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.

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!

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.

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.

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.

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!

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!

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. 

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!!!

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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!!!!!

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.

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.

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.

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.

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. 

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

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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.

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!!!

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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.

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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!

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. 

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.

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.

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.

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!!!

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!!

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!!!

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:)

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.

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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!!!!

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. 

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.

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!

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.

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.

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.

#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. 

The only closings were new construction in the Lighthouse Cove.

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:)

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.

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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!!!

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. 

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!

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!

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.

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.

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.

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.

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.

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Dewey Market Watch 10/29/19 to 12/4/19

Happy holidays!!! The holiday season is fully upon us. The outlets in Rehoboth have been packed on the weekends! Mild weather from all of the surrounding states still has many people coming to the beach for the weekend! The real estate market has been very slow due to the holiday season and that’s typically expected. I’d like to thank everyone who’s been following my Dewey Market Watch! Hope everyone has a safe and happy holiday season!!!

115 West St is an upgraded popular Windjammer home. These models are highly sought after due to their unique floor plan. This 3 bed/2ba is tastefully remodeled and shows very well. This parcel is a Reho. By The Sea leased land property. The annual lease amount is $17,296. Investors will realize the rental income as if it was a 2nd ocean block,  fee simple home yet the purchase price is half of what the fee simple home would cost. This home shows very nicely and won’t last long. 38142 Terrace is a new home offering in Silver Lake Manor. The 2014, 4bd/4.5ba, 2,547sq’ home features a full finished basement, bamboo flooring, granite, stainless appliances and the list goes on and on. This home’s interior shows very nicely!

38217 Robinson Dr. is new constructions. The 5bd/4ba has everything imaginable. The inground pool is perfect for summertime gatherings. Pictures say a thousand words. Click on the address to view the quality craftsmanship! 111 Cullen St. is the wave of the future for Dewey. This 3,118sq’ home comes complete with in ground pool, open decks, screened porch, covered patios… The open floor plans allows for great beach entertainment. Excellent rental potential! 135 Chesapeake, one of my favorites has gone to contract (see below)

135 Chesapeake reduced their asking price and secured a buyer within three weeks of the reduction. This home was one of my favorites. The lake front location and a simple walk to Dewey and Rehoboth is going to make this buyer a happy camper:) The home had an older 29 year lease @ $4186. a year which makes this homesite a perfect rental investment. 15 West St. St. is a mid ocean block newly constructed home (2017) on leased land. The home offers 7bd/5ba, 4000 sq’ and features all of the upgraded that one would expect when purchasing a mid ocean block home. The land lease is 57 years @ $27,500 annually. 21 Saulsbury reduced their price to just under $400K. The leased land property is grandfathered and has two homes on one lot. The annual lease amount is $24,584. Realize the rental income of two homes yet pay the land lease of only one lot. Strong rental income!

106 Cullen is setting the stage for the future of Dewey. This magnificent 2016, 6bd/6fl ba/2hlf ba boast 5011 sq’ of totally upgraded living space. Nothing overlooked in this state of the art baby McMansion. The closing at 27 Rodney indicates that lot value in the ocean block starts at $1M. 16 Palmer in Indian Beach is a typical Indian Beach lot size consisting of 100′ X 100′. The home was being offered for lot value only. The home sold for the full asking price that was just shy of $2M.

Unit 3 on the Bluff is the only new condo listing for the previous six weeks. This mid ocean block unit offers 4bds/3.5ba, 2,380sq’ that easily accommodates a large family vacation. The unit should generate a rental income in the $60K+ range.

Unit 201 in the Cove is an entry level priced 2bd/1ba unit. The Cove recently had the entire exterior renovated and the seller paid the full $20K assessment. Great unit for the price!! 38398 George is a 3bd/2.5 ba unit just north of Dewey.  The unit sold for $372,500 on 5/15. Once this transaction closes a nice appreciation value will be realized:) 20932 Ann Ave is a 3bd/2.5ba unit in Ocean Dunes. Prices have been increasing over the last several years. In Sept. 2015 a unit in Ocean Dunes closed for $335,000. The pending transaction will surely show some serious appreciation over the last several years. Great appreciation, great rentals proves Dewey is a great investment!!

