I usually don't make judgement calls on my blog but his happens to be a new Gail n Greg listing so I know how nice it is. 16250 John Rowland Trailis centrally located in this great community and pride of ownership best describes what's inside. It is a Berkley model with 4 bedrooms, 3.5 baths, an expanded master bedroom/sitting room, a 2nd floor bonus/media room, a first and 2nd floor master, gourmet kitchen, hardwood and ceramic tile flooring all in pristine condition. It is listed for $419,000. Open house this Saturday from 11:00am to 2:00pm, come see for yourself.
23 Patriot's Way went Pendingon April 15th after only 18 days on the market. It was listed for $1,050,000.
5 Queen's Court came on the marketat the same time for the asking price of $569,000. This two story contemporary has 4 bedrooms and 3 full baths and will sit on a 117 x 180 foot lot. Agent advertises 3,200 dwelling square feet on this half acre lot. It's a Schell Bros. home "to be built" or you can buy the lot for $265K.
25 Metz Way is in the back section of this upscale community. It had been on the market for a while but had been withdrawn. It has now gone pending and was on the market a cumulative 389 days. It listed in March of 2013 for $679,000 but had been reduced a couple of times and was at $649,900at the time of contract signing. There are no more towns listed in CC, all have been snatched up.
Two new listings in Country Club Estates this past week, first 320 Laurel Street listedfor $919,900. This 3 bedroom, 1.5 bath cottage ranch sits on a 50 x 100 foot lot several blocks from the beach. It has been a rental property advertising $60K in annual gross rental income. It is reported to have a "new roof, siding, floors, paint, kitchen and bathrooms in 2012...new pool in 2013".
309 Country Club Road also listedon the 18th for $679,000,built in 1972, this 3 bedroom, 1.5 bath ranch comes with an attached 1 car garage (an anomaly in CCE) and advertises 1,532 dwelling square feet. It's also advertised to have "new stainless steel appliances, cabinets, vanities, counters, fixtures, hardwood flooring, tile, carpet, siding, windows, storm doors, heated floors, wood stove, ceiling fans, storage shed and a workshop in the garage". Whew!!
Won't be long now....North Rehoboth continues to be a hot bed of activity, the most recent being several new listings:
34 Columbia Avenue came on the market April 19th and Sellers are asking $2,250,000 for this 5 bedroom, 5.5 bath two story coastal contemporary built this year on a 50 x 100 foot lot in the ocean block. The call it a "shingle style home....open floor plan, 10 foot coffered ceilings, gourmet kitchen with island, screened porch, loft area, wet bar, outside shower and storage shed". It is advertised to have 2,902 dwelling square feet.
65 & 67 Lake Avenue also came on the market last Wednesday, apparently a package deal for $2,350,000. Between the two houses (Bewitched and Bedazzled B&B) they boast 14 bedrooms and 14 bathrooms. Not much other information other than the agent claims them to have generated 14 years of "consistent revenue".
37 Oak Avenue came on the market April 17th for $2,395,000. Oak Avenue property has been selling like hot cakes. This one is a 5 bedroom, 5.5 bath two story built in 2013 on a 54 x 100 foot lot and is being sold furnished. It says it was "beautifully, totally remodeled in 2013 (I thought it was built then?) ....has a gourmet kitchen, vaulted ceilings, over sized lot, great furnishings, excellent rental income ($95,000 annually)...wolfe 5 burner cooktop, beautiful floors and tile work". It looks like it has an in-ground pool as well with a nice rear deck.
37 Oak Avenue went under contracton the 19th after only 2 days on the market. It was listed for $2,395,000.
107 Columbia Avenue closed on the 15th after being on the market for 139 days. It was listed for $870,000 and ended up closing for $750,000 or 86% of list. It is a 4 bedroom, 2.5 bath two story "just blocks to the beach.....with open kitchen-living, large 16 x 30 Florida room...2 master bedroom". It was sold "as is".
