1609 Coastal Hwy. #403 Opal  2bd/2ba       $550,000
101 Swedes St. #2 Four Tides 4bd/3.5ba     2,610 sq’ $1,395,000

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
4 Swedes St.  40 year lease @ $6,892 yr. #7 Bermuda Sea Mist 4bd/4.5ba       $1,200,000
 1301 Coastal Hwy. #445 Lighthouse Cove  3bd/2.5ba         1,634 sq’ $1,549,000 
2009 Bayard Ave. #207 Cajun Cove 2bd/2ba             1,264 sq’ $670,000
21 Rodney Ave. #3 Rodney Street condos 2bd/1ba $499,900
1904 Coastal Hwy. #E Surfrider 3bd/2ba          1,300 sq’ $585,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
 25 Read Ave. #1 Seabreeze Village  4bd/3.5ba  $997,5000   $950,000
105 Bellevue St. #B Sanctuary 2bd/2ba     800 sq’ $399,000 $410,000
 38181 Robinson Dr. #2W  Bayberry Pines   3bd/2ba     1,200 sq’  $499,000 $453,000
1609 Coastal Hwy. #303S Opal 2bd/2ba $439,500 $445,000

 

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

 

 

Dewey Market Watch 7/7/21 thru 7/30/21

Happy summer!!! The local real estate market continues to be as hot as the Arizona desert! This report is a three week analysis. There were seven pending contracts for single family homes and two condo sales. Two transactions per week was the norm before the covid hit. Listings continue to sell at break neck speed. Presently there’s one single family on leased land, five single family fee simple and five condo listings. There’s one single family home in Dodds Addition and one home in Silver Lake Manor on the market. There is no present inventory for Indian Beach and the Chancellery. That’s it! The interest rates dropped a little this week and are now at 2.750% for a 30 year fixed and jumbo loans. Many, ok most owners are totally shocked when I give them a formal market analysis. They had no idea that their home had this kind of value. Many of the sellers have owned for 30-40 years and are just cashing out at this premium time, some retiring and some moving on to other investments. Wondering what your value is? Whether you’re considering whether to sell or just wondering what your property is really worth, give me a call and I’d be more than happy to perform a “no sales pressure” market analysis. Have a happy and safe summer!!!

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
110 Clayton St  Reho. By The Sea 5bd/3ba                       $1,349,000
206 Carolina 51 year lease @ $13,168 yr Reho. By The Sea 3bd/2ba $775,000

 

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
11 Dagsworthy #3 Scrod Acres 3bd/2.5 $995,000
21207 2nd St. Ann Acres 3bd/2ba $700,000
21100 Elizabeth St. Ann Acres 3bd/3ba $799,000
20588 Fisher St. Dodd’s Addition  3bd/3ba $1,200,000
7 Hall Ave. Chancellery 6bd/7fl ba/2hlf ba   5,200 sq’ $3,995,000
1 Beach Ave. Indian Beach 6bd/5.5ba                 3,500 sq’ $4,399,000
33 Hall Ave. Chancellery 5bd/5ba                    4,070 sq’ $2,650,000

 

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSING PRICE
120 Dagsworthy St. Dewey Beach 2bd/1ba                1,724 sq’ lot  $625,000 $610,000
38142 Terrace Rd. Silver Lake Manor 5bd/4.5ba                  $919,900 $880,000

 

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE   NEW PRICE
131 ChesapeakeSt. Reho. By The Sea 5bd/3ba $2,095,000 $1,995,000

 

 

CONDOS NEW BUILDING SIZE ASKING PRICE
21 Rodney Ave. Rodney St condos 2bd/1ba $499,900

 

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
1609 Coastal Hwy. Opal 2bd/2ba $439,500
116 Clayton St. #3 Holly Tree 4bd/2ba $859,999

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSING PRICE
123 Bellevue St. #2 Bay Winds 3bd/2.5ba $750,000 $720,000
21 Bellevue St. Oceans Reach 4bd/4ba           2,000 sq’ $994,500 $1,000,000
2 McKinley St. #203 Sunspot 2bd/1ba $579,000 $579,000

 

 

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

 

 

 

Dewey Market Watch 5/19/21 thru 7/6/21

     Happy summer! It’s great to see everyone’s smiling faces again!! The market remains strong as ever. New listings are selling in record time. Presently there are five single family homes and six condos active for sale in Dewey. Ann Acres has one listing. Dodds Addition has two listings and Silver Lake Manor has one listing. The average time for a ratified contract has been within a week or two. Multiple offers are still the norm with many of them still selling over asking price. The interest rates remain at 2.875% for a 30 year fixed and 2.875% for a jumbo loan. There are no indications that the interest rates are going to rise anytime in the near future. It’s a great time to list with minimal inventory in the market. If you’re considering buying then it’s very smart to be educated by a Realtor so that you’re up to date with values in today’s hectic market. Any potential buyer must be ready to view and present an offer asap or you may lose due to market demand.

