Dewey Market Watch 1/14/2020 to 2/28/2020
Hello spring!!!! A mild winter has us all smiling. The spring selling season is fully upon us. Due to a little minor surgery I’m a couple of weeks behind so this market update will be a lengthy one. Interest rates have dropped incredibly low. A 30 year fixed is 3.6250. Please contact me for a quote on a program that best fits your needs. Happy spring!!! Warm sunny days ahead!!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | PRICE |
| 18 Chesapeake St. 59 yr leasehold @$25,000 yr | Reho. By The Sea | 3bd/2ba | $849,900 |
| 36 Collins Ave. | Indian Beach | 4bd/1.5ba | $1,435,000 |
| 123 Chesapeake St. | Reho. By The Sea | 5bd/3fl ba/2 hlf ba | $1,595,000 |
There were only three new single family home listings in the last six weeks. The 1st offering is 18 Chesapeake. Chesapeake St. is one of the most desirable streets in Dewey. This charmer of a home is a Reho. BY The Sea property that has a 57 year lease @ $24,976 yr. This 1970 3bd/2ba is the least expensive way to purchase on one of the nicest streets in town! 36 Collins is another ocean block home. This 1973 4bd/1.5ba is nestled on a spacious 8,712 sq’ lot and is located in the prestigious community of Indian Beach. Lake Comegys views adorn the home at 123 Chesapeake. Fabulous open floor plans provides plenty of space for beach entertainment. Gourmet kitchen with tons of upgrades makes this an irresistible offering.
| SINGLE FAMILY PENDING | LOCATION | SIZE | PRICE |
| 21019 Rogers Ave. | Ann Acres | 4bd/3ba | $732,000 |
| 20996 Dodd Ave. | Ann Acres | 3bd/2ba | $499,000 |
| 115 West. St 56 yr leasehold @ $17,296 yr | Reho. By The Sea | 3bd/2ba | $529,900 |
Just north of Dewey, 21019 Rogers Ave. was a 4bd/3ba recently renovated home. The home boasted a large open floor plan with an excellent rental history. The home sold in only 16 days. 20996 Dodd Ave. was a steal for the purchaser. The home was located on the corner of Dodd Ave. & Coastal Hwy. The 3bd/2b featured hardwood floors, updated kitchen & baths. The home was in excellent condition and sold in only 76 days. 115 West is a Reho. By The Sea original Windswept model. This home has an upgraded kitchen with lots of upgrades throughout the home. The annual lease has 56 years remaining @ $17,296 yr.
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 21 Saulsbury St 60 yr leasehold @ $24,584 yr | Reho. By The Sea | 7bd/3ba | $399,000 | $322,000 |
| 23 Saulsbury St. 56 yr leasehold @$10,818 yr | Reho. By The Sea | 3bd/2ba | $659,900 | $625,000 |
I had the pleasure of selling the landmark A frame home at 21 Saulsbury. The home has a 60 year lease @ $24,584 year. The new owners are thrilled and can’t wait to renovate. It’s good to see a couple of the older homes remodeled to keep the charm of the old Dewey Beach. These new owners owners are perfect for the task ahead! The neighboring property at 23 Saulsbury is also a Reho. By The Sea property. There are two homes that split the property thus the lower annual lease of $10,818 a year. The home was totally renovated and boasted a$50K rental income!
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| 106 West St. | Reho. By The Sea | 5bd/3fl ba/2hlf ba | $1,649,900 | $1,674,500 |
| 38444 Carolina St. | Reho. By The Sea | 5bd/4.5ba | $1,395,000 | $1,425,000 |
| 111 Bellevue St. | Dewey Beach | 7bd/4ba | $1,454,900 | $1,319,000 |
111 Bellevue is a duplex that can be used as a single family home or two condo units. Great southern exposure complimented with a very open floor plan that’s great for entertaining. You can buy the property as a single family home or purchase unit A or unit B (see below). Two price increases were realized at 106 West & 38444 Carolina. Both of the homes are new construction/to be built.
