Dewey Market Watch 2/27/19 to 3/19/19

Spring has sprung!! Thank you St Patty for bringing dewey to life in 2019! The ospreys and migrating shorebirds are arriving daily. Daytime temps are warming up. Life is good in Dewey!!! The real estate market is in full gear. There were four single family home sales and three condos that went pending in the last 20 days. That’s a very strong number for a short time. Look for the spring selling season to get stronger as the weather warms a little and the weekends get busier. Inventory for single family homes is good but the condo inventory could use a little boost to offer buyers a little more selection. Stop by and see me at my two open houses this weekend! My Saturday will start at 109 unit D Dagsworthy St in Rainbow Cove from 10:00 until 1:00 and then my ocean block single family home at 13 Dagsworthy from 1:00 until 4:00. Come see me:):)

There’s two new single family homes to add to the spring inventory. My new listing at 13 Dagsworthy St. is a single family home beaming with exhilarating ocean views. The property has been condominiumized. All exterior grounds are common areas that consists of parking and driveway. There are no HOA dues. You maintain your own home. Own a single family home for the price of a condo. The 2nd new listing is 21 Hall Ave. This stunning ocean front compound adorns a.31 ocean front lot. This 5bd/6ba, 4,582 sq’ home has every bell and whistle the one could expect for a home of this magnitude. 

Spectacular activity in the single family home market. There were four sales in the last 19 days. Sales include an ocean front home in Indian Beach, a 3/4 acre bay front home that straddle two bay front lots, a mid block fee simple home on Clayton and a Reho. By The Sea new 60 year leased land on West St. Sales contained prices from all areas of the market

There were lots of nice price reductions the past several weeks. 102 Jersey dropped their price $25K to $699,900. That’s a great price for the location east of Ocean Hwy. 16 New Orleans dropped the price by $49K to 1,250,000. Land value alone is valued at $1M. 21162 Andrew reduced their asking price by $50K now being offered at $1,675,000, comes with $55K rentals already in place. Views of Silver Lake come with 38285 Blackstone who just lightened their asking price by $105K. Great location and an easy walk into Reho. or Dewey!

The Sunspot is offering a 1bd/1ba ocean front unit on leased land. The lease buy out is available for $16,678 . Structural and exterior renovations are almost complete in the ocean front complex. The 2nd new listing is located in the popular Baystrand complex. This bay side 3bd/2ba end unit rents for approximately $17K per season. 

It will be interesting to see what 2 Saulsbury unit #3 sold for. The 2bd/2ba is a Reho. By The Sea leasehold property with seven years remaining on the lease. A new lease was rejected by the owners and no longer being offered. Rental incomes average $25K to $30K seasonally. Unit A in the ocean block Summerset complex on McKinley St. went to contract. These quaint little condos are entry level pricing for an ocean block unit in Dewey. The last sale is located on Read St and the bay in the Snug Harbor community. This 825sq’ unit offered bay views, private beach and docks all for an asking price of $384,900.

Another unit has closed in The Lighthouse Cove. Better hurry! The last building was released and inventory will begin to dwindle down. The Lighthouse Cove has been a staple diet for the condo market in previous years.

Own a piece of Dewey history! Bell Buoy Inn is on the market. A full accounting is available upon request for this 16 room ocean block motel. How often does an ocean block motel become available? Rare offering! Please contact me for more details. A commercial end unit is available in Izzy Plaza. Present lease must be honored. Call for more info!!

You want ocean front lots? We have them on Clayton St.! Lots 1A and lot 3 are both ocean front lots being offered at $2.4. Lot 7 is one lot off of the beach and drops down to a modest $1.4M.