The waterfront unit at 102 Anchor Way just reduced their price by $100K just in time for Christmas. This well appointed unit offers bay views that make you feel like your sitting right in the bay! 2 McKinley is a totally renovated unit that you must see to appreciate. Just reduced $50K! Totally renovated right down to the studs, this unit shows like a masterpiece. Located in the Sunspot this quaint complex just renovated the entire exterior and the seller has paid the full assessment. Supply and demand! Unit 440 in the new Lighthouse Cove just increased the asking price $50K for a penthouse unit. Presently there are only six Lighthouse Cove units on the market and there are six pending transactions. The Lighthouse Cove has been a staple product in the Dewey market since the 1st shovel hit the dirt.

The Lighthouse Cove recorded two more closings. Unit #359 is a 4bd/3ba and closed for $799,900. Unit #260 is a 2bd/2ba unit that closed for $601,750. There have been nine closings to date this year and there are six pending transactions. 1406 Coastal Highway unit 3B in the Delano offered a 2bd/2ba ocean block unit. The unit has been off and on the market over the last couple of years. Someone got a nice 2 bedroom unit in the ocean block at a very affordable price.

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Dewey Matrket Watch 10/4/19 to 10/28/19

The autumn Dewey market has been very slow. Most of the pending transactions just occurred this past week. There were only 4 pending contracts in the last 5 weeks. The weather was horrible for two of the weekends. Interest rates remain very low. The present inventory consists of 16 single family (fee simple), 31 condos consisting of 25 re sales and 6 new Lighthouse Cove units and 3 single family homes on leased land.

There are two new single family homes that were just added to the inventory. 27 Bedford is a 4 bed/ 3ba, 3000sq’ home located in prestigious Indian Beach. The home is situated on a 108 X 108 lot. This is entry level pricing for this ocean front community. 20996 Dodd Ave in Ann Acres is a 3 bed/2 bath, 1,300sq’ home that’s an easy walk to the beach. This is another entry level priced single family home that’s only a few blocks from the ocean.

Single family home prices on RBTS leased land have skyrocketed. 112 Carolina is a 3bd/2fl ba/2hlf ba, 1,400sq’ home completely remodeled. The home has a 53 year lease @ $15,364. yr. The home was only on the market for seven days before it went to contract. 106 Cullen is another prime example of what’s in the future for Dewey. This 6bd/6fl ba/2hlf ba. This home is slightly over 5000sq’ and has every upgrade imaginable. The home rests on a over sized lot and a half (7,500sq’). The future of Dewey is bright!!

111 Bellevue is a 1999 7 bed/4bath duplex. The duplex home is also being offered as 2 condos. The price reduction of $35K brings the new asking price to $1,454,000. 22 Bedford is a 1999, 7 bed/ 4 bath, 3,224sq’ home in Indian Beach. The owner is getting right to the point with their $100,500 price reduction! 23 Saulsbury is an ocean block, 1964. 3 bed/ 2 bath, 1,222sq’ home. The home is on RBTS leased land and has a 56 year lease @ $10,818 year. This home shows very well and the $39,600 price reduction should get is sold relatively quick! 21 Saulsbury is a leased land property. The property has two homes on one lot. The nice feature is 2 homes on the lot yet your only paying the lease amount of one lot vs 2 lots.

210 Carolina  is a 1964 cottage from yesteryear. The 3bd/2ba has a 55 year lease @ $13,522 yr Located in the 2nd block of Carolina this home offers a short walk to the beach at a very affordable price. 308 Carla located in the quite neighborhood of Seabreeze closed for $647,000. This 1964 3bd/3ba, 1,760 sq’ home showed very nicely and comes complete with solar panels that generated a nice monthly income by selling the electric. 11 Carolina is a RBTS property. The property has a 53 year lease @ $15,364 yr. The home sold for $715K, $15,001 over asking price. 316 Salisbury St is a water front home on a canal in Seabreeze Dev and sits just off of Rehoboth Bay. The 1964, 5000 sq’ home,6bd/4.5ba comes complete with huge dock and an in ground pool. 14 Palmer is a 1984, 4bd/3.5ba, 2,200sq’ home. The home is situated 3 lots off of the ocean in Indian Beach.