After only 18 days on the market, 23 Patriot's Way has gone under contract. It is listed for $1,050,000. That leaves nine properties on the market in KCCC with an average listing price of $785,290 and 767 days on the market.
Hope this isn't you. 105 Scarborough Village in CCE came on the market yesterday. This one has the conversion upstairs to a 2 full bath with the half bath downstairs. Most of them have only 1 full bath up and the 1/2 bath down. They all have two bedrooms and a tricky spiral staircase leading to the sleeping quarters. We have the exact same unit down in Sea Pines Village (rental property) and they sell for $100K less than Scarborough. That's the difference between Bethany and Rehoboth. This one is listed for $448,000, recently re-modeled.
I know, I know, I've got to get out there and get some more pictures of Canal Corkran. 2 Wade's Court came on the market yesterday and the Seller(s) are asking $1,179,000. It is a 4 bedroom, 3 bath contemporary ranch built in 2004 with "soaring ceilings, stone floors, and spectacular landscaping with a heated pool, designed by renowned Hugh Newell Jacobson and featured in magazines and the Rehoboth cottage tour. The home is perfect for entertaining indoors and out, carerra marble and multiple porches". It is also being sold partially furnished.
23 Thompson Court has just come on the market and Seller(s) are asking $929,000. This 4 bedroom, 3.5 bath two story colonial was built in 2003 in this "walk to town, bike to beach" community. It also comes with a "fenced yard, 2 car garage, double height great room, screened porch and large deck". It is being offered "partially furnished". Five SFHs currently offered for sale in Canal Corkran for an avg. listing price of $1,061,400 and 211 days on the market.
16431 John Rowland Trail is a Scarborough modelhome built by Select Homes (used to be called RDM) near the rear North side of the community. It is a 3 bedroom, 2 bath ranch advertising 1,927 dwelling square feet. It is also advertising "full front porch, mud/laundry room off of garage, open floor plan, vaulted ceiling, spacious eat in kitchen & dining area, master bedroom walk in closet and bath located in rear of house, Florida room.....village feel with sidewalk and picket fence....freshly painted". It is being offered for $294,900.
Ocean Atlantic still has two lots to sell behind the commercial area (pictured here) in Mill Pond Commons. Four were abandoned by Beazer Homes in their rush to get out of PM and two have been successfully built and sold. Ocean Atlantic has offered the lots for sale without homes and then offered "to be built" homes. They are now building a "spec home"in an attempt to finish out the community. It is a 3 bedroom, 2.5 bath two story colonial with "2,964 heated square feet of space with the only basement in Paynter's Mill, screen porch, expanded owner's suite, 2 car garage, energy efficient, and 2x6 exterior walls". It is being offered "as specked out" for $389,900. The sooner someone chooses to buy, the more custom options they can select. The address for this house is 16269 John Rowland Trail. By the way, the lot next to it is offered for $95K with no builder tie-in.
24 Eleanor Lee Lane reduced price for the first time since listing back in September of 2013. Sellers have reduced from $816,500 down to $808,000. It is the only SFH of the four listed that is being offered for under $1M.
Another new listing on Columbia Avenue,this one on the ocean block at #16. It is a two story colonial that sits on a 50 x 100 foot lot in the Pines and features "4BRs and 3 BAs, wood-burning fireplace, formal dining room, grand master suite w/dbl vanity bath, kitchen with granite counter tops & island, screened side porch, backyard brick patio and outside shower". Sellers are asking $1,795,000. There are now 8 homes on Columbia Avenue for sale with two of them pending.
Don't forget to pay Uncle Sam by Tuesday. Speaking of capital gains, 55 Delaware Avenue closed yesterday after 499 days on the market. It's an 8 bedroom, 7 bath three story built in 1937 on a 50 x 100 foot lot on the second beach block. Listing Agent advertised 3,416 dwelling square feet and also shared with us that it was "operating as a successful B&B until 10/13.......old home charm with modern conveniences, large rooms, 3 zone HVAC, 8 car parking, partially finished owner's suite in basement". It closed for $1,200,000 and was listed for $1,350,000. That's 3 closed with 3 more under contract waiting to close and 10 left active.
