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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Dewey Market Watch 12/6/18 to 12/27/18

Happy Holidays to everyone!!! I hope everyone is enjoying their holiday season!! The market has been extremely slow as expected for the last three weeks due to the holidays. I have a customer/client that is searching for an ocean front condo unit to rent the week of June 22 or June 29.. If anyone has an unit that’s available please contact me and I’ll put you in direct contact with my client. Hope to see everyone in Dewey to ring in the New Year!! Dewey celebrates the new year like no other and the town is packed for the entire weekend:) Come join us in ring in 2019!!! Hope everyone has an enjoyable New Year. Please keep it safe and don’t drink and drive. Happy New Year!!!

There were three pending contracts in the last three weeks. The 1st sale was the tiny little bungalow on Rogers Ave. in Ann Acres. This entry level priced home is prime for personal use or at this price tear it down and build new construction. The 2nd pending contract was at 108 Carolina. The home is a Reho. By The Sea land leased property. The leased land properties out sold the fee simple properties this year. Appreciation is being realized as inventory for single family homes is virtually non existent. They say that the 3rd is a charm. The sale at 1 Hazlett is as sweet as it gets. Someone bought themselves a Christmas gift which many would consider one of the nicest homes in the resorts area. This beautiful home boasts 8,400 sq’ on 1/3 acre ocean front lot. It doesn’t get any better than this!!!

The closing at 103 Jersey in Reho. By The Sea actually is the magic sale that has Reho. By The Sea properties out selling fee simple properties in 2018! There were seven closed transactions in RBTS to date this year vs six closings for the fee simple homes in 2018. The price for single family homes is sharply increasing due to the lack of inventory in both areas of the market.

There were two nice price reductions in the Forgotten Mile. The baby McMansion on Blackstone is to die for. The home that sits on a 1/4 acre. Blackstone is a very desirable and private location. I expect this home to sell once the holidays are over and the market resumes to normal. The 2nd home on Terrace is a 5bd/4.5ba, 2,348sq’ home in another great location. Both of these fine homes are an easy walk to Dewey or Rehoboth. Appreciation is surely being realized in the Forgotten Mile!

Lighthouse Cove has another pending sale at unit 352. Lighthouse Cove accounted for over half of the condominium closings for 2018. The final building was just released and offers some beautiful water front units. Pricing for a 1bd/1ba asking $439,900. The 2bd/2ba units range from $549,900 to $624,900. The new building is offering 3bd/2.5 ba  units for $899,900 up to $1,499,900. Please contact me for availability, pricing and complex update.

Deal or no deal?? The Sunspot had some recent structural issues that are presently being resolved. Heavy assessments were issued to each home owner. The last that I read future assessments were upcoming and the price wasn’t determined at that time. Even with heavy and undetermined assessments, the purchase price of $320K for an ocean front unit leaves plenty of room to re group the assessments that were levied to each owner. Surely once all of the assessments are complete the value for this building will appreciate back up to present market values.Deal or no deal??

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Dewey Market Watch 11/16/18 to 12/5/18

Happy Holidays!!!!

      It’s that time of the year when families gather to celebrate the holidays. It’s a time of the year that we all reflect on this year’s blessings and to celebrate the new year ahead. The real estate market slows to a snails pace from Thanksgiving to the 1st of the new year. Typically the market would pick up just after the super bowl or Valentines weekend but not anymore. Activity increases just after the new year if the weather permits. That’s a big IF!!! Two and half hours to the north and the west puts you in the mountain ranges of PA and VA which means snow! Many times our resort area will experience rain but customers abroad are grounded in their local states due to the winter weather. Sit back and gather with family and friends and enjoy the holiday season!!!

There are four new listings for the previous 2 weeks. Three of the homes were previously listed on the market. My top pick would be 16 New Orleans.  The mid ocean block home has 5 beds and 3.5 baths. I have clients that I’ve sold to that have similar sized homes in similar locations that have turned them into rental machines. If properly managed you could realize $80K to $100K for a home similar to this. Ocean block inventory is extremely low so I don’t expect this home to last through the end of the year. Looking for a leased land property? The new water front listing on Chesapeake St. has an older (hard to come by) 30 year lease @ $3,967. annually. The water front home sits on an over sized lot that sure to afford tons of privacy. Please contact me for further information on any of these homes.

