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!!!

CLICK ON ADDRESS FOR FULL MLS LISTING

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…

• Continue Reading

Dewey Market Watch 1/13/21 thru 2/5/2021

Happy, happy Friday!! The days are getting longer and spring is getting closer:):) The Dewey market and surrounding communities continues to be hot, hot, hot! There are 13 pending contracts for the last 3 weeks of activity. It’s middle of the winter in February which is typically the slowest time of the year and activity is surpassing the numbers of a normal spring selling season. New listings have been flying off of the shelf as soon as they’re listed. Rates are still record low, a 30 year primary fixed is 2.265 and a jumbo 30 year fixed is 2.875. The inventory is non existent. Presently in Dewey there are two single family leased land properties for sale, four single family fee simple and six condos. There are three single family homes, one in Dodds Addition and two in Silver Lake Manor. That’s it!! I’ve never seen the inventory this low nor have I been without a listing during my entire 19 year career. Present values in today’s market may astound you. Please call me for a free market analysis.

Back on the market! This quaint 2bd/2ba home from yesteryear is located on an over sized 5,663sq’ lot. Lots of charm!! The home features hardwood flooring, well-appointed gourmet kitchen with granite countertops, vaulted ceilings, exposed beams, gas fireplace…

131 Chesapeake is a 5bd/3.5ba lake Comegy’s waterfront home. The 1989, 2000sq’ home sold in only 62 days. 202 Jersey St. is a 2nd block off of the ocean and sits on an over sized 6,098sq’. 21162 Andrew Ave. has been off and on the market for years. The hot market has produced a sale and a new owner will now enjoy the bay views! 105 Dover is a newly constructed 4bd/4.5ba, 1,836sq’ home. The home was built on a 2,613sq’ lot (half lot) and sold within 6 days of listing. Great market!!

Lots of old Dewey charm in this est.mid 60’s beach cottage. Loaded with original pine wood walls and an open floor plan creates a perfect home for beach gatherings.

Location, location!! 22 Carolina! Ocean block, very desirable street, sold for full price in only 5 days! They don’t last long! 16 New Orleans is another ocean block home that sold in 38 days. 113 Cullen has a relaxed vibe with cozy living space, hardwood floors, tiled baths, and welcoming feel from the minute you enter the front door. Sale includes a lovely 2 bedroom back cottage- perfect for overflow guests. Sold in only 45 days!

103 Rodney is an affordable 2bd/1ba unit. Both doors and all windows have been replaced. The kitchen and bath have also been renovated and new vinyl floors installed throughout. 15 Van Dyke is a mid ocean block condo. Many recent upgrades and turn key ready for rentals or personal enjoyment.

There were five ocean block condos that recently sold. The two units #4 & #5 in Colonial Seas went to contract. The leases will expire in six years and will not be renegotiated. 18 West #C in the Guthrie is an entry level priced condo. The 1bd/1ba unit sold in only 8 days. 20930 Coastal Highway unit #6 is a very large 3,800sq’ home. The 6bd/4.5ba is located just north of Dewey had a rental history of $50K and it sold in only 18 days. 20969 Rogers Ave is another condo just north of Dewey. The unit is located just a short 4 blocks to the beach. 100 Van Dyke is another entry level priced 2bd/1ba unit located in the Cove. 19 McKinley St. is an ocean block rental machine. The unit boasted a $85,665. rental income and sold in 49 days.

21 Rodney unit #1 is a mid ocean block, year round 2bd/1ba condo. The unit sold for full price and had a ratified contract within 14 days. 1609 Coastal Highway unit #S207 is a 2bd/2ba Opal unit. The unit features Hardwood Floors, Granite Countertops, Stainless Steel Appliances  and is a 2nd Floor Unit with Elevator.

The two ocean front lots on Clayton St. that have been on the market forever both have pending contracts. The only lot for sale in Indian Beach at 22 McKean Ave has also gone to contract. The only remaining lot that’s for sale is the commercial lot on Rt.1

The 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…

• Continue Reading

Dewey Market Watch 11/5/2020 thru 1/9/21

Happy New Year!!! 2021 is going to be a very exciting year!