26 Lake Avenue has gone under contract for the second time since listing back on February 1st. When it came back on the market after the first contract, Seller(s) reduced the price from the original asking price of $749,000 down to $649,000 which triggered this second contract. There are now 10 SFH properties under contract waiting to close in NR. That's a new record since I've been tracking back to 2007.
This town house sits in the back of the community at 25 Metz Way. It has been on the market now for 377 days and has been reduced from it's original asking price of $679,900 for the second time. This time it is being offered at $649,900. It is the only town house currently offered for sale in Canal Corkran.
The Beazer-built twins (or duplexes or carriage homes) were the first style home to sell out in this section of Paynter's Mill. Many were bought by investors looking to rent them out and then flip them when the real estate market was booming back in 2005 & 2006. Some people even bought two at a time in the hopes of keeping one for themselves and renting the other. At any rate they were very popular. Unfortunately when the bubble burst, those investors were hit the hardest and there have been more "distressed sales" on these twins than any other area of Paynter's. Having said that, 16264 John Roland Trail(a "short sale") has come back on the market after having gone under contract twice now. There is obviously an issue(s) here. It has come back on the market for the same asking price of $235,000which is way under the market. In contrast to that, 16625 Howard Millman (also a 3 bedroom) decided to raise the price on this listing from $279,000 up to $295,000 after having just come back on the market a few days ago. This was I'm sure in response to the fact that a 4 bedroom twin listed two days ago for $299,900. Confused yet? You can see why appraisers are having difficulty these days coming up with an accurate (fair) price in some of these areas.
This 4 bedroom Twin/Duplex came on the market yesterday for the asking price of $299,900. 16624 Howard Millman Lane sits near the rear of the community. Agent says it was just "freshly painted, new carpet and recently power washed....features a gourmet kitchen with 5 burner gas stove , gas fireplace, 1st floor master with luxury bath". This is the only 4 bedroom twin currently listed.
91 Columbia Avenue came on the marketyesterday for the asking price of $1,080,000. It is a 4 bedroom, 2.5 bath two story cottage built in 1962 on a 50 x 100 foot lot in the Pines. Agent says it is "charmingly maintained and appointed, home offers enormous potential for enjoyment and/or rental, as well as rare in-town preserved parkland across the street". There are currently 7 houses listed on Columbia Avenue of which two are under contract.
This is the Paynter's Mill club house. The 3 bedroom Twin/Carriage home at 16625 Howard Millman Lane has come back on the marketagain, this time listed for $279,000. This is an Agent Owned property and has been on the market a couple of times before. Hopefully this time she'll get it sold and at a reasonable price. It is the only Twin currently on the market.
Continuing the hot trend in-town Rehoboth, 104 New Castle Street went under contract yesterday after only 86 days on the market. It was at it's original listed price of $1,300,000 when the deal was inked. There are only 10 SFH listings left on the market in SR. Two have closed this year and 4 are now under contract waiting to close.
53 Lake Avenue closed yesterday for a little more than asking price. There is no indication posted on the MLS that there was any Seller contribution so I can only assume that there was more than one offer that ended up in a bidding situation. That's good news for Sellers and should continue as North Rehoboth property continues to be in demand with inventory dropping quickly. This property was advertised as "land value only" and was listed for $575,000. In a short 6 days it was under contract and closed for $583,000. It did require chancery court approval so was probably an estate sale. So now you know what lot value is on Lake Avenue.
The Carrolton at 16232 John Rowland Trail has reduced price now for the second time since listing last May, this time down to $379,900. It is located on a corner lot across the street from the tennis courts. It is handicapped equipped.
1 Wade's Court was reducedyesterday from $1,195,000 down to $1,120,000. This property has been on the market for 292 days now and this represents the second price reduction since listing last June. There are currently 4 SFHs on the market in CC with an average listing price of $1,096,625 and 252 days on the market.
