Gail n Greg - Your Agents @ The Beach

NEED A REALTOR ??

   If you're in the market to buy or sell real estate and want dedicated representation by "Above The Crowd" agents, contact us....you won't be sorry.     Greg@GailnGreg.com 

Having said that, the primary purpose of this blog is to keep our "farming" communities up to the minute on what's happening with real estate in their areas.  Also, we post a monthly recap of sales statistics for the entire county.  Our areas of concentration are in town Rehoboth Beach, King's Creek Country Club, Country Club Estates and Paynter's Mill (we live there).  We hope you find your visit here informative and our efforts useful.

Also, you can see any listing in the County on our website  www.GailnGreg.com
 

BIDDING WAR IN COUNTRY CLUB ESTATES?? 309 STOCKLEY STREET

Here's another one...only on the market for 7 days.  Beach 2 Bay (I don't think they're still in business) listed this property on October 13th and had it under contract 7 days later.  It appears that they may have had more than one Buyer as it ended up selling for $22K more than it was listed for.  Now they could have negotiated the Seller to pay closing costs and upping the price but according to the MLS fact sheet there was no Seller assistance which leads me to believe they may have had multiple Buyers and they bid the price up.  Anyway, it was listed for $480K and closed for $502K.  Boy, wouldn't it be fun to start having bidding wars for property??  I think this is an anomaly due to the fact that it was listed very low.  It looks like Country Club Estates is going to end the year with 12 SFH closings as there is nothing currently under contract.  The average selling price of the 12 closed properties was $579K and 317 days on the market.  Sellers got 77% of their original asking price.  There are currently 7 active listings.  MLS #573236

QUICKLY UNDER CONTRACT - 112 NORFOLK ST. - SOUTH REHOBOTH BEACH

   I hate to keep stating the obvious but Prudential Gallo only listed this property 37 days ago and it is under contract.  It is on the 2nd ocean block, 6 or 7 bedrooms and looks to be in good shape and they listed it for only $1,350K.  If you price it right, they will come!!  There are now three properties under contract waiting to close.  Only 7 have closed this year in South Rehoboth and there are 26 more actively listed.  Yeah!!  MLS #574037

BACK ON MARKET - 31 FIRST STREET - NORTH REHOBOTH BEACH

I'm Baaack!!  This estate sale property went pending back on December 1st with a financing contingency.  Apparently the Buyer was unable to get financing as it has come back on the market as of yesterday.  It was re-listed for $725K, the same price as when it went pending.  It originally listed back on March 31st of 2009 for $990K.  We're back up to 33 active listings in North Rehoboth.  There is still one pending closure and 18 have closed.  MLS #567433

PRICE REDUCTION - 32 OLIVE AVE. - NORTH REHOBOTH BEACH

  Interesting that Ocean Atlantic is showing this home in the dark, looks like you would need a full time window washer.  It originally listed back on February 3, 2009 for $1,550,000.  It has been reduced twice now and currently sits at $1,375,000.  MLS #566252

PRICE REDUCTION - 16629 HOWARD MILLMAN - MILL POND COMMONS - PAYNTER'S MILL

This Keller Williams "short sale" twin home has been reduced again.  It now lists for the incredible price of $260K.  This just shows you how badly folks don't want to get involved in a "short sale".  I'm involved in one now where my clients offered just under the asking price hoping to expedite the process.....WRONG.  It has been well over 2 months since we submitted our contract with no word from the Bank.  The Sellers of this 3 bedroom twin paid $330,560 back in February of 2006.  Ad 3% to that number to cover their closing costs and you get some idea what a hit they're taking financially.  This obviously puts a lot of pressure on the other re-sales.  There are 2 other 3 bedroom twins listed right now, one for $339,900 and an estate sale for $334,999.  There are 2 - 4 bedroom models for sale right now for $305K and $349K.  They've all been on the market for a loooong time.  If you have the time and the patience, this is a great deal......MLS #571565

