Gail n Greg - Your Agents @ The Beach

SUSSEX COUNTY - MAY ACTIVITY STATS ARE IN !!!

May, 2012 marks the end of the housing recession in Sussex County!!!  Single Family Home (SFH) closings came in at 221.  I had to go back to August of 2007 to find a single month with closings over 200 SFH properties.  Just to put things into perspective, the AVERAGE number of monthly closings in all of 2006 were 228.  More good news, the average selling price in May jumped to $359,923.  That's up from under $300K in January through April.  The YTD average is now up to just over $300K to $301,345.  So beach properties are starting to participate in the upturn in activity.  Sellers took a little more of a beating on price however getting only 91.8% of their asking price (asking price at time of contract).  That's down from a high of 93.7% in April.  More good news, inventory came down in May to 2,757 SFH properties bringing the absorption rate (average monthly sales divided by inventory) to a YTD low of 17.6 months.  Inventory is still higher than the year end 2011 by 4.3%.  More good news, SFH properties under contract waiting to close went up from 532 at the end of April to 544 at the end of May.  This means we're going to have another block buster month of closings in June.  So that brings us to 130% YTD vs. the same period last year in terms of closings.  It's all good news.  More good news, interest rates came down even further to 3.5% on a 30 year fixed for a primary home and as low as 2.675% for a 7 year adjustable mortgage.  That's almost free money!!  Investors are having a field day.

The Condo/Townhouse (C/T) news is even better.  Closings are up 36.4% YTD vs. last year same period.  There were 100 reported closings in May (78.6% more than May of 2011), way above the 67 YTD average.  Inventory fell to a multi year low of just 13.7 months supply or 903 listings.  Unfortunately, properties under contract dropped as well to only 151 units so June will probably not be so robust as May was in terms of closings.  The average selling price of a C/T was $318,020, well above the YTD average of $295,199.  Sellers got 94.7% of their asking price which is pretty good.  Hopefully we're on our way to a housing recovery in Sussex County.

Call us for details or a free estimate of your home's worth in today's market if you're not already working with a real estate professional.

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.

CLOSED IN MILL SPRING RUN AT PAYNTER'S MILL!!

16550 Samuel Paynter Blvd. closed last Friday for a net price of $279,000.  It was recorded at $284,000 but the Seller contributed $5,000 to Buyer's closing costs.  This home is an Arden II or a 3 bedroom, 2 bath ranch built by RDM out of Ocean View.  It had been on the market for 303 days and had been reduced once from it's original asking price of $299,000.  Only two homes have sold so far in this section of Paynter's Mill (this year).  There are two more listed as active, one 2 story Easton and one Scarborough ranch.

CLOSED IN KING'S CREEK COUNTRY CLUB

48 King's Creek Circle closed on June 1st after only 73 days on the market.  The Sellers got 93% of their asking price or $589,120.  The home was listed for $635,000.  It has 3 bedrooms, 2.5 baths and was built in 1997 on this 22,000 square foot lot.  The house itself advertised 2,600 dwelling square feet.  This ranch also advertised an irrigation system, 2 car garage, breakfast room, den/study and a rec room.  5 homes have closed this year in KCCC with an average selling price of $634,024 and 349 days on market.  There are 3 more under contract waiting to close and 7 active.

PRICE REDUCED IN COUNTRY CLUB ESTATES

325 Country Club Drive reduced price yesterday from $550,000 down to $535,000.  This makes the second time this property has been reduced from the original asking price of $595,000.  Of the 4 properties currently listed in CCE, the average asking price is $580,000 and 420 days on market.  Only one has closed this year for $724,000.

UNDER CONTRACT IN NORTH REHOBOTH BEACH

Another North Rehoboth sale, this one at 43 Henlopen Avenue.  The property has been on the market since August of 2010 (666 days) and was originally listed for $1,499,000 but had been reduced several times and was offered for $1,295,000 at the time of contract.  That's seven under contract waiting to close now.

FORECLOSED PROPERTY UNDER CONTRACT IN MILL POND COMMONS AT PAYNTER'S MILL

16263 John Rowland Trail is a twin home (duplex) similar to the one pictured here.  It is Bank Owned and has been listed for 113 days.  The Bank priced it at $264,900 but had reduced it to $249,900 at the time of contract signing.  Someone is going to get a good deal here.  The last foreclosed twin went for $162K back in February.