226 State Road came on the marketMonday for the asking price of $569,000. It's a 3 bedroom, 2 bath manufactured cape cod. There is little other information offered on the MLS other than it has "good rental potential and backyard could accommodate a pool. No lot dimensions are given. There are now 4 SFHs listed for sale in CCE, this being the least expensive.
16 Patriot's Way has come on the marketfor the asking price of $889,500. Patriot's Way is the main road coming into the community. It's a 4 bedroom, 4 bath two story contemporary boasting 3,250 dwelling square feet. It was built in 2007 on a corner lot with a circular driveway. It was 'built to the finest of specifications expected of Kings Creek Country Club......Brazilian cherry floors, chef's kitchen, cathedral ceilings, exquisite first floor master with en-suite bath and heated floors....an entertainer's dream". Taxes are $1,658 annually. 10 active listings now in King's Creek.
121 Hickman Street closed yesterday. This new construction home was only on the market for 13 days and Seller got 100% of his asking price of $1,949,000. It is a 6 bedroom, 5 bath two story coastal contemporary built on a 75 x 100 foot lot. Listing Agent advertises it to be "energy efficient and maximized for outdoor living.....two screened porches, 2 fireplaces, 3 decks and a two car detached garage". This is only the second SFH to close in South Rehoboth so far this year. There are three more under contract waiting to close.
In terms of Sussex County real estate activity, March came in and went out like a lamb. SFH closings took a nap in March coming in at only 91% of March, 2013 with 156 closings. Thanks to a good February, it was good enough to put us ahead of Q1, 2013 by 4%. This is the first month in the last two years where this years closings were behind last years closings for the same month. The good news is that properties under contract rose by the end of the month to 495 vs. 443 at the end of last month. That's the highest level so far this year. The bad news is that inventory went up by the end of March putting it 10% ahead of year end 2013. One of the main reasons given for the national slow down in activity is lack of inventory. That is certainly not the case here in Sussex. Builders continue to open new communities all around us which continues to put pressure on re-sale inventory. This is not good if you are a Seller. In town Rehoboth properties are really hot right now and that inventory continues to come down and sales are brisk, but I digress. The average selling price of homes closed in March was $342,340, up from $316,848 in February. The YTD average is now up to $323,682. The average for the entire year of 2013 was $343,000. Sellers received 92% of their asking price at the time of contract, down from 94% in January and February. Interest on a 30 year fixed rate mortgage stands at 4.375 at the time of this posting.
Condo/Townhouse closings were a little better coming in at 96% of March, 2013with 66 recorded closings vs. 69 last March. The average selling price jumped up to $317,561 and Sellers got 97% of their asking price. Inventory is still above year end 2013 by 13.6%. Like SFHs, C/Ts under contract it a high for this year at 192, up from 163 last month. Absorption rate on C/Ts is now 11.1 months based on the trailing 6 months average sales rate.
As always, if you have any questions or want more information regarding this material please contact me directly by phone or email. Remember, these figures are calculated daily through my analysis of the Sussex County MLS and are totally dependant on the accuracy thereof. Many Builders do not report sales to this MLS nor do For Sale By Owners. Also, our MLS service allows some other Counties to input data to ours and I try hard to make sure those numbers don't get into my analysis. Actual closing dates may not coincide with mine exactly as some agents take longer than others to load closings into the MLS. I report daily so my cut off is the last day of the month/year. If they report several days later, it will show up in my data for the next month/year. This analysis is intended to be used directionally, not literally.
23 Patriot's Way came on the market yesterday, Sellers are asking $1,050,000 bringing the average listing price in KCCC up to $775,267 and 755 DOM (9 active listings). This one is a 5 bedroom, 5.5 bath two story contemporary built in 2004. Listing Agent says "truly one of a kind, absolutely stunning custom home upgrades include a true chef's kitchen, butler pantry, great room with coffered ceiling and enviable hardwood floors....1st and 2nd floor master suites and a fully finished walk-out basement".