      I hope that everyone had a safe and happy holiday season. 2020 was a year like nobody has ever witnessed in our lifetime. As the economy rebounds from the pandemic rumors have it that the interest rates are going to remain low for 2021 and possibly beyond. What did that do for the Dewey and the entire resort market? The 2.5% for a 30 year fixed and 2.875% for a jumbo has buyers snatching up new listings only days after they’re listed. Look at this edition of my Market Watch! This report contains all of the transactions right through the holiday season. I haven’t seen this kind of activity since the mid 2000’s during the boom and even then the market slowed from Thanksgiving until Valentines Day. I worked throughout the holiday and have just began to slow a little mainly because I’m totally out of listings. I think that this is the first time in 20 years that this has happened. ALL of my new listings are sold within the number of days that it takes to close a deal, 1-2 days maybe a week. I’ve never seen the inventory this low. Presently there are only seven fee simple single family homes and two homes on leased land in Dewey. There are only ten condos for sale and that’s it! There’s only one home for sale in Dodds Addition and one for sale in Silver Lake Manor. Buyers don’t have a lot to choose from. Appreciation has gone through the roof which is a direct result of the low industry.

      Change was coming!! The low interest rates surely are driving the market BUT there are other factors to figure in. Society was already transforming working from home. Computers and new technology has allowed people to work efficiently from home thus lowering the costs of overhead… There are many lawyers that have been doing this for years in Dewey. They go to the office (surrounding states) and work for two days and then work three days from their office at their beach home. Throw in the recent violence this past summer and people are fleeing to the beach resorts. Transition is taking place from what used to be 2nd homes/retirement is adding to the mix with every day year round people. This was coming regardless of the pandemic and the mayhem. The bottom line is that our area is now becoming a more of a full time, year round area to live in. 

    Hopefully 2021 will be a little more normal than 2020:) The market is and should continue to be strong. I’m fresh out of listings! Thinking of selling or just wondering what the value of your home is, give me a call and we’ll schedule an appointment to meet. Welcome 2021:) Bring on springtime!!!

Just look at the appreciation! Look at the 1st two homes that are on Rehoboth By The Sea leased land. Those prices of $1,250,000 and $845K were for fee simple (you own the land) only a couple of years ago. You can’t find fee simple property for under a million anymore. I believe that’s a thing of the past. 1500 Bayard is a double home on leased land located on the corner of Bayard Ave. and Ocean Hwy. The two homes sit on a double lot and have an affordable 40 year lease @ $12,748. year. 114 Carolina is a quaint 3bd/2ba, 1,500 sq’ home from yesteryear. The home has a lease @ $18,648 year. It’s all about the views at 131 Chesapeake. The five bedroom, 2000 sq’ home sits directly waterfront on Lake Comegy’s and only 1.5 blocks from the ocean. This is a great location and I don’t expect this one to last very long. 1 Beach, the address says it all. Step out onto the sands of the Atlantic in this highly coveted oceanfront lot. This home is just completing an extensive remodel that will make the new owner a very happy person:)

Here’s where all of the recent inventory ended up. These nine sales throughout the holiday has to be a record. The homes were located throughout the town. Five of the homes were fee simple homes and three of the homes were Rehoboth By The Sea leased land properties. There was also one sale in Indian Beach.

Eleven closings! That’s incredible! Typically condos outsell the single family homes but this report neck to neck. Take a look down the closing prices. It’s astonishing how the prices have risen. The four closings on Rehoboth By The Sea leased lands ranged from $800K to $950K. Who ever thought that you’d see the day where leased land properties near a million dollars? Take a look at the pricing of the fee simple properties. The minimum closing price started at $1,035,000 and covered every price range up to $3,200,000. There are buyers in the market in every price range.

101 Rodney is an entry level priced condo that shows very nicely. 1904 Coastal Hwy is a 3bd/3ba ocean block unit located in the Surfrider. Great rental potential. 2 McKinley is a 2bd/1.5ba  ocean front unit. The interior shows great and the exterior of the building has just been totally renovated. 20930 Coastal Hwy # 6 Poynters Square is a very large 6bd/4.5ba, 3,800 sq’ unit. Plenty of room to stretch out in this spacious condo just a few streets north of Dewey. There’s only 10 condos presently listed and I’m out of listings. Please call me for a free no pressure market analysis to determine your value in today’s very active market.

