Dewey Market Watch 5/4/23 thru 6/28/23
This is a delayed Market Watch update. I’ve been on the mend! Last Memorial weekend I contacted covid and it laid me up for two weeks. This Memorial weekend I landed in the hospital for four days with Pancreatitis. Not from drinking rather I was a small portion of the 6% that had a negative reaction to my blood pressure medicine the end result being pancreatitis. Not any fun by any means but back to enjoying every day life and the wonderful summer weather.
The low inventory remains the same thus keeping our market very much alive. The inventory for single family homes has increased to five fee simple properties and two single family homes on leased land. Multiple offers are still occurring in our market. My listing at 204 Jersey St. had multiple offers and is now pending settlement. My new listing at 105 Carolina St. is very unique. The home is the 2nd home in the 2nd block of highly sought after Carolina St. **** The property is a leasehold from Rehoboth By The Sea. The present owner renegotiated the lease. The present lease has 26 years remaining, expiring in 2049. THE UNIQUENESS OF THIS LEASE IS THAT IT’S ONLY $5,219. A YEAR. The lease amount is increased every five years based on the CPI which is minuscule compared to the 3.5% increase per year in the most recent leases. Renovate the existing home or construct the home of your dreams! Better call me asap if you’re interested. This property will be gone immediately. Where are the condos??? There’s only two condos and one fractional share in the Surf Club on the market. We could surely use a few new condo listings. The interest rates have dropped a little bit. Present rates are 5.875% for a 30 year fixed primary so a 2nd home/investor would be in the low to mid 6’s.
Summertime, summertime, sum sum summertime! Summer’s in full swing! Let the good times roll!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 34 Collins Ave. | Indian Beach | 6bd/4fl ba/2 hlf ba 7,150 sq’ | $4,985,000 |
| 13 Bellevue St. | Rehoboth By The Sea | 6bd/5.5ba 4,700 sq’ | $4,899,999 |
| 18 Carolina St 54 year lease @ $30K yr. | Rehoboth By The Sea | 3bd/2ba 1,600 sq’ | $1,599,000 |
| 105 Carolina St. 26 year lease @ $5,219 yr | Rehoboth By The Sea | 3bd/1.5ba | $1,300,000 |
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 204 Jersey St. | Rehoboth By The Sea | 3bd/2ba | $1,650,000 |
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 1 Rodney Ave. | Dewey Beach | 3bd/1.5ba ocean front | $2,895,000 | $2,895,000 |
| 21058 Dodd Ave | Ann Acres | 4bd/2ba 1,600 sq’ | $999,000 | $1,000,000 |
| 20920 South Ave | Poynters Addition | 5bd/4ba 2,400 sq’ | $1,100,000 | $900,000 |
| 106 & 108 Saulsbury St | Rehoboth By The Sea | 2 homes 3bd/2ba each | $1,500,000 | $1,500,000 |
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| 18 Carolina St. 54 year lease @ $30K yr | Rehoboth By The Sea | 3bd/2ba 1,600 sq’ | $1,699,000 | $1,669,000 |
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 18 Dagsworthy St. | #4 Ocean Sands | 3bd/2ba | $1,725,000 |
| 3 Dickinson Ave. | # 6A Ocean Harbor | 4bd/3.5ba 2,252 sq’ | $1,850,000 |
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| N/A | N/A | N/A | N/A |
| 3 Dickinson Ave. | #6A Ocean Harbor | 4bd/3.5ba 2,252 sq’ | $1,850,000 |
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 123 Bellevue St. | Bay Winds | 3bd/3ba 2,500sq’ | $985,000 | $955,000 |
| 119 Collins Ave # | Marina View | 1bd/1ba 1,026 sq’ | $525,000 | $550,000 |
| 1 Read Ave. quarterly fractional share | Surf Club | 0bd/1ba 476 sq’ | $54,000 | $58,000 |
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| 18 Dagsworthy St. | #4 Ocean Sands | 3bd/2ba | $1,699,000 | $1,625,000 |