2 McKinley unit 102 is a completely renovated (right down to the studs) 2bd/2ba. Nothing overlooked in this renovation. The interior renovation shows as if it was brand new. Too many upgrades to mention them all!  Recent exterior renovations of the ocean front building has it shining like brand new. This unit comes complete with excellent ocean views. 107 Collins is located in the Cove. The Cove just had a total exterior renovation. The unit generates a $55K rental income. I have a listing next door #501, same floor plan, similar upgrades and the asking price is $575K. Seller will pay entire remaining assessment at time of settlement.

Lighthouse Cove sold another! Inventory is down to the wire. Please contact me for more details on the remaining inventory in this new building complex. 1406 Coastal Highway unit 3B in the Delano has finally gone to contract. The ocean block 2bd/2ba, 879 sq’ was nicely upgraded with tile floors, granite…. This was an entry level priced condo in the ocean block at a very affordable price.

My seller at 109 Dagsworthy unit D just reduced their asking price by another $5K. This makes the asking price UNDER the last CLOSING sale price. Rainbow Cove is the least expensive 3 bedroom condos on the market with the best return for your money. Please contact me to run the numbers with you. 111 Bellevue reduced their asking price $26K on each of the 2 condos in the duplex. These two condos are also advertised as one single family home listed for $1,454,900. 126 Read is an adorable little condo that offer great bay views. Recently reduced by $9K this is an entry level priced two bedroom unit with bay views. 1904 Coastal Highway is located in the popular Surfrider complex. This ocean block complex has great rental histories with lots of family rentals. 24 Dickinson is a 1 bed/1 bath ocean block unit that just reduced their asking price $12,600 bringing it to $369,900.

Beach Club #2 on Coastal Highway is located 2 block north of Dewey and offers an in ground pool. The 3 story townhouse is a 3 bed/ 2.5 bath and is a great deal and location for the money. 16 Houston is a mid ocean block, 1996, 4 bed/ 3 bath, 2,328 sq’ top floor penthouse unit. The buyer got a pretty good deal @ $800K!! 109 Dagsworthy unit C is a totally upgraded unit in Rainbow Cove. Tile floors throughout, 42″ custom cabinetry highlighted the home. I have 2 active listings in Rainbow Cove. 109R is highlighted with hardwood and tile throughout, custom paint, new HVAC mechanical and is being offered for $395,000. My 2nd listing is a top floor, cathedral ceilings with bay views. The unit has all new laminate flooring throughout, new HVAC mechanicals, new stainless fridge and oven and all of this comes with a great southern exposure! Asking price is $419,500

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Dewey Market Watch 9/17/19-10/3/19

123 Chesapeake is a 2004, 5bd/3.5ba and is a demonstration of pure elegance. The home is tastefully upgraded with an interior design to kill for and is located on a very peaceful location on Chesapeake. Previously listed with another firm @ $1,825,000 this home was just reduced to $1,699,000. 27 Rodney is a entry level ocean block homesite being offered for $1.1M. Thinking of building? Let your imagination run wild as you draw up your plans for a newly constructed ocean block home:) This property will not last long!! 23 Saulsbury is a Reho. By The Sea property and is a ocean block property. The 1961 3bd/2ba has been meticulously cared for and pride of ownership shows throughout. The property has a 53 year lease @ $10,818 a year . Better hurry before this one goes pending:) 112 Carolina is a 3bd/2fl ba/2hlf ba built in 1961. This home showed like a charm and only lasted 7 days on the market. Thinking of purchasing a single family home in Dewey? A properly priced single family home doesn’t last long in a market that’s short on inventory.  Let me set you up on an automated search so that you can receive any new listings… the very second that it’s listed. Please contact me for more info.