Here’s where a quarter of the inventory ended up, as someone Christmas present!!! Condos are much more affordable than the single family homes. Although there has been considerable appreciation in the condo market it’s still possible to get a nice sized AFFORDABLE condo at the beach. The Lighthouse Cove new construction has dwindled down to a couple listings then add in the resales, it’s only 10 units that make up the entire market. It’s a great time to list when the inventory’s this low!

The price reduction on my listing at 100 Anchor Way did the job! The unit sold about one week later and is now pending.

It was a wonderful selling season for condos in the autumn season. These closings are a direct result of all of that activity. There were 12 closings in total. Ten of the closings were resales and two were new construction in Lighthouse Cove. The activity in the Autumn and the pending contracts that took place over the holidays has reduced our present inventory to the meek 10 units. It was just the opposite for the last several years. The new construction at the Lighthouse Cove dominated the inventory and sales. The role has changed now and resales are now dominating the market.

• Continue Reading

Dewey Market Watch 8/27/20 thru 11/4/20

The real estate market continues to be outstanding in Dewey and the surrounding communities. The election didn’t even slow the pace! I’ve witnessed five elections since I’ve been in business. The industry typically slows down considerably prior to an election but not this time. The low interest rates continue to fuel the fire. Rates are presently at 2.5% for a 30 year conventional, 3.00% for a 30 year jumbo and 2.675 for a 15 year jumbo. That’s almost free money! Most new listings are sold within the 1st week or two of listing the property. Inventory remains critically low. Now is the time to sell! You may be very surprised to see what the value of your property is in today’s present market. Please feel free to contact me for a free, no pressure analysis. Be well, stay safe!!!

All of my closings and several pending transactions (below) will appear a little differently when you click on the address. My website is being updated and I pulled info directly from our MLS. All information is exactly the same:)

The inventory for fee simple single family homes in Dewey is semi stable for fee simple properties . Homes are selling in record time. The There are 12 fee simple homes presently on the market. Two homes are available on RBTS leased lands. The average number of days for the last 10 transactions AVERAGED 9 days on the market. Please take note of the asking prices of  the leased land properties $895K,$949,500,$949,500, $889K & $525K. These renovated homes mostly consist of the old Windjammer model and homes from the mid 60’s. These numbers reflect some serious appreciation in Rehoboth By The Sea! Inventory in the surrounding communities include one home in Ann Acres, one in Country Manor, one in Silver Lake Manor, two in Indian Beach and one in the Chancellery. These surrounding communities surely could appreciate some fresh listings to increase the inventory.

There are three pending contracts for single family on leased land. The asking prices for these homes from yesteryear are $825K, $949,500 & $895,500 thus proving the increased value of the Rehoboth By The Sea properties. Rehoboth By The sea properties have been selling within their 1st week of listing. There were three fee simple home that went pending and one from Indian Beach. The value in the entire single family home market has realized some very serious appreciation over the last couple of years. 

No surprise here! Two price increases at 3 Clayton & 111 Cullen. Sellers are adjusting accordingly to the very active market. The home on Andrew Ave reduced their asking price by $50K to $1,349,000. The only home for sale in Silver lake manor, 38142 Terrace reduced their price by $5K to $924,900

127 Chesapeake was a lake Comegys water front home. The home listed for $1,695,000 and sold for full price in only three days on the market. 14 Carolina was an ocean block leased land property. The property was listed at $735K and sold for full price. 111 Bellevue was a duplex with two rental licenses. The home could have been sold  individually as two condos or as a single family home.  21 Hall in the Chancellery was an ocean front compound that dreams are made of. The asking price was $5.5M and sold for full price in only 43 day. Incredible!

Only three new Lighthouse Cove units are available for sale. Number five Seawinds is an ocean front  unit being offered for $1,850,000. One condo in Ann Acres. 12 Dickinson is the 3rd building complex (Dewey Dunes) off of the ocean. The 4bd/3.5 bath is being offered at $990K. My new listing at 100 Anchor Way is a spacious 4bd/3.5ba that offers nice bay views and has a proven rental history! 101 Anchor Way is a smaller 3bd/2ba with an asking price of $646K and is already pending contract. Unit #4 in Colonial Seas is an ocean front 3bd/2ba on Rehoboth By The Sea leased land property. Six years remain on the lease @ $1,200 a year and the unit generates a $50K rental income.

