Dewey Market Watch 11/4/21 thru 12/9/21

Happy  Holidays to everyone! I hope that everyone had and enjoyable Thanksgiving holiday. We’re right in the thick of the holidays. Transactions have been at a minimal not due to the holidays but rather the low, low inventory. Presently in Dewey there’s only 2 single family homes, 3 condos and 3 Surf Club (quarterly fractional shares- 1 week per month). There’s only one single family/commercial in Ann Acres and a single condo on F Benson St. in Dodds Addition. That’s the entire inventory!

     The only two new listings since my last newsletter five weeks ago are mine. The 1st listing is directly behind the old Lorraines hair salon on Ann Ave. This cute 2 bed/ 1 bath classic beach cottage rests on a 50 X 100 lot that is zoned commercial/residential. The parcel is located four and a half blocks to the ocean and a few streets just outside of Dewey town limits. The property is under the jurisdiction of Sussex County which offers a number of possibilities with the unique zoning of commercial/residential. This location offers walk to “everything” that Dewey Beach has to offer. Take a walk or bike into Rehoboth and enjoy the gorgeous views of Silver Lake along the way.

     My 2nd new listing is a unit in the Surf Club. Gorgeous ocean views!!! You own a quarterly fractional share (one week per month) for mere pennies. This is a totally managed property. HOA includes EVERYTHING and when I say everything I mean everything to include water, sewer, taxes, internet, cable tv, custodial services, electric, heat, air conditioning, furniture, tableware…. This efficiency comes equipped with a king size bed, foldout queen sofa, microwave, cooktop, refrigerator/freezer, kitchenette, flat screened tv and a whole lot of happiness:) 

     Only 10 days before the days start getting longer!! Yeahhhh:) Happy holidays to everyone!! Let’s celebrate the new year with a little more love, peace and happiness! 

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Dewey Market Watch 10/14/21 thru 11/3/21

Happy Holidays! It’s that time of the year again. The holiday season is upon us. The daylight hours are getting much shorter, kind of like the inventory in our market:) Dewey’s entire inventory includes three single family homes on land that you own, one single family on leased land and two condos. Killens Addition, Dodds Addition, Silver Lake Manor, Ann Acres, Poynters Addition, Sea Breeze Dev and Country Manor only offer one single family home and one condo and that’s the entire inventory. Limited inventory results in low transactions thus this very small update for a 2.5 week time span. The interest rates have remained the same, a 30 year fixed is 3.125% and a jumbo loan remains at 2.750. Happy and safe holidays to all!!!

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Dewey Market Watch 9/18/21 thru 10/13/21

     Happy autumn!!! Temperatures have cooled but not the market. Low inventory continues to plague the market. Presently there’s two single family homes and four condos on the market in the town of Dewey. Indian Beach, Chancellery, Dodds Addition, Killens Addition, Silver Lake Manor, Ann Acres and Poynters Addition only have two single family homes and one condo on the market. That’s a total of four single family homes and five condos from Robinson Dr. in Silver Lake Manor to the south end of Dewey in the Chancellery. Not much, not much!!

     Sellers and owners beware!! I’ve come across from very disturbing intel that I think that you should be aware of. I’ve witnessed three transactions that could have ended very differently. All three scenarios were single family home owners that were getting either appraisals or a quote by a local agent. The 1st scenario was an owner who was considering selling so they obtained an appraisal. The appraisal for a fee simple 50 X 100 lot with a tear down was appraised at $450K this past April. I listed and sold the home for $925K. The 2nd scenario an owner received a quote from an inexperienced agent for $700K for a fee simple 50 X 100 lot with another possible tear down. Leased land properties in Reho. By The Sea are selling at a starting price in the low $800’s! The home has a value between $1.2M to $1.3M. My quote was based on recent comparable closings. The third scenario was an appraisal for an estate that came in at $750K for another fee simple 50 X 100 with a home that needed a renovation but surely not a tear down. In today’s market the property would be valued between $1.2M to $1.4M. Both appraisers and the agent used closings that were 2-3 years old or comparables that were not evaluated properly. In all three cases I used at least EIGHT  recent closings within the year to base my evaluation on. My market analysis was actually quite easy with the eight comps that were available. The eight comparables were excellent and should have been used in all three cases, not closings that were 2-3 years old. How can professionals be so far off? I could see $25K to $50K off in this crazy market but these cases were half of their true values. I thought that this information was valuable enough to post to keep home owners in Dewey up to date with all aspects of the market:)

Have a happy autumn! Get outdoors and enjoy Delmarva!!