There were four single family pending transactions in the past two weeks. Two of the properties were fee simple and two were on Reho. By The Sea leased lands. 111 Cullens was built in 2018. This 5 bd/3fl ba/2hlf ba home had every upgrade imaginable. Highlighting the home was the inground pool that surely would be the hit for any event gathering. 13 Dagsworthy was only 2 lots off of the beach. This condominiumized single family home was a member of Scrod Acres which consists of 6 grandfathered homes, no HOA fees! Reho. By The Sea had two pending transactions. Closing prices vary depending on the home and the location of the home site as seen at 112 Carolina (2nd block) vs 210 Carolina (3rd block).

200 Chesapeake is a Reho. By The Sea property. The property had a brand new 60 year lease at $15K a year. This property was sold in only 7 days! Chesapeake street is one of the most sought after streets in Dewey due to it’s easy walk into Rehoboth that’s quietly nestled between the two resort towns. 

This is another fine example of a Reho. By The Sea property. Overlook Lake Comegy’s, walk to Rehoboth, walk into Dewey! Nice! Comes with a 29 year lease at $4,186 a year with minimal lease increases. Please contact me for more information and a showing of this property:)

Looking for a entry level priced condo in the Marina Views? This 1bd/1ba unit comes with all of the upgrades stainless appliances, granite tops, hardwood and tile floors… This unit is affordable enough to purchase for personal use but would also be considered a nice entry level rental investment.

Unit #1 Robinson Square is a 2bd/2.5ba built in 1983, 950sq’ and is located just north of Dewey. Originally listed at $345K the owner reduced the price 4X and the unit sold in 602 days on the market. 

Unit #403 is a 3bd/3ba top floor penthouse unit in Lighthouse Cove. Inventory for the Lighthouse Cove is in the last phase and inventory is dwindling down. Please contact me for a list of the remaining inventory. 14 Van Dyke St. is a 1989, 4bd/3.5, 2100 sq’ mid ocean block unit located in Ocean Sunset. The unit sold in only 19 days. The ocean block inventory is extremely low thus resulting in a quick sale. Unit #302 in the Opal is entry level pricing for a 1 bedroom unit in Dewey. The 2008, 1bd/2ba unit, 821sq’ originally listed for $370K and performed a couple of price changes resulting in a sale at market value.

This unit just reduced the price on 10/2 and it resulted in a ratified contract the following day.

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Dewey Market Watch 8/16/19 to 9/16/19

Where did the summer go??? Hope fully everyone had an enjoyable summer and was able to get out and enjoy some of the many resorts activities. The real estate market has entered into the very active autumn selling season. Interest rates just crept up to 4.00% (previously 3.750) for a 30 year fixed. A jumbo investment loan just increased to 4.750. This increase occurred on 9/14/19 and hopefully will ease back down to previous rates that we all enjoyed this past summer.

There are presently 15 fee simple single family homes and four leased land properties on the market. Many of these homes (above) were listed and then re listed for a variety of reasons. New listings include 33 Hall Ave in the prestigious community of the Chancellery. This 1996, 5 bed & 5ba , 4,500sq’ and is situated on an over sized .40 ac. The 2nd new listing is 111 Cullen St. This home was built in 2018 and has all of the bells and whistles that one could imagine. The home is a 5 bed, 3 full baths & 2 half baths, 3,118 sq and is being offered fully furnished. The 3rd new listing is labeled a sanctuary. This ocean front retreat was built in 1999, 7 beds, 8 full baths & 2 half baths and offers an incredible 9,500 sq’ of ocean front living space. This ocean front compound is highlighted by bordering 5 miles of park land ensuring you of total privacy, truly a rare offering! Re listings that have a substantial change would be 21 Saulsbury St. The property is a grand fathered by having two homes on one lot. The property was previously listed with seven years remaining on the lease. The sellers have re negotiated a new 60 year lease @ $24,584 per year. Realize rental incomes from both homes yet only pay the lease mount for a single lot!