Lighthouse Cove has been the staple of the inventory for condos in Dewey for the past several years. There are only three remaining units for sale thus you see many resales in this update. Pricing for the resales has escalated and will be the new norm for the condo market. The last 14 transactions have gone to contract on the AVERAGE in 12 days on the market. Many recent transactions have sold at asking prices that didn’t have the comparables available for the sale to appraise. Many buyers are bringing the difference from the contract price vs the appraised price. The condo market has been unbelievably hot!!!

All five of the decrease in pricing came within the ocean block. Two of the price reductions came within the ocean front Wilson Dunes complex. The 3rd price reduction was my listing at 1406 Coastal Hwy unit 3I. This 3 bed unit was gently rented and used mostly by the owners as a weekend retreat. 19 McKinley is a mid ocean block duplex being offered for $1,385,000. Unit #4 in Colonial Seas is an ocean front, Rehoboth By The Sea leased land property. Six years remain on the lease @ $1,200 a year. A $50K rental income would surely offset an asking price of $259,900

There are way too many transactions to review each individually. What’s to learn from all of these transactions? Review the asking price and then review the selling price. Six of the transactions were for full asking price and two were over asking price. The remaining transactions all closed very close to their asking price. As previously mentioned in the pending condo (above) the last 14 condo transactions closed within 12 days from the listing date. These closings represent all different sizes, locations, pricing, new vs old so it’s a good overall picture of the recent condo market.

• Continue Reading

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!!!!

• Continue Reading

Dewey Market Watch 5/29/20 thru 7/15/20

Happy summer!!! It’s been a very , very strange summer! It’s been a summer like we’ve never experience before. The covid 19 has tremendously impacted our resort area. Summer was a little delayed due to the 14 day quarantine that was in place. Perhaps this is part of the reason for our real estate market going off of the charts with activity. I’ve been so overwhelmed in the past six weeks that it’s taken me this long to update my Market Watch. A 12-13 hour day is very typical with a six day work week. Typically we realize two sales a week in the immediate area of Dewey and within this market report. The last six weeks has realized 32 pending transactions almost triple the amount of normal activity! The low interest rates are fueling the fire. I’ve seen 30 year fixed go as low as 2.650% and 15 year mortgages as low as 2.165%. Every person who’s reading this should check their interest rate on their present mortgage to see if it’s worth a refinance. I’d have to guess 75% would benefit by a refinance. Appreciation is occurring in every single property within this report. The present market has lowest of inventories that I’ve seen since 2005-2006. If you like a property and don’t write on it immediately then it’s gone by tomorrow. It’s truly a sellers market and a buyers market. When that happens the inventory plummets as anxious buyers consume everything! Presently there’s six fee simple single family homes and two leased land single family homes. There’s only a meek 19 condos presently listed. My personal inventory is down to one listing in Dewey and one listing in Rehoboth. I sold all of my inventory in the last eight days. Incredible! SO I desperately need listings now and for the upcoming autumn season. The market has appreciated to new levels over the past couple of years. You may be very surprised to hear what your property is worth now in this very, very hot market. Considering listing or just wondering what your home’s value is worth? Give me a call and I’d be more than happy to educate you with today’s present market value.

Due to the numerous transactions vs my 12 hour days, I’m not going to comment on each transaction as I typically do. If you want more details please just click on the address and it’ll bring you to the actual MLS sheet as it’s listed in our MLS system. If you have further questions beyond that please feel free to call my cell anytime.

Be happy! Stay Safe! and have an enjoyable summer!!!

• Continue Reading

Dewey Market Watch 5/15/20 thru 5/29/20

Happy Friday and a happy one at that it is! Welcome back!! The 14 day quarantine has been lifted and starting this Monday 6/1 short term rentals will be permitted. Heavy restrictions will apply.  Making reservations? I’d suggest calling vs booking online. Many websites have not been updated with the new guidelines. One very important guideline to everybody in the resorts area is that all restaurants will require a reservation. I heard that the reservation list is already two weeks out so plan ahead. Please support you favorite restaurant and local watering hole. They need all of the support that we can give them!