There were two very nice closings last week. I was the listing agent for the 1st St property. I sold the home before it even hit the market. The property is at the end of a very short street just under the water tower. The location is very private and no traffic. The 2nd closing at 103 Chicago was another nice investment. The home is a Reho. By The Sea property that had 16 years remaining on the lease @ $12K a year. Due to the location to the beach if properly managed this could easily be a positive cash flow investment.

My sellers at 102 West St. just reduced their price by $25K just in time for someone to buy the love of their life the best Christmas present ever!!!  Previous rental incomes were $67K. Bring me an offer:) The tiny bungalow on Rogers Ave must have been thinking the same thing. The new price of $399K is surely entry level pricing for a single family home that’s walk to the beach!

A rarely offered Bayside Court unit just went to contract. The unit showed very nicely and was priced right to acquire the quick sale within eight days. The two bedroom unit that just closed in the Lighthouse Cove is exactly what has kept the Dewey condo market alive in 2018. The final phase of the Lighthouse Cove has just been released and ready for delivery in the summer of 2019. This building is a water front building so better hurry before they’re all gone. Please contact me for an updated pricing list.

Beach Club!!! Here’s a closing in the Beach Club. I’ve always liked the Beach Club. The tiny complex with an in ground pool is just north of Dewey. These are nice 2 story units that are affordably priced and a very short walk to the beach.

OK seriously! Somebody needs to call me as soon as they read this. The new price reduction at unit 107 in Marina Views is priced far, far below appraised values. This unit will not be available in my next update because it will be sold. Please contact me for an updated market analysis to show you where the value can be realized.

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Dewey Market Watch 10/6/18 to11/14/18

The Autumn selling season has been very good! There’s 10 new listings for the previous month which is average to good for this time of the year. The number of days on the market has been very low. If a property is accurately priced then a quick sale has been the result. I don’t believe that we’ll have an “off season” this year. There are tons of buyers out there and the minimal inventory that should keep purchasers busy throughout the year. We’ll experience a slight slow down during the holidays but expect the market to remain very active. Buyers who are serious had their Realtors set up auto searches so that their clients are alerted for every new listing. Buyers use websites like Realtor.com, Zillow… to set up similar automated searches that enable them to follow the market right up to date.

      There’s been eight pending contracts for the 4-5 weeks. Eight sales are good for this time of the year. The pending contracts have covered all areas of the market. Contracts that were ratified contained single family homes, single family homes on leased land, new condo construction and several resales. This further proves that active buyers are out there in all areas of the market. The interest rates are hovering around 5% for a 30 year fixed and still remains to be a good rate for a home purchase. The market surely needs inventory! You may be surprised to see how much your home is worth in “today’s” present market. Wondering? Please give me a call to set up a free, no sales pressure market analysis that will educate you with the value of your home

Just listed! Rare single family home, fee simple in the heart of Dewey! This 4bd/2ba single family home is one of the few homes that’s listed under $1M in Dewey. Great rental location. Due to the location and the pricing this home will not last. Please call me asap for detailed information. Looking for a super strong rental? Look no further. This Reho. By The Sea home has a newly renegotiated lease. Previous years rental incomes were $67K. Great condition!! 22 Bedford is a new single family home just listed in prestigious Indian Beach. 1 Hazlett and 1 McKean, both listed for 4,900,000 makes this new listing the most affordable in Indian Beach.  

The Autumn sales market has picked up considerably. The Reho. By The Sea market has been strong with three recent pending contracts. My new listing at 21180 1st St. that sits at the end of a dead end street (quiet cul de sac) went to contract within the hour of listing the home. The quaint home at 16 Jersey went to contract. Jersey street is a high demand area in Dewey and reflects the quieter side of Dewey.

