Dewey Market Watch 10/29/19 to 12/4/19

Happy holidays!!! The holiday season is fully upon us. The outlets in Rehoboth have been packed on the weekends! Mild weather from all of the surrounding states still has many people coming to the beach for the weekend! The real estate market has been very slow due to the holiday season and that’s typically expected. I’d like to thank everyone who’s been following my Dewey Market Watch! Hope everyone has a safe and happy holiday season!!!

115 West St is an upgraded popular Windjammer home. These models are highly sought after due to their unique floor plan. This 3 bed/2ba is tastefully remodeled and shows very well. This parcel is a Reho. By The Sea leased land property. The annual lease amount is $17,296. Investors will realize the rental income as if it was a 2nd ocean block,  fee simple home yet the purchase price is half of what the fee simple home would cost. This home shows very nicely and won’t last long. 38142 Terrace is a new home offering in Silver Lake Manor. The 2014, 4bd/4.5ba, 2,547sq’ home features a full finished basement, bamboo flooring, granite, stainless appliances and the list goes on and on. This home’s interior shows very nicely!

38217 Robinson Dr. is new constructions. The 5bd/4ba has everything imaginable. The inground pool is perfect for summertime gatherings. Pictures say a thousand words. Click on the address to view the quality craftsmanship! 111 Cullen St. is the wave of the future for Dewey. This 3,118sq’ home comes complete with in ground pool, open decks, screened porch, covered patios… The open floor plans allows for great beach entertainment. Excellent rental potential! 135 Chesapeake, one of my favorites has gone to contract (see below)

135 Chesapeake reduced their asking price and secured a buyer within three weeks of the reduction. This home was one of my favorites. The lake front location and a simple walk to Dewey and Rehoboth is going to make this buyer a happy camper:) The home had an older 29 year lease @ $4186. a year which makes this homesite a perfect rental investment. 15 West St. St. is a mid ocean block newly constructed home (2017) on leased land. The home offers 7bd/5ba, 4000 sq’ and features all of the upgraded that one would expect when purchasing a mid ocean block home. The land lease is 57 years @ $27,500 annually. 21 Saulsbury reduced their price to just under $400K. The leased land property is grandfathered and has two homes on one lot. The annual lease amount is $24,584. Realize the rental income of two homes yet pay the land lease of only one lot. Strong rental income!

106 Cullen is setting the stage for the future of Dewey. This magnificent 2016, 6bd/6fl ba/2hlf ba boast 5011 sq’ of totally upgraded living space. Nothing overlooked in this state of the art baby McMansion. The closing at 27 Rodney indicates that lot value in the ocean block starts at $1M. 16 Palmer in Indian Beach is a typical Indian Beach lot size consisting of 100′ X 100′. The home was being offered for lot value only. The home sold for the full asking price that was just shy of $2M.

Unit 3 on the Bluff is the only new condo listing for the previous six weeks. This mid ocean block unit offers 4bds/3.5ba, 2,380sq’ that easily accommodates a large family vacation. The unit should generate a rental income in the $60K+ range.

Unit 201 in the Cove is an entry level priced 2bd/1ba unit. The Cove recently had the entire exterior renovated and the seller paid the full $20K assessment. Great unit for the price!! 38398 George is a 3bd/2.5 ba unit just north of Dewey.  The unit sold for $372,500 on 5/15. Once this transaction closes a nice appreciation value will be realized:) 20932 Ann Ave is a 3bd/2.5ba unit in Ocean Dunes. Prices have been increasing over the last several years. In Sept. 2015 a unit in Ocean Dunes closed for $335,000. The pending transaction will surely show some serious appreciation over the last several years. Great appreciation, great rentals proves Dewey is a great investment!!

The waterfront unit at 102 Anchor Way just reduced their price by $100K just in time for Christmas. This well appointed unit offers bay views that make you feel like your sitting right in the bay! 2 McKinley is a totally renovated unit that you must see to appreciate. Just reduced $50K! Totally renovated right down to the studs, this unit shows like a masterpiece. Located in the Sunspot this quaint complex just renovated the entire exterior and the seller has paid the full assessment. Supply and demand! Unit 440 in the new Lighthouse Cove just increased the asking price $50K for a penthouse unit. Presently there are only six Lighthouse Cove units on the market and there are six pending transactions. The Lighthouse Cove has been a staple product in the Dewey market since the 1st shovel hit the dirt.

The Lighthouse Cove recorded two more closings. Unit #359 is a 4bd/3ba and closed for $799,900. Unit #260 is a 2bd/2ba unit that closed for $601,750. There have been nine closings to date this year and there are six pending transactions. 1406 Coastal Highway unit 3B in the Delano offered a 2bd/2ba ocean block unit. The unit has been off and on the market over the last couple of years. Someone got a nice 2 bedroom unit in the ocean block at a very affordable price.

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Dewey Matrket Watch 10/4/19 to 10/28/19

The autumn Dewey market has been very slow. Most of the pending transactions just occurred this past week. There were only 4 pending contracts in the last 5 weeks. The weather was horrible for two of the weekends. Interest rates remain very low. The present inventory consists of 16 single family (fee simple), 31 condos consisting of 25 re sales and 6 new Lighthouse Cove units and 3 single family homes on leased land.