The real estate market has picked up tremendously! There were three sale transactions in the last 2 weeks compared to three transactions for the nine weeks prior to the removal of the 14 day quarantine that enabled buyers to come into town to view their properties but then had to leave immediately thereafter. I’ve heard of 30 year fixed mortgages as low as 2.9%. The low interest rate is surely going to impact how fast our markets rebound from being closed due to the corona virus. The next month will be very interesting to see how fast the market picks up.

Back on the market at a reduced price. This laid-back surf shack is one of the few remaining “Atrium” mid-century style homes left in Rehoboth-By-The-Sea. Solid wood floors and pine walls enhance this wonderful home from yesteryear. Located on popular Chicago street this home is just a very short walk to the beach!

15 West is a gently use three year old home. The home is a Rehoboth By The Sea leased land property. The home has a 57 year lease @ $27,500. I think that new construction on renegotiated leases is going to be the wave of the future. Limited building lots will increase this activity and will further strengthen the Rehoboth By The Sea leased land market. 13 Dagsworthy is a stand alone condominiumized single family home. This 3bd/2.5 bath is located next to the Lifeguard museum. The tiny six unit complex offers excellent proximity to the beach (100′ from beach) for a very reasonable price.

111 Bellevue reduced their price by $50K. This single family duplex had double rental licenses. The home shows very well and would add value to any investor’s portfolio. 21162 Andrew Ave is located in Ann Acres. The 5bd/3.5 ba, 2,700 sq’ home is situated on a spacious 1/4 ac corner lot. Lot 26 Fisher in Dodds Addition is a new construction to be built. The 4bd/2.5ba, 2,383 sq’ home can be purchased as a lot/home package or just the lot for $740,000.

16 New Orleans is a mid ocean block home. The 5bd/3.5ba was accented by a separate detached garage cabana. Lot value alone is a minimal $1,050,000. This was a very good purchase for $1,120,000. 108 Cullen is a 3bd/2ba home located in the 2nd block of highly sought after Cullen St. This mid century home offers all of the charm from yesteryear. $1M for an original Rehoboth By The Sea property is very encouraging for the overall Dewey market.

There were three new condo listings added to the inventory. 124 Swedes St. is a bright duplex, 3bd/2ba, 2000 sq’ unit. The numerous upgrades and only steps to the bay surely enhance this nice Dewey investment. 1609 Coastal Hwy.unit 302S located in the Opal is a 2bd/2ba entry level priced investment. Affordable enough for personal use and or your investment portfolio. 119 Collins unit 112 in Marina Views offers spectacular bay front views. The views alone are worth a million dollars. It would be hard to rent this one, you’ll love the views that much!

2 Saulsbury St. unit #6 is located in Colonial Seas. The complex is a Rehoboth By The Sea leased land property. The lease has six years remaining @ $1,200. a year. The complex will not be renewing the lease at the end of the present six year lease. It’ll be interesting to see what this one actually sells for. The complex is a popular ocean front building that many tourists have created many wonderful memories in Dewey!

1904 Coastal Hwy. unit D just reduced their price by $15K. The un it is a 3bd/2ba and is located in the very popular Surfrider complex. Walk down the stairs and enjoy a crab cake from world famous Woody’s or go the other direction and you’re 1,200 from the beach. It can’t get any easier than that. 

There were two new penthouse suites that just closed in the Lighthouse Cove. The closing prices of $1,399,900 & $1,499,900 will surely increase value within the Dewey market. Luxury penthouses at their finest!!!

• Continue Reading

Dewey Beach Market Watch 4/2/20 through 5/14/20

The corona virus had the Dewey and resorts market in a lull. Last week Governor Carney removed the 14 day quarantine for out of state buyers. The new guideline allows the out of state buyers to come into town without the 14 day quarantine to view properties but must lease directly after their tour. I was immediately very busy once the removal took place. Buyers are out there and anxious to come to town to view their selection. Interest rates were hovering around 3.125% for a 30 year fixed. There’s only been five sales since 4/2/20. This time frame is typically the busiest of the year. Hopefully the removal of the 14 day quarantine will spark a selling trend. Many, many people are out of jobs and many are still wondering what lies ahead. Only time will tell:)

corona balogna update: The Rehoboth boardwalk opens today! Next weekend the beaches open, swimming, community pools… Finally trying to re open! The 14 day quarantine is still in effect so short term rentals are still a no go. I’ve read that state police will be roadblocking at major arteries leading into the resorts area. They will have an array of questions for each stop. No further details on what the questions are. If you would like a detailed update please google Governor John Carney and it’ll bring you to his websites where all of the updates are. Welcome summer!!!!!

