Dewey Market Watch 3/23/19 to 4/23/19
The market has been a little slow for this time of the year. During the last month there were four new fee simple single family homes listed and only two new condo listings. The alarming number of only two pending condo contracts and zero sales in single family for an entire month is of concern. Typically this time of the year the market will observe two sales per week during the peak spring selling season. The inventory for single family homes is comfortable but inventory for condos is down. I expect the month of May to be a strong month for sales. Presently interest rates are 4.00% for a 30 year fixed. Jumbo rates are the same at 4%. Super rates to purchase an investment! Everybody loves bacon!!! This weekend 4?26-4/28 is baconfest in Dewey. A springtime favorite event so be sure to stop by and sample some extravagant bacon treats!!
| SINGLE FAMILY NEW | COMMUNITY | SIZE | ASKING PRICE |
| 1600 Bayard Ave | Dewey Beach | 3bd/2ba | $799,000 |
| 38217 Robinson Dr | Silver Lake Manor | 5bd/4ba | $1,395,000 |
| 8 Venitian Dr. | Seabreeze Dev | 4bd/3ba | $1,449,000 |
| 308 Carla Dr | Seabreeze Dev | 3bd/3ba | $674,900 |
There are four new listings to add to the single family inventory. Presently there are 14 fee simple single family homes listed for sale. The 1st new listing is 1600 Bayard Dr. This quaint rancher has been upgraded on the interior and shows very nicely. The 2nd listing on Robinson Dr. is new construction. This 5bd/4ba home is being constructed on a slightly over sized 5,898sq’ lot. Priced at $1,395,000 this will be the future of the Forgotten Mile! The 3rd listing is my favorite. 8 Venetian is a canal front home in Seabreeze. Many people don’t even know that there are canals with water front homes in this quiet neighborhood. RARELY offered this property will not last long! Please call for more details. The 4th listing is an entry level priced home in Seabreeze. This well cared for 3bd/3ba was totally renovated in 1987 and is situated on a 1/4 acre lot.
| SINGLE FAMILY PENDING | COMMUNITY | SIZE | ASKING PRICE |
| N/A | N/A | N/A | N/A |
| SINGLE FAMILY CLOSED | COMMUNITY | SIZE | ASKING PRICE | CLOSING PRICE |
| 107 Clayton St. | Reho. By The Sea | 4bd/2ba | $699,000 | $660,000 |
| 20 Carolina St 58 yr lease @ $24,975 yr | Reho. By The Sea | 3bd/2ba | $450,000 | $440,000 |
My listing at 107 Clayton closed for $660K. This 4bd/2ba beach cottage will be the new entry level pricing for the fee simple single family homes in the Dewey market. The Rehoboth By The Sea leased land properties remains strong. This mid sixties 3bd/2ba beach cottage with a newer 58 year lease has been meticulously cared and realized a closing price of $440K.
| SINGLE FAMILY INCREASE/DECREASE | COMMUNITY | SIZE | PREVIOUS PRICE | NEW PRICE |
| 13 Dagsworthy St. | #13 Scrod Acres | 3bd/2ba | $1,049,000 | $1,024,999 |
| 27 Chesapeake St. | Reho. By The Sea | 6bd/3.5ba | $2,785,000 | $2,595,000 |
| 25 Chesapeake St. | Reho. By The Sea | 7bd/3.5ba | $2,785,000 | $2,595,000 |
| 38175 Robinson Dr. | Silver Lake Manor | 4bd/5.5ba | $969,900 | $949,900 |
| 7 Houston St. | Reho. By The Sea | 5bd/4fl ba/2hlf ba | $2,225,000 | $2,125,000 |
| 21162 Andrew Ave. | Ann Acres | 5bd/3.5ba | $1,675,000 | $1,625,000 |
| 31 Hall Ave. | Chancellery | 5bd/6fl ba/2hlf ba | $3,900,000 | $3,690,000 |
There were seven significant price reductions. The 1st reduction is on my listing at 13 Dagsworthy St. This condominiumized fee simple single family home just reduced their price by $25K. The new asking price is $1.024,999. Located just behind the life saving station, enjoy a single family home for the price of a condo. No HOA/condo dues. Ocean views to die for!! The 2nd and 3rd listings are on Chesapeake. These two lake front homes have reduced their asking price by $200K each. Rarely offered these mid sixties homes offer the charm of yeasteryear and the upgrades that you’d expect of a home of this magnitude. panoramic lake views !!! 7 Houston dropped their price from $2,225,000 to $2,125,000. This 5bd/4fl ba/2hlf ba boast 3,500 sq’ of living space. Located only 100 feet from the ocean this home comes with ocean views and ocean breezes.The listing at 21162 Andrew Ave reduced their asking price by $50K. This 2011, 5bd/3.5ba, 2,700sq’ home is priced at $1,625,000 and the sunsets and bay views are free!!! When only the best will do! 31 Hall has reduced their asking price by $210,000. Ocean & bay views adorn this 2011, 5bd/6fl ba/2hlf ba, 6,413sq’ home. Enjoy the unobstructed views of the State park that sits to the rear of this property.