     ALERT!!! Drivers need to start paying attention to the crossovers in Dewey. The crosswalks are an accident waiting to happen. I work in Dewey every day. I’ve witnessed so many drivers with their heads up their butts that almost ran entire families over. I have been personally stopped for pedestrians crossing the highway in the designated crosswalks only to have a driver in the adjacent lane never even slowed down. This has already happened to me a good dozen times. Flashing lights or no flashing lights at the crossovers you MUST proceed with extreme caution. Who wants to drive fast in Dewey anyway?? C’mon people pay attention before someone gets seriously injured. The weather has been superb and summer is in full swing. Get out and enjoy!!!

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
1502 Coastal Hwy. (zoned commercial) Dewey Beach 3bd/1ba $990,000
15 Cullen St. Rehoboth By The Sea 5bd/6.5ba                    4,080 sq’ $4,950,000
33 Rodney Ave. Dewey Beach 3bd/2ba                              $1,500,000
131 Chesapeake St. Rehoboth By The Sea 5bd/3ba                       2,140 sq’ $2,195,000
21089 Elizabeth Ave. Ann Acres 2bd/1ba                            $1,100,000
1 Beach Ave. Indian Beach 6bd/5.5ba                   3,500 sq’ $4,399,000
7 Hall Ave Chancellery 6bd/7fl ba/2hlf ba     5,200 sq’ $3,995,000
108 St. Louis Rehoboth By The Sea 2bd/1.5ba $999,000
120 Dagsworthy St. (undersized 1,742 sq’ lot) Dewey Beach 2bd/1ba                         520 sq’ $625,000
20588 Fisher St. Dodds Addition 3bd/3ba                      1,800 sq’ $1,200,000
21100 Elizabeth Ave. Ann Acres 3bd/3ba $799,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
33 Hall Ave  Chancellery 5bd/5ba                      4,070 sq’ $2,650,000
108 St. Louis St. Rehoboth By The Sea 2bd/1.5ba $999,000
15 Hazlett St. Indian Beach 10bd/7fl ba/2hlf ba  7,750 sq’ $4,799,999
38142 Terrace Rd. Silver Lake Manor 5bd/4.5ba                  2,547 sq’ $919,900
120 Dagsworthy St. (undersized 1,742 sq’ lot) Dewey Beach 2bd/1ba                        520 sq’ $625,000
38328 William F St. Dodds Addition 3bd/2ba $1,150,000
206 Carolina St. 51 year lease @ $13,168yr. Rehoboth By The Sea 3bd/2ba                                  $775,000
3 Bellevue St. Dewey Beach 4bd/3.5ba                 2,000 sq’ $2,195,000
21089 Elizabeth Ave. Ann Acres 2bd/1ba                                $1,100,000
38142 Terrace Rd. Silver Lake Manor 5bd/4.5ba                  2,547 sq’ $919,900

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
121 Jersey St. 56 year lease @ $17,212 yr. Rehoboth By The Sea 3bd/1.5ba $925,000 $895,000
9 New Orleans south (condominiumized) Rehoboth By The Sea 4bd/3.5ba                  2,400 sq’ $1,449,000 $1,449,000
9 New Orleans north (condominiumized)     Rehoboth By The Sea 4bd/3.5ba                  2,400 sq’ $1,399,000 $1,399,000
119 Swedes St. Rehoboth By The Sea 5bd/3ba                     2,000 sq’ $1,375,000 $1,275,000
39 Beach Ave. Indian Beach 3bd/2ba $1,374,900 $1,305,000

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
131 Chesapeake St. Rehoboth By The Sea 5bd/3ba                     2,140 sq’ $2,195,000 $2,095,000

 

CONDOS NEW BUILDING SIZE ASKING PRICE
25 Read Ave. #1 Sea Breeze Village 4bd/3.5ba $997,500
21 Bellevue St. Ocean Reach 4bd/4ba                     2,000 sq’ $995,000
1904 Coastal Hwy. #E Surfrider 3bd/2ba                     1,300 sq’ $585,000
4 Swedes St. 40 year lease @ $6,892 yr. #7 Bermuda Sea Mist 4bd/4.5ba $1,399,000
1301 Coastal Hwy. #422  2bd/2ba                     1,077 sq’ $899,000
1609 Coastal Hwy. #303S Opal 2bd/2ba                        920 sq’ $439,500