BANK OWNED - CLOSED IN CANAL CORKRAN!!

56 Eleanor Lee Lane Closed on the 30th for $1,450,000.  This bank owned property was listed on January 21st. for $1,750,000.  The bank was given the deed in lieu of foreclosure by the Builder/Owner of the property.  The bank claimed to have a "final judgement" on it of $2.5MM.  It is a 6 bedroom, 6.5 bath 3 story contemporary on the canal.  The home featured "fine details throughout including energy saving construction such as a 14 ton geo-thermal heating system, 6 on demand hot water systems and 2,500 square feet of heated garage".  

CLOSING #8 TAKES PLACE IN SOUTH REHOBOTH

Nothing skimpy about this sale.  12 Rodney Street closed on the 25th at 66% of it's original asking price or $2,300,000.  It listed 740 days before contract at $3,500,000 and was at $3,300,000 at the time of contract signing.  Sellers often get very upset when a Buyer comes in with a "low ball" offer but this is one of the reasons they do.  Here we have a 4 bedroom, 3.5 bath 3 story colonial sitting on a 100 x 100 foot ocean block lot with a two car garage plus apartment.  The garage apartment generated $6,000 in annual rental income.  This is the most expensive home sold year to date in South Rehoboth.

UNDER CONTRACT IN NORTH REHOBOTH BEACH

Things are really starting to fly in town Rehoboth.  8 St. Michaels Place went under contract yesterday after only 192 days on the market.  Sellers had not reduced the price since the original list date which was $1,249,000.  There are now six SFHs under contract waiting to close in North Rehoboth.  Eight have already settled this year.

SOLD IN NORTH REHOBOTH BEACH !!

53 Surf Avenue finally found the magic number this time and that number is $2,199,000.  That was the listing price when it when it went under contract on the 25th.  It was listed again in April of this year (only 28 days ago).  It had been listed four times previously starting as early as 2003 at the price of $3,250,000.  It was listed again in 2005 for $3,099,000 and again in 2010 for $2,700,000, then again in June of 2011 for 2,675,000.  Any guesses as to what it will close for?

ONE CLOSED AND ONE UNDER CONTRACT IN SOUTH REHOBOTH BEACH

Happy Memorial Day!!  The summer is officially up and running, especially if your address is 218.  218 Stockley Street went under contract on the 27th after a long cumulative 1,352 days on the market.  It started out in April of 2008 at $1,220,000 and had been reduced to $895,000 at the time of contract signing.  At the same time, 218 Laurel Street closed for the price of $790,000.  This 4 bedroom, 2.5 bath two story A-Frame sat on a 50 x 157 foot lot and sported a "garage, deck....full finished basement with family room, bedrooms and outside access.  Fireplace downstairs and upstairs...first floor master bedroom, sitting room and bedroom upstairs".  The Seller contributed $3,000 toward closing to net the sale down to $787,000.  It had originally listed for $980,000 494 days prior to contract.

CLOSED IN MILLER'S LANDING AT PAYNTER'S MILL

1205 Miller's Landing is the second Bonica Rose model (2nd floor 2 bedroom, small floorplan) to close this year.  The first was a Builder's model that sold for a net $151,720 with Builder incentives and 1205 sold for $155,000 after being on the market a cumulative 914 days.  Gail n Greg had the listing for about a year before it went under contract at the listing price of $360,000.  There are two more available for sale at $199,900 and $228,900.  That's four condos closed with four more under contract waiting to close.  Of the four waiting to close, 2 are "short sales" and 1 is a foreclosure.

SHORT SALE UNDER CONTRACT IN MILLER'S LANDING AT PAYNTER'S MILL

806 Miller's Landing is a Sawtooth Oak model unit (the last one available) and is a second floor two bedroom unit that was listed back in November of 2011 for $165,000 but had been reduced to $149,999 by the time of contract signing.  There are now five condos under contract waiting to close in Miller's Landing.  Two are "short sales" and one is a foreclosure.  Three have closed so far this year.

CLOSED IN CANAL CORKRAN!!