There are two new single family homes that were just added to the inventory. 27 Bedford is a 4 bed/ 3ba, 3000sq’ home located in prestigious Indian Beach. The home is situated on a 108 X 108 lot. This is entry level pricing for this ocean front community. 20996 Dodd Ave in Ann Acres is a 3 bed/2 bath, 1,300sq’ home that’s an easy walk to the beach. This is another entry level priced single family home that’s only a few blocks from the ocean.

Single family home prices on RBTS leased land have skyrocketed. 112 Carolina is a 3bd/2fl ba/2hlf ba, 1,400sq’ home completely remodeled. The home has a 53 year lease @ $15,364. yr. The home was only on the market for seven days before it went to contract. 106 Cullen is another prime example of what’s in the future for Dewey. This 6bd/6fl ba/2hlf ba. This home is slightly over 5000sq’ and has every upgrade imaginable. The home rests on a over sized lot and a half (7,500sq’). The future of Dewey is bright!!

111 Bellevue is a 1999 7 bed/4bath duplex. The duplex home is also being offered as 2 condos. The price reduction of $35K brings the new asking price to $1,454,000. 22 Bedford is a 1999, 7 bed/ 4 bath, 3,224sq’ home in Indian Beach. The owner is getting right to the point with their $100,500 price reduction! 23 Saulsbury is an ocean block, 1964. 3 bed/ 2 bath, 1,222sq’ home. The home is on RBTS leased land and has a 56 year lease @ $10,818 year. This home shows very well and the $39,600 price reduction should get is sold relatively quick! 21 Saulsbury is a leased land property. The property has two homes on one lot. The nice feature is 2 homes on the lot yet your only paying the lease amount of one lot vs 2 lots.

210 Carolina  is a 1964 cottage from yesteryear. The 3bd/2ba has a 55 year lease @ $13,522 yr Located in the 2nd block of Carolina this home offers a short walk to the beach at a very affordable price. 308 Carla located in the quite neighborhood of Seabreeze closed for $647,000. This 1964 3bd/3ba, 1,760 sq’ home showed very nicely and comes complete with solar panels that generated a nice monthly income by selling the electric. 11 Carolina is a RBTS property. The property has a 53 year lease @ $15,364 yr. The home sold for $715K, $15,001 over asking price. 316 Salisbury St is a water front home on a canal in Seabreeze Dev and sits just off of Rehoboth Bay. The 1964, 5000 sq’ home,6bd/4.5ba comes complete with huge dock and an in ground pool. 14 Palmer is a 1984, 4bd/3.5ba, 2,200sq’ home. The home is situated 3 lots off of the ocean in Indian Beach.

2 McKinley unit 102 is a completely renovated (right down to the studs) 2bd/2ba. Nothing overlooked in this renovation. The interior renovation shows as if it was brand new. Too many upgrades to mention them all!  Recent exterior renovations of the ocean front building has it shining like brand new. This unit comes complete with excellent ocean views. 107 Collins is located in the Cove. The Cove just had a total exterior renovation. The unit generates a $55K rental income. I have a listing next door #501, same floor plan, similar upgrades and the asking price is $575K. Seller will pay entire remaining assessment at time of settlement.

Lighthouse Cove sold another! Inventory is down to the wire. Please contact me for more details on the remaining inventory in this new building complex. 1406 Coastal Highway unit 3B in the Delano has finally gone to contract. The ocean block 2bd/2ba, 879 sq’ was nicely upgraded with tile floors, granite…. This was an entry level priced condo in the ocean block at a very affordable price.

My seller at 109 Dagsworthy unit D just reduced their asking price by another $5K. This makes the asking price UNDER the last CLOSING sale price. Rainbow Cove is the least expensive 3 bedroom condos on the market with the best return for your money. Please contact me to run the numbers with you. 111 Bellevue reduced their asking price $26K on each of the 2 condos in the duplex. These two condos are also advertised as one single family home listed for $1,454,900. 126 Read is an adorable little condo that offer great bay views. Recently reduced by $9K this is an entry level priced two bedroom unit with bay views. 1904 Coastal Highway is located in the popular Surfrider complex. This ocean block complex has great rental histories with lots of family rentals. 24 Dickinson is a 1 bed/1 bath ocean block unit that just reduced their asking price $12,600 bringing it to $369,900.

Beach Club #2 on Coastal Highway is located 2 block north of Dewey and offers an in ground pool. The 3 story townhouse is a 3 bed/ 2.5 bath and is a great deal and location for the money. 16 Houston is a mid ocean block, 1996, 4 bed/ 3 bath, 2,328 sq’ top floor penthouse unit. The buyer got a pretty good deal @ $800K!! 109 Dagsworthy unit C is a totally upgraded unit in Rainbow Cove. Tile floors throughout, 42″ custom cabinetry highlighted the home. I have 2 active listings in Rainbow Cove. 109R is highlighted with hardwood and tile throughout, custom paint, new HVAC mechanical and is being offered for $395,000. My 2nd listing is a top floor, cathedral ceilings with bay views. The unit has all new laminate flooring throughout, new HVAC mechanicals, new stainless fridge and oven and all of this comes with a great southern exposure! Asking price is $419,500