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
25 Read Ave. #1 Sea Breeze Village 4bd/3.5ba $997,500
21 Bellevue St. Ocean Reach 4bd/4ba                    2,000 sq’ $995,000
1904 Coastal Hwy. #E Surfrider 3bd/2ba                    1,300 sq’ $585,000
123 Bellevue St. #2 Bay Winds 3bd/2.5ba                 2,500 sq’ $750,000

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
1301 Coastal Hwy #444 Lighthouse Cove 3bd/2.5ba                 2,382 sq’ $1,799,900 $1,799,900
116 Clayton St. #2 Holly Tree 4bd/2ba                    1,800 sq’ $859,999 $830,000
1701 Coastal Hwy. #N303 Opal 1bd/2ba $389,990 $396,990
101 Rodney Ave.  #2 Bay View 2bd/1ba                       800 sq’ $449,00 $440,000
17 Saulsbury St. 54 year lease @ $13,414 yr. #1A Mariners Surfside 4bd/2ba                    1,400 sq’ $895,000 $895,000
20969 Rogers Ave. #B Ocean Walk 5bd/3ba          $500,000 $524,500
217 Swedes St. Tree Tops 3bd/2.5ba                 1,500 sq’ $599,000 $549,000
123 Bellevue St. #3 Bay Winds 3bd/2.5ba        $750,000 $725,000

 

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

 

 

Dewey Market Watch 4/16/21 thru 5/18/21

Record sales and values continue to fuel the real estate market in the resorts area. The facts are out. The resort area realized a 26.5% increase in appreciation over the last year. The market remains brisk. There were 17 pending contracts within the last month. Most of the new listings sell within days of listing. Multiple offers are common. Many of the listings are selling for higher than asking price. Most of the sales are not appraising  due to the extreme appreciation at such a fast pace. The difference in the appraised value and the contract price is being made up by buyers bring cash to the settlement to make up the difference. Presently there’s only six listings in Dewey. There’s only three listings in the Forgotten Mile, one in Dodds Addition and two in Silver Lake Manor. Inventory is critically needed. It’s a sellers market! Wondering the value of your home in today’s market or are you considering listing? Please contact me for a free no hassle market analysis. Happy summer, it’s going to be a good one!!!!

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
38312 James A St. Dodds Addition 4bd/4ba                     2,324sq’ $1,150,000
15 Hazlett St. Indian Beach 10bd/7fl ba/2hlf ba $4,799,999

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
119 Swedes St. Rehoboth By The Sea 5bd/3ba                      2,000sq’ $,375,000
121 Jersey St. 56 year lease @ $17,212 yr Rehoboth By The Sea 3bd/1.5ba                   2,100sq’ $925,000
101 Dover St. Dewey Beach 4bd/2.5ba                   2,614sq’ $1,275,000
 38258 Robinson Dr. Silver Lake Manor 4bd/3.5ba                   2,632sq’ $1,499,000
38483 Cottage Lane Silver Lake Manor 6bd/4.5ba                   3,917sq’ $2,000,000
39 Beach Ave. Indian Beach 3bd/2ba                      1,200sq’ $1,374,900

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSED PRICE
 131 Chesapeake St. Rehoboth By The Sea 5bd/3ba                     2,000sq’ $1,599,000 $1,500,000
 1 & 3 Cullen St. Rehoboth By The Sea 12bd/11ba  2 homes 9,957sq’ $10,999,990 $9,100,000
 112 Read St. Dewey Beach 3bd/2ba                     1,600sq’ $1,349,000 $1,200,000
20964 Ann Ave. Ann Acres 4bd/3ba                      2,117sq’ $1,225,000 $1,195,000

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
 39 Beach Ave. Indian Beach 3bd/2ba                     1,200sq’ $1,295,000 $1,374,900

 

CONDOS NEW BUILDING SIZE ASKING PRICE
123 Bellevue St. #3 Baywinds 3bd/2.5ba                          $750,000
116 Clayton St.    #2 Holly Tree 4bd/2ba                     1,800sq’ $859,999

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
2 McKinley Ave #203 Sunspot 2bd/1ba $579,000
 223 Swedes St. Tree Tops 3bd/2,5ba                   1,600sq’ $645,000
 1406 Coastal Hwy. #2D Delano 3bd/2ba                               $645,000
217 Swedes St. Tree Tops 3bd/2.5ba                  1,500sq’ $599,000
123 Bellevue. St. Bay Winds 3bd/2.5ba                 $750,000
116 Clayton St. #2 Holly Tree 4bd/2ba                             $859,999
9 New Orleans St. New Orleans South 4bd/3.5ba                  2,400sq’ $1,449,000
9 New Orleans St. New Orleans North 4bd/3.5ba                  2,400sq’ $1,399,000
101 Rodney Ave. #2 Bay View 2bd/1ba                         800sq’ $449,000
9 New Orleans St. New Orleans  4bd/3.5ba  2 units @ 2,400sq’ each $2,848,000
20969 Rogers Ave. #B Ocean Walk 5bd/3ba                                 $500,000