27 Thompson Court closed Tuesday for 82% of the original asking price or $624,000.  It had been on the market for 472 days.  It is a 4 bedroom, 3 bath 2 story contemporary on a 12,000 square foot lot.  It was built in 2002.  It has "inlaid hardwood floors, gas fireplace, screened porch, spacious master suite, kitchen island w/corian, pond views and located adjacent to community open space".  This is only the second SFH to close in CC this year.  There is one more under contract waiting to close.  There are only three more listed.

NEW AND REDUCED IN NORTH REHOBOTH BEACH

100 First Street came on the market yesterday at the asking price of $850,000.  It joins 10 other SFH properties listed in NR for under $1MM.  This one is a two bedroom, 2 bath 2 story "coastal" built in the ocean block of 1st street.  It advertises "open living area with hardwood and slate floors, woodburning fireplace and partial basement for all your beach things and bikes.  First floor bedroom and 2nd floor master suite.  Enjoy the beautiful garden from the many windows in living area". 

13 Fourth Street reduced price for the first time since listing on March 12th.  It has come down from $699,000 to $649,000.

TWO UNDER CONTRACT IN KING'S CREEK COUNTRY CLUB

Two very different products went under contract in King's Creek.  One a foreclosure property that had been listed back in January for $398,000.  It was pretty well documented that 8 Wolfpit Court was in pretty bad shape (mold, etc.) and for that reason had been reduced a couple of times to be at $349,900 at the time of contract signing.  This will be the lowest sale in KCCC since I've kept records (6 years).  At the same time, 48 King's Creek Circle went under contract after just 73 days at the original listing price of $635,000.  There are now four properties under contract waiting to close.  Seven left.

NORTH REHOBOTH BEACH HAPPENINGS

117 Columbia Avenue reduced price yesterday for the first time since listing on February 29th of this year.  Sellers are now asking $1,050,000 down from $1,150,000.

5 Easton Street went under contract on the 15th after 312 days on the market.  It originally listed for $1,395,000 but had been reduced a couple of times and was at $1,250,000 at the time of contract signing.  There are now four SFHs under contract waiting to close with eight already closed this year.  Twenty Eight more listed.

SOLD IN SOUTH REHOBOTH BEACH!!!

202 New Castle Street went into "under contract continue to show" status over the weekend.  It has only been on the market for 166 days and was at the original asking price of $1,325,000 when the contract was signed.

NEW LISTING IN MILL POND COMMONS AT PAYNTER'S MILL

A three bedroom Twin Home has just listed (similar to the one pictured here) for $244,900.  This same property was purchased back in February as a foreclosure for $161,700 and then re-hab'd.  It just shows you there is money to be made in this market if you know where to look.  These homes were sold by the Builder back in 05 and 06 for in the $300K range.  16256 John Rowland Trail was purchase back then for $309,000 by a not so savvy investor.  But to be fair, who knew the bottom would fall out to this extent?

PRICE REDUCED IN MILLER'S LANDING AT PAYNTER'S MILL

806 Miller's Landing is a Sawtooth Oak model which is a 2nd floor two bedroom with the small floor plan.  It was listed as a short sale in November of 2011 at $165,000.  It has since been reduced now for the second time and is offered now at $149,999.  Don't know the condition of the home but that's a LOW price for this property.  I know of one like it that rents for $1,100 per month.

UNDER CONTRACT IN KING'S CREEK COUNTRY CLUB

5 Queen's Court went under contract this past Saturday after only 85 days on the market.  It had been reduced once since listing from $650,000 down to $639,900.  It is in "continue to show" status.

A LOT GOING ON IN MILL POND COMMONS AT PAYNTER'S MILL

Two properties closed last week in MPC, one another Carrolton model 16245 John Rowland Trail.  This is the third Carrolton to close this year, it went for $372,500 after being on the market for only 192 days.  This home had just about every upgrade offered by Beazer Homes.  It originally listed for $429,900. 

16251 John Rowland Trail also closed last week, an Asbury model which is the smallest SFH that Beazer built.  This home was sold furnished for $303,000 after 478 days on the market.  It originally listed for $399,000. 

At the same time, a 3 bedroom Twin (duplex) went under contract 16563 Howard Millman Lane.  This Beazer built Twin was a very popular model when the community first opened up.  This property was on the market an accumulative 1,839 days and started at $399,000 but had been reduced many times to $285,000 at the time of contract signing.  Hopefully it will close somewhere near that price.

