Dewey Market Watch 5/26/19 thru 7/15/19
Happy summer!! Ahhh I can’t say that enough:) I think that will be my opening line until Labor day:) The 2019 summer season is in full strength. A good time was had by all who attended the Running of the Bull and the 4th of July festivities. The market has been as hot as the weather! There’s eight new single family homes that have been listed in the last six weeks along with six new condo listings. There were seven condo sales and four single family home sales within the six week period. The average amount of sales per week is two for this time of the year so we’re right on target for a nice summer:) Interest rates are hovering at an incredible 3.750% so it’s a good time to buy and a good time to sell:)
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 123 Chesapeake (back on market) | Rehoboth By The Sea | 5bd/3fl ba/2hlf ba | $1,875,000 |
| 106 Cullen St. | Rehoboth By The Sea | 6bd/6fl ba/2hlf ba | $3,395,000 |
| 103 Clayton St. | Rehoboth By The Sea | 3bd/2ba | $725,000 |
| 116 McKinley St | Dewey Beach | 3bd/2ba (3,999 sq’ lot) | $663,000 |
| 13 Dagsworthy St | Scrod Acres | 3bd/2ba | $950,000 |
| 14 Chicago St | Rehoboth By The Sea | 5bd/4fl ba/2hlf ba | $3,495,000 |
| 39 Beach Ave | Indian Beach | 3bd/2ba | $1,350,000 |
| 38258 Robinson Dr | Silver Lake Manor | 4bd/3.5ba | $1,325,000 |
Look at all of this fresh fee simple single family inventory! Prices in north Dewey are on the rise. New construction is starting to be included in our everyday market place. 14 Chicago, 106 Cullen and Fisher St in Dodds Addition are all prime examples of the future of Dewey Beach.
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 118 Chicago St. 58 yr lease @ $17,356yr | Rehoboth By The Sea | 3bd/2ba 1,600 sq’ | $439,000 |
| 116 Jersey St 58 yr lease @ $18Kyr | Rehoboth By The Sea | 4bd/2.5 ba 1,400 sq’ | 485,000 |
| 103 Clayton St. | Rehoboth By The Sea | 3bd/2ba | $725,000 |
| 23 Carolina St. RBTS leasehold @ $23,782yr | Reho. By The Sea | 4bd/2ba | $465,500 |
Rehoboth By The Sea has been selling like hot cakes. The three properties with leased land all have one of the newer leases. I listed 103 Clayton St (fee simple) and we closed it on the 4th of July (listed only 11 days) to one of the 1st people who viewed it. The increased inventory hopefully will reflect a good 2nd half of 2019. Single family homes are selling!!!!
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSING PRICE |
| 118 Chicago St RBTS 58 yr leasehold @ $17,356yr | Reho. By The Sea | 3bd/2ba | $439,000 | $439,000 |
| 20591 Fisher St. | Dodds Addition | 5bd/4.5ba | $1,395,000 | $1,350,000 |
| 38285 Blackstone Ave | Silver Lake Manor | 4bd/4fl ba/2hlf/ba | $$1,795,000 | $1,620,000 |
118 Chicago just closed for full asking price. The quaint little beach cottage showed very well and pride of ownership showed throughout. The closing on Fisher St in Dodds Addition is just another fine example of new construction. The buyer of Blackstone Ave will surely enjoy the peace and quite that the whole street enjoys. Many people don’t even know that Blackstone exists, it’s one of those hidden treasures.
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS LIST PRICE | NEW ASKING PRICE |
| 1600 Bayard Ave. | Dewey | 3bd/2bs | $799,000 | $795,000 |
| 38175 Robinson Dr. | Silver Lake Manor | 4bd/5.5ba 2,340 sq’ | 899,900 | $874,900 |
| 8 Venitian Dr | SeaBreeze Dev | 4bd/3ba | $1,449,900 | $1,399,900 |
| 31 Hall Ave | Chancellary | 5bd/6fl ba/2hlf ba | $3,690,000 | $3,295,000 |
| 205 Jersey St RBTS 54 yr leasehold @ $12,900yr | Reho By The Sea | 3bd/2ba | $629,900 | $590,000 |
There were 5 nice price reductions in the single family home market. Significant reductions should get the ball rolling on most of the properties. Leading the pack is the huge price reduction of $395K at 31 Hall, followed by a $50K reduction at 8 Venitian, $39K reduction at 205 Jersey and a $25K reduction at 38175 Robinson. There’s nothing wrong with trying the market but sellers must realize that once these properties sell they have to appraise. Appraisals have been difficult lately so it’s a fact that has to be considered when properly pricing a property.
