Dewey Market Watch 3/3/21 thru 4/14/21
Happy spring!!! The market continues to be on blazing fire! I’ve lost eight contracts and all of them were $15K to $20K over asking price and I still lost them all. My highest loss was a $525K offer on a $479K asking price. My contract was cash, no home inspection, no other contingencies and I wasn’t even close. The unit closed at $638K! This is typical of what we’re seeing as agents, not quite this high but many are over asking price. Many of the contracts are cash offers with most buyers waiving the appraisal. If they’re borrowing on a purchase and the appraisal comes in low then buyers are bringing cash to the settlement table to make up the difference. Many listings will have 15-20 offers within the 1st 2 days of listing. It’s almost impossible to keep up with the market through my updates due to listings selling so fast. If you’re truly interested in purchasing a property or keeping up with all of the present transactions as they occur then please contact me. I’ll set you up a search based on the criteria that you provide me and you’ll be notified of any new transaction to include all new listings, price reductions, pending contracts and closures. This will be sent to you directly from our MLS. No sales pressure, just updates as soon as they occur:) Interest rates have dropped a little and now are back down to 3% for a 30 year fixed primary and 3% jumbo loans. It’s an excellent time to list a property!!! It’s expected to be a very busy summer this year. Some covid restrictions are being eased and it looks like we might just have a normal summer!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 101 Dover Rd. | Dewey Beach | 4bd/2.5 ba 2,614 sq’ lot size 50X60 | $1,275,000 |
| 38483 Cottage Lane | Silver Lake Manor | 6bd/4.5ba 3,917 sq’ | $2,000,000 |
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 112 Read Ave. | Dewey Beach | 3bd/2ba 1,600 sq’ | $1,349,000 |
| 38258 Robinson Dr. | Silver Lake Manor | 4bd/3.5ba 2,632 sq’ | $1,499,000 |
| 1 & 3 Cullen St. | Reho. By The Sea | 12bd/11ba 2 homes 3 lots .79ac | $10,999,900 |
| 8 Bellevue St. condo/single family | Guthrie 1 | 3bd/2.5ba 1,500 sq’ | $1,050,000 |
| 17 Saulsbury St. 55 yr lease @ $13,414 yr. | unit 1A Mariners Surfside | 4bd/2ba 1,400 sq’ | $895,000 |
| 20964 Ann Ave. | Ann Acres | 4bd/3ba 2,117 sq’ | $1,195,000 |
| 39 Beach Ave. | Indian Beach | 3bd/2ba 1,200 sq’ | $1,295,000 |
| 101 Dover St. | Dewey Beach | 4bd/2.5ba 2,614 sq’ | $1,275,000 |
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSING PRICE |
| 7 Cullen St. | Reho. By The Sea | 5bd/3ba 3,100 sq’ | $2,895,000 | $2,905,000 |
| 202 Jersey St. | Reho. By The Sea | 3bd/1.5ba | $1,295,000 | $1,200,000 |
| 36 Collins Ave | Indian Beach | 4bd/1.5ba 1,558 sq’ | $1,374,900 | $1,374,900 |
| 113 Houston St. | Reho. By The Sea | 6bd/7 fl ba/2 hlf ba 5,103 sq’ | $3,100,000 | $2,950,000 |
| 114 Carolina 55 year lease @ $19,300 yr | Reho By The Sea | 3bd/2ba 1,500 sq’ | $845,000 | $800,000 |
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| 202 Chesapeake St. 52 yr lease @ $17,176 yr. | Reho. By The Sea | 5bd/3.5ba | $1,295,000 | $1,199,000 |
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 13 Saulsbury St. 55 yr lease @ $9,400. yr | unit B Mariners Surfside | 2bd/1ba 588 sq’ | $469,000 |
| 223 Swedes St. back on market | Tree Tops | 3bd/2.5ba 1,600 sq’ | $645,000 |
| 227 Swedes St. | Tree Tops | 3bd/2.5ba 1,600 sq’ | $720,000 |
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 103 Rodney Ave. | unit 5 Bay View Condos | 2bd/1ba 640 sq’ | $414,900 |
| 1301 Coastal Hwy. | unit 258 Lighthouse Cove | 2bd/2.5ba 1,050 sq’ | $719,000 |
| 1301 Coastal Hwy. | unit #416 Lighthouse Cove | 2bd/2ba 1,026 sq’ | $749,900 |
| 1301 Coastal Hwy. | unit #443 | 3bd/3ba 1,356 sq’ | $999,900 |
| 15 Van Dyke | unit A Emerald Shoals | 4bd/3.5ba 2,000 sq’ | $989,900 |
| 2 McKinley Ave. | unit #100 Sunspot | 2bd/1ba 890 sq’ | $499,000 |
| 119 Collins Ave | unit #116 Marina View | 2bd/2ba 1,600 sq’ | $799,000 |
| 20854 Coastal Hwy. | unit#2 Kings Row | 1bd/1ba 375 sq’ | $175,000 |
| 101 Rodney Ave | #2 Bay View | 2bd/1ba 800 sq’ | $449,000 |
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| N/A | N/A | N/A | N/A | N/A |
| LAND ALL TRANSACTIONS | LOCATION | SIZE | ASKING PRICE | CLOSING PRICE |
| 22 McKean Ave CLOSED | Indian Beach | 9,583 sq’ .22ac | $1,299,999 | $1,075,000 |
| 3 Clayton ocean front | Reho By The Sea | 50 X 100 | $2,300,000 | $2,150,000 |
| COMMERCIAL | LOCATION/BUSINESS | SIZE | ASKING PRICE |
| 1502 Coastal Hwy. ACTIVE | Ocean Hwy frontage | 49 X 65 3,049 sq’ | $1.1M |
| 1205 Coastal Hwy ACTIVE | Mez Cali | $1,575,000 | |
| 21 Van Dyke St. PENDING | Bell Buoy Motel | 9,375 sq’ 16 units plus owners suite | $1,975,000 |
