Dewey Market Watch 4/24/19 to 5/26/19

Summer is now officially open!!!! Memorial weekend was splashed with some wonderful sunshine and gorgeous weather. The Dewey market has been soft this past month. Interest rates remain a staggering low 4.125% for a 30 year fixed and 4% for a jumbo loan. I don’t think that you’ll see it any lower than that:) The condominium inventory is extremely low and sure could use a boost with some new inventory. 

Looking for a duplex? Look no further! 8 Rodney located only three lots off of the beach. This magnificent home was built in 2004 and offers 6,800sq’ of upgraded living space. Separate entrances and elec meters, separate kitchens…. Rent one unit and use the other! Perfect family compound! $100K in estimated rental income makes this deal even sweeter:) 16 New Orleans is back on the market. Lot value alone for this mid block property is a cool $1M. This property has an in law suite and is perfect for additional income or again a perfect family compound. Rental income for this mid ocean block is $50K. Please contact me for more information on these two ocean block offerings.

2002 Bayard is a 3bd/2ba home situated on a half lot. This is entry level pricing for single family in town Dewey. This 1979, 1,200 sq’ home sold in only seven days. This is an excellent purchase and is affordable enough to use as a rental investment or personal use! 38285 Blackstone is a charmer. The home rests on a quarter acre lot that a quick stroll into Rehoboth and all of the resort activities. the 2,850sq’ home built in 2007 comes complete with roof top decks, elevator,  brazilian & hickory flooring and the upgrade list could go on and on forever!

There were two upscale closings this month. 1 McKean is about as good as it gets for a home from yesteryear. This home was built in 1948 and is situated on a .33ac ocean front lot This 1948 home boasts 3,650sq’ of living space which was probably a mansion in the late 40’s:) The 2nd closing was at 204 Salisbury. Many people don’t even know of these two tiny canals that adorn the rear of the Seabreeze Dev. Sit back and observe Dewey’s summer activities from the peacefulness of the community Seabreeze Dev. Jump in your boat in the back yard and enjoy all of our natural resources. This quiet community has a Rehoboth mailing address and thus follows county and hoa guidelines. Take a good look at 119 West! I don’t think that you’re going to see anymore Reho. By The Sea properties with a re negotiated lease sell for this low of a price. The purchaser of this property surely got a great deal for $260K!

There were 11 price reductions this month for single family and condos and that’s a lot. ALL of the above realized significant reductions from $25K up to $150K. My seller at 13 Dagsworthy just dropped $25K off of their asking price. This single family/condominiumized home shares a double lot with five other homes. NO hoa fees, minimal restrictions and you maintain your home only. All outdoor ground is maintenance free common area. Buy the home as is it was a condo but realize the comforts of a single family home. The asking price was determined from condo comps not single family!!! My seller just reduced their asking price at 102 West by $50K. This is a great rental property. Previously the home boasted a $67K income but the owner blocked out key summer weeks to enjoy the property themselves. Rental income last year was $53K with a potential of $70K if it was rented to the max:) The Forgotten Mile had two nice reductions. 38175 Robinson sweetened their asking price by reducing $50K to $949,900. 38189 Terrace dropped their price by a whooooping $150K. 135 Chesapeake is a leased land property in Reho. By The Sea. I really can’t believe that this home is still on the market. The home has a 29 year lease at $4,186 a year. Better hurry this home won’t last!!

There were two new one floor condos listed this week. A 2bd/2ba unit in the Opal adds to the low inventory for resales. This 4th floor unit is being offered for $425K.  16 Houston is a 4bd/3ba 2,328sq’ mid ocean block condo.  This rarely offered top floor unit with elevator has absolutely beautiful ocean views. Wn’t last long!!

Minimal inventory has hurt the number of sales in the condo market 16D Rodney in Emerald Shoals showed very nicely. The unit was a little dated but in excellent, excellent condition. 20950 Ann Ave in Ocean Dunes sold in only two days. It must be the entry level pricing for these units and the location (easy walk to beach) that produces a sale every time in a very short time frame.

2003 Bayard Ave in the Baystrand sold in only 14 days. Due to the low inventory if a property is properly priced it will sell in a very short time frame. There were two more closings in the Lighthouse Cove. Inventory for this newly constructed complex is dwindling. Lighthouse Cove has been the staple for the condo market in the last 3-4 years.

There were six price reductions this month as sellers try to benefit off of the last of the spring selling season. My seller at 109R unit C has reduced the asking price to $349,000. If you put 20% down and finance 80% then the rental income will carry the full annual carrying costs. Summer rentals in place. Purchase now to realize this summer’s rental income. Please contact me for a full assessment of this great Dewey investment!

Featured lots this month are the two lots from the old Dodd farm. Lot 29 Rogers and lot 1 Old Bay Rd. are what remains from the old farm. Both of the lots are over sized and lot 1 Old Bay has one of the barns from the farming practice many years ago. The lots are both in Rehoboth and follow county & community deed restriction guidelines. Both lots are at the end of each of their road so no thoroughfare. These lots are very private yet still a very easy walk to the beach. Please contact me for more details:)