PRICE REDUCTION - 803 MILLER'S LANDING - PAYNTER'S MILL

Ocean Atlantic has reduced this Nellie Stevens model (2nd floor, 3 bedroom) to $239,900, down from $250,852.  It originally listed back in March of this year for $299K.  There is only one other Nellie Stevens listed right now for the price of $279K.  The last Nellie to sell went for $245K back in June of 2008.  MLS #567631

PRICE REDUCTION - 10 ST. MICHAEL'S PLACE - NORTH REHOBOTH

This Lingo listing is being reduced for the second time in as many months.  I believe it was a spec house and has been a rental.  The owner obviously wants to unload it now.  It originally listed on August 23rd of 2005 (1580 days ago) for $1,595K and is now listed for $1,235K.  That's a 23% reduction.  I think they're almost there.  That's well below the average listing price in North Rehoboth of $2,707K (currently 32 active listings).  This listing however, has the dubious distinction of being on the market for the longest time of any other listing in North Rehoboth.  The average is 426 days.  MLS #561068

MAJOR PRICE DECLINE - 16502 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

This agent owned Easton model has been reduced by $20K and is now at the unbelievable price of $329K.  This Seller paid almost $400K which is why he is now listing it as a potential "short sale".  He obviously owes more on it than he is likely to get out of it.  The lowest price any Easton ever sold for was $346K back in 2004 which was considered pre construction pricing.  The highest price paid for an Easton model was $478K back at the peek in 2005.  The average price of all Eastons sold by the Builder was $396K, there were 28 sold.  There have been renters in this house for a couple of years and it was beat up a little but I believe the Seller has fixed the main issues and has repainted.  It's a heck of a deal!!  MLS #573807

NEW LISTING - 1604 MILLER'S LANDING - PAYNTER'S MILL

  Ocean Atlantic Sothebys just listed this Greenspire Linden model (there are now 3 of these actively listed) for $275,900.  This is a 2nd floor 2 bedroom unit with a 2 car garage.  It appears to be well upgraded.  There are now a total of 15 condos for sale in Miller's Landing, 3 of which are new construction Builder units.  There is also one entire building that is vacant and will remain so until all of three of the Builder units are sold.  An investor bought the entire vacant building but does not have to take possession until all other Builder units are sold.  There have been 5 condos closed this year, the last two being in October.  Three of the five to sell so far this year have been Builder units.  MLS #574503

TWO CLOSINGS IN COUNTRY CLUB ESTATES - REHOBOTH BEACH

108 Country Club Drive had been on the market for 754 days when Ocean Atlantic finally got it sold for $585K!!  It originally listed back on April 12th of 2007 for $950K so they only got 62% of their original asking price.  That's pretty "normal" these days as the average in Country Club Estates this year is only 76% of original asking price.  This brings the total up to 11, the number of closings this year on SFHs in CCE.  That compares to only 4 the entire year of 2008.  There is still one under contract that could close this year.  There are now only 7 homes listed for sale.

   106 Scarborough Village closed yesterday for $415K (RE/MAX Rehoboth listing) but the Seller threw in $10K in closing help so the net sale price is actually $405K, the lowest price of the 4 townhouses to sell this year.  One went for $425K and the other two went for $415K.  I guess considering the huge assessment they all paid this year for the make over, this price is pretty good.  There are no more currently for sale.  I could have sold any one of these units several times over if not for the spiral staircase leading to the second floor.  It is very difficult to navigate.  MLS #568510

WITHDRAWN - 15 STATE ROAD - SOUTH REHOBOTH BEACH

Lingo has withdrawn this listing after 813 days on the market.  It was listed at $969K, down from the original listing price of $989K.  It's a fairly new house (3 years old) and has apparently been a good rental property but is on a busy street.  When inventory is plentiful, these things matter.  This leaves 27 active listings in South Rehoboth with an average of 410 days on market.  Only seven have closed so far this year with two more currently under contract.  MLS #553311

WITHDRAWN - 2 EAGLE WAY - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

  This RE/MAX Rehoboth listing is also being withdrawn.  This one however, has been on the market for 920+ days and was originally listed at $1,150K.  It was at $929K when it was withdrawn on December 8th leaving 16 properties for sale in King's Creek.  Only 3 have closed this year.  MLS #560129
 

