Dewey Market Watch 7/16/20 to 8/26/20
The market has been absolutely bizarre! This is my 2nd delayed Dewey Market watch. The amount of follow up time for my eight pending contracts has my schedule going backwards due to keeping up with deadlines, home inspections, appraisals…. Selling a home is the easy part, keeping it together to get it to the settlement table can often be a challenge and very time consuming. This market update is up to 8/26 and will resume from then until my next update. Due to the amount of transactions in this update I won’t comment on each individual transaction. Please click on the address and the full details on the subject property will emerge just as it’s listed in our MLS. Please contact me directly if you have any questions regarding any of the listings. The mortgage interest rates are fueling the fire! Interest rates are starting in the 2.5% – 2.750% for primary and just under 3% to 3.250% for jumbo loans. The rumor is that the interest rates are going to remain low for the next year to year and a half as the economy rebounds from the pandemic. The super bad news is that the inventory is the lowest I’ve seen in my 20 year career. Presently there’s 7 single family homes for sale. Typically there’s about 13-14 in the inventory. There are no listings in Rehoboth By The Sea leased land properties. Typically there’s 4-6 active listings but nothing on the market at the present time. Condominiums are typically the backbone of the Dewey Market. There’s usually about 32-34 active condos for sale, in today’s market there’s only 16 listings. Many, many appraisals are coming in low due to lack of activity in the market which is a direct result of the very low inventory. Lots of buyers are offering above appraised value and coming to the table with cash for anything above the appraised value. The 2020 season has been a challenge to say the least! Summer rentals are winding down with Labor day weekend just days away. Most rental incomes have been realized and maybe you’re considering selling. It’s a sellers market due to the low inventory AND it’s a buyers market due to the incredibly low interest rates. It’s a great market!! You may be very surprised to see what the value of your home would be worth in today’s market. Please feel free to contact me for a free, no hassle market analysis that will educate you with your value in today’s appreciating market. Have a happy, healthy and safe Labor Day weekend!!!!
| SINGLE FAMILY NEW | LOCATION | SIZE | ASKING PRICE |
| 200 Jersey St. | Rehoboth By The Sea | 4bd/2ba 2 units | $1,100,000 |
| 33 Hall Ave. | Chancellery | 5bd/5ba 4,070 sq’ | $2,799,000 |
| 38142 Terrace Rd. | Silver Lake Manor | 5bd/4.5ba | $929,500 |
| 110 West St. 28 yr leasehold @ $4,185. yr | Rehoboth By The Sea | 4bd/2ba 1,200 sq’ | $769,000 |
| SINGLE FAMILY PENDING | LOCATION | SIZE | ASKING PRICE |
| 111 Bellevue St. | Dewey Beach | 7bd/4ba 2 units 3,200 sq’ | $1,249,000 |
| 14 Carolina St | Rehoboth By The Sea | 3bd/2ba | |
| 21 Hall Ave. | Chancellery | 5bd/6ba 4,582 sq’ | $5,850,000 |
| 8 Venetian Dr. | Seabreeze Dev | 4bd/3ba 2,761 sq’ | $1,250,000 |
| 18 Chesapeake St. 60 yr lease @ $27,692 yr | Rehoboth By The Sea | 3bd/2ba 1,158 sq’ | $799,000 |
| 27 Chesapeake St. | Rehoboth By The Sea | 6bd/3.5ba 2,600 sq’ | $2,247,000 |
| 25 Chesapeake St. | Rehoboth By The Sea | 7bd/3.5ba 2,600 sq’ | $2,387,000 |
| 127 Chesapeake St. | Rehoboth By The Sea | 5bd/4.5ba 2,965 sq’ | $1,695,000 |
| 7 Houston St. | Rehoboth By The Sea | 5bd/4fl ba/2hlf ba 3,500 sq’ | $2,195,000 |
| SINGLE FAMILY CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 110 West St. 28 yr leasehold @ $4,185. yr | Rehoboth By The Sea | 4bd/2ba 1,200 sq’ | $769,000 | $749,000 |
| 305 Swedes St. | Seabreeze Dev | 5bd/3ba 2,400 sq’ | $795,000 | $800,000 |