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Dewey Market Watch 9/17/19-10/3/19

123 Chesapeake is a 2004, 5bd/3.5ba and is a demonstration of pure elegance. The home is tastefully upgraded with an interior design to kill for and is located on a very peaceful location on Chesapeake. Previously listed with another firm @ $1,825,000 this home was just reduced to $1,699,000. 27 Rodney is a entry level ocean block homesite being offered for $1.1M. Thinking of building? Let your imagination run wild as you draw up your plans for a newly constructed ocean block home:) This property will not last long!! 23 Saulsbury is a Reho. By The Sea property and is a ocean block property. The 1961 3bd/2ba has been meticulously cared for and pride of ownership shows throughout. The property has a 53 year lease @ $10,818 a year . Better hurry before this one goes pending:) 112 Carolina is a 3bd/2fl ba/2hlf ba built in 1961. This home showed like a charm and only lasted 7 days on the market. Thinking of purchasing a single family home in Dewey? A properly priced single family home doesn’t last long in a market that’s short on inventory.  Let me set you up on an automated search so that you can receive any new listings… the very second that it’s listed. Please contact me for more info.

There were four single family pending transactions in the past two weeks. Two of the properties were fee simple and two were on Reho. By The Sea leased lands. 111 Cullens was built in 2018. This 5 bd/3fl ba/2hlf ba home had every upgrade imaginable. Highlighting the home was the inground pool that surely would be the hit for any event gathering. 13 Dagsworthy was only 2 lots off of the beach. This condominiumized single family home was a member of Scrod Acres which consists of 6 grandfathered homes, no HOA fees! Reho. By The Sea had two pending transactions. Closing prices vary depending on the home and the location of the home site as seen at 112 Carolina (2nd block) vs 210 Carolina (3rd block).

200 Chesapeake is a Reho. By The Sea property. The property had a brand new 60 year lease at $15K a year. This property was sold in only 7 days! Chesapeake street is one of the most sought after streets in Dewey due to it’s easy walk into Rehoboth that’s quietly nestled between the two resort towns. 

This is another fine example of a Reho. By The Sea property. Overlook Lake Comegy’s, walk to Rehoboth, walk into Dewey! Nice! Comes with a 29 year lease at $4,186 a year with minimal lease increases. Please contact me for more information and a showing of this property:)

Looking for a entry level priced condo in the Marina Views? This 1bd/1ba unit comes with all of the upgrades stainless appliances, granite tops, hardwood and tile floors… This unit is affordable enough to purchase for personal use but would also be considered a nice entry level rental investment.

Unit #1 Robinson Square is a 2bd/2.5ba built in 1983, 950sq’ and is located just north of Dewey. Originally listed at $345K the owner reduced the price 4X and the unit sold in 602 days on the market. 

Unit #403 is a 3bd/3ba top floor penthouse unit in Lighthouse Cove. Inventory for the Lighthouse Cove is in the last phase and inventory is dwindling down. Please contact me for a list of the remaining inventory. 14 Van Dyke St. is a 1989, 4bd/3.5, 2100 sq’ mid ocean block unit located in Ocean Sunset. The unit sold in only 19 days. The ocean block inventory is extremely low thus resulting in a quick sale. Unit #302 in the Opal is entry level pricing for a 1 bedroom unit in Dewey. The 2008, 1bd/2ba unit, 821sq’ originally listed for $370K and performed a couple of price changes resulting in a sale at market value.

This unit just reduced the price on 10/2 and it resulted in a ratified contract the following day.

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Dewey Market Watch 8/16/19 to 9/16/19

Where did the summer go??? Hope fully everyone had an enjoyable summer and was able to get out and enjoy some of the many resorts activities. The real estate market has entered into the very active autumn selling season. Interest rates just crept up to 4.00% (previously 3.750) for a 30 year fixed. A jumbo investment loan just increased to 4.750. This increase occurred on 9/14/19 and hopefully will ease back down to previous rates that we all enjoyed this past summer.

There are presently 15 fee simple single family homes and four leased land properties on the market. Many of these homes (above) were listed and then re listed for a variety of reasons. New listings include 33 Hall Ave in the prestigious community of the Chancellery. This 1996, 5 bed & 5ba , 4,500sq’ and is situated on an over sized .40 ac. The 2nd new listing is 111 Cullen St. This home was built in 2018 and has all of the bells and whistles that one could imagine. The home is a 5 bed, 3 full baths & 2 half baths, 3,118 sq and is being offered fully furnished. The 3rd new listing is labeled a sanctuary. This ocean front retreat was built in 1999, 7 beds, 8 full baths & 2 half baths and offers an incredible 9,500 sq’ of ocean front living space. This ocean front compound is highlighted by bordering 5 miles of park land ensuring you of total privacy, truly a rare offering! Re listings that have a substantial change would be 21 Saulsbury St. The property is a grand fathered by having two homes on one lot. The property was previously listed with seven years remaining on the lease. The sellers have re negotiated a new 60 year lease @ $24,584 per year. Realize rental incomes from both homes yet only pay the lease mount for a single lot!

