Dewey Market Watch 1/31/24 thru 2/27/24

Spring is in the air! Locals are eagerly awaiting the return of the 1st osprey and the many varieties of shorebirds that make springtime at the beach such a special time of the year. The real estate market remains very active. The leased lands properties in Rehoboth By The Sea continue to dominate the market. There were four new single family homes on leased lands just listed and one already has a pending contract. I’ll be adding a 5th new listing within a week. The home is a 4 bd/3ba, 2,200 sq’ and totally renovated with a huge addition. One of the key features is the land lease. There are presently 11 years remaining on the lease. The annual lease amount is a little over $1,200. a YEAR, that’s right $1,200. a year which is just about free!!! This home will sell almost immediately due to the condition of the home and the favorable lease terms. The present interest rates are approx. 7 1/8 for a 30 year fixed and 7 3/8 for a 2nd home/investor. Where are those rate drops that were promised?? Regardless of the interest rates and based on the recent pending sales, I expect us to have an excellent spring and summer selling season. St. Patty’s day is right around the corner! Happy spring!!!