20701 Fisher St is a 2bd/2ba home situated on an over sized 8,712sq’ lot. The home went to contract in only 31 days. 111 Bellevue is a duplex town home. The home was originally offered as two individual town homes or a single family but is now currently only listed as one large single family home. 38356 is another home that was just listed in Dodds Addition. The 3bd/2ba home is highlighted by an over sized 7,500sq’ lot. Presently there’s five homes listed in Dodds & Killens Addition & Silver Lake Manor.

16 New Orleans has gone to contract. Lot value in this location is a minimum $1M. The detached garage cabana was a nice feature of the property. 38444 Carolina is a brand spanking new 5bd/4.5ba, 3000sq’ home that’s loaded with upgrades. The location is 3.5 blocks off of the ocean or two lots off of Ocean Highway. This is another prime example of what the future of Dewey is going to be like in the future and surely brings appreciation to the town of Dewey. 20701 Fisher (mentioned above) was a quaint nicely appointed 2bd/2ba home on a premier over sized lot. Priced at lot value this little home sold in only 31 days.

Finally a closing on 121 Houston! This home came with two rental licenses and was a duplex that offered many possibilities. This home was one of my favorites. The property  could be a quality investment with a little creative renovation and expansion. Grandfathered homes like this are like a diamond in the ruff! It’ll be interesting to see how they improve the property.

There were five price reductions in the single family home market. My listings were showing 2-3 times a weekend prior to the corona outbreak. Last week the 14 day quarantine was lifted for out of state buyers. The new rule is out of state buyers may view their properties but must leave immediately after their tour. Since the ban was lifted activity has increased ten fold. Hopefully this is an indicator that the market will rebound in the months ahead. It’s a great time to buy while the interest rates are at near all time records.

Back on the market!!! Three fine properties have been put back on the market. A penthouse suite is being offered in the Lighthouse Cove. Interested? Better get one while they’re still available. The two newly constructed town homes on Rodney Ave. are yours for the taking!! I viewed both of these properties and they are very, very nice. I’m actually a little surprised that they haven’t sold yet. Tons and tons of upgrades are featured in both homes. 

Unit 102 in the Sun Spot has gone to contract. This unit was totally renovated from the studs out. One of the renovations was a 2nd bathroom thus creating a 2bd/2ba unit. Lots of upgrades and an interior to die for and will bring one of the highest sales to date in the Sun Spot for a 2bd/2ba. One of the 3bd/2.5ba penthouse units has a pending contract. Thank God for the Lighthouse Cove as they have been the staple diet for the condo market

. 

3 Seastrand is a fine example of elegance on Chesapeake St. The Seastrand is a Reho. By The Sea leased land property. This unit conveyed a 37 year lease @ $9,888. annually. The $800K closing price is the most expensive sale in the Seastrand’s history. 25 Collins in the Tidewatch Apts. is a seasonal building that’s typically open from 4/1 through 12/1. The Tidewatch Apts. were built in 1965 and offer a glimpse of yesteryear. The units rent very well and are priced affordable enough to use as a rental or just enjoy for personal use.

Is this unit still on the market? I don’t know how! Snug Harbor is a bay front building that offers million dollar bay views. This quaint little unit has all of the upgrades hardwood, tile stainless appliances… Snug Harbor even has it’s own white sandy beach! It doesn’t get any better than that!!!