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 100 Van Dyke St | #100 The Cove | 2bd/1ba | $344,000 |
| 2009 Bayard Ave | #205 Cajun Cove | 2bd/2ba | $595,000 |
There were only two new listings in the last 3-4 weeks. The 1st listing is an entry level price 2bd/1ba in the Cove. The Cove just totally renovated the exteriors of the entire complex providing years of enjoyment. The 2nd listing is 2009 Bayard Ave. unit #205. This unit is a bay front 2bd/2ba unit. The interior shows like a model. Bay front units are rarely available so I don’t expect this unit to last very long.
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 1301 Coastal Highway | #262 Lighthouse Cove | 3bd/2.5ba | $1,049,900 |
| 1301 Coastal Highway | #350 Lighthouse Cove | 2bd/2ba | $599,900 |
Lighthouse Cove saves the day again! These two recent sales include a water front unit in the new building that presently under construction. This is the last building to be released for the Lighthouse Cove. Inventory will begin to dwindle so better hurry if you have an interest in new construction!!
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSING PRICE |
| 22 McKinley St. | #A Summerset | 2bd/1ba | $389,000 | $365,000 |
| 100 Collins Ave. | #301 Marina Views | 1bd/1ba | $394,000 | $390,000 |
| 1301 Coastal Highway | #453 Lighthouse Cove | 2bd/2ba | $619,900 | $619,900 |
The closing at 22 McKinley is the cheapest that I’ve seen in the ocean block. These cool little units are perfect little rentals or affordable enough to use personally. The only downfall of this community is lack of assigned parking. The 2nd closing is a 1bd/1ba in the Marina Views. This unit was the largest 1bd/1ba unit. It has 1,090sq’ living space with bay views thus the $390K closing price. Unit #453 In the Lighthouse Cove was one of the models. The unit came upgraded and fully furnished and closed at the full asking price of $619,900
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 109 Dagsworthy St. | #D Rainbow Cove | 3bd/2ba | $459,000 | $439,000 |
| 2 Saulsbury St. RBTS 7 yr lease @$1,200. yr | #3 Colonial Seas | 2bd/2ba | $165,000 | $152,000 |
My seller has reduced their price in the Rainbow Cove by $20K. This unit has fresh paint, new laminate flooring, new stainless refrigerator, and stove. Must see to appreciate. Great southern exposure with bay views and picturesque sunsets. The owner of unit #2 in Colonial Seas has reduced their price by $13K. The unit is a Reho. By The Sea leased land property. There are seven years remaining at $1,200. annually. Rental incomes average $25K to $32K depending on location of the unit. This purchase could be a quick investment for the savvy landlord. Please call me to run the numbers to see if this property will work for you.
| COMMERCIAL (ALL LISTINGS) | BUSINESS | ASKING PRICE | |
| 2107 Coastal Highway | #A Izzy Plaza | 924sq’ commercial space | $375,000 |
| 21 Van Dyke St. | Bell Buoy Inn | 16 units plus owners suite | $2,249,000 |
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!!
| LAND (ALL LISTINGS) | COMMUNITY | LOCATION | ASKING PRICE |
| Rogers Ave Lot #1 | Ann Acres | end of cul de sac on Rogers Ave. | $325,000 |
| 1 Clayton St. | Reho. By The Sea | ocean front | $2,400,000 |
| 3 Clayton St. | Reho. By The Sea | ocean front | $2,400,000 |
| 7 Clayton | Reho. By The Sea | 1 lot off ocean | $1,400,000 |
We have a new lot listing in Ann Acres. This lot is at the very end of Rogers Ave. so there’s no thoroughfare. This is a very private lot that was divided from the old Dodd farm. This lot was previously priced at $425K a couple of years ago so presently priced at $325K this lot will not last. GREAT investment! GREAT home site. Please call me for more details. TIME IS OF THE ESSENCE before it’s too late!