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSING PRICE
8 Bellevue St.  #B Guthrie 1 3bd/2.5ba                   1,500sq’ $1,050,000 $990,000
20969 Rogers Ave. #A Ocean Walk 4bd/2ba                      1,100sq’ $475,000 $435,000
1301 Coastal Hwy. 405 Lighthouse Cove 2bd/2.5ba                  1,050sq’   $719,000 $700,000
119 Collins Ave. #116 Marina Views 2bd/2ba                     1,600sq’   $799,000 $795,000
103 Rodney Ave. #5 Bay View 2bd/1ba                         640sq’ $414,900 $385,000
15 Van Dyke #A  Emerald Shoals 4bd/3.5ba                 2,000sq’ $989,900 $951,700
1 St. Louis St. #204 Wilson Dunes 3bd/2.5ba                  1,884sq’ $2,195,000 $2,075,000
20854 Coastal Hwy. #2 Kings Row 1bd/1ba                          375sq’ $175,000 $190,000
1301 Coastal Hwy. #416 Lighthouse Cove 2bd/2ba                     1,026sq’ $749,900 $740,000

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
 13 Saulsbury St. unit B Mariners Surfside 2bd/1ba $469,000 $449,000

 

 

Dewey Market Watch 3/3/21 thru 4/14/21

Happy spring!!! The market continues to be on blazing fire! I’ve lost eight contracts and all of them were $15K to $20K over asking price and I still lost them all. My highest loss was a $525K offer on a $479K asking price. My contract was cash, no home inspection, no other contingencies and I wasn’t even close. The unit closed at $638K! This is typical of what we’re seeing as agents, not quite this high but many are over asking price.  Many of the contracts are cash offers with most buyers waiving the appraisal. If they’re borrowing on a purchase and the appraisal comes in low then buyers are bringing cash to the settlement table to make up the difference. Many listings will have 15-20 offers within the 1st 2 days of listing. It’s almost impossible to keep up with the market through my updates due to listings selling so fast. If you’re truly interested in purchasing a property or keeping up with all of the present transactions as they occur then please contact me. I’ll set you up a search based on the criteria that you provide me and you’ll be notified of any new transaction to include all new listings, price reductions, pending contracts and closures. This will be sent to you directly from our MLS. No sales pressure, just updates as soon as they occur:) Interest rates have dropped a little and now are back down to 3% for a 30 year fixed primary and 3% jumbo loans. It’s an excellent time to list a property!!! It’s expected to be a very busy summer this year. Some covid restrictions are being eased and it looks like we might just have a normal summer!!!

 

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
101 Dover Rd. Dewey Beach 4bd/2.5 ba 2,614 sq’   lot size 50X60 $1,275,000
38483 Cottage Lane Silver Lake Manor 6bd/4.5ba                 3,917 sq’ $2,000,000

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
112 Read Ave. Dewey Beach 3bd/2ba                     1,600 sq’ $1,349,000
38258 Robinson Dr. Silver Lake Manor 4bd/3.5ba                  2,632 sq’ $1,499,000
1 & 3 Cullen St. Reho. By The Sea 12bd/11ba          2 homes 3 lots .79ac $10,999,900
8 Bellevue St. condo/single family Guthrie 1 3bd/2.5ba                  1,500 sq’ $1,050,000
17 Saulsbury St. 55 yr lease @ $13,414 yr. unit 1A Mariners Surfside 4bd/2ba                     1,400 sq’ $895,000
20964 Ann Ave. Ann Acres 4bd/3ba                      2,117 sq’ $1,195,000
39 Beach Ave. Indian Beach 3bd/2ba                     1,200 sq’ $1,295,000
101 Dover St. Dewey Beach 4bd/2.5ba                  2,614 sq’  $1,275,000

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSING PRICE
7 Cullen St. Reho. By The Sea 5bd/3ba                       3,100 sq’ $2,895,000 $2,905,000
202 Jersey St.  Reho. By The Sea 3bd/1.5ba $1,295,000 $1,200,000
36 Collins Ave Indian Beach 4bd/1.5ba                     1,558 sq’ $1,374,900 $1,374,900
113 Houston St. Reho. By The Sea 6bd/7 fl ba/2 hlf ba    5,103 sq’ $3,100,000 $2,950,000
114 Carolina 55 year lease @ $19,300 yr Reho By The Sea 3bd/2ba                        1,500 sq’ $845,000 $800,000

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
202 Chesapeake St.  52 yr lease @ $17,176 yr. Reho. By The Sea 5bd/3.5ba $1,295,000 $1,199,000

 