• Continue Reading

Dewey Beach Mayor TJ Redefer succumbs to cancer

I have very, very disheartening news, Mayor TJ Redefer has passed away due to pancreatic cancer. The resort community is in total shock. TJ was the heart of Dewey. His countless contributions to the community and to the town of Dewey Beach leave us in a much better state that we’re in today. It was TJ’s big smile that I will remember most. During my 18 years as a Realtor I chose Dewey Beach as my target marketing area. I’ve had many transactions over the years with TJ. TJ was my most direct competition in so many of my listing appointments. We both knew it and we had so many laughs about it that spanned over the years. Real estate transactions have many obstacles that we sometimes as agents have to overcome. During some of those sometimes stressful times TJ still always wore that “big smile” accompanied with his easy going attitude. TJ was involved in so many community activities and was always there to help anybody. His heart and soul was Dewey Beach. As Mayor of Dewey Beach TJ’s leadership shined through as he was able to use his gifted talent of negotiation to overcome so many situations. I’m going to miss TJ as an agent but so much more for the decent, honorable and happy man that he was. The community and Dewey Beach will not be the same without him. There will be a funeral procession through the town of Dewey on Sat. 4/11 at 10:30. People that are attending are cautioned on staying your safe 6′ distance or stay in your car. I’ve read many articles in social media and the local newspapers but nobody said it better than Ellen Driscoll in the Cape Gazette on 4/11/20. If you knew TJ please read the article, it was very fulfilling. Out of state friends please beware that corona 19 road blocks are going to be in full effect this weekend so if you were going to attend you probably will go through one of these. Our state rules are a self mandatory 14 day quarantine. Traffic backups were for miles long last weekend. NOTHING is open. You can’t even walk on any beach and they are patrolling with drones and vehicles. Local officials are requesting everyone to stay home and don’t visit. Did you ever think that we would hear such news? As Americans we all remained strong and for the most part followed the CDC guidelines THUS hopefully reducing the amounts of deaths so that we can all enjoy another time at the beach. In closing RIP TJ it was an honor to be your friend.

• Continue Reading

Dewey Market Watch 2/28/2020 thru 4/1/2020

Corona bologna!!! Can you believe this is happening? The resort area is a ghost town. The home quarantine recommendation will probably go to a mandatory home quarantine similar to what Maryland just initiated. Two weeks ago the temperature soared to 86 degrees. The out of staters flocked to the boardwalk and beaches and with it came their corona. The number of cases in Sussex County soared the following 10 days and now leads the state in confirmed corona cases. Officials are asking EVERYONE to stay home. If you do not have a primary residence here stay home. The grocery stores are empty, the outlets are closed along with the beaches, boardwalk, restaurants, bars… Thank God the liquor stores are still open or there would be riots:)

       The market has slowed to a crawl especially in the immediate resort area. All of the pending transactions mentioned in this update were pending before the Corona balogna. One week prior to the corona pandemic the interest rates plummeted to as low as 2.99%. The refi area of the market overwhelmed the banks in just two days so they raised the rates back up to 4.250. The rates have slowly trickled back down to 3.2% for a 30 year fixed with no points. What does this mean? People will start buying again! The uncertainty clearly has everyone concerned but when this virus is defeated we are going to see stock markets soar along with the real estate market. I believe that it will be record setting.

     Presently it’s a buyers market with super low interest rates. Sellers are aware of the delayed market. Now might be an excellent time to grab a good deal! Speaking of good deals, my seller at 109R unit C is ready to “unload” his unit in Rainbow Cove. There’s a long history of rental income averaging $22K to $23K annually. Micro managing through VRBO may increase the income even more. The unit has been totally renovated to include paint, granite, carpet, vinyl flooring, bathroom vanities and floors, hvac mechanicals under one year old, plumbing fixtures and all new lighting. The unit appraised last summer BEFORE renovations at $380K. The unit next door had all original materials and closed about 1.5 – 2 years ago for $384K. Presently the seller has it listed for $369K which is already a steal well below market value! Seller says bring him an offer and lets “talk”. Presently ALL of my listings are priced very accurately if not a little below the market. All of my listing are supplied with virtual tours, still photos and drone shots. Virtual touring has increased dramatically since the corona outbreak. Please view my present listings on my home page, maybe one will strike your interest:)

       It’s trying times for America and the whole world. Listen to the advice of the CDC, self isolate and we’ll all get by this in due time. Thank you ALL 1st responders, health field workers, janitors, truckers, grocery store clerks and the list is just too numerous to mention. Thank you all! Stay healthy and God bless!