Wow!! I can't get over how things are moving in town. 12 Pennsylvania Avenue just went under contract after 329 days on the market. It was listed for $1,859,000 and had never been reduced up to contract signing. There are now 9 SFH properties under contract waiting to close in North Rehoboth. There are still 17 more listed for sale. At this rate they won't be there long.
Sellers at 20 King's Creek Circle are making a quick price adjustment to their listing which only came on the market a few days ago. The original price was $475,000 and it has now been raised to $489,000.
51 Henlopen Avenue has come on the market with an asking price of $1,894,500making it 6th offering on this street (one is under contract). It is a 5 bedroom, 3 bath two story built in 2000 on a 75 x 94 foot lot only a couple of blocks from the beach. It advertises an "open floor plan and bright and spacious rooms making this home the perfect beach retreat for the discriminating buyer. Enjoy the privacy from your rear screened porch and landscaped back yard backing up to the Henlopen Acres bridal path".
8 Oak Avenue in NR is under contractafter only 3 days on the market. It was listed just the other day for $1,350,000. I'm guessing they got pretty close to that number. Downtown Rehoboth sales continue to churn making 8 Oak the 8th recent sale waiting to close. 6 have already closed this year. This is by far, the best Q1 sales rate in a long time.
18 Cookman Street has gone under contract after only 134 days on the market. It is a new construction home being built on a slightly smaller than standard 5,000 foot lot. It is listed at $1,375,000. 6 SFHs now under contract waiting to close in North Rehoboth.
It's been a long time since a home came on the market in King's Creek for a price like this. 20 King's Creek Circle has come on the market for $475,000. I've only seen a couple close at or below this price since I started keeping records in 2007. It is a 4 bedroom, 2.5 bath ranch style home built in 1999 on a 100 x 221 foot lot. It is advertised to have an "open kitchen/dining/great room area, gas fireplace, huge three season room, 2 car garage with workshop and partially floored attic. Lovely owner's suite with sitting area, full bath and walk-in closet". Sounds like a great price to be "at the club".
After being on the market for only 6 days, 1303 Miller's Landing has gone under contract. It is a Nellie Stevens model (3 bedroom, 2nd floor, two car garage) and was listed for $239,900. There are now 3 condos under contract waiting to close. Miller's Landing remains the best kept secret in terms of value for money condos in the area in my opinion. Again, as a previous resident of Paynter's Mill, I'm very much hoping that the secret is out. I know I'm doing all I can to spread the word.
Finally the last Twin/Carriage/Duplex has gone under contract. This one is a 4 bedroom unit that has been on the market a cumulative 345 days. Hopefully this home will close near it's asking price of $279,000. This model has been hit hard by the housing recession particularly because many owners bought them for "investment" properties and have since abandoned them to the banks causing dramatic price depreciation over the past several years. As a former resident of Paynter's Mill and a Buyer's agent to some of those affected, this is hopefully the beginning of a rebound in this community. Oh, the address is 16562 Howard Millman Lane.
Just 4 houses from the beach, 8 Oak Avenue has come on the market for the asking price of $1,350,000. It is a 7 bedroom (6 in the main house and 1 in the guest cottage) and 3 bath two story cottage on an odd shaped lot measuring 49.9 x 77.03 x 77.04 x 48 feet. It is being sold "as is" furnished. It has been used as a rental but no income is listed in the MLS. It sounds like it needs some work but one would guess that based on the price.
805 Miller's Landing went under contract yesterday after almost a year on the market (345 days). It was listed for $178,900 at the time of contract signing, down $10K from the original listing price. It looks to have quite a few Builder upgrades. It is a Bonca Rose model which is the small 2 bedroom floor plan on the second floor (one car garage). There is only one of those left now and it is listed for $179,900. There are 3 three bedroom models (2nd floor - Nellie Stevens) on the market and two large first floor two bedroom models (Crepe Myrtle).
26 Wade's Court closed Monday after spending only 3 days on the market. It was listed for $999,000 and closed for $980,000. It is a 5 bedroom, 4.5 bath "coastal contemporary" two story built in 2006 on a 100 x120 foot lot. It was built by Garison Homes (like so many in CC) and featured "random width pine floors, crown moldings, wainscoting, granite and marble counters, gourmet kitchen, 20 ft. ceilings, screened porch, first and second floor masters and beautiful tile baths".