LONG TIME LISTING IN NORTH REHOBOTH REDUCES AGAIN

18 Maryland Avenue has been on the market a long time, 1,214 days in total.  They listed back in January of 2009 for $1,775,000 and have reduced a number of times, this time down to $1,345,000.  It is advertised to be the lowest priced offering in the ocean block of NR. 

PRICE REDUCED IN MILLER'S LANDING AT PAYNTER'S MILL

Paynter's Mill pool opening at the end of this month.  Meanwhile, 1305 Miller's Landing has dropped the price on this Bonica Rose model (2nd floor 2 bedroom) from $235,000 down to $228,900 after only 103 days on the market.  There are two others like it for sale, one a short sale listed for $155K and the other is listed at $199,900.  The only Bonica Rose to sell so far this year was a Builder model that went for $151,720 after you factor in the Builder incentive.  There are three others under contract waiting to close.

PRICE REDUCED IN SOUTH REHOBOTH BEACH

After only 25 days on the market, 403 Bayard Avenue has reduced from the original asking price of $1,050,000 down to $975,000 joining three other SFH properties in South Rehoboth listed under $1MM.  The average listing price in South Rehoboth is $2,087,000 and 613 DOM.

ANOTHER CARROLTON UNDER CONTRACT IN MILL POND COMMONS AT PAYNTER'S MILL

Gail and I didn't think this Carrolton would be on the market more than 30 days.  It lasted 27 before it went under contract.  It was listed for $349,900 and was a beautiful Carrolton model home on a corner lot with many upgrades and a huge stone porch/patio in the back.  Someone got a great buy on this house.  16242 John Rowland Trail.  Only one Berkeley left on the market in MPC along with several Twin Homes (not including the three Builder lots offered by Ocean Atlantic for a "to be built" home package. 

SUSSEX COUNTY REAL ESTATE ACTIVITY - APRIL 2012

Well, hope you made it through tax season in good shape.  April brought us another good month in real estate here in the county.  Still only lack luster results near the beach as the average selling price of a home clearly points out.  First Single Family Homes - 152 SFHs closed in April, 29% more than April 2011.  This is the fourth strait month of double digit increases over last year and we're a solid 30% ahead of 2011 Year to Date.  A lot of homes came back on the market however which drove inventory up finishing almost 5% up from year end 2011 with 2,771 SFHs listed for sale.  With our current trailing 6 month average closing rate of 148 SFHs, that leaves us with 18.7 months worth of inventory (absorption rate).  This is up slightly from the 17.8 at the end of 2011 but down from the 19.0 at the end of 2010.  The really good news is that the properties Under Contract jumped way up from 442 at the end of March to 532 at the end of April.  This bodes well for good closing months in May and June.  May and June were the two biggest months last year with 184 and 189 closings respectively.  Sellers got 93.7% of their asking price at the time of contract which is the highest so far this year and has been trending up every month.  This is a sign that Sellers are not having to negotiate as hard to get a contract.  The average selling price is still concerning as it stayed below $300K for the fourth consecutive month, something that has never happened since I've been keeping records back to 2006.  April's average selling price came in at $291,921 (the highest so far this year) bringing the YTD average up to only $278,020.  I find this astonishing.  I have seen some big ticket sales coming in already this month (May) so perhaps this trend line is breaking. 

Condo/Towns - April became the best closing month of the year so far for C/Ts with 73 recorded closings (up 30.4% from April 2011 and 36.4% YTD).  Inventory went up only slightly from 928 at the end of March to 935 by April 30th.  This is up 3.4% from year end 2011.  Under Contracts were up modestly from 162 at the end of March to 170 at the end of April.  Sellers got 93% of their asking price, down slightly from the YTD average of 93.6%.  The average closing price of a C/T was actually higher than SFHs at $310,055, also the highest level of the year.  Interest rates are still great and 2012 is shaping up to be the beginning of the real estate come-back

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.