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 109R Dagsworthy St. | # C Rainbow Cove | 3bd/2ba | $369,000 |
| 24 Dickinson St. | # 7A Dewey Villas | 1bd/1ba | $325,000 |
| 100 Collins Ave. | #201 Marina View | 1bd/1ba | $399,000 |
| 1301 Coastal Highway | #342 Lighthouse Cove | 3bd/3ba | $999,900 |
| 1301 Coastal Highway | #441 Lighthouse Cove | 2bd/2ba | $699,900 |
| 1301 Coastal Highway | #459 Lighthouse Cove | 2bd/2ba | $699,900 |
| 1301 Coastal Highway | #461 Lighthouse Cove | 1bd/1ba | $499,900 |
| 2009 Bayard Ave. | #207 Cajun Cove | 2bd/2ba | $600,000 |
| 25 Collins Ave. | #3B Tidewatch Apts. | 2bd/1ba | $385,000 |
| 1 Saint Louis St. | #204 Wilson Dunes | 3bd/2ba | $2,390,000 |
| 100 Collins Ave. | #104 Marina View | 1bd/1ba | $375,000 |
| 107 Rodney Ave. | # C Marina Reach | 3bd/2.5ba | $$650,000 |
| 24 Dickinson | #8A Dewey Villas | 1bd/1ba | $330,000 |
There are nine new re sale listings that just hit the market. This area of the market was very low in inventory so this is a big plus going into the spring selling season. Lighthouse Cove has four new listings that include 1bd/1ba, 2bd/2ba & 3bd/3.3ba. Two of the new re sale listings are mine that I’d like to review. 109R unit C in Rainbow Cove is the best investment in town. The least expensive @ $369,000 this 3bd/2ba unit is practically brand new. The renovations include all new HVAC mechanicals, new paint, new carpet throughout, new ceiling fan, new maintenance free vinyl floors in the kitchen & baths, new bathroom vanities, faucets & tops. The light fixtures throughout the unit have been replaced. The front entrance door is new. New granite counters were installed in the kitchen. Annual estimated carrying costs are $19,285. The average annual rental income before all of the new renovations was $21K to $23K. Need I say more? Seller says bring them an offer!! My 2nd new listing is 24 Dickinson unit 7A. This ground level 1bd/1ba @ $325,000 is the least expensive purchase in the ocean block. This unit has been enjoyed by the present owners for the last 35 years. Meticulously cared for this unit comes completely furnished and turn key ready. The estimated annual carrying costs are $16,073. The unit has been previously rented between $10K to $11K for the 10 week summer season. Additional income could easily be generated with additional shoulder season rentals. 25 Collins is a 2bd/1ba seasonal unit. This is an entry level price for a 2bedroom unit in the ocean block. Won’t last long! The price tag says it all for the new listing in Wilson Dunes.Wilson Dunes carries the title for the most expensive condos in Dewey Beach. Rarely on the market, this unit will surely satisfy the most discriminating consumer. Unit #104 in Marina View is a turn key investment. Recent renovations coupled with postcard sunsets and a $20K rental history qualifies this unit as a perfect entry level investment. 107 Rodney in Marina Reach offers an end unit with 3 levels of living, with two balconies, wood burning fireplace, bay views and killer sunsets. Recent renovations adorn this unit throughout! 24 Dickinson St unit 8A is another entry level price unit for the ocean block. The $330K price tag allows the unit to be used for personal use or as an entry level investment.
