Dewey Market Watch 4/24/24 thru 6/20/24
Happy summer! I hope that everyone is enjoying this gorgeous weather! Surf, sand and suds, that’s my motto:) I’ve been AWOL for the last couple of months. I had the mundane chore of emptying, repairing and selling my parents home of 57 years. It’s an obligation that I wouldn’t wish on my worst enemy! LOL
The market has been so, so. It appears the market is cooling a bit. We’re seeing longer days on the market and more frequent price reductions. There is one very noticeable trend in the market. Ocean block condos are still very high in demand! I sold my listing at 13 Clayton #3 within 9 days. 25 Read Ave #5 sold in 12 days. There were four new ocean block quarterly fractional shares in the Surf Club. One of the units already closed, two units are pending and one unit remains active. The average days on the market for all four units is 17 which reflects a very, very active market. The present inventory remains low. The Dewey market offers three fee simple single family homes, three single family homes on leased lands, two condos (fee simple), one condo on leased land and one fractional share unit in the Surf Club. There are two single family homes for sale just north of Dewey in the Forgotten Mile and one condo on Rogers Ave. (El Capitan) in Ann Acres. This is a minimal inventory to say the least. The interest rates have dropped a bit over the last couple of months. You can get a 30 year fixed, primary for 6.750%. The rate for a 2nd home is approximately 6.875%. Investment rates are hovering around 7.250%.
I have two nice single family homes (leased land) listings in Rehoboth By The Sea. Two very nice investments! 102 West is a 6bd/3ba that had a previous rental history just shy of $75K. The home has a 52 year lease @ $23,925 yr. The 2nd home is located at 112 Chicago. The home was remodeled a few years back and shows tremendously well. Rental income was nearly $55K with many weeks blocked for owners use. The owner just renegotiated a new 60 year lease @ $25K yr to convey at settlement. Two great properties! Please contact me for more information.
The best time of the whole year is upon us. If you’re receiving this update, you’re either a beachgoer enjoying the beach and resort activities or you’re an investor collecting summer rental incomes, either way life is good! Let’s not forget about those flashing yellow lights at the crosswalks. Please pay special, special attention and drive alert! I’ve seen too many close calls. Wishing you a safe and memory filled summer!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 15 Hazlett St. | Indian Beach | 11bd.7fl ba/2hlf ba 7,100 sq’ | $6,750,000 |
| 102 West St. 52 year lease @ $23,925 yr | Rehoboth By The Sea | 6bd/3ba 1,864 sq’ | $1,299,000 |
| 23 Jersey St, | Rehoboth By The Sea | 4bd/2fl ba/3hlf ba 2,300 sq’ | $3,399,000 |
| 38386 F Benson St | Killens Addition | 5bd/4.5ba 4,480 sq’ | $2,300,000 |
| 112 Chicago St. 60 year lease @ $25K yr. | Rehoboth By The Sea | 4bd/3ba 1,800 sq’ | $1,575,000 |
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 38744 Seagull Dr. | Indian Beach | 3bd/1.5ba 1,400 sq’ | $1,000,000 |
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 18 Carolina St. 52 year lease @ $33,280 yr. | Rehoboth By The Sea | 3bd/2ba 1,056 sq’ | $1,350,000 | $1,325,000 |
| 23 Beach Ave. | Indian Beach | 4bd/2ba 2,600 sq’ | $2,100,000 | $2,100,000 |
| 117 Carolina St. 59 year lease @ $22,000 yr. | Rehoboth By The Sea | 4bd/3ba | $1,900,000 | $1,825,000 |
| 23 Saulsbury St. #1 52 year lease @ $12,716 yr. | Rehoboth By The Sea | 3bd/2ba 1,222 sq’ | $920,000 | $875,000 |
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| N/A | N/A | N/A | N/A | N/A |
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 124 Swedes St. | #2 Swedes Street | 4bd/4.5ba 2,800 sq’ | $1,985,000 |
| 20960 Rogers Ave. | #4 El Capitan | 2bd/1ba | $515,000 |
| 121 Chesapeake St. leased land @ $20,000 yr. | #1 Sea Haven | 2bd/1ba | $499,000 |
| 1 Read Ave. quarterly fractional share | #303D Surf Club | 0bd/1ba | $95,000 |
| 38269 William F St. | #3 Kent Court | 1bd/1.5ba | $449,900 |
| 1 Read Ave quarterly fractional share | 111-C Surf Club | 0bd/1ba 476 sq’ | $71,000 |
| 1 Read Ave. quarterly fractional share | #202-C Surf Club | 0bd/1ba 476 sq’ | $91,000 |
| 1 Read Ave quarterly fractional share | #205-C Surf Club | 0bd/1ba 476 sq’ | $81,000 |
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 13 Clayton St. | #3 Ocean Mist | 4bd/3.5ba | $1,750,000 |
| 1 Read Ave. quarterly fractional share | #111-C Surf Club | 0bd/1ba 476 sq’ | $71,000 |
| 25 Read Ave. | #5 Seabreeze Village | 4bd/3.5ba 1,550 sq’ | $1,195,000 |
| 1 Read Ave. quarterly fractional share | #202-C | 0bd/1ba 476 sq’ | $91,000 |
| 1 Read Ave. quarterly fractional share | #205-C Surf Club | 0bd/1ba 476 sq’ | $81,000 |
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 1 Read Ave. quarterly fractional share | #205-C Surf Club | 0bd/1ba 476 sq’ | $81,000 | $81,000 |
| 1301 Coastal Hwy. | V-455 Lighthouse Cove | 2bd/2ba 874 sq’ | $975,000 | $975,000 |
| 2103 Coastal Hwy. | #Izzy Plaza | 4bd/2.5ba 1,804 sq’ | $975,000 | $975,000 |
| 21 Rodney Ave. | #2 Rodney Street | 2bd/1ba | $739,000 | $650,000 |
| 1 Read Ave. quarterly fractional share | #111-C Surf Club | 0bd/1ba 476 sq’ | $69,900 | $62,000 |
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 124 Swedes St. | #2 Swedes Street | 4bd/4.5ba 2,800 sq’ | $1,985,000 | $1,969,000 |
| 20960 Rogers Ave. | #4 El Capitan | 2bd/1ba | $515,000 | $499,000 |
| LANF FOR SALE | LOCATION | SIZE | ASKING PRICE |
| 20968 Coastal Hwy. | Ann Acres | 100 X 100 commercial/residential | $1,450,000 |
| 1252 King Charles 60 year lease | Rehoboth By The Sea | 50 X 100 | $950,000 |
| Rt 1 & Old Bay Rd | Rehoboth | .87ac commercial | $1,267,000 |
