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

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

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

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