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 20858 Coastal Highway | # Kings Row | 3bd/2ba | $349,900 |
| 1301 Coastal Highway | #344 Lighthouse Cove | 3bd/3.5ba | $1,749,900 |
| 1301 Coastal Highway | # 444 Lighthouse Cove | 3bd/3.5ba | $1,799,900 |
| 1301 Coastal Highway | #363 Lighthouse Cove | 3bd/2.5ba | $1,399,900 |
| 101 Swedes St. | #2 Four Tides | 5bd/4.5ba | $898,900 |
| 24 Dickinson St. | # 8B Dewey Villas | 3bd/2ba | $499,900 |
| 3 Seastrand Ct. 37 yr leasehold @ $9,888. yr | #29 Seastrand | 4bd/3.5ba | $829,000 |
There are four pending re sales and three new lighthouse Cove units that have gone to contract. Three of the new lighthouse Cove units had some expensive price tags ranging from $1,399,900 to $1,749,900. SWEET Dewey Beach!! A very rare offering in Seastrand didn’t last long. The unit had an older lease with 37 years remaining @ $9,888 yr. The Seastrand units located on Chesapeake St. are highly sought after and typically don’t remain on the market very long. 101 Swedes unit#2 is a 4bd/3.5ba townhouse located on the corner of Ocean Hwy & Swedes St. The 2,600 sq’ home was built in 2016 and only lasted 3 days on the market. The ocean block 3bd/2ba unit in Dewey Villas was offered for $499,900 and lasted only six days. Dewey Villas boasts a brand new in ground pool that to be enjoyed by all:) 20858 Coastal Hwy was a 3bd/2ba single family stand alone that was condominiumized. The outside areas were all common elements. This home showed like a charm and sold in only 7 days.
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 1301 Coastal Highway | #425 Lighthouse Cove | 2bd/2ba | $689,900 | $664,500 |
| 111 Bellevue St. | # A 111 Bellevue Condo | 3bd/2ba | $749,000 | $699,000 |
| 111 Bellevue St. | # B 111 Bellevue Condo | 4bd/2ba | $699,000 | $649,000 |
#425 Lighthouse Cove performed a significant $25,400 price reduction in this bay/ocean view unit. Every upgrade imaginable in this beachy unit. Both units A & B at 111 Bellevue have reduced their price by $50K.
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSING PRICE |
| 1301 Coastal Highway | #360 Lighthouse Cove | 2bd/2ba | $649,900 | $649,900 |
| 1301 Coastal Highway | #458 Lighthouse Cove | 2bd/2ba | $699,900 | $702,963 |
The only closings were new construction in the Lighthouse Cove.
| COMMERCIAL (ALL) | BUSINESS | LOCATION | ASKING PRICE |
| 21 Van Dyke St | Bell Buoy Motel -16 unit + owners suite | ocean block Van Dyke St. | $2,100,000 |
| 2107 Coastal Highway | unit B Izzy Plaza 1000 sq’ retail space | Coastal Highway & Swedes St. | $249,999 |
21 Van Dyke is the Bell Buoy Motel. This commercial property offers 16 units and an owners suite. Rental incomes have soared over the last few years. This would be an excellent renovation investment that surely could be supported with future escalating rentals. 2107 Coastal Highway is a 1st floor Izzy Plaza unit. The retail space consists of 1000 sq. , plenty of room for a small business owner to pedal their wares:)
| LAND (ALL) | LOCATION | SIZE | ASKING PRICE |
| lot 26 Fisher St. (new) | Dodds Addition | 50 X 100 | $750,000 |
| 1 Clayton St. | ocean front Clayton St | .11 / 5000 sq’ | $2,400,000 |
| 7 Clayton St. | one lot off ocean Clayton St. | .11 / 5000 sq’ | $1,160,000 |
| lot 1 Old Bay Rd. (Active with kickout) | Ann Acres | .65 acres | $499,900 |
Lot 26 on Fisher Street is a typical 50 X 100 lot that faces Fisher St. Easy access to the beach through Cottage Lane, to Pine Lane to the ocean block of Chesapeake St. Great location!! Lot 1 & lot 7 Clayton are ocean front and 2nd lot back from the ocean. I believe that lot 7 is reasonably priced and would make an excellent location to build a dream home. Lot 1 Old Bay Rd is part of the old Dodd farm. This .65 ac. lot is situated in a very quiet area yet steps to all of the resort activities. A .65 ac lot is hard to come by this close to the beach.