Single family home sales in the surrounding communities have increased. The 2 homes in Killens Addition and the one home in Sea Breeze are affordable single family homes that are still just a very short walk to the beach. I expect these prices to increase due to supply and demand. 107 Carolina is a wonderful home in RBTS that comes with a newer 57 year lease. Closing prices continue to appreciate in this area of the market. 120 Rodney didn’t last long! On the market for only 2 days this water view home is a true oasis. This home comes complete with pools, hot tubs and upgrades that will satisfy the most demanding clients!

Lighthouse Cove has released another building. This building is on the water front and is reflected in the pricing. Lighthouse Cove sales have been extremely strong and carries a bulk of the condo market. The two new condo listings at McKinley and Coastal Hwy are two new ocean block listings. The condo inventory in the ocean block is extremely low so don’t expect these units to last very long!

This area of the market always carried the market. Dur to the low, low inventory the numbers have fallen considerably. Supply and demand dictate a market. I expect resales to appreciate and new construction to fly off of the market. Due to the low inventory makes this an excellent time to list and sell in a very short period.

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Dewey Market Watch 6/6/18 to 9/14/18

Welcome to my newly revised website!! I’ve recently updated my website with many new and exciting features, all geared up to be more user friendly:) Interested in a property below? Just click on the address and the full details as listed in our MLS system will appear. On June 1st we joined a new operating system that combines a multiple state membership. The new MLS information sheet on properties has changed and offers more detailed information on a given property. This weekly Market watch contains all of the activity for the summer of 2018. My weekly market Watch will resume on a bi weekly update every other weds. At that time I’ll have the ability to educate you with each new listing… in a much more detailed manner.

     To all of my 1st time users this section labeled Weekly Market Watch is a short editorial containing all transactions within the previous two weeks. The areas that are included are Dewey Beach, Indian Beach (South Dewey), Forgotten Mile to include Silver Lake Manor, Dodds Addition, Killens Addition on the east side of Ocean Hwy and Ann Acres and Poynters Addition on the west side of Ocean Hwy. This week’s update contains all of the transactions from 6/6/2018 to present, basically the whole summer. Transaction numbers are down in just about every corner of the market. Low inventory is to blame. The problem not only exists in Dewey but the who resort area has been effected. The low inventory has been reported on the front page of just about every newspaper in the state. Interest rates have risen sharply and was nearing the 5% mark but have recently dropped back down to 4.6250% for a 30 year fixed. These interest rates are still historically low and aren’t effecting the purchases of properties within our area. The autumn selling season is now in full gear. Many people consider listing their home after summer rental incomes are realized. Thinking of listing or wondering what the value of your home is? Please call me for a free market analysis

I need your support!! Like and SHARE me with your friends on facebook https://www.facebook.com/Deweybeachhomesales/

Have you ever been driving around, see a home that’s for sale that you like and wondered what the price was? Download my free app!  Search the menu for ‘nearby listings” and all of the details and price automatically appear. this app works within our new MLS multiple state membership to include DE, NJ, PA, NY, VA, DC

Text BHHSJCHOMA to 844-558-2447 to get my mobile app which let’s you search all MLS listings.

There’s only been seven new single family homes listings in Dewey in the previous 10 weeks. Let’s review the new listings! 25 Chesapeake & 27 Chesapeake! Need I say more. Two very Rare Silver Lake front oasis’s  just steps from the beach sums it all up. Great opportunity for a family compound! Location, location!! 123 Chesapeake is another great location in north Dewey. This 5 bed 3.5 bath, 3100 sq’ home sits on a slightly over sized lot in the 2nd beach block of Chesapeake. Due to location Chesapeake St. is one of  the most sought after streets in Dewey. 38285 Blackstone is another rare listing and another fine example of location, location! 110 & 111 Clayton are both homes from yesteryear. Great location and priced aggressively, both of these homes sold in 4 & 5 days Presently there’s 12 homes listed on the Dewey market. Inventory is desperately needed for the upcoming autumn selling season. Thinking of buying an investment this autumn? Contact me and I’ll be more than happy to educate you with the present market