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PRICE REDUCED IN CANAL CORKRAN - TOWNHOUSE

12 Nell Loop advertises itself as a 5 bedroom, partially furnished townhouse and has been reduced for the first time since listing in October of 2011.  It is now offered for $499,900, down almost 2% from the original $509,000.  It is one of only two townhouses currently on the market in CC.  There is one under contract waiting to close and two have closed so far this year.

MILLER'S LANDING AT PAYNTER'S MILL

A couple of things happening in Miller's Landing, first 605 (a Bonica Rose) came back on the market after a four month hiatus and reduced price in the process.  It has been on the market for 266 days prior to this listing.  Sellers are now asking $199,900 for this second floor 2 bedroom unit.  This and the Sawtooth model are the smallest of the ML floor plans.

At the same time, 1106 which is a Sawtooth Oak model is showing "Withdrawn" on the MLS today.  It is the foreclosed upon property that showed that it went Pending back in early March.  I'm not sure what this means but I'm going to continue to follow it as Pending.  It was listed for $159,900 when it supposedly went Pending.

SOUTH REHOBOTH ACTIVITY

New Listing - 118 G Philadelphia Street came on the market yesterday for the asking price of $1,799,000.  Built in 2005, a 4 bedroom, 4 full and 2 half bath three story contemporary with an attached 1 car garage sits on the second ocean block about three blocks from Rehoboth Avenue (great location).  It has "all the modern luxuries and numerous upgrades...on this sunny lot with a peek of the ocean.  Sold fabulously furnished...full unfinished basement, garage with work  bench".  The lot size is not mentioned and looks to be part of a "condo" situation as it advertises a $2,000 per year condo fee.  It comes complete with irrigation system and outside shower.  Will only be on the market for 60 days. 

Under Contract - 218 Laurel Street found a Buyer and went under contract yesterday at the listing price of $849,000 after 498 days on the market and an original asking price of $980,000.  There are three properties under contract waiting to close.  Six SFHs have closed so far this year in SR. 

CLOSED IN NORTH REHOBOTH BEACH

Cheers, another one off the books in North Rehoboth.  102 Sussex Street closed on the 30th for $940,000 or 90% of the original asking price of $1,049,000.  It was on the market for 284 days before going under contract.  This 4 bedroom, 3.5 bath two story cape cod sat on a 50 x 100 foot lot and was just built last year.  It has an inground pool and advertised $65,000 in annual rental income.  It had "vaulted ceilings, 1st and 2nd floor masters...".  Weekly rental income during the season is advertised to be $4,650 per week.

CLOSED IN MILL POND COMMONS AT PAYNTER'S MILL

This Carrolton model home at 16667 Howard Millman Lane closed on Monday for $325,000.  It has been on the market for 241 days and had been listed originally for $359,000 and reduced to $345,000 just before it went under contract.  It sits on a corner lot near the SW rear portion of Mill Pond Commons.  Upgrades included hardwood flooring and a breakfast room off the kitchen.  It was a Gail n Greg listing.  There have now been two Carroltons close in the last two weeks.  The other went for $345,000.

NEW LISTING IN MILL SPRING RUN AT PAYNTER'S MILL

An Easton model similar to the one pictured here listed yesterday for $359,900.  16332 John Rowland Trail is on the Eastern arm of the John Rowland Trail loop.  Eastons are two story with 4 bedrooms, master on the first floor, sitting room upstairs.  This one comes with a rear screened porch and has some hardwood flooring.  This is the only Easton currently offered.

BETHANY BEACH AT A GLANCE

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What's Up in Lewes This Summer

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WHAT'S HAPPENING IN DEWEY BEACH??

Click HERE to see what's going on in Dewey Beach, It's a way of life.

REHOBOTH BEACH EVENTS CALENDAR

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THE KITCHEN AT PAYNTER'S MILL