PLEASE CLICK ON THE ADDRESSES FOR COMPLETE MLS INFORMATION

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Dewey Market Watch 8/24/21 thru 9/17/21

     Happy Autumn!!! It’s a great time of the year to spend a nice, peaceful day on a uncrowded beach:) The market continues to be anything but peaceful. New listings are snatched up within a day or two. Inventory from Terrace Rd. in Silver lake Manor to Hall Ave in the Chancellery consists of only six single family homes (5 fee simple & 1 leased land) and three condos. Presently there are eight single family and three condos that have pending contracts on them. You can imagine the demand for inventory once people returned to work after the covid lockdown and were informed that they could work from anywhere through networking. HA I’d be camping here until I found something:)

     Many people, many home owners in Dewey follow my Dewey Market Watch to keep up with the values and availability in Dewey. The same goes for an automated search. If you’re looking to purchase anything you need to have an automated search set up. You would be alerted as soon as the subject property is entered into the MLS system. The time is ticking once the listing is entered. Perfect example is 22 Jersey St., it was listed one day and pending the following day. Once a new listing of interest becomes available then contact me or your personal Realtor to IMMEDIATELY show you the property. If a client can’t make it that day, typically I’ll make an appointment and Facetime them from the new listing. Time is of the essence once the property is listed. I have many searches set up with homeowners just so that they can keep up with any transactions within their complex, street…. If you owned a condo in Izzy Plaza then I’d set up a search just for Izzy Plaza. You may want to expand from only your building to a similar comparable anywhere in Dewey. My auto searches are simply designed to educate a buyer with any new listing, pending contract or closing or to notify an owner with any similar transaction from the same building, street… NO SALES pressure! I just need to know a little about your property #beds, #baths, upgrades… if you’re interested in me setting you up a search. Please contact me if you are interested in a search. Get out and enjoy a walk on a nice uncrowded beach. It’s a great stress relief!!!!

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Dewey Market Watch 8/1/21 thru 8/23/21

The annual running of the bull was held in Dewey this past weekend. It was a good time and enjoyed by all that attended. This annual event unfortunately signifies an end to summer as local summer teens head back to college. The locals summer begins now and into the autumn season:) The market continues to be as strong as it’s ever been. Interest rates are 2.875% for a 30 year fixed and 2.750 for jumbo loans and is the fuel for the red hot market. Inventory is almost non existent in the entire county. Prior to the Covid pandemic this was the time that owners were considering listing their home after all of the summer rentals were realized however that’s not the case anymore in this very aggressive market. Our present market is labeled “aggressive” year round. There were six pending contracts in the last three weeks. Prior to covid the average sales during the peak spring and autumn months was two per week. Summer activity typically slowed during the summer as people vacationed and didn’t pursue their search until autumn after summer rentals have gone. There is no down time in the present market. Many listings are still selling over asking price. There were three such properties within this three week update, see below. Wondering the value of your home in today’s market? Let’s meet after the summer rentals are complete. Looking to purchase? Let me educate you with your area of the market. You absolutely have to be pre educated so that when the right listing hits the market, you’re ready to present an educated offer at a moments notice. Enjoy the remainder of summer!!!

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Dewey Market Watch 7/7/21 thru 7/30/21

Happy summer!!! The local real estate market continues to be as hot as the Arizona desert! This report is a three week analysis. There were seven pending contracts for single family homes and two condo sales. Two transactions per week was the norm before the covid hit. Listings continue to sell at break neck speed. Presently there’s one single family on leased land, five single family fee simple and five condo listings. There’s one single family home in Dodds Addition and one home in Silver Lake Manor on the market. There is no present inventory for Indian Beach and the Chancellery. That’s it! The interest rates dropped a little this week and are now at 2.750% for a 30 year fixed and jumbo loans. Many, ok most owners are totally shocked when I give them a formal market analysis. They had no idea that their home had this kind of value. Many of the sellers have owned for 30-40 years and are just cashing out at this premium time, some retiring and some moving on to other investments. Wondering what your value is? Whether you’re considering whether to sell or just wondering what your property is really worth, give me a call and I’d be more than happy to perform a “no sales pressure” market analysis. Have a happy and safe summer!!!