| CONDOMINIUMS NEW | BUILDING | SIZE | ASKING PRICE |
| 35 Rodney St. | #2 Dewey Beach Dev | 4bd/3.5ba | $1,149,000 |
| 24 Dickinson St. | #8A Dewey Villas | 1bd/1ba 800 sq’ | $387,500 |
| 35 Rodney Ave. | #1 Dewey Beach Dev | 4bd/3.5ba | $1,149,999 |
| 1609 Coastal Highway | #S207 Opal | 2bd/2ba | $378,000 |
| 2 McKinley Ave | #105 Sun Spot | 2bd/1.5ba | $688,000 |
| 100 Collins Ave. (BOM) | #108 Marina Views | 2bd/2ba | $695,000 |
Variety and choice is available with the six new condo listings. Five different buildings to choose from and includes all various price levels. The new ocean front listing in the Sun Spot is the 1st 2bed ocean front building that I’ve seen in a while. All remediation in the Sun Spot has been completed and the building now shows very well.
| CONDOMINIUMS PENDING | BUILDING | SIZE | ASKING PRICE |
| 2 McKinley St | #207 SunSpot | 1bd/1ba | $399,000 |
| 1301 Coastal Highway | #263 Lighthouse Cove | 3bd/2.5ba | $1,049,000 |
| 102 Bayside Ct | #20 Bayside Court | 4bd/3.5ba | $540,000 |
| 1301 Coastal Highway | #462 Lighthouse Cove | 3bd/2.5ba | $1,499,000 |
| 1301 Coastal Highway | #403 Lighthouse Cove | 3bd/3ba | $925,000 |
| 119 Collins Ave | #214 Marina View | 1bd/1ba | $410,000 |
| 103 Vista Rd | #3 Pelican Cove | 1bd/1ba | $425,000 |
Lighthouse Cove leads the condo sales as three units went pending since my last update. The Lighthouse Cove inventory is dwindling down. Presently there are 32 condos on the market. Six of the units are the new Lighthouse Cove units and 26 units are re sales. Lots of choice in the re sales. Thinking of purchasing a condo? Please call me for a no hassle education of the condo market.
| CONDOMINIUMS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 100 Van Dyke St. | #205 Cove | 2bd/1ba | $344,000 | $330,000 |
There was only one condo closing since my last update six weeks ago. This is a direct result of the slow May market. This unit is a nice entry level priced condo in the Cove. The Cove just realized major renovations to the exterior and has given the community a whole new face lift.
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS LIST PRICE | NEW ASKING PRICE |
| 119 Collins Ave | #214 Marina Views | 1bd/1ba | $415,000` | $410,000 |
| 1701 Coastal Hwy | #N302 Opal | 1bd/2ba | $350,000 | $325,000 |
| 100 Van Dyke St | #201 Cove | 2bd/1ba | $349,000 | $339,000 |
There were only three condo price reductions for this update. The last closing for a 2bd/1ba in the Cove (see closings above) was for $330K. The asking price of unit #201 is $339K. I’d say unit #201 is the next to go! Got an interest? Please contact me for a private showing.
| COMMERCIAL | BUSINESS | LOCATION | ASKING PRICE |
| 2107A Coastal Hwy. | #C8 Izzy Plaza | 924 sq’ commercial space | $375,000 |
| 21 Van Dyke St | Bell Buoy Motel | ocean block | $2,249,000 |
| LAND ALL LISTINGS | LOCATION | SIZE | ASKING PRICE |
| 7 Clayton St (PENDING) | one lot off ocean | 50 X 100 | $1,400,000 |
| 3 Clayton St | ocean front | 50 X 100 | $2,400,000 |
| 1 Clayton St | ocean front | 50 x 100 | $2,400,000 |
| lot 1 Old Bay Rd | Ann Acres | .65ac | $499,900 |
| lot 29 Rogers Ave | Ann Acres | .15ac | $324,900 |
| 38390 F Benson (PENDING) | Dodds Addition | 50 X 100 | $574,900 |
Lots are selling! 7 Clayton, one off the ocean has finally gone to contract. I always thought that this sale would make sense in today’s market. I’m sure that the home will exquisite just as any ocean block home would. I’m anxious to see the results! The lot on F Benson St went to contract in only 11 days. There are two nice affordable lots in Ann Acres along with the two ocean front lots on Clayton St. Please call for more details:)