1303 Miller's Landing came on the market a couple of days ago asking $239,900. It is a Nellie Stevens model (3 bedroom, 2nd floor condo) with a two car garage and it looks like a lot of upgrades, cherry hardwood flooring, granite, stainless steel, maple kitchen cabinets and tile flooring. These units went for $300K + back in the day. It's a bargain.
Let's hope we don't have to resort to this. 25 Brooklyn Avenue reduced price again from $1,699,000 down to $1,649,000. It originally listed back in April of 2009 for $1,899,000, was withdrawn for a few months in early 2012 then back on the market. Hopefully, this most recent price decline and this slowly rising market will be a winning combination for this Seller.
33 Olive Avenue came off the books last Friday, closing after 352 days on the market. It was listed for $1,295,000 (had been reduced) and closed for 97% of that or $1,260,000. It is a 4 bedroom, 5 bath contemporary built just one block from the boardwalk on Olive. It was part of a 3 unit "condominium" arrangement with an attached sister unit and a detached single family home. Gross rents were advertised at $65,500 per year. It advertised "high end construction with all the details and virtue of a classic beach cottage. First floor master, hardwood floors, granite counter-tops, stainless appliances plus 3 guest rooms with loft on 2nd floor". It was sold furnished as well.
At the same time, 20 Lake Avenue went under contract after 179 days on the market this time. It had been listed several times over the last few years and served as a 12 bedroom bed and breakfast so was taken off the market during the summer to accommodate guests. It was listed for $1,550,000 at the time of contract signing.
16562 Howard Millman Lane reduced price yesterday for the second time since listing back in August of 2010. It had been withdrawn in November that same year but came back on the market in July of 2013. It has now been reduced to $279,000, a great price for this 4 bedroom Beezer built twin home.
162 Henlopen Avenue closed last Friday (just hit the MLS today) for $657,500 after being on the market for only 23 days. It was listed for $689,900 and remained there at the time of contract. Its a 2 bedroom, 1 bath cabin built back in 1920 on a 50 x 100 foot lot. I'm guessing it will be torn down and replaced with a new home so let's call it lot value. By the way, it costs approximately $20K to $30K to tear down an existing home. There are still 5 properties for sale in North Rehoboth for under $1M.
16264 John Rowland Trail goes under contract for the second time this year (not surprising for a "short sale" property), after 261 cumulative days on the market. It is a 3 bedroom "twin home" or duplex built by Beezer Homes on the Northwest section of Paynter's Mill. It started out In April of 2013 for the asking price of $270,000 but had been reduced a couple of times to $235,000 by contract signing this time. I hope this goes through, it is my wife's sale.
Brand new just 3 blocks to the beach in North Rehoboth, this spec house advertises 5 bedrooms, 4.5 baths with 3,000 dwelling square feet (the most allowed by the FAR regulations) on this 50 x 100 (5,000 square feet) lot. It is a two story "craftsman cottage" style home with a "private pool and full basement.....hardwood floors, viking appliances, granite counters, 2 master suites, fireplace, both 1st and 2nd floors spill out onto the decks and patio". The owner/listing agent is a licensed Realtor who also states "it is not in the flood plain". He is asking $1,975,000 for 87 Columbia Avenue.
I'm ready!! 13 SE St. Lawrence came on the market yesterday. Sellers are asking $1,969,900 for this 5 bedroom, 4.5 bath two story colonial built in 2006 on a 50 x 100 foot lot just 5 lots from the boardwalk. Listing Agent advertises 2,862 dwelling square feet with "soaring ceilings, 3 master suites, one on the first floor. Premium hard wood floors, moldings, grand windows, a huge eat-in kitchen with granite and stainless, private 2nd level decks and lovely traditional front porch". He also mentions the $65,000 to $70,000 in annual rental income.