WITHDRAWN - 154 HENLOPEN AVENUE - NORTH REHOBOTH BEACH

Funny how some agents are, RE/MAX Rehoboth listed this property back in July of 2009 and posted a picture with snow on the roof.  Now that it is winter, it is being withdrawn.  Oh well, just an observation.  This house was listed for $699, one of 5 listed on Henlopen Avenue.  There are now 32 active listings in North Rehoboth and it looks like we're going to close 20 this year.  MLS #570808

NORTH REHOBOTH ACTIVITY

This Seller told Lingo "I give up for now".  29 Henlopen Avenuehas been on the market since October of 2008 and was originally listed for $1,750.  It was listed at $1,596K at the time of withdrawal.  Recent comps suggest a lower price may be needed so maybe they just want to wait until Spring and hope for a better market.  MLS #564330

Coldwell Banker got this house at 31 First Streetunder contract after only 263 days, relatively short time period these days.  It is an estate sale and is just over a block from the ocean.  It sits on a very small lot however so we are waiting with baited breath to see what it actually sells for.  It originally listed for $990K back on March 13th of 2009 and was listed at $725 when it went under contract.

   Keller just reduced the price on this puppy by $100K to $1,295K.  82 Park Avenue is one of the premier streets in North Rehoboth but obviously no one is immune to the ills of this market.  It has been listed since only September of this year.  33 houses for sale in North Rehoboth right now.  The average listing price is $2,652K and the average days on market is 415.  MLS #572629
 
 

NEW LISTING - 3 ELLENDER COURT - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

No picture yet available for this RE/MAX Realty Group listing either.  It was listed on December 5th also.  Maybe there was a moratorium on picture taking that day, the listing shouldn't go in without a picture as far as i'm concerned.  Anyway, it was listed for $974K and brings the total active list up to 17 with only 3 closings this year and nothing currently under contract.  MLS #574344

NEW LISTING - 501 KING CHARLES - SOUTH REHOBOTH BEACH

Lingo just listed this 2nd beach block home in South Rehoboth for $1,275K.  There are now 29 active listings in South Rehoboth with 7 having closed so far this year.  There are still 2 under contract and will probably close before the end of the year bringing the total up to 9.  Average days on market are 404.  MLS #574328
  

NEW LISTING IN COUNTRY CLUB ESTATES - 342 HICKMAN

No picture available for this Lingo listing yet.  It was listed on December 5th for $699K.  We now have 7 active listings in Country Club Estates with an average listing price of $815K and 393 days on the market.  MLS #574347

COUNTY SALES RECAP - NOVEMBER BLOCKBUSTER!!!

  WOW!!! The market really heated up in November with Single Family Home (SFH) closings increasing by 66% over last November with 174 closed sales.  This is second only to October this year with 178.  I think it is quite obvious that the $8,000 tax credit for first time home buyers played a large role in November's success as average selling prices dropped to the lowest level since February and came in at $313K, a full 9 percentage points below the average this year of $344K and 18% below October.  Whatever, we'll take what we can get.  These increased sales along with many withdrawn and expired listings due to the upcoming holidays, helped bring the inventory down by 3% from October to it's lowest level since March of this year.  It is still 6% above the inventory level at the end of 2008.  Under Contract properties also came down (which is a forward looking indicator) to it's lowest level since June to only 310, still above the YTD average of 295.  This indicates we may well have another good closing month in December, probably around 150 closings.  We are now at 98.4% of last YTD and a good December may push us ahead of last year, not that last year was good, but at least it indicates that the bottom is definitely in.  More good news is that Sellers got 93% of their asking price at the time of contract, one of the highest levels of the year.  Average listing prices are still 21% above average selling prices YTD but were at the lowest level of the year in November ($386K vs. $438K avg. YTD).  This is reflective of Sellers getting more realistic as to market pricing.  The bad news is that based on the average closing rate per month YTD, we still have 22.4 months supply of inventory and we're entering the slowest season of the year for real estate in this area.  This is usually when Sellers start taking properties off the market, giving in until next February when Buyers once again start looking.  I anticipate a VERY busy Spring 2010 as Buyers realize they had better get buying before prices start to increase and/or interest rates start to creep up.  First time home buyers got an early Christmas present as the Feds have extended the tax credit through April of 2010 and opened it up to trade-up buyers.  This is very good for one of our largest client segments....retirees.