There were two recent single family home sales. 14 Palmer was a 1987 4bd/3.5 ba, 2,200 sq’. The home is situated on a .23ac and is only three lots off of the beach. The property was listed for only two days on the market. The 2nd property located at 316 Salisbury is a  17,578 sq’ bay front lot. The home is a 1964 6 bed, 4.5 baths, 5033 sq’ home. This home was only on the market for 7 days. Both of the homes had excellent locations. Three lots off of the ocean and bay front is in high demand. Wondering what your home is worth? Please contact me for a free market analysis. 

The only closing was 1600 Bayard. The 3 beds & 2 baths home rests on the corner of Bayard & St. Louis. The mid eighties home offered a nice screened porch and a conditioned crawlspace. Recent closings indicate that entry level pricing for the 2nd beach block back is in the high $600’s to low $700’s. 

There were numerous price reductions as sellers adjust for the autumn selling season. The reductions were from all areas of the market. All of these adjustments were very substantial and above your typical price reduction. I’d expect many of these to go to contract in the upcoming autumn selling season.

Looking for a entry level priced condo? 3203 Marina View offers a 1bd/1ba for $380K. 102 Anchor is a gorgeous bay front townhouse that offers any beach-goer a dream come true. This 1979 4 beds & 2.5 baths, 1,840sq’  offers panoramic views of the bay. The inverted floor plan captures stunning views of the bay as you entertain from the 2nd floor kitchen & family room.  Let’s switch over to the ocean. 3 Dickinson is back on the market. This ocean front townhouse is located directly on the beach. This 1987, 4beds & 3 baths, 2,020sq’ will satisfy any investor being that ocean front properties demand the highest in rental incomes.

The Lighthouse Cove had three pending contracts equaling one a week since my last Market Watch. That’s tremendous! All three of the units were new construction. 14 Van Dyke unit A is a mid ocean block, 1989, 4 bed & 3.5 baths, 2,160 sq’ home. 109 Dagsworthy unit B was a bay view 1996, 3 bed & 2 bath, 1,080 sq’ unit that was totally upgraded. 16 Houston St. was a mid ocean block, 1996, 4 beds & 3 baths, 2,328 sq’ The unit was the only top floor unit with ocean views. 20981 Coastal Hwy. is located just a couple of blocks north of Dewey. The unit is a 1993, 3 beds & 2 baths, 1,100 sq’. That’s a great price for being this close to the beach! 

Unit 108 Marina View was a direct bay front condo. The unit is a 2005, 2bed & 2 bath, 1,200 sq’. This unit overlooks the marina and has panoramic bay views. 103 Vista Rd #3 Pelican Cove is a mid sixties bay front unit. The 1 bed & 1 ba, 500 sq. unit even comes with it’s own private dock. 2 Saulsbury St is a 1963, ocean front 2 bed & 2 bath, 900 sq’ unit. The condo is a Reho. By The Sea leased land property with seven years remaining @ $1,200. per year.

My seller at 109 Dagsworthy dropped their price $10K this past week. This unit’s recent renovations include new laminate & tile flooring, new paint throughout, new stainless oven & fridge. Priced under market value this unit won’t last with this recent price improvement. My seller at 107R Dagsworthy unit B has reduced their price 2X in the last 3 weeks by $14K. This unit is complimented by hardwood floor throughout, tile kitchen and baths, new hvac…only top floor unit. Bring us an offer! My 3rd listing at #501 Cove with bay views just reduced his price by $14K. The seller will pay the final assessment in full at time of settlement. The entire exterior of the Cove was just totally renovated one year ago and shows like a million dollars. Enjoy the pool or play a little tennis in this bay view community. 24 Dickinson is entry level pricing Where else can you spend $382,500 for a 1bd/1ba ocean block condo. The hardest choice would be do I go to the beach today or do I go to the in-ground pool located on the property??? #258 Lighthouse Cove just increased by $15K. These units have been the staple diet for the condo market in recent years. Current inventory is winding down. Please call me for more information on Lighthouse Cove:)

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Dewey Market Watch 7/16/19 to 8/15/19

Summer is winding down. It was a good 3-4 weeks in the Dewey Market. There were nine pending transactions this month and that’s great for this time of the year. There were seven new listings to replace the nine that just sold. Interest rates are at 3.750% going into the autumn selling season. Should be a good one!!!

There’s four new single family home listings to help bolster the inventory in Dewey and the surrounding communities. Presently there’s 12 active (fee simple) single family homes on the market in Dewey. The Forgotten Mile to include Killens Addition, Dodds Addition & Silver Lake Manor has six homes presently listed. Indian Beach is looking good and has three listings and the chancellary has one. Ann Acres has one active listing so overall the inventory isn’t all that bad for single family homes!! Are you thinking of possibly selling after the rental season? Our autumn season is usually pretty strong. Please contact me for a free, no pressure market analysis!

There were four pending contracts for single family homes in the previous three weeks. That’s a very good number. Typically in a good market, usually springtime you’ll see two transactions a week (condos included). August is one of the slow months due to vacations, back to school and buyers anticipating the new autumn listings. The inventory is stable and interest rates for 30 year fixed and jumbo loans are hovering in the 3.750%. I anticipate a strong autumn season!!