CONDOS NEW BUILDING SIZE ASKING PRICE
13 Saulsbury St. 55 yr lease @ $9,400. yr unit B Mariners Surfside 2bd/1ba                           588 sq’ $469,000
223 Swedes St.    back on market Tree Tops 3bd/2.5ba                    1,600 sq’ $645,000
227 Swedes St. Tree Tops 3bd/2.5ba                    1,600 sq’ $720,000

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
103 Rodney Ave. unit 5 Bay View Condos 2bd/1ba                          640 sq’ $414,900
1301 Coastal Hwy. unit 258 Lighthouse Cove 2bd/2.5ba                   1,050 sq’ $719,000
1301 Coastal Hwy. unit #416 Lighthouse Cove 2bd/2ba                       1,026 sq’ $749,900
1301 Coastal Hwy. unit #443 3bd/3ba                       1,356 sq’ $999,900
15 Van Dyke     unit A Emerald Shoals 4bd/3.5ba                   2,000 sq’ $989,900
2 McKinley Ave. unit #100 Sunspot 2bd/1ba                          890 sq’ $499,000
119 Collins Ave unit #116  Marina View 2bd/2ba                      1,600 sq’ $799,000
20854 Coastal Hwy. unit#2  Kings Row 1bd/1ba                           375 sq’ $175,000
101 Rodney Ave #2 Bay View 2bd/1ba                          800 sq’ $449,000

 

 

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

 

LAND ALL TRANSACTIONS LOCATION SIZE ASKING PRICE CLOSING PRICE
22 McKean Ave  CLOSED Indian Beach 9,583 sq’   .22ac $1,299,999 $1,075,000
3 Clayton ocean front Reho By The Sea 50 X 100 $2,300,000 $2,150,000

 

COMMERCIAL LOCATION/BUSINESS SIZE ASKING PRICE
1502 Coastal Hwy.   ACTIVE Ocean Hwy frontage  49 X 65    3,049 sq’ $1.1M
1205 Coastal Hwy    ACTIVE Mez Cali   $1,575,000
21 Van Dyke St.        PENDING Bell Buoy Motel 9,375 sq’   16 units plus owners suite $1,975,000

Dewey Market Watch 2/6/21 thru 3/2/21

The spring selling season is upon us and in full gear. The present problem with the Dewey market is the lack of inventory. There’s presently only five single family homes for sale and eight condos in the entire town limits of Dewey. You can’t sell the product if the product isn’t available! Interest rates are on the rise. The present interest rate for a 30 year fixed is 3% and ditto for a jumbo that’s also at 3%. The days are getting longer and daylight savings time is only weeks away. Locals are eagerly awaiting the first sighting of the first migrating osprey and all of the summertime species. Welcome springtime!!!

CLICK ON ADDRESS FOR FULL MLS LISTING

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
 202 Chesapeake St. 52 year lease @ $17,176 yr  Reho. By The Sea 5bd/3.5ba   $1,250,000
3 Bellevue St. Dewey Beach 4bd/3.5ba  2,000sq’ $2,195,000

Waterfront on Lake Comegy’s on Chesapeake St. What more could you ask for?:) Great location with a solid $45K rental income. This is a Reho. By The Sea property with lease conditions of 52 years remaining at $17,176 a year. The new condo listing at 3 Bellevue is loaded with panoramic ocean and bay views. Located only one lot off of the ocean this 4bd/2.5ba, 2000sq’ home surely will provide summertime memories to last a lifetime!

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
 1 & 3 Cullen St. (ocean front) Reho. By The Sea  10bd/11ba (2 homes) .79ac. lot  $10,999,900
113 Houston St. Reho. By The Sea 6bd/7fl ba/2hlf ba   5,102sq’ $3,100,000
23 Manor Dr. Country Manor 3bd/1.5ba $639,500
7 Cullen St. Reho. By The Sea 5bd/3ba $2,895,000

The old Dupont estate located at 1 & 3 Cullen St has gone to contract. The .79ac ocean front complex consists of 2 homes and very well could be the most premier property in Dewey. The home with an asking price of $11M took just under 2 years to sell. New construction on the bayside at 113 Houston has also raised the bar for pricing. The 6bd/7fl ba/2hlf ba with 5,103sq’ was listed for $3.1M and sold in only 131 days on the market. 23 Manor Dr. has finally gone to contract after being on the market for 651 days. I always liked this property. It needs a interior renovation but the .29 ac lot allows plenty of room for expansion, pool…. 7 Cullen St. didn’t last long! The 5bd/3ba with 3,100sq’ living space only lasted 14 days on the market. It appears the big new construction is hovering right around the $3M+-. 