Condo/Townhouses (C/TH) didn't fare quite as well as SFHs in November.  They did finish ahead of last November at 108.3%.  This only brought this market segment up to 86.5% of last YTD.  Inventory did come down by 3.2% to it's lowest level this year....1,168 units actively listed.  Under Contract properties held it's own at 105, down only slightly from October's 109.  The average selling price of a condo in November was $352K, up from $327K in October and above the YTD average of $344K.  Sellers received 92.1% of their asking price at the time of contract, above the 91.5% YTD average.  Months of supply didn't move however staying at 23.1 months of inventory based on the 51 per month closing average YTD.  It's a great time to buy a condo.
 

NEW LISTING IN NORTH REHOBOTH BEACH - 6 & 6A GROVE STREET

Ocean Atlantic Sothebys has listed this property adjacent to the cemetery for $849K.  It is at the very end of Henlopen Avenue just as you enter the back entrance to Henlopen Acres.  There are two dwellings there, a main house and another 1 bedroom guest house.  It apparently has two rental licenses.  We're back up to 35, the number of active listings in North Rehoboth.  MLS #574245

PRICE REDUCTION - 314 LAUREL STREET - COUNTRY CLUB ESTATES - REHOBOTH BEACH

Prudential Gallo has reduced this new construction home in the heart of Country Club Estates several times now.  It is currently reduced to $1,199K, down from the original listing price of $1,350 back on May 18th of 2007 (that's 927 days ago).  I noticed the agent changed the neighborhood listing from Country Club Estates to South Rehoboth.  We'll see how that works along with this price decrease.  It is a nice home, I've been inside.  Unfortunately, it's priced way above the average selling price of a home sold so far this year in CCE ($587K).  There's no question that it is worth more than any of the homes sold this year in CCE.  MLS #549064

NORTH REHOBOTH BEACH PRICE REDUCTION - 10 ST. MICHAEL'S PLACE

This Lingo listing has been reduced for the second time to $1,250K, down from the original price of $1,595K back on August 23rd of 2005.  Yup, 1,557 days ago.  That was back when the market was good.  There could be a message here.  MLS #561068

HAPPY THANKSGIVING!!!

PRICE DECLINE IN MILLER'S LANDING - 1602 - PAYNTER'S MILL

Lingo has reduced this Crepe Myrtle model to $259,900.  There are two Builder Crepes also listed for sale, one of which is being sold furnished for $279,900.  The other one is listed for $259,900.  The last Crepe to sell went for $214K back on Oct. 2nd.  The one before that went for $223K back on Sept. 25th.  This is a two bedroom, first floor unit.  MLS #573290

PRICE DECLINE - 134 HENLOPEN AVENUE - NORTH REHOBOTH BEACH

This Lingo listing has been reduced numerous times in the 992 days it has been on the market.  On Nov. 7, 2006 it listed for $1,329K and has now been reduced to $995K, a full 25%.  Henlopen Avenue still has the most active listings in North Rehoboth with 6.  A total of 5 have sold this year on Henlopen Avenue. MLS #567975

CLOSED!!! NORTH REHOBOTH BEACH

  Prudential Gallo just closed on this home at 62 Columbia Avenue.  It had been on the market for 187 days (not bad) and was listed originally for $1,776K.  It sold for 19% less than that, $1,440K.  That's the fifth house to sell on Columbia Avenue this year.  There are four more still listed for sale on Columbia.  MLS #568966  

 Jack Lingo Realty closed on this home Friday at 85 Sussex Street.  It had just recently been bought and completely refurbished.  It sports one of if not the largest oak trees in Rehoboth Beach, see it?  It was only on the market for 14 days and sold for $745K, 4% below their asking price of $779K.  It shares a lot with the little converted garage apartment next door.  MLS #572892