Won’t last long is the new phrase in town. This is when properly priced single family homes will be snatched up due to the low inventory. 110 & 111 Clayton, 3 Hall Ave and 20783 Old Bay Rd all sold within two weeks from listing. The Dover St & George St listings initiated a couple of price reductions to get them sold. 107 Carolina is A Reho. By The Sea leased land property with a new 59 year lease. New renegotiated leases add value to the property and have been selling quite well. ALL of these homes with the exception of Hall are entry level pricing for fee simple homes in Dewey and surrounding walk to the beach communities.

Closing numbers have been down in the single family market due to the low inventory. There wasn’t any fee simple (you own land) closings up until August. Four of the closings have been in the Forgotten Mile just north of Dewey and two of the closings were in Indian Beach. The Forgotten Mile on the east side of Ocean Highway has been selling well. Naturally when inventory is critically low then surrounding areas appreciate and increase in activity.

Low inventory continues to plague the condo market similar to the low inventory in the single family home market. Presently there’s only 27 active condos on the market. Nine of the listings are new construction at the Lighthouse Cove leaving the remaining 18 units all resales. Typical inventory is about 30 resales and a dozen new construction thus proving the numbers are way off of previous years inventories. There’s only been 14 closings for the YTD figures with five of the sales coming from the new construction at Lighthouse Cove.

Thanks to the new Lighthouse Cove project we have eight pending contracts in the last ten weeks. Another new building will be released shortly as construction progresses thus keeping the inventory for new construction well supplied. 

     There’s only been eighteen condo closings in the year 2018. Ten of the closings were in the new construction in Lighthouse Cove and eight of the closings were re sales. There were four closings for condos on leased land. All of the closings took place in the Mariners Surfside complex. The owners re negotiated their leases and added value to the unit by doing so. Closing priced ranged from $270K to $290K  for the quaint 2 bedroom units.

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Market Watch for 5/18/18 to 6/4/18

Here is the weekly update for real estate market activity in Dewey Beach for the week starting on 5/18/18 to 6/4/18

HAPPY SUMMER!!! Gosh I never get tired of saying that:) Lots of activity in the Dewey market in the last two weeks. There were five new listings entered in areas that were in desperate need of new inventory. My top pick this week is the HUGE price reduction at 38399 George St. The single family home that’s zoned commercial had a previous asking price of $795K. The new asking price is $599,999 which is more in line with present market value.The new listing at 315 Dutch Rd in Sea Breeze is another fine new offering. The 3bd/3ba home sits on a gracious .27ac lot. Sea Breeze is a very much sought after community that offers the quiet side of Dewey:) The next listing is the future Dewey. This 6bd/4.5 ba, 3,515sq’ is adorable inside and out. Located on Ann St just a few blocks away from the beach. This beautiful home sets the standard as Dewey transitions from summer bungalows to 3 level McMansions. We have a new listing in Reho. By The Sea. This quaint summer cottage located at 100 West is being offered with a 54 year lease @ $16,628. The entry level asking price for a single family home is $424,000. A new listing in the Opal was added to the inventory. This 2bd/2ba, 925sq’ unit offers a slight ocean view and conveys turn key ready.

There were six pending transactions in the last two weeks. There were three closings in the new Lighthouse Cove complex. The property at 120 Read went to contract. The property had two grandfathered homes on one lot. Rehoboth By The Sea got in on the action as they had two sales. Both of the sales were in the ocean block. My condo listing at 15B Saulsbury (Mariners Surfside) and 21 Saulsbury rounded out a very active couple of weeks.

My website will be be down 6/5/18 as our MLS system transitions into a 7 state membership that includes a whole new operating system. My down time has been extended to allow time for a few upgrades within my own website. The down time should be approximately two weeks for updates to be applied. Stay tuned for some nicely added features!!