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSING PRICE
 119 Saulsbury St. (2 rentals) Reho. By The Sea   4bd/3ba  2,200sq’  $839,900 $755,000 
27 Bedford Ave. Indian Beach 4bd/3ba  2,400sq’ $1,599,000 $1,525,000
114 West St. 60 year lease @ $18,584. yr Reho. By The Sea 3bd/2ba  1,000sq’ $489,000 $340,000
105 Dover St. 2,613sq. half lot Dewey Beach 4bd/4.5ba  1,836sq’ $1,195,000 $1,300,000

The new owners at 119 Saulsbury should feel pretty happy with their purchase. The $755K purchase price is almost lot value! The two rental licenses offer multiple opportunities with the property. The closing at 114 West is the least expensive Reho. By The Sea property in a long, long time. The closing price of $340K anywhere on West St. is truly a valuable purchase. The new construction on Dover sold for a whooping $1.3M. The undersized lot measured 2,613sq’, just over a half of a typical lot size.

 

SINGLE FAMILY INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
 38258 Robinson Dr. Dodds Addition   4bd/3.5ba  2,632sq’  $1,495,000 $1,599,000 
38189 Terrace Rd. Silver Lake Manor 2bd/2ba       1,152sq’ $1,189,000 $1,289,000

Increases instead of decreases! That’s the signs of a solid market!

 

CONDOS NEW BUILDING SIZE ASKING PRICE
1301 Coastal Hwy. #405 Lighthouse Cove 2bd/2ba $749,900
1301 Coastal Hwy. #443  Lighthouse Cove 3bd/3ba $999,900
1301 Coastal Hwy. #442  Lighthouse Cove 3bd/3ba $1,399,900
1301 Coastal Hwy. #445  Lighthouse Cove 3bd/2.5ba $1,499,900
1301 Coastal Hwy. #244  Lighthouse Cove 3bd/2.5ba $1,649,900
1301 Coastal Hwy. #258  Lighthouse Cove 2bd/2.5ba $759,000
1 St. Louis St. #204 Wilson Dunes 3bd/2.5ba  1,884sq’ $2,195,000
17 Saulsbury St. 54 year lease @ $13,414 yr #1A Mariners Surfside 4bd/2ba  1,400sq’ $895,000
119 Collins Ave. #116 Marina View 2bd/2ba  1,600sq’ $799,000

The Lighthouse Cove is offering their last four units that are available in new construction. That’ll be it for Lighthouse Cove! The two remaining units on the market are resales.  The ocean front complex of Wilson Dunes has a new listing available. Ocean views adorn this 3bd/2.5ba. Recent updates include the  exterior and interiors of this rare ocean front unit. Mariners Surfside has a new listing. The single family detached, condominiumized home is a 4bd/2ba home built in 2015. The land lease is a very affordable $13,414 yr. This may well be the most affordable single family ocean block Reho. By The Sea property. Bay front anyone? The new listing in Marina Views will satisfy just the appetite. Sunsets to die for!!

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
1301 Coastal Hwy. #427 Lighthouse Cove 4bd/3ba $1,099,900

 

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
1301 Coastal Hwy. #344 Lighthouse Cove 3bd/3.5ba  2,382 sq’ $1,749,900 $1,828,326
19 McKinley  #B 17 McKinley Condos 5bd/2.5ba  2,150 sq’ $1,385,000 $1,289,000
2 Saulsbury St. 6 year lease @ $1,200. yr. #5 Colonial Seas 3bd/2ba $299,000 $299,000
2 Saulsbury St. 6 year lease @ $1,200. yr #4 Colonial Seas 3bd/2ba $245,000 $205,000
100 Anchor Way #5 Anchor Way 4bd/2.5ba  2,200 sq’ $669,000 $660,000
1609 Coastal Hwy.  #S306 Opal 1bd/2ba  821 sq’ $359,990 $355,000
20930 Coastal Hwy #6 Poynters Square 6bd/4.5ba  3,800 sq’ $667,000 $655,000

The closing of the penthouse unit in the Lighthouse Cove closed for an astounding $1,828,326. That has to be a record for the complex! Unit B17 in McKinley Condos sold in 49 days. This mid ocean block condo offered tons of living space in this 5bd/2.5ba 2,150sq’ home. Two units closed in Colonial Seas. There are only six years remaining on the present lease with no opportunity to renegotiate the lease. Unit #5 sold for $299K with an ocean view and #4 sold for $205K without an ocean view. Unit #5 in Anchor Way offered a wonderful southern exposure with gorgeous sunsets. Entry level pricing for the sale of unit #S306 in the Opal. The closing price of $355K allows for an affordable beach getaway. Unit #6 in Poynters Square contained 3,800sq’ of living space. The 6bd/4.5ba had a rental income of $50,000.