  This Seller took an awful beating based on original listing price back in June of 2008.  137 Henlopen Avenue was listed by RE/MAX Realty Group for the price of $2,750K.  It closed yesterday for $1,500K (ouch!).  I think the Seller would admit that it was over priced to begin with but not by $1,250K.  It sits on a 20,000 square foot lot and is solidly constructed.  He did however fall victim to this lousy home market.  Oh well, one person's misfortune is another's good fortune.....congratulations Buyer.  This brings the total up to 18, the number of single family homes to close in North Rehoboth this year.  There is still one pending sale.  Interestingly, 8 of the 18 homes have closed in the 4th quarter.  Keep it going...MLS #560834
 
 
 

PRICE REDUCTION IN NORTH REHOBOTH - 86 SUSSEX STREET

This Jack Lingo listing has only been on the market for 55 days and is being reduced for the first time.  It is now listed for $1,479K, down from $1,585K.  It is an interesting house, I toured it when they had their Broker Open House a couple of weeks ago.  It's one of thirty four currently listed for sale in North Rehoboth.  MLS #572874

CLOSED!! SOUTH REHOBOTH BEACH - 214 HICKMAN STREET

This Jack Lingo "short sale" listing took quite a beating.  It originally listed way back there for $2,490K and settled Thursday for $1,450K (58% of the original asking price).  It was on the market for 513 days.  It is a very strange looking house but I guess very functional.  That's 7 now, single family homes closed in South Rehoboth this year.  Sellers have gotten 80% of their original asking price and have averaged 301 days on the market.  The average selling price has been $1,381K.  MLS #571294  

PRICE REDUCTION - 16359 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

Bay Coast has reduced this Scarborough model cottage home to $359,900.  It is being sold partially furnished.  It originally listed back on July 21st for $369,900.  The other Scarborough that was on the market was just withdrawn and was priced at $279,900.  There isn't much to choose from in this section of Paynter's Mill, only this house and an Easton model listed for $349,000.  Now that's a hot price!!  MLS #571056

CLOSED!! 80 SUSSEX STREET - NORTH REHOBOTH BEACH

This new construction home closed yesterday for $1,138K after Lingo had it listed for just 252 days.  This is the 15th closing in North Rehoboth this year.  Here's a little history on this property.  This was part of the Brown property (a Rehoboth resident for many years) which was sold back in August of 2007 as a 100x100 lot for $875K.  The speculator tore down the existing structure and subdivided the lot into two 50x100 parcels.  This lot was sold to a spec builder in September of 2008 for $517,500.  He proceeded to build this house on the lot for which he received $1,138K.  The building cost for this house was probably between $350K and $400K putting the builder's cost at around $900K netting the builder approximately $238K or 26% on his investment in a little over a year.  Not bad in my book, not as good as the glory days in 2003 to 2006 but better than the stock market lately.  There is still money to be made in real estate!!  MLS #566483

UNDER CONTRACT!! 108 COUNTRY CLUB DRIVE - COUNTRY CLUB ESTATES

Ocean Atlantic got this property under contract on November 4th after being on and off the market for 754 days.  It originally listed back in April of 2007 for $950K and was listed for $700K at contract signing.  I'm guessing it will close for in the $680s.  That leaves only 6 properties for sale in CCE, 3 under contract and 13 closed so far this year including the 3 townhomes.  I wish I could get a listing in here, it's the hottest selling community in town Rehoboth.  MLS #569418

PRICE DECLINE - 1006 MILLER'S LANDING - PAYNTER'S MILL

This Prudential Gallo listing is being sold furnished and has been on the market since May 14th.  It originally listed for $269,900 and has now been reduced to $259,900, probably due to the fact that another Sawtooth model just came on the market for $195K (unfurnished).  There is also a new Builder unit listed for $199,900.  MLS #569209

WITHDRAWN - 314 COUNTRY CLUB DRIVE - COUNTRY CLUB ESTATES - REHOBOTH BEACH

After only 103 days on the market, this Coldwell Banker listing is being withdrawn.  It originally listed for $799K and was reduced in September to $775K.  There are now only 7 active listings in CCE and they are averaging 426 days on the market.  It looks as though 12 will close this year (10 have already closed and 2 more are under contract).  I imagine that we will start seeing more listings coming off the market, this is typical of this time of year.  People are reticent to have strangers traipsing through there homes during the holiday period.  MLS #571482