| 31 Hall Ave. | Chancellery | 5bd.6fl ba/2hlf ba 6,413 sq’ | $2,650,000 | $2,655,000 |
| 27 Hall Ave. | Chancellery | 7bd/8fl ba/2hlf ba 9,500 sq’ | $4,995,000 | $4,800,000 |
| 106 West St. | Rehoboth By The Sea | 3bd/2ba 1,000 sq’ | $1,150,000 | $1,050,000 |
| 123 Chesapeake St. | Rehoboth By The Sea | 5bd/3fl ba/2hlf ba 3,100 sq’ | $1,595,000 | $1,650,000 |
| 25 Chesapeake St. | Rehoboth By The Sea | 7bd/3.5ba 2,600 sq’ | $2,387,000 | $2,100,000 |
| 27 Chesapeake St. | Rehoboth By The Sea | 6bd/3.5ba 2,600 sq’ | $2,247,000 | $1,900,000 |
| 20701 Fisher St. | Dodds Addition | 2bd/2ba 1,332 sq’ | $825,000 | $725,000 |
| 38356 Josephine St. | Dodds Addition | 3bd/2ba 1,406 sq’ | $935,000 | $885,000 |
| SINGLE FAMILY INCREASE/DECREASE | LOCATION | SIZE | PREVIOUS PRICE | NEW PRICE |
| 111 Chicago St. | Dewey Beach | 6bd/5ba/2hlf ba 4,876 sq’ | $2,750,000 | $2,790,000 |
| CONDOS NEW | BUILDING | SIZE | ASKING PRICE |
| 9 Clayton building #13 | #2 Ocean Mist | 4bd/3ba 2,000 sq’ | $1,049,000 |
| 1609 Coastal Hwy. | #404S Opal | 2bd/2ba | $399,000 |
| 100 Collins Ave. | #107 Marina View | 1bd/1ba 800 sq’ | $359,000 |
| 20902 South Ave. | # B Poynters Addition | 3bd/2ba 1,080 sq’ | $429,900 |
| CONDOS PENDING | BUILDING | SIZE | ASKING PRICE |
| 9 Clayton building #13 | #2 Ocean Mist | 4bd/3ba 2,000 sq’ | $1,049,000 |
| 109 Dagsworthy St. | # D Rainbow Cove | 3bd/2ba 1,080 sq’ | $429,000 |
| 24 Dickinson Ave. | #7A Dewey Villas | 1bd/1ba | $325,000 |
| 107 Collins Ave. | #501 Cove | 4bd/3ba 1,340 sq’ | $589,000 |
| 1301 Coastal Hwy. | #263 Lighthouse Cove | 3bd/2.5ba 1,523 sq’ | $1,199,000 |
| 35 Rodney Ave. | #1 Dewey Beach Dev | 4bd/3.5ba 1,873 sq’ | $999,000 |
| 35 Rodney Ave. | #2 Dewey Beach Dev | 4bd/3.5ba 1,873 sq’ | $999,000 |
| 14 Van Dyke Ave. | #B Ocean Sunset | 4bd/3.5ba 2,040 sq’ | $949,900 |
| 1701 Coastal Hwy. | #305 Opal | 2bd/2ba 925 sq’ | $409,900 |
| 2007 Bayard Ave. | #5 Baystrand | 3bd/3ba 2,100 sq’ | $799,000 |
| 1301 Coastal Hwy. | #459 Lighthouse Cove | 2bd/2ba 1,077 sq’ | $699,900 |
| 1301 Coastal Hwy. | #242 Lighthouse Cove | 3bd/3ba 1,578 sq’ | $1,099,900 |
| CONDOS CLOSED | BUILDING | SIZE | ASKING PRICE | CLOSED PRICE |
| 2007 Bayard Ave. | #5 Baystrand | 3bd/3ba 2,100 sq’ | $799,000 | $768,550 |
| 107 Collins Ave. | #501 Cove | 4bd/3ba 1,340 sq’ | $589,000 | $575,000 |
| 1301 Coastal Hwy | #258 Lighthouse Cove | 2bd/2ba 1,050 sq’ | $614,000 | $610,000 |
| 24 Dickinson Ave. | 8A Dewey Villas | 1bd/1ba | $330,000 | $325,000 |
| 24 Dickinson Ave | #7A Dewey Villas | 1bd/1ba | $325,000 | 315,000 |
| 109R Dagsworthy St. | # C Rainbow Cove | 3bd/2ba 920 sq’ | $379,000 | 360,000 |
| 109 Dagsworthy St. | # D Rainbow Cove | 3bd/2ba 1,020 sq’ | $429,000 | $412,000 |
| 1609 Coastal Hwy. | #302S Opal | 2bd/2ba 925 sq’ | $379,900 | $369,999 |
| 2007 Bayard Ave. | #5 Baystrand | 3bd/3ba 2,100 sq’ | $799,000 | $768,550 |
| 1301 Coastal Hwy. | #254 Lighthouse Cove | 2bd/2ba 1,077 sq’ | $599,900 | $599,900 |
| 20950 Ann Ave | #11 Ocean Dunes | 3bd/2.5ba 1,685 sq’ | $499,900 | $480,000 |
| 100 Collins | #104 Marina View | 1bd/1ba 1,026 sq’ | $375,000 | $367,500 |
| 100 Collins Ave. | #204 Marina View | 1bd/1ba 1,026 sq’ | $378,900 | $372,000 |
| 119 Collins Ave. | #112 Marina View | 1bd/1ba 1,000 sq’ | $385,500 | $385,500 |
| CONDOS INCREASE/DECREASE | BUILDING | SIZE | PREVIOUS PRICE | NEW PRICE |
| N/A |
| ALL LOTS FOR SALE/CLOSED | LOCATION | SIZE | ASKING PRICE | CLOSED PRICE |
| 1 Clayton FOR SALE | Ocean front Clayton | 50 X 100 | $2,300,000 | N/A |
| lot 26 Fisher St. | Dodds Addition | 50 X 100 | $705,000 | $700,000 |
| ALL COMMERCIAL | BUSINESS | SIZE | ASKING PRICE |
| 21 Van Dyke St. | Bell Buoy Motel | 16 units + owners suite | $1,975,000 |
| 20968 Ann Ave. | Lorraine’s Hair Salon | 100 X 100 (double lot) | $825,000 |