 

CONDOS INCREASE/DECREASE BUILDING SIZE PREVIOUS PRICE NEW PRICE
2 McKinley Ave.  #100 Sunspot 2bd/1ba $519,000 $499,000
103 Rodney Ave. #5 Bay View 2bd/1ba $429,900 $414,900

The price reduction in #100 Sunspot should be significant enough to sell the unit. This complex just realized a major exterior renovation and update and will treat the new owner to many fond summertime memories. Would you like something a little less expensive? Located on the bay side unit #5 in Bay View reduced their price to $414,900

 

COMMERCIAL ALL TRANSACTIONS LOCATION BUSINESS ASKING PRICE
1205 Coastal Hwy. #300 Cove Restaurant/Bar $1,600,000
21 Van Dyke Ave. ocean block Van Dyke 16 efficiencies + owners suite $1,975,000

 New commercial listing!!! This property is a free standing unit part of the the Cove Condominiums. You own the 2 bedroom unit above the restaurant and you own the property the restaurant is located in.  You can also rent out the bottom floor unit restaurant, keep it for yourself to operate or change the concept completely. The opportunities are endless with this property. This incredible seasonal business has everything you need to just start right up. Location, equipment, menus, recipes, furnishings, and even including the employees already in place. Restaurant is also available for lease with or without the condo. You can buy everything for 1.6m or, you can buy the business and lease just the restaurant for 50k per year or take both the restaurant and the condo above for 70k total per year.

The 2nd listing Bell Buoy Motel boasts 16 efficiency units plus one 2bd/2ba owners/managers unit. The motel is situated on just shy of a double lot. This would create an excellent investment opportunity. Please contact me for recent rental numbers and carrying costs…

 

LAND ALL TRANSACTIONS LOCATION SIZE ASKING PRICE
 N/A N/A  N/A  N/A 

 

Dewey Market Watch 1/13/21 thru 2/5/2021

Happy, happy Friday!! The days are getting longer and spring is getting closer:):) The Dewey market and surrounding communities continues to be hot, hot, hot! There are 13 pending contracts for the last 3 weeks of activity. It’s middle of the winter in February which is typically the slowest time of the year and activity is surpassing the numbers of a normal spring selling season. New listings have been flying off of the shelf as soon as they’re listed. Rates are still record low, a 30 year primary fixed is 2.265 and a jumbo 30 year fixed is 2.875. The inventory is non existent. Presently in Dewey there are two single family leased land properties for sale, four single family fee simple and six condos. There are three single family homes, one in Dodds Addition and two in Silver Lake Manor. That’s it!! I’ve never seen the inventory this low nor have I been without a listing during my entire 19 year career. Present values in today’s market may astound you. Please call me for a free market analysis.

 

SINGLE FAMILY NEW LOCATION SIZE ASKING PRICE
38189 Terrace Rd. Silver Lake Manor 2bd/2ba                1,152sq’ $1,189,000

Back on the market! This quaint 2bd/2ba home from yesteryear is located on an over sized 5,663sq’ lot. Lots of charm!! The home features hardwood flooring, well-appointed gourmet kitchen with granite countertops, vaulted ceilings, exposed beams, gas fireplace…

 

SINGLE FAMILY PENDING LOCATION SIZE ASKING PRICE
131 Chesapeake St. Reho. By The Sea 5bd/3ba            3,000sq’ $1,599,000
202 Jersey St. (over sized lot 6,098sq’) Reho. By The Sea 3bd/1.5 ba                  $1,295,000
21162 Andrew Ave. Ann Acres 5bd/3.5ba         2,700sq’ $1,325,000
105 Dover Rd. (half lot 2,613sq’) Dewey Beach 4bd/4.5ba     1,836sq’ $1,195,000

131 Chesapeake is a 5bd/3.5ba lake Comegy’s waterfront home. The 1989, 2000sq’ home sold in only 62 days. 202 Jersey St. is a 2nd block off of the ocean and sits on an over sized 6,098sq’. 21162 Andrew Ave. has been off and on the market for years. The hot market has produced a sale and a new owner will now enjoy the bay views! 105 Dover is a newly constructed 4bd/4.5ba, 1,836sq’ home. The home was built on a 2,613sq’ lot (half lot) and sold within 6 days of listing. Great market!!

 

SINGLE FAMILY  INCREASE/DECREASE LOCATION SIZE PREVIOUS PRICE NEW PRICE
114 Carolina St. 55 year lease @ $18,648 yr Reho. By The Sea 3bd/2ba    1,500sq’ $845,000 $832,500

Lots of old Dewey charm in this est.mid 60’s beach cottage. Loaded with original pine wood walls and an open floor plan creates a perfect home for beach gatherings.