CLOSED!! 147 COLUMBIA AVENUE - NORTH REHOBOTH BEACH

 
Ocean Atlantic must be thrilled to get this one off the books after 1,602 days on the market.  The Sellers got 69% of their original asking price of $1,749K or $1,210K.  There have now been a total of 14 closings this year in North Rehoboth for an average selling price of just a hair over $1MM and 452 days on the market.  This one sure didn't help the average days on market statistic.  After 11 closings with only 1 selling for over $1MM, the last 3 closings have all been $1MM+, further indication that the higher end Buyer is coming off the fence.  MLS #553721

NEW LISTING IN SOUTH REHOBOTH BEACH - 112 NORFOLK STREET

Prudential Gallo just listed this beauty in South Rehoboth for $1,350K.  It is being sold furnished and is in the second ocean block.  There are now 28 active listings in South Rehoboth with an average listing price of $1,670K and an average days on market of 400 even.  3 are currently under contract and 6 have closed so far this year.  The average selling price of the closed properties is $1,369K and 266 days on the market.  This is in contrast to the 14 closed in North Rehoboth while at a lower avg selling price of just at $1MM.  To me, this looks like a good buy on a standard 50x100 lot.  MLS #574037

PRICE REDUCTION - 4 COMFORT COURT - KING'S CREEK COUNTRY CLUB

This property is "agent owned" and listed by Coldwell Banker Resort Realty.  It has been on the market for 333 days and was originally listed for $825K.  It now sits at $629K after a couple of price declines, a price increase and now another decline.  It is one of 16 homes currently for sale in KCCC with only 3 closed so far this year.  This property is listed well below the average listing price in KC of $979K.  MLS #572967

PRICE DECLINE - 1104 MILLER'S LANDING - PAYNTER'S MILL

Ocean Atlantic has this Greenspire model listed, originally for $298,432.  It has been reduced now several times and the latest reduction brings it down to $269,900.  This is one of the larger 2nd floor 2BR models and it appears to have some nice upgrades.  Unfortunately, the last one like this to sell went for $249,900 (new builder model) back on Oct. 2, 2009.  The one prior to that sold for $230K back in December of 2008.  There is one other Greenspire listed currently for $299K and is being sold furnished.  I hope they get their price as we need prices to start back up in PM.  MLS #564647

BETTER HURRY IF YOU WANT A HOME IN NORTH REHOBOTH

THEY'RE GOING LIKE HOT CAKES....this is the sixth property to go under contract in North Rehoboth so far in Q4.  Three more have already closed.  Savvy Buyers are picking off some great deals in this most popular part of Rehoboth Beach.  This house was only on the market for 187 days (a flash in todays market) and was listed at $1,776K.  This still leaves 35 active listing but the absorption rate is shrinking quickly (less than a years supply based on our current quarterly sales rate).  This is great news for Sellers in 2010, unfortunately not for Sellers in 2009.  MLS #568966

NEW LISTING IN KING'S CREEK COUNTRY CLUB - 2 PATRIOT'S WAY

This most recent RE/MAX Rehoboth listing in King's Creek brings the total back up to 16 active listings in this country club community.  Only three have closed this year and none are currently under contract.  This one becomes the second lowest priced house in the community now at $650K.  One other is listed at $629K.  The average listing price of all 16 is $982K.  MLS #573887

NEW LISTING - 206 MILLER'S LANDING - PAYNTER'S MILL

RE/MAX Realty Group in Rehoboth just listed this Sawtooth Oak model (2nd floor 2BR) for the aggressive (realistic) price of $195K.  There is one other re-sale Sawtooth listed for $269,900.  It is being sold furnished, boy that is some expensive furniture.  There is one last builder model for sale listed at $199,900.  The last Sawtooth to sell was a new Builder unit back in July that went for $214,900 and who knows what additional incentives.  None were sold in 2008.  We're now back up to 14 units actively listed with 3 of them being Builder units.  5 have closed this year.  MLS #573888 