DELMARVA SCENES Memorial weekend has gifted us with a new summer:) It was good to see lots of happy, smiling faces. Summer is in full gear as the beaches over flow with happy sunworshippers. All species of warm weather fish have arrived in our local waters.  All of our summer wildlife has returned to spend a relaxing summer with us. It’s a great time to live at the beach!!!!! Happy summer!

I have a new app that allows you to access information on any property that’s listed in Sussex County. Have you ever been driving around, see a home that you like and was wondering the price of the home? Just a simple click on my app and the first item on the menu is NEARBY properties. A list will populate all of the immediate nearby listings. Click on the property of interest and the app automatically pulls that property listing information directly from our MLS operating system. Lots of other cool features as well! 

Text BHHSJCHOMA to  844-558-2447 to get my mobile app which let’s you search all MLS listings while on the go!!

NEW LISTINGS

SINGLE FAMILY 

315 Dutch Rd – Seabreeze Dev – 3bd/3ba – asking: $749,000

20968 Ann Ave. – Ann Acres – 6bd/4.5ba –  asking: $929,000

100 West St – RBTS leasehold 54 yrs@ $16,628 yr – 3bd/1ba – asking: $424,000

108 Carolina St  RBTS leasehold 54 yrs@ $15,440 yr – 3bd/2ba – asking: $799,000

CONDOMINIUMS

1609 Coastal Hwy – unit S402 Opal – 2bd/2ba – asking: $489,000

LOTS & LAND 

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COMMERCIAL

38399 George St. – Killens Addition – 2bd/1ba – previously: $795,000 – new: $599,999

PRICE REDUCTION

109R Dagsworthy St – unit C Rainbow Cove – previously: $379,000 – new: $369,000

1301 Coastal Hwy –  unit254 Lighthouse Cove –  2bd/2ba – previously: $514,900 – new: $499,900

1301 Coastal Hwy – unit401 Lighthouse Cove – 3bd/3ba – previously: $1,349,000 – new: $1,289,000

1301 Coastal Hwy – unit413 Lighthouse Cove – 2bd/2ba – previously: – $514,900 – new: $499,900

1301 Coastal Hwy – unit456 Lighthouse Cove – 2bd/2ba –  previously: – $649,900 new: $639,900

1701 Coastal Hwy – unit N206 Marina Views – 1bd/1ba  -previously: $389,900 – new: $375,000

16D Rodney Ave  – unit 9 Blue Surf – 5bd/3.5ba – previously: $789,000 – new: $774,900

201 Cullen Ave – Rehoboth By The Sea – 6bd/4ba – previously: $1,600,000 new: $1,500,000

22 Bedford – Indian Beach – 7bd/4ba – previously: $2,500,500 – new: $2,500,000

PRICE INCREASE

1117 Coastal Hwy –  unit 214 Marina Views – 1bd/1ba – Previously: $337,900 – new: $437,900

CLOSINGS

1 St. Louis St – unit 301 Wilson Dunes – 3bd/2ba – asking $1,700,000 – closed $1,700,000

101 Rodney St – unit 2 Bay View – 2bd/1ba – asking: $289,900 –  closed: $265,000

1301 Coastal Hwy – unit 356 Lighthouse Cove – 2bd/2ba – asking: $599,900 – closed: $536,194

PENDING CONTRACTS

15B Saulsbury St  RBTS 58 leasedhold @ $8,469 yr – 2bd/1ba –  asking: $289,900

1301 Coastal Hwy –  unit 252 Lighthouse Cove – 2bd/2ba – asking: $449,900

1301 Coastal Hwy –  unit 250 Lighthouse Cove – 2bd/2ba – asking: $449,900

120 Read – 2 grandfathered single family – 5bd/3ba – asking: $750,000

21 Saulsbury St RBTS 6 yr leasehold @ $809. yr (2 homes)  7bd/4.5ba – asking: $299,000

WITHDRAWN

105 Bellevue – unit B Sanctuary – 2bd/1ba – asking: $363,900

BACK ON MARKET

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Tags: 
update from 5/18/18 to 6/4/18

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