 

SINGLE FAMILY CLOSED LOCATION SIZE ASKING PRICE CLOSING PRICE
22 Carolina St. RBTS 60 year lease @ $30K yr Reho. By The Sea 3bd/2ba $730,000 $730,000
16 New Orleans St. Reho. By The Sea 5bd/3.5ba $1,295,000 $1,260,000
113 Cullen St. Reho. By The Sea 5bd/4ba   2,250sq’ $1,499,000 $1,425,000

Location, location!! 22 Carolina! Ocean block, very desirable street, sold for full price in only 5 days! They don’t last long! 16 New Orleans is another ocean block home that sold in 38 days. 113 Cullen has a relaxed vibe with cozy living space, hardwood floors, tiled baths, and welcoming feel from the minute you enter the front door. Sale includes a lovely 2 bedroom back cottage- perfect for overflow guests. Sold in only 45 days!

 

CONDOS NEW BUILDING SIZE ASKING PRICE
103 Rodney Ave. #5 Bay View 2bd/1ba $429,900
15 Vandyke Ave. Emerald Shoals 4bd/2.5ba  2000sq’ $989,900

103 Rodney is an affordable 2bd/1ba unit. Both doors and all windows have been replaced. The kitchen and bath have also been renovated and new vinyl floors installed throughout. 15 Van Dyke is a mid ocean block condo. Many recent upgrades and turn key ready for rentals or personal enjoyment.

 

CONDOS PENDING BUILDING SIZE ASKING PRICE
2 Saulsbury St. 6 year lease @ $1,200 yr #4 Colonial Seas 3bd/2ba $245,000
1609 Coastal Hwy. #S 306 Opal 1bd/2ba            821sq’ $359,990
18 West St. #C Guthrie 1bd/1ba            336sq’ $329,000
20930 Coastal Hwy. #6 Poynters Square 6bd/4.5ba   3,800sq’ $667,000
100 Van Dyke St. #204 Cove 2bd/1ba           600sq’ $369,900
1 Saulsbury St. Seastrand 3bd/1.5ba     1,000sq’ $867,900
20969 Rogers Ave #A Ocean Walk 4bd/2ba         1,100sq’ $475,000
2 Saulsbury St. 6 year lease @ $1,200 yr #5 Colonial Seas 3bd/2ba $299,000
19 McKinley St. #B17 McKinley Condo 5bd/2.5ba     2,150sq’ $1,385,000

There were five ocean block condos that recently sold. The two units #4 & #5 in Colonial Seas went to contract. The leases will expire in six years and will not be renegotiated. 18 West #C in the Guthrie is an entry level priced condo. The 1bd/1ba unit sold in only 8 days. 20930 Coastal Highway unit #6 is a very large 3,800sq’ home. The 6bd/4.5ba is located just north of Dewey had a rental history of $50K and it sold in only 18 days. 20969 Rogers Ave is another condo just north of Dewey. The unit is located just a short 4 blocks to the beach. 100 Van Dyke is another entry level priced 2bd/1ba unit located in the Cove. 19 McKinley St. is an ocean block rental machine. The unit boasted a $85,665. rental income and sold in 49 days.

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

 

CONDOS CLOSED BUILDING SIZE ASKING PRICE CLOSED PRICE
21 Rodney Ave. #1 Rodney St. Condos 2bd/1ba $439,000 $439,000
1609 Coastal Hwy. #S207 Opal 2bd/2ba       920sq’ $379,900 $379,900

21 Rodney unit #1 is a mid ocean block, year round 2bd/1ba condo. The unit sold for full price and had a ratified contract within 14 days. 1609 Coastal Highway unit #S207 is a 2bd/2ba Opal unit. The unit features Hardwood Floors, Granite Countertops, Stainless Steel Appliances  and is a 2nd Floor Unit with Elevator.

 

LAND (all active, pending, closed) LOCATION SIZE ASKING PRICE
1 Clayton ocean front           pending Reho. By The Sea 5000sq’ $2,300,000
3 Clayton ocean front          pending Reho. By The Sea 5000sq’ $2,300,000
22 McKean Ave.                      pending Indian Beach 100′ X 100′ $1,299,999
0 Route One commercial    active Poynters Addition .87 acres $1,267,000

The two ocean front lots on Clayton St. that have been on the market forever both have pending contracts. The only lot for sale in Indian Beach at 22 McKean Ave has also gone to contract. The only remaining lot that’s for sale is the commercial lot on Rt.1

COMMERCIAL LOCATION BUSINESS ASKING PRICE
21 Van Dyke Ave.  ocean block  Bell Buoy Motel 16 units + owners  $1,975,000

The Bell Buoy Motel boasts 16 efficiency units plus one 2bd/2ba owners/managers unit. The motel is situated on just shy of a double lot. This would create an excellent investment opportunity. Please contact me for recent rental numbers and carrying costs…

 

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