AT LAST!! UNDER CONTRACT 147 COLUMBIA AVE. - NORTH REHOBOTH BEACH

This property has the dubious distinction of having been on the market longer than any other property in North Rehoboth, 1602 days collectively.  I say collectively because it has been listed by several Brokers and has been on and off the market (mostly on) since 2005.  It originally listed for $1,749K and was at $1,299K at the time of contract signing.  Ocean Atlantic is the current listing Broker.  Wow, that brings the number to 5 properties under contract with 13 closed this year.  If all of these close by year end, we will have had a pretty good year in North Rehoboth.  Just as an FYI, the property now on the market the longest is #10 St. Michaels Place with 1,539 days on market, yowza.  MLS #553721

PRICE REDUCTION - 125 STOCKLEY - SOUTH REHOBOTH BEACH

Large home on a double lot, listed by Lingo Realty has been reduced from $2,685K down to $2,395K.  This attractive South Rehoboth home is on the second block from the ocean and has been on the market for 329 days.  3 properties remain under contract in South Rehoboth (since August) and 6 have closed so far this year.  Unlike North Rehoboth, the majority (4) have sold for over $1MM with an average price of $1,369K and 266 DOM.  MLS #565342

PRICE DECLINE - 80 KENT STREET - NORTH REHOBOTH BEACH

The estate trying to sell this corner lot seems to be very proud of it.  It is a 100x100 lot (10,000 sq ft) and can be subdivided.  The shack sitting on it is only an annoyance and adds nothing to the value.  It was originally listed in February of 2007 for $2,250K (those were the days) and has been reduced several times and had a couple of Broker changes.  It has been reduced this time to $1,425K.  They're almost there....it sits on the corner of 5th and Kent.  MLS #570181

NEW LISTING IN PAYNTER'S MILL - 16502 JOHN ROWLAND TRAIL - MILL SPRING RUN

If this address sounds familiar, it's because this Easton model has been listed a couple of times before.  It is owned by the sales rep (Realtor) who represented the Builder when these RDM homes were sold new.  It has been rented for the past few years but is being cleaned up before sale.  It is being listed for the VERY aggressive price of $349,000.  The average selling price of the 28 Eastons sold was $396K, the highest went for $478K.  Bargain hunters should be all over this one.  All previous Easton listings have been withdrawn.  The last one to sell was the former model on the pond and it went for $457K back on April 24th, 2007.  MLS #573807 

UNDER CONTRACT IN NORTH REHOBOTH - 46 PENNSYLVANIA AVENUE

 After 311 days on the market, this Lingo listing went under contract at $2,149K.  It originally listed for $2,495K back in June of 2008.  It is a new construction home near Lake Gerar, a couple of blocks from the beach.  If it settles for anywhere near it's asking price, it will be the highest priced home to sell in North Rehoboth this year.  Only  3 of the 13 properties closed this year sold for over $1MM.  There are now 4 properties under contract in North Rehoboth.  We are going to end up with under 20 properties closing in 2009.  There are 37 active listings.  Do the math.  MLS #568206 

PRICE DECLINE - 73 PARK AVENUE - NORTH REHOBOTH BEACH

This Jack Lingo listing is being reduced for the first time since it was listed on Sept. 23rd of 2009 (43 days ago) and is now listed at $1,900K.  They started at $2,150.  MLS #572760.

CLOSED - 319 SANDALWOOD ST - COUNTRY CLUB ESTATES - REHOBOTH BEACH

I was anxious to see this house settle as I showed it several times and thought it to be a great value in town.  RE/MAX in Rehoboth had the listing since 5/2/09.  It originally listed for $579K and had been reduced once to $569K.  My clients submitted a written offer for $539K back a few months ago.  The Sellers were "insulted".  It closed on 11/3/09 for $525K.  That brings the total to 10, the number of closing in Country Club Estates so far this year.  The average selling price is $586,640 and the average DOM are 305.  There are two more under contract, one a townhouse.  This was a good buy in my opinion.  MLS #569354.