Strong closing numbers for both properties. 23 Carolina sold for the full asking price of $465,500 in only three days. 2002 Bayard sold $20K off of the asking price. The home went to contract in only seven days. Reho. By The Sea leased land properties have been selling tremendously fast. Please contact me for a updated market analysis to educate you with all of the Reho. By The Sea properties. The autumn season is just a few weeks away. It’s a great time to list after the rental season!!

There were six single family price changes. That provides six opportunities to be the next active transaction. Five of the six reductions were very significant and should generate a bit of activity. My top pick would be 13 Dagsworthy St. The condominiumized stand alone single family has tons to offer to the person with a little imagination. Location, location, location!!

There are three new listings to add to the condo inventory. The 1st listing is my new listing in the Rainbow Cove. The unit is in a 3 unit building and is the only top floor unit that provides plenty of privacy and sunshine. The unit is totally upgraded, personal use and turn key ready for your enjoyment. The 2nd listing is a mid ocean block listing in Ocean Sunset. This unit shows very, very well. A 2nd new listing in the Rainbow Cove. Unit 109 Dagsworthy unit C is an upgraded unit that shows very well. Who wants a Rainbow Cove unit? There are three nice listings to choose from. Call me and let’s review the carrying costs vs rental income

There were five pending contracts in the condo market in the last three weeks. These are strong numbers for this time of the year. If you couple these numbers with the single family home numbers then we realize nine pending contracts in the last three weeks and that well above the normal 2 transactions per week. As mentioned in my single family review, I’d credit this brisk activity to the record low interest rates that are presently available. It’s a good time to buy and a great time to sell!!

The going price for a Marina View condo is $385K. Prices will vary depending upon location of the unit within the building. 102 Bayside Ct. was a bankruptcy sale and was aggressively priced for a quick sale. The Lighthouse Cove project is nearing completion. Bay front with bay and ocean views with outdoor pool and amenities are all included for $982,500 in the resale of unit 401. The next issue of Dewey Market Watch should have the closings of the above pending transactions above. It’ll give us a good value on the market with the upcoming autumn selling season.

My sellers at 109 Dagsworthy unit D Rainbow Cove just reduced their asking price by $5K. The unit has new laminate throughout, new paint, new stainless oven & refrigerator. Shows great! Bring me an offer! 38170 Robinson just dropped their asking price by $5K. The new asking price is $324,900 which is very affordable housing for so close to the beach. !00 Collins aggressively dropped their asking price by $12K. I’m betting that unit will be pending by my next market Watch update!

Lots of lots!!! I can’t remember when there were this many lots on the market at one time. All areas represented to include Dewey, Dodds & Killens Additions and Ann Acres. Variety and choice that offers a variety of price ranges. Looking to build? Please contact for more information on any of these resort lots!!

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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:)

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.

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!!!!

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. 

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.

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.

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.

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.

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.

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:) 

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Dewey Market Watch 4/24/19 to 5/26/19

Summer is now officially open!!!! Memorial weekend was splashed with some wonderful sunshine and gorgeous weather. The Dewey market has been soft this past month. Interest rates remain a staggering low 4.125% for a 30 year fixed and 4% for a jumbo loan. I don’t think that you’ll see it any lower than that:) The condominium inventory is extremely low and sure could use a boost with some new inventory. 

Looking for a duplex? Look no further! 8 Rodney located only three lots off of the beach. This magnificent home was built in 2004 and offers 6,800sq’ of upgraded living space. Separate entrances and elec meters, separate kitchens…. Rent one unit and use the other! Perfect family compound! $100K in estimated rental income makes this deal even sweeter:) 16 New Orleans is back on the market. Lot value alone for this mid block property is a cool $1M. This property has an in law suite and is perfect for additional income or again a perfect family compound. Rental income for this mid ocean block is $50K. Please contact me for more information on these two ocean block offerings.

2002 Bayard is a 3bd/2ba home situated on a half lot. This is entry level pricing for single family in town Dewey. This 1979, 1,200 sq’ home sold in only seven days. This is an excellent purchase and is affordable enough to use as a rental investment or personal use! 38285 Blackstone is a charmer. The home rests on a quarter acre lot that a quick stroll into Rehoboth and all of the resort activities. the 2,850sq’ home built in 2007 comes complete with roof top decks, elevator,  brazilian & hickory flooring and the upgrade list could go on and on forever!

There were two upscale closings this month. 1 McKean is about as good as it gets for a home from yesteryear. This home was built in 1948 and is situated on a .33ac ocean front lot This 1948 home boasts 3,650sq’ of living space which was probably a mansion in the late 40’s:) The 2nd closing was at 204 Salisbury. Many people don’t even know of these two tiny canals that adorn the rear of the Seabreeze Dev. Sit back and observe Dewey’s summer activities from the peacefulness of the community Seabreeze Dev. Jump in your boat in the back yard and enjoy all of our natural resources. This quiet community has a Rehoboth mailing address and thus follows county and hoa guidelines. Take a good look at 119 West! I don’t think that you’re going to see anymore Reho. By The Sea properties with a re negotiated lease sell for this low of a price. The purchaser of this property surely got a great deal for $260K!