The Kitchen at Paynter's Mill has been a nice addition to the community.  The food is good and the prices are reasonable which is the perfect combination when trying to attract the retirement age patron.  I know that's not the only patron The Kitchen is trying to cater to but let's face it, Paynter's Mill while not an age restricted community is primarily populated by the over 50 crowd.  Let me just say that The Kitchen is also bringing people in from outside the community.  The restaurant re-located from down town Lewes (I think they were the Side Street Cafe) to Paynter's.  It is family owned by Ray and Lisa Richardson.  Ray is the head chef and Lisa works out front with the wait staff.  They are currently serving lunch and dinner from 11:00 am to 8:00 pm Wednesday through Thursday and Friday and Saturday from 11:00 to 9:00.  They serve Sunday brunch also from 11:00 to 2:30ish.  They are closed Mondays and Tuesdays.  They serve a great Maryland Crab soup for lunch as well as a nice assortment of salads and sandwiches.  Ray's Cobb Salad is excellent for $8 and the Pulled Pork BBQ at $7.  They also serve a nice assortment of Seafood offerings, the crab soup for $4/$6 depending on if you want a cup or bowl, crab dip for $9, calamari for $12, steamed shrimp and fish n chips for $13. For Sunday Brunch you get to choose between Pancakes, French Toast, Corned Beef Hash, Omelets, Eggs Benedict or Biscuits & Sausage Gravy.  All for $15 which includes fruit, muffins, choice of soda, coffee, tea, bloody mary or mimosa.  Children under 12 get a clam or shrimp basket, burger, chicken fingers, hot dog, silver dollar cakes or french toast for $7.  Dinner entrees run from $13 to $20 featuring Chicken and Biscuit Pot Pie, Tortellini, Calotte Steak, Chicken Enchiladas, Carnitas, Ray's Famous Meatloaf or my favorite Shrimp & Grits.  All the lunch salads and sandwiches can also be ordered.  They do have a liquor license and serve a limited selection of beer and wine along with mixed drinks.  I have tried most of the dinner entrees and find them all to be delicious and a great value for the price.  Thursday night seems to be a big "locals night" and the weekends are quite busy too.  If you live in Paynter's Mill this should definitely be your primary eating out place and if you don't live in the community, you should put it on your list of good food, good prices night out.  They're located just inside the Paynter's Mill entrance on the right.  Paynter's Mill is right at the junction of Route One and Route 88 toward Milton and only 8 miles from downtown Rehoboth.

CARROLTON MODEL CLOSES IN MILL POND COMMONS

This is significant because it is the first re-sale Carrolton model to close in Paynter's Mill and the first one since February of 2009 when the Builder model sold.  It was a Gail n Greg listing at 16524 Howard Millman Lane which put it at the very back (western) side of Mill Pond Commons and had no homes behind it, only a tree line.  It had been listed with another Broker prior in 2010 at $419,900 but had been reduced several times over the cumulative 648 days it was on the market to sit at $369,900 at the time the contract was written.  It ultimately sold for $345,000.  The only major upgrades to the home were the hardwood flooring throughout most of the first floor and a large screened porch out back.  There are two more Carroltons under contract and both should be closing soon.  We will then have a market.

NORTH REHOBOTH BEACH ACTIVITY

53 Surf Avenue is back on the market again, this time for $2,199,000 and appears to now be an estate sale.  It was listed back in 2010 and again in June of 2011 for $2,675,000 and then withdrawn.  It was purchased back in 2005 for $2,900,000.  At any rate it is a 5 bedroom, 5 full and 2 half bath contemporary a ways back from the beach on Surf but with Ocean views.  It is also on an oversized lot measuring 70 x 118 feet.  It does have an inground pool "spacious, open floor plan".  It is partially fenced, has an outside irrigation system and outside shower.  It was built in 2004 so I'm sure it is loaded with all of the upgrades people are looking for these days. It is selling at a nice discount to the previous closing price.

56 Maryland Avenue closed yesterday, it went for 90% of the original asking price of $899,000 or $810,000.  It was on the market for 206 days.  It sits on a 50 x 100 foot lot on the second block of Maryland Avenue.  It is a 3 bedroom, 2 bath ranch and looks to have been around for a while.  It advertises a partially finished basement and $26,000 in annual rental income.  Not much else to distinguish this home other than the great location.

PRICES CONTINUE TO ERODE IN KING'S CREEK

8 Wolfpit Court continues to reduce price and now sits at $349,900.  This is a Bank Owned property that must have some serious issues as this price gets it below lot value in this otherwise high end community.  Buyer beware.

1 Johnson Branch Court also reduced yesterday from $642,500 down to $624,500.  It has only been on the market for 24 days.  It is not a distressed property.