PRICE REDUCTION - 5 COMFORT COURT - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

Lingo only listed this property 60 days ago, much less time on the market than the average listing in King's Creek (344 days).  The Sellers have reduced the price from $1,345K down to $1,295K.  That's the fourth price reduction so far in Q4 and it brings the average listing price of a home in KC to just over $1MM.  The average selling price of the 3 homes to close this year is only $843K.  Apparently there is a disconnect between Buyers and Sellers in King's Creek.  MLS #572239

CLOSED - 20 BROOKLYN AVENUE - SOUTH REHOBOTH BEACH

Ocean Atlantic Sothebys closed on this one time Bed and Breakfast home on the ocean block in South Rehoboth.  It was on the market for 763 days and was originally listed for $2,495K.  It sold for 72% of that or $1,790K.  It had been fabulously renovated and was quite the deal in my opinion.  That makes six closings in South Rehoboth so far this year.  There are three more currently listed as under contract and 26 active listings.  This is the highest priced property to sell in South Rehoboth this year.  MLS #561084

SALES STATS - OCTOBER 2009 - "MOSTLY" SUSSEX COUNTY

Just when we were getting used to the fact that people were out there buying real estate, the holiday season is now upon us and that usually means slow sales from here to February.  The reason I inserted the word "MOSTLY" into the heading of this post is because I noticed throughout the month of October, Keller Williams kept adding listings from upstate.  They have now opened up our MLS for other counties and this is going to skew my numbers somewhat.  By no means will all of the Kent and Newcastle listings get into our MLS, just some of them where the Broker is looking for additional exposure.  I can't quite figure out why, I don't sell anything up there.  Well, a case in point is that Single Family Home (SFH) inventory jumped up this month by 1.7% over September, a full 9% above end of 2008 inventory.  I think this is due primarily to the addition of these out of Sussex listings.  There were 3,242 active listings at the end of October, a 23.6 months supply based on the average closing rate of 138 SFHs per month YTD.  The average selling price however went up to the highest level this year, $382K per home bringing the YTD average price up to $348K.  This is due to the fact that more higher priced properties are starting to move, not that the home values are appreciating unfortunately.  Properties "under contract" came down by the end of October to 346, the lowest level in three months.  Some good news is that 178 SFHs closed in October, also the highest number of closings in any month this year and a full 14% ahead of October, 2008.  We're now at 94% of 2008 closings YTD.  The amount Sellers got for their properties as a % of listing price dropped to 91.1%, below the YTD average of 92.2%.  This is particularly troubling as one would think now that Sellers are listing at "closer to realistic" pricing they would start to get a higher percentage of their asking price.  This is not the case yet, and until inventory starts to drop you will not see prices firming.  Smart real estate investors now should start moving their focus off of price and on to interest rates.  With the Fed ending their mortgage backed securities purchasing program, rates are slated to increase by as much as a full percentage point or more. 

Now for you Condo/Townhouse (c/th) enthusiasts.  There's good news, closings were almost 35% ahead of October 2008 bringing us to 92% of last year YTD.  Inventory came up 2.4% to a YTD increase of 5.4% from end of year 2008 inventory.  The average selling price came in about the same as September, $327K which is well below the YTD average of $343K.  C/TH sellers got 92.5% of their asking price in October, more than the 91.5% YTD average.  THERE ARE SOME GREAT DEALS OUT THERE ON CONDOS.  HAPPY THANKSGIVING!!!

WITHDRAWN - 4 PROSPECT ST. - SOUTH REHOBOTH BEACH

This huge ocean front house has been on and off the market umteen times over the 540 days it has been active.  They have reduced the price, raised the price and even went to auction at one point.  Believe it or not, it first listed back on May 9, 2008 for $8,750K.  Mann & Sons had it listed for $4,995K when it was withdrawn on 10/31/09.  My guess is that we will see it active again soon, but at what price?  MLS #559834

UPDATE 11/3/09 - Well as predicted, it didn't take long for this property to come back on the market.  Lingo has now listed this home in South Rehoboth at a reduced price of $4,950K.