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!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 38138 Terrace Rd. (back on market) | Silver Lake Manor | 4bd/4.5ba | $824,999 |
| 106 West St. (back on market) | Reho. By The Sea | 3bd/2ba | $1,099,000 |
| 115 West St. 54 year lease @ $17,296 yr | Reho By The Sea | 3bd/2ba | $529,900 |
| 38142 Terrace Rd. | Silver Lake Manor | 4bd/4.5ba | $949,000 |
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!
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 38217 Robinson Dr. | Silver Lake Manor | 5bd/4ba | $1,199,000 |
| 111 Cullen St | Reho. By The Sea | 5bd/3fl ba/2hlf ba | $2,225,000 |
| 135 Chesapeake St. | Reho. By The Sea | 6bd/3ba | $795,000 |
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)
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| 135 Chesapeake St. 29 yr lease @ $16,744 yr | Reho. By The Sea | 6bd/3ba | $825,000 | $795,000 |
| 15 West St. 57 yr lease @ $27,500 yr | Reho. By The Sea | 7bd/5ba | $1,299,000 | $1,150,000 |
| 21 Saulsbury St. 59 yr. lease @ $24,584 yr. | Reho. By The Sea | 7bd/4ba | $420,000 | $399,000 |
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!
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSING PRICE |
| 106 Cullen St. | Reho. By The Sea | 6bd/6fl ba/2hlf ba | $3,195,000 | $2,950,000 |
| 27 Rodney Ave. | Dewey Beach | 1bd/1ba | $1,100,000 | $1,000,000 |
| 16 Palmer Ave. | Indian Beach | 4bd/2ba | $1,995,000 | $1,995,000 |
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.
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 13 Read St. | unit #3 Bluff | 4bd/3.5ba | $849,900 |
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.
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 100 Van Dyke St | #201 Cove | 2bd/1ba | $339,000 |
| 38398 George St. | #5 Beach Place | 3bd/2.5ba | $495,000 |
| 20932 Ann Ave. | #3 Ocean Dunes | 3bd/2.5ba | $451,000 |
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!!
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 102 Anchor Way | #116 Summerwinds | 4bd/3.5ba | $1,395,000 | $1,295,000 |
| 2 McKinley St. | #102 Sunspot | 2bd/2ba | $650,000 | $600,000 |
| 1301 Coastal Highway | #440 Lighthouse Cove | 4bd/3ba | $949,900 | $999,900 |
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.
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSING PRICE |
| 1301 Coastal Highway | #359 Lighthouse Cove | 4bd/3ba | $799,900 | $799,900 |
| 1406 Coastal Highway | #3B Delano | 2bd/2ba | $389,900 | $360,000 |
| 1301 Coastal Highway | #260 Lighthouse Cove | 2bd/2ba | $599,900 | $601,750 |
| 38170 Robinson Dr. | Robinson Square | 2bd/2.5ba | $320,000 | 4312,000 |
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.