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Dewey Market Watch 5/19/21 thru 7/6/21

     Happy summer! It’s great to see everyone’s smiling faces again!! The market remains strong as ever. New listings are selling in record time. Presently there are five single family homes and six condos active for sale in Dewey. Ann Acres has one listing. Dodds Addition has two listings and Silver Lake Manor has one listing. The average time for a ratified contract has been within a week or two. Multiple offers are still the norm with many of them still selling over asking price. The interest rates remain at 2.875% for a 30 year fixed and 2.875% for a jumbo loan. There are no indications that the interest rates are going to rise anytime in the near future. It’s a great time to list with minimal inventory in the market. If you’re considering buying then it’s very smart to be educated by a Realtor so that you’re up to date with values in today’s hectic market. Any potential buyer must be ready to view and present an offer asap or you may lose due to market demand.

     ALERT!!! Drivers need to start paying attention to the crossovers in Dewey. The crosswalks are an accident waiting to happen. I work in Dewey every day. I’ve witnessed so many drivers with their heads up their butts that almost ran entire families over. I have been personally stopped for pedestrians crossing the highway in the designated crosswalks only to have a driver in the adjacent lane never even slowed down. This has already happened to me a good dozen times. Flashing lights or no flashing lights at the crossovers you MUST proceed with extreme caution. Who wants to drive fast in Dewey anyway?? C’mon people pay attention before someone gets seriously injured. The weather has been superb and summer is in full swing. Get out and enjoy!!!

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Dewey Market Watch 4/16/21 thru 5/18/21

Record sales and values continue to fuel the real estate market in the resorts area. The facts are out. The resort area realized a 26.5% increase in appreciation over the last year. The market remains brisk. There were 17 pending contracts within the last month. Most of the new listings sell within days of listing. Multiple offers are common. Many of the listings are selling for higher than asking price. Most of the sales are not appraising  due to the extreme appreciation at such a fast pace. The difference in the appraised value and the contract price is being made up by buyers bring cash to the settlement to make up the difference. Presently there’s only six listings in Dewey. There’s only three listings in the Forgotten Mile, one in Dodds Addition and two in Silver Lake Manor. Inventory is critically needed. It’s a sellers market! Wondering the value of your home in today’s market or are you considering listing? Please contact me for a free no hassle market analysis. Happy summer, it’s going to be a good one!!!!

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Dewey Market Watch 3/3/21 thru 4/14/21

Happy spring!!! The market continues to be on blazing fire! I’ve lost eight contracts and all of them were $15K to $20K over asking price and I still lost them all. My highest loss was a $525K offer on a $479K asking price. My contract was cash, no home inspection, no other contingencies and I wasn’t even close. The unit closed at $638K! This is typical of what we’re seeing as agents, not quite this high but many are over asking price.  Many of the contracts are cash offers with most buyers waiving the appraisal. If they’re borrowing on a purchase and the appraisal comes in low then buyers are bringing cash to the settlement table to make up the difference. Many listings will have 15-20 offers within the 1st 2 days of listing. It’s almost impossible to keep up with the market through my updates due to listings selling so fast. If you’re truly interested in purchasing a property or keeping up with all of the present transactions as they occur then please contact me. I’ll set you up a search based on the criteria that you provide me and you’ll be notified of any new transaction to include all new listings, price reductions, pending contracts and closures. This will be sent to you directly from our MLS. No sales pressure, just updates as soon as they occur:) Interest rates have dropped a little and now are back down to 3% for a 30 year fixed primary and 3% jumbo loans. It’s an excellent time to list a property!!! It’s expected to be a very busy summer this year. Some covid restrictions are being eased and it looks like we might just have a normal summer!!!

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Dewey Market Watch 2/6/21 thru 3/2/21

The spring selling season is upon us and in full gear. The present problem with the Dewey market is the lack of inventory. There’s presently only five single family homes for sale and eight condos in the entire town limits of Dewey. You can’t sell the product if the product isn’t available! Interest rates are on the rise. The present interest rate for a 30 year fixed is 3% and ditto for a jumbo that’s also at 3%. The days are getting longer and daylight savings time is only weeks away. Locals are eagerly awaiting the first sighting of the first migrating osprey and all of the summertime species. Welcome springtime!!!