106 Dagsworthy is a 3bd/2.5ba coastal cottage. The home was built in 1980 and sits on an undersized 3,200 sq’ lot. Lots of deck space and two balconies offer plenty of outdoor entertainment area. 106 West St. went back on the market. Corona virus impacted borrowing abilities thus many pending transactions have gone to back on the market. 

108 Cullen was a 3bd/2ba 1949 home that was accented with original pine walls and hardwood flooring. This rock solid home only lasted on the market for 57 days. Inventory is minimal so the price of single family homes is on the rise. 121 Houston is a 6bd/2ba single family/duplex home that comes with two rental licenses. The grandfathered duplex is split upstairs and downstairs. You could rent them individually or use one rent the other. The property offered many possibilities. Both of these homes were pending prior to the corona virus.

There were four nice price reductions in the fee simple single family market. All of the homes were in the ocean block. 25 & 27 Chesapeake adjusted their price by reducing both homes $140K each. Opportunities like this don’t become available very often. Chesapeake St. is one of the most sought after streets in Dewey. Both homes are water front on Silver Lake and offer an easy walk into Rehoboth and Dewey. Please contact me for a private showing. 18 Chesapeake is a 1970 3bd/2ba 57 year leased land property. The annual lease id $24,976 yr. This home from yesteryear shows incredibly well and offers many possibilities. 16 New Orleans is a 5bd/2.5 ba Beach cottage with separate detached garage cabana located steps to the beach. Strong $50K rental income qualifies this for a nice ocean block investment.

Unit #3 at 2007 Bayard Ave. is located in Baystrand. This unit is an over sized 3bd/3ba, 2,100 sq’  featuring bay views and an amazing private bay beach that is shared with only 6 other homes. 1 St. Louis is a rarely offered water front unit in Wilson Dunes. The kitchen and baths were recently updated and renovated which includes granite tops, recessed lighting, new cook top with down draft.

1301 Coastal Hwy. is a 2014 2bd/2ba Lighthouse Cove unit. The spacious 1,047 sq’ unit had all of the bells and whistles that you’d expect out of a Lighthouse Cove unit. 3 Seastrand is a 4bd/3.5 ba Reho. BY The Sea leased land property. The unit is an older lease that has 37 years remaining at $9,888 annually. I didn’t think that a Seastrand unit with an older lease would last very long, only 32 days on the market!!!

35 Rodney unit #1 & #2 just reduced their price by $20K. These two properties show very well, nothing overlooked in this elegant new construction. Both homes feature open floor plans that accommodate easy entertaining! 107 Rodney unit C is  an end unit townhouse. The unit is being offered furnished, recently renovated with hardwood flooring throughout, new kitchen cabinets, granite counters and renovated baths with new vanities, custom tile showers and tile flooring… Great location!!

It’s been a while since we’ve seen a large bay front unit close. The 4bd/2.5 ba, 1,800 sq ‘ unit had all of the upgrades that one would expect in a bay front home. Take a peak at the photos in the link and the pictures say it all, closed at $1,100,000!!!

21 Van Dyke is the Bell Buoy Motel. This commercial property offers 16 units and an owners suite. Rental incomes have soared over the last few years. This would be an excellent renovation investment that surely could be supported with future escalating rentals. 2107 Coastal Highway is a 1st floor Izzy Plaza unit. The retail space consists of 1000 sq. , plenty of room for a small business owner to pedal their wares:)

Lot 1 Clayton St. is the only ocean front lot for sale in Dewey. The lot is also being offered as a home/lot package for $3,006,290. There are two lots available in Indian Beach. The 1st lot is 22 McKean located on the ocean block of McKean and the 2nd lot 38737 Seagull is located on the bayside on Seagull Dr. Lot 26 on Fisher Street is a typical 50 X 100 lot that faces Fisher St. Easy access to the beach through Cottage Lane, to Pine Lane to the ocean block of Chesapeake St. Great location!!  Pending contract is lot 1 Old Bay Rd. The lot was part of the old Dodd farm. This .65 ac. lot is situated in a very quiet area yet steps to all of the resort activities. A .65 ac lot is hard to come by this close to the beach.

• Continue Reading