PRICE DECLINE IN SOUTH REHOBOTH BEACH

2 E. Hickman reduced price yesterday for the first time since listing back in December for $3,195,000.  You can now purchase this home for the paltry sum of $2,995,000.  Might be a good deal, right on the ocean.

TOWNHOUSE UNDER CONTRACT IN CANAL CORKRAN

14 Will's Way becomes the third townhouse to sell in Canal Corkran this year.  It went under contract yesterday at the asking price of $475,000 after listing originally in November of 2010 for $505,000.  Two others have closed this year for $490K and $445K.

BY THE WAY, LINGO DOES NOT HAVE EXCLUSIVE RIGHTS TO LISTINGS IN CANAL CORKRAN!!

PRICE REDUCED IN KING'S CREEK COUNTRY CLUB

5 Queen's Court reduced price yesterday for the first time from $650,000 down to $639,900.  It has been listed for only 68 days.

CLOSED IN NORTH REHOBOTH

29 Henlopen Avenue became the 6th SFH to close in NR in 2012 and the first in Q2.  After 459 days on the market this four bedroom, three bath 2 story "Craftsman" home closed for $1,075,000.  It had originally listed for $1,555,000 but had been reduced a couple of times to end up at $1,170,000 at the time of contract signing.  This home was built in 1938 on a 50 x 100 foot lot one block from the beach.  Good Buy!!

TOWNHOUSE CLOSES IN CANAL CORKRAN!!

28 Nell Loop closed on the 20th for $445,000 or 91% of it's original asking price of $489,900.  It had been on the market for 339 days.  That is the second TH to close in CC this year.  There are three more listed as active.  This 3 story, 5 bedroom, 4.5 bath TH was an end unit boasting $16,800 in annual income.  It was sold furnished.

CLOSED IN SOUTH REHOBOTH BEACH !!!

211 Munson becomes the sixth SFH to close in South Rehoboth this year.  It closed on the 20th for $861,500 after being on the market just 170 days.  It originally listed for $899,000.  It is a 4 bedroom, 2 bath two story contemporary built in 1916 on a 50 x 100 foot lot.  It had of course been up-dated and just 2 blocks from downtown.  It advertised $30,000 in annual rental income.  The average selling price now in SR is $1,086,917 or 74% of the original asking price and 517 days on the market.

PRICE REDUCED IN NORTH REHOBOTH

27 Virginia Avenue reduced price for the second time from $1,778,000 down to $1,589,000.  It has been on the market a little over 300 days and started at $1,875,000.

CLOSED IN KING'S CREEK COUNTRY CLUB !!!

124 King's Creek Circle became the fourth home to close in KCCC this year.  It had been on the market for only 185 days but went for only 84% of the original asking price of $625,000 to close at  $525,000.  It is a 3 bedroom, 2.5 bath 2 story contemporary on a 100 x 220 foot lot.  It advertises 2,600 dwelling square feet and was built in 1999.  This is a golf course lot.  Some lucky Buyer got a great deal here.

UNDER CONTRACT IN MILLER'S LANDING AT PAYNTER'S MILL

Another Gail n Greg listing under contract in Paynter's Mill, this one a 2 bedroom condo in the (1205) Miller's Landing section of the community.  This Bonica Rose model (2nd floor) has been on the market for some time and finally went under contract at $160,000.  There are now three units under contract waiting to close and three already closed this year.  We're off to a good start to the year with the lowest inventory on condos in a long time.  Some folks have given up but there are four intrepid re-sellers still waiting their turn and the Builder still has four units left to sell.  Of the re-sales, there is one Bonica Rose, two Sawteeth and one Greenspire.  The Builder has two Crepes, a Willow Oak and a Greenspire.

FORECLOSURE REDUCED PRICE IN MILL POND COMMONS

This foreclosed upon Twin Home (duplex) listed in MPC at Paynter's Mill just reduced again, this time down to $249,900.  It has been officially listed now for just 70 days.  The Bank obviously wants to unload this property and this represents a great buying opportunity for someone.  16263 John Rowland Trail is a 3 bedroom Twin near the front of the community.  Re-sale Twins (there are 3 of them) range in offering price from $285,000 to $319,500.  Believe it or not, the last foreclosed twin went for $161,700 and the Buyer is in the process of complete renovating the unit.  One can afford a lot of renovation for this price.