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Waterfront on Lake Comegy’s on Chesapeake St. What more could you ask for?:) Great location with a solid $45K rental income. This is a Reho. By The Sea property with lease conditions of 52 years remaining at $17,176 a year. The new condo listing at 3 Bellevue is loaded with panoramic ocean and bay views. Located only one lot off of the ocean this 4bd/2.5ba, 2000sq’ home surely will provide summertime memories to last a lifetime!

The old Dupont estate located at 1 & 3 Cullen St has gone to contract. The .79ac ocean front complex consists of 2 homes and very well could be the most premier property in Dewey. The home with an asking price of $11M took just under 2 years to sell. New construction on the bayside at 113 Houston has also raised the bar for pricing. The 6bd/7fl ba/2hlf ba with 5,103sq’ was listed for $3.1M and sold in only 131 days on the market. 23 Manor Dr. has finally gone to contract after being on the market for 651 days. I always liked this property. It needs a interior renovation but the .29 ac lot allows plenty of room for expansion, pool…. 7 Cullen St. didn’t last long! The 5bd/3ba with 3,100sq’ living space only lasted 14 days on the market. It appears the big new construction is hovering right around the $3M+-. 

The new owners at 119 Saulsbury should feel pretty happy with their purchase. The $755K purchase price is almost lot value! The two rental licenses offer multiple opportunities with the property. The closing at 114 West is the least expensive Reho. By The Sea property in a long, long time. The closing price of $340K anywhere on West St. is truly a valuable purchase. The new construction on Dover sold for a whooping $1.3M. The undersized lot measured 2,613sq’, just over a half of a typical lot size.

Increases instead of decreases! That’s the signs of a solid market!

The Lighthouse Cove is offering their last four units that are available in new construction. That’ll be it for Lighthouse Cove! The two remaining units on the market are resales.  The ocean front complex of Wilson Dunes has a new listing available. Ocean views adorn this 3bd/2.5ba. Recent updates include the  exterior and interiors of this rare ocean front unit. Mariners Surfside has a new listing. The single family detached, condominiumized home is a 4bd/2ba home built in 2015. The land lease is a very affordable $13,414 yr. This may well be the most affordable single family ocean block Reho. By The Sea property. Bay front anyone? The new listing in Marina Views will satisfy just the appetite. Sunsets to die for!!

The closing of the penthouse unit in the Lighthouse Cove closed for an astounding $1,828,326. That has to be a record for the complex! Unit B17 in McKinley Condos sold in 49 days. This mid ocean block condo offered tons of living space in this 5bd/2.5ba 2,150sq’ home. Two units closed in Colonial Seas. There are only six years remaining on the present lease with no opportunity to renegotiate the lease. Unit #5 sold for $299K with an ocean view and #4 sold for $205K without an ocean view. Unit #5 in Anchor Way offered a wonderful southern exposure with gorgeous sunsets. Entry level pricing for the sale of unit #S306 in the Opal. The closing price of $355K allows for an affordable beach getaway. Unit #6 in Poynters Square contained 3,800sq’ of living space. The 6bd/4.5ba had a rental income of $50,000.

The price reduction in #100 Sunspot should be significant enough to sell the unit. This complex just realized a major exterior renovation and update and will treat the new owner to many fond summertime memories. Would you like something a little less expensive? Located on the bay side unit #5 in Bay View reduced their price to $414,900

 New commercial listing!!! This property is a free standing unit part of the the Cove Condominiums. You own the 2 bedroom unit above the restaurant and you own the property the restaurant is located in.  You can also rent out the bottom floor unit restaurant, keep it for yourself to operate or change the concept completely. The opportunities are endless with this property. This incredible seasonal business has everything you need to just start right up. Location, equipment, menus, recipes, furnishings, and even including the employees already in place. Restaurant is also available for lease with or without the condo. You can buy everything for 1.6m or, you can buy the business and lease just the restaurant for 50k per year or take both the restaurant and the condo above for 70k total per year.

The 2nd listing Bell Buoy Motel boasts 16 efficiency units plus one 2bd/2ba owners/managers unit. The motel is situated on just shy of a double lot. This would create an excellent investment opportunity. Please contact me for recent rental numbers and carrying costs…

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