There were 11 price reductions this month for single family and condos and that’s a lot. ALL of the above realized significant reductions from $25K up to $150K. My seller at 13 Dagsworthy just dropped $25K off of their asking price. This single family/condominiumized home shares a double lot with five other homes. NO hoa fees, minimal restrictions and you maintain your home only. All outdoor ground is maintenance free common area. Buy the home as is it was a condo but realize the comforts of a single family home. The asking price was determined from condo comps not single family!!! My seller just reduced their asking price at 102 West by $50K. This is a great rental property. Previously the home boasted a $67K income but the owner blocked out key summer weeks to enjoy the property themselves. Rental income last year was $53K with a potential of $70K if it was rented to the max:) The Forgotten Mile had two nice reductions. 38175 Robinson sweetened their asking price by reducing $50K to $949,900. 38189 Terrace dropped their price by a whooooping $150K. 135 Chesapeake is a leased land property in Reho. By The Sea. I really can’t believe that this home is still on the market. The home has a 29 year lease at $4,186 a year. Better hurry this home won’t last!!

There were two new one floor condos listed this week. A 2bd/2ba unit in the Opal adds to the low inventory for resales. This 4th floor unit is being offered for $425K.  16 Houston is a 4bd/3ba 2,328sq’ mid ocean block condo.  This rarely offered top floor unit with elevator has absolutely beautiful ocean views. Wn’t last long!!

Minimal inventory has hurt the number of sales in the condo market 16D Rodney in Emerald Shoals showed very nicely. The unit was a little dated but in excellent, excellent condition. 20950 Ann Ave in Ocean Dunes sold in only two days. It must be the entry level pricing for these units and the location (easy walk to beach) that produces a sale every time in a very short time frame.

2003 Bayard Ave in the Baystrand sold in only 14 days. Due to the low inventory if a property is properly priced it will sell in a very short time frame. There were two more closings in the Lighthouse Cove. Inventory for this newly constructed complex is dwindling. Lighthouse Cove has been the staple for the condo market in the last 3-4 years.

There were six price reductions this month as sellers try to benefit off of the last of the spring selling season. My seller at 109R unit C has reduced the asking price to $349,000. If you put 20% down and finance 80% then the rental income will carry the full annual carrying costs. Summer rentals in place. Purchase now to realize this summer’s rental income. Please contact me for a full assessment of this great Dewey investment!

Featured lots this month are the two lots from the old Dodd farm. Lot 29 Rogers and lot 1 Old Bay Rd. are what remains from the old farm. Both of the lots are over sized and lot 1 Old Bay has one of the barns from the farming practice many years ago. The lots are both in Rehoboth and follow county & community deed restriction guidelines. Both lots are at the end of each of their road so no thoroughfare. These lots are very private yet still a very easy walk to the beach. Please contact me for more details:)

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Dewey Market Watch 3/23/19 to 4/23/19

The market has been a little slow for this time of the year. During the last month there were four new fee simple single family homes listed and only two new condo listings. The alarming number of only two pending condo contracts and zero sales in single family for an entire month is of concern. Typically this time of the year the market will observe two sales per week during the peak spring selling season. The inventory for single family homes is comfortable but inventory for condos is down. I expect the month of May to be a strong month for sales. Presently interest rates are 4.00% for a 30 year fixed. Jumbo rates are the same at 4%. Super rates to purchase an investment! Everybody loves bacon!!! This weekend 4?26-4/28 is baconfest in Dewey. A springtime favorite event so be sure to stop by and sample some extravagant bacon treats!!

There are four new listings to add to the single family inventory. Presently there are 14 fee simple single family homes listed for sale. The 1st new listing is 1600 Bayard Dr. This quaint rancher has been upgraded on the interior and shows very nicely. The 2nd listing on Robinson Dr. is new construction. This 5bd/4ba home is being constructed on a slightly over sized 5,898sq’ lot. Priced at $1,395,000 this will be the future of the Forgotten Mile! The 3rd listing is my favorite. 8 Venetian is a canal front home in Seabreeze. Many people don’t even know that there are canals with water front homes in this quiet neighborhood. RARELY offered this property will not last long! Please call for more details. The 4th listing is an entry level priced home in Seabreeze. This well cared for 3bd/3ba was totally renovated in 1987 and is situated on a 1/4 acre lot.

My listing at 107 Clayton closed for $660K. This 4bd/2ba beach cottage will be the new entry level pricing for the fee simple single family homes in the Dewey market. The Rehoboth By The Sea leased land properties remains strong. This mid sixties 3bd/2ba beach cottage with a newer 58 year lease has been meticulously cared and realized a closing price of $440K.

There were seven significant price reductions. The 1st reduction is on my listing at 13 Dagsworthy St. This condominiumized fee simple single family home just reduced their price by $25K. The new asking price is $1.024,999. Located just behind the life saving station, enjoy a single family home for the price of a condo. No HOA/condo dues. Ocean views to die for!! The 2nd and 3rd listings are on Chesapeake. These two lake front homes have reduced their asking price by $200K each. Rarely offered these mid sixties homes offer the charm of yeasteryear and the upgrades that you’d expect of a home of this magnitude. panoramic lake views !!! 7 Houston dropped their price from $2,225,000 to $2,125,000. This 5bd/4fl ba/2hlf ba boast 3,500 sq’ of living space. Located only 100 feet from the ocean this home comes with ocean views and ocean breezes.The listing at 21162 Andrew Ave reduced their asking price by $50K. This 2011, 5bd/3.5ba, 2,700sq’ home is priced at $1,625,000 and the sunsets and bay views are free!!! When only the best will do! 31 Hall has reduced their asking price by $210,000. Ocean & bay views adorn this 2011, 5bd/6fl ba/2hlf ba, 6,413sq’ home. Enjoy the unobstructed views of the State park that sits to the rear of this property.