There were two recent single family home sales. 14 Palmer was a 1987 4bd/3.5 ba, 2,200 sq’. The home is situated on a .23ac and is only three lots off of the beach. The property was listed for only two days on the market. The 2nd property located at 316 Salisbury is a  17,578 sq’ bay front lot. The home is a 1964 6 bed, 4.5 baths, 5033 sq’ home. This home was only on the market for 7 days. Both of the homes had excellent locations. Three lots off of the ocean and bay front is in high demand. Wondering what your home is worth? Please contact me for a free market analysis. 

The only closing was 1600 Bayard. The 3 beds & 2 baths home rests on the corner of Bayard & St. Louis. The mid eighties home offered a nice screened porch and a conditioned crawlspace. Recent closings indicate that entry level pricing for the 2nd beach block back is in the high $600’s to low $700’s. 

There were numerous price reductions as sellers adjust for the autumn selling season. The reductions were from all areas of the market. All of these adjustments were very substantial and above your typical price reduction. I’d expect many of these to go to contract in the upcoming autumn selling season.

Looking for a entry level priced condo? 3203 Marina View offers a 1bd/1ba for $380K. 102 Anchor is a gorgeous bay front townhouse that offers any beach-goer a dream come true. This 1979 4 beds & 2.5 baths, 1,840sq’  offers panoramic views of the bay. The inverted floor plan captures stunning views of the bay as you entertain from the 2nd floor kitchen & family room.  Let’s switch over to the ocean. 3 Dickinson is back on the market. This ocean front townhouse is located directly on the beach. This 1987, 4beds & 3 baths, 2,020sq’ will satisfy any investor being that ocean front properties demand the highest in rental incomes.

The Lighthouse Cove had three pending contracts equaling one a week since my last Market Watch. That’s tremendous! All three of the units were new construction. 14 Van Dyke unit A is a mid ocean block, 1989, 4 bed & 3.5 baths, 2,160 sq’ home. 109 Dagsworthy unit B was a bay view 1996, 3 bed & 2 bath, 1,080 sq’ unit that was totally upgraded. 16 Houston St. was a mid ocean block, 1996, 4 beds & 3 baths, 2,328 sq’ The unit was the only top floor unit with ocean views. 20981 Coastal Hwy. is located just a couple of blocks north of Dewey. The unit is a 1993, 3 beds & 2 baths, 1,100 sq’. That’s a great price for being this close to the beach! 

Unit 108 Marina View was a direct bay front condo. The unit is a 2005, 2bed & 2 bath, 1,200 sq’. This unit overlooks the marina and has panoramic bay views. 103 Vista Rd #3 Pelican Cove is a mid sixties bay front unit. The 1 bed & 1 ba, 500 sq. unit even comes with it’s own private dock. 2 Saulsbury St is a 1963, ocean front 2 bed & 2 bath, 900 sq’ unit. The condo is a Reho. By The Sea leased land property with seven years remaining @ $1,200. per year.

My seller at 109 Dagsworthy dropped their price $10K this past week. This unit’s recent renovations include new laminate & tile flooring, new paint throughout, new stainless oven & fridge. Priced under market value this unit won’t last with this recent price improvement. My seller at 107R Dagsworthy unit B has reduced their price 2X in the last 3 weeks by $14K. This unit is complimented by hardwood floor throughout, tile kitchen and baths, new hvac…only top floor unit. Bring us an offer! My 3rd listing at #501 Cove with bay views just reduced his price by $14K. The seller will pay the final assessment in full at time of settlement. The entire exterior of the Cove was just totally renovated one year ago and shows like a million dollars. Enjoy the pool or play a little tennis in this bay view community. 24 Dickinson is entry level pricing Where else can you spend $382,500 for a 1bd/1ba ocean block condo. The hardest choice would be do I go to the beach today or do I go to the in-ground pool located on the property??? #258 Lighthouse Cove just increased by $15K. These units have been the staple diet for the condo market in recent years. Current inventory is winding down. Please call me for more information on Lighthouse Cove:)

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