There were only two new listings in the last 3-4 weeks. The 1st listing is an entry level price 2bd/1ba in the Cove. The Cove just totally renovated the exteriors of the entire complex providing years of enjoyment. The 2nd listing is 2009 Bayard Ave. unit #205. This unit is a bay front 2bd/2ba unit. The interior shows like a model. Bay front units are rarely available so I don’t expect this unit to last very long.

Lighthouse Cove saves the day again! These two recent sales include a water front unit in the new building that presently under construction. This is the last building to be released for the Lighthouse Cove. Inventory will begin to dwindle so better hurry if you have an interest in new construction!!

The closing at 22 McKinley is the cheapest that I’ve seen in the ocean block. These cool little units are perfect little rentals or affordable enough to use personally. The only downfall of this community is lack of assigned parking. The 2nd closing is a 1bd/1ba in the Marina Views. This unit was the largest 1bd/1ba unit. It has 1,090sq’ living space with bay views thus the $390K closing price. Unit #453 In the Lighthouse Cove was one of the models. The unit came upgraded and fully furnished and closed at the full asking price of $619,900

My seller has reduced their price in the Rainbow Cove by $20K. This unit has fresh paint, new laminate flooring, new stainless  refrigerator, and stove. Must see to appreciate. Great southern exposure with bay views and picturesque sunsets. The owner of unit #2 in Colonial Seas has reduced their price by $13K. The unit is a Reho. By The Sea leased land property. There are seven years remaining at $1,200. annually. Rental incomes average $25K to $32K depending on location of the unit. This purchase could be a quick investment for the savvy landlord. Please call me to run the numbers to see if this property will work for you.

Own a piece of Dewey history! Bell Buoy Inn is on the market. A full accounting is available upon request for this 16 room ocean block motel. How often does an ocean block motel become available? Rare offering! Please contact me for more details. A commercial end unit is available in Izzy Plaza. Present lease must be honored. Call for more info!!

We have a new lot listing in Ann Acres. This lot is at the very end of Rogers Ave. so there’s no thoroughfare. This is a very private lot that was divided from the old Dodd farm. This lot was previously priced at $425K a couple of years ago so presently priced at $325K this lot will not last. GREAT investment! GREAT home site. Please call me for more details. TIME IS OF THE ESSENCE before it’s too late!

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Dewey Market Watch 2/27/19 to 3/19/19

Spring has sprung!! Thank you St Patty for bringing dewey to life in 2019! The ospreys and migrating shorebirds are arriving daily. Daytime temps are warming up. Life is good in Dewey!!! The real estate market is in full gear. There were four single family home sales and three condos that went pending in the last 20 days. That’s a very strong number for a short time. Look for the spring selling season to get stronger as the weather warms a little and the weekends get busier. Inventory for single family homes is good but the condo inventory could use a little boost to offer buyers a little more selection. Stop by and see me at my two open houses this weekend! My Saturday will start at 109 unit D Dagsworthy St in Rainbow Cove from 10:00 until 1:00 and then my ocean block single family home at 13 Dagsworthy from 1:00 until 4:00. Come see me:):)

There’s two new single family homes to add to the spring inventory. My new listing at 13 Dagsworthy St. is a single family home beaming with exhilarating ocean views. The property has been condominiumized. All exterior grounds are common areas that consists of parking and driveway. There are no HOA dues. You maintain your own home. Own a single family home for the price of a condo. The 2nd new listing is 21 Hall Ave. This stunning ocean front compound adorns a.31 ocean front lot. This 5bd/6ba, 4,582 sq’ home has every bell and whistle the one could expect for a home of this magnitude. 

Spectacular activity in the single family home market. There were four sales in the last 19 days. Sales include an ocean front home in Indian Beach, a 3/4 acre bay front home that straddle two bay front lots, a mid block fee simple home on Clayton and a Reho. By The Sea new 60 year leased land on West St. Sales contained prices from all areas of the market

There were lots of nice price reductions the past several weeks. 102 Jersey dropped their price $25K to $699,900. That’s a great price for the location east of Ocean Hwy. 16 New Orleans dropped the price by $49K to 1,250,000. Land value alone is valued at $1M. 21162 Andrew reduced their asking price by $50K now being offered at $1,675,000, comes with $55K rentals already in place. Views of Silver Lake come with 38285 Blackstone who just lightened their asking price by $105K. Great location and an easy walk into Reho. or Dewey!

The Sunspot is offering a 1bd/1ba ocean front unit on leased land. The lease buy out is available for $16,678 . Structural and exterior renovations are almost complete in the ocean front complex. The 2nd new listing is located in the popular Baystrand complex. This bay side 3bd/2ba end unit rents for approximately $17K per season. 

It will be interesting to see what 2 Saulsbury unit #3 sold for. The 2bd/2ba is a Reho. By The Sea leasehold property with seven years remaining on the lease. A new lease was rejected by the owners and no longer being offered. Rental incomes average $25K to $30K seasonally. Unit A in the ocean block Summerset complex on McKinley St. went to contract. These quaint little condos are entry level pricing for an ocean block unit in Dewey. The last sale is located on Read St and the bay in the Snug Harbor community. This 825sq’ unit offered bay views, private beach and docks all for an asking price of $384,900.

Another unit has closed in The Lighthouse Cove. Better hurry! The last building was released and inventory will begin to dwindle down. The Lighthouse Cove has been a staple diet for the condo market in previous years.

Own a piece of Dewey history! Bell Buoy Inn is on the market. A full accounting is available upon request for this 16 room ocean block motel. How often does an ocean block motel become available? Rare offering! Please contact me for more details. A commercial end unit is available in Izzy Plaza. Present lease must be honored. Call for more info!!

You want ocean front lots? We have them on Clayton St.! Lots 1A and lot 3 are both ocean front lots being offered at $2.4. Lot 7 is one lot off of the beach and drops down to a modest $1.4M.

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Dewey Market Watch 1/1/19 to 2/26/19

It’s been a mild winter here at the shore! The spring selling season is upon us. Sales have been a little on the slow side coming out of the winter months. Inventory has increased considerably since the 1st of the year so the spring selling season offers a variety of properties to choose from. Interest rates are very good. A 30 year fixed with 20% down is at 4.370%. A 15 year fixed with 20% down is 3.99% and a 30 year jumbo with 25% down is at 4.25%. Everybody in Dewey knows this for sure:) Bring on ST. Patty’s!!!!!

There’s been a much needed boost in the inventory for single family homes. The new inventory is from all areas of the market. There’s two new listings in the Forgotten Mile. These two new listings on Terrace and Fisher bring the inventory up to five listings in the Forgotten Mile. There are two homes for sale in Dodds Addition and three homes in Silver Lake Manor. That’s a pretty nice start for inventory in the Forgotten Mile for the upcoming spring season. Presently there’s 16 fee simple single family homes on the market in Dewey. The average amount of listings recently have been nine to eleven properties so the inventory is looking pretty good for the spring selling season. There are six leased land properties on the market. The inventory of six is slightly above average so the inventory for single family homes on leased land is pretty stable at the moment. Bring on spring!!

Minimal sales were recorded for the 1st two months in 2019. This is very typical due to the holidays and the winter weather in surrounding states. Valentines Day is our average kickoff to the spring season. The sale on Seagull Drive made the new owner very, very happy. This over sized .41 ac bay front oasis rarely becomes available. The sale in Ann Acres @ $849,000 will be the new future for Ann Acres. This affordable hamlet just north of Dewey is in transition from the older bungalows to the new elaborate newly constructed homes. Values continue to escalate in Dodds Addition. The 3bd/2b home on Josephine St was built in the 70’s and is situated on a typical 5000sq’ lot  on Josephine St. has gone pending at $725,000. Reho. By The Sea leased land properties has another sale in their community. The ocean block yesteryear home was built in the mid sixties sold in only 18 days. 

Great closing prices for all of these listings! Both homes on Rogers Ave and Ann Avenue sold for full price!! Good times in store for Ann Acres:) The bay front compound on Seagull Lane closed $100K off of their asking price of $2,450,000. What an amazing property!! Look at the closing price for the quaint little home in Rehoboth By The Sea on Carolina Ave, $625K! Just for the record, Reho. By The Sea leased land single family homes outsold fee simple homes by one last year. 

Look at all of this new inventory in the condo market!! I have a nice new listing at 109 Dagsworthy St. unit D in Rainbow Cove. The unit is a top floor unit and boasts scenic bay views. The unit has cathedral ceilings, new paint, new flooring, new stainless refrigerator & stove. Won’t last long with the gorgeous bay views! Let’s not forget about my 2nd listing in Rainbow Cove. This unit is the least expensive 3 bedroom unit this close to the beach in all of the resort towns. Great investment return for your money! The remaining five listings cover all areas of the condo market. The Surfrider unit and the Ocean Harbor adds to the inventory in the ocean block. The Lighthouse Cove unit is a brand new just released (to be built)  bay front unit. The Cove and the two units in Marina View offer one and two bedroom units on the bay side that will make someone their perfect beach getaway! Presently there’s 30 condos actively for sale. Inventory includes 22 re sales and eight new Lighthouse Cove units

Condo sales have been on the light side. Sales are typically down in February. Little activity occurs during the holiday months. Expect sales to increase dramatically in the up coming spring season. The condo inventory is stable and surely more will be listed for the spring selling season. Thinking of listing your unit or just wondering what your present market value is? Please contact me for a no pressure market analysis:)

Condo closings have been minimal for the exact reason for the low pending sales (above). 

Own a piece of Dewey history! Bell Buoy Inn is on the market. A full accounting is available upon request for this 16 room ocean block motel. How often does an ocean block motel become available? Rare offering! Please contact me for more details. A commercial end unit is available in Izzy Plaza. Present lease must be honored. Call for more info!!

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