Gail n Greg - Your Agents @ The Beach

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

Wow! What a deal.  The Bank has reduced the price again on 1106 Miller's Landing (a Sawtooth Oak model).  A two bedroom second floor unit with a one car garage has been reduced to $159,900 which is the lowest price I've seen in the community.  On top of that, it is a Fannie Mae property and there are no transfer taxes (save another 1.5%) and the Bank is offering up to 3% closing cost help.  That calculates to a net price of under $153,000 without negotiating the sale price.  The last one of these to sell was a Builder unit (new) back in August of 2011 for $156,720 net.  The two prior to that sold in 2010 for around $190,000.

PRICE REDUCTION IN COUNTRY CLUB ESTATES

257 Country Club Drive lowered price  yesterday from $579,000 to $574,000.  It was listed on September 7th for $599,000 so has dropped 4% since listing 134 days ago.

NEW LISTING IN NORTH REHOBOTH BEACH

Another Olive Avenue home coming on the market.  #29 Olive Avenue is the 5th house on that street to go up for sale.  Seller(s) asking $1,360,000 for this 6 bedroom, 3 full bath and 2 half bath cottage/farm house that sits on a 75 x 100 foot ocean block lot.  It is a "corner lot with 3 units: main house, guest cottage and garage.  Needs updating but great potential:huge dining, large kitchen, screened porch(s), courtyard area, outdoor shower.  Front of house w/partial basement and spacious wrap around screened porch".  It was built in 1915.  Up to 37 active SFH listings.

SOLD IN MILL SPRING RUN AT PAYNTER'S MILL

16365 John Rowland Trail finally went under contract.  This Easton model was bank owned  and priced at the incredibly low price of $294,900 (I dread seeing the closing price).  Many of these sold for well over $400K back in the day.  In fact, there was another one listed for $428,000 that withdrew from the market last December.  The Easton is a four bedroom, two story home...the largest one built by RDM (the builder of MSR).

SOUTH REHOBOTH ACTIVITY - CLOSED AND UNDER CONTRACT

The wave of activity continues in South Rehoboth.  208 Norfolk closed on January 13 for $810,000 after being on the market for 265 days.  The Seller(s) got 88% of their original asking price of $919,000.  This is a 4 bedroom, 2 bath colonial that sits on a standard 50 x 100 foot lot on the 3rd ocean block.  It was sold furnished.  First one this year.

On the same day, 13 Laurel went under contract after only 43 days on the market.  It is listed at the original price of $2,269,000  and joins two other SFHs currently under contract waiting to close.  Inventory in SR is coming down, there are only 19 currently listed as active.  SR is getting off to a good start.

November Home Sales Encouraging

 

National Assoc. of Realtor's Yun discusses encouraging home sales news.

FORECLOSURE UNDER CONTRACT IN KING'S CREEK

The Bank Owned property at 3 Ellender Court  went under contract yesterday after only 27 days on the market.  It was listed at the original price of $559,000 at contract signing.  There are now two properties under contract waiting to close and six active listings.

FIRST TWO SALES OF 2012 IN NORTH REHOBOTH BEACH

Looks like that momentum we saw in Q4 of 2011 is continuing into the new year.  Not one but two SFH properties went under contract in NR.  One is a "short sale" that actually went under contract in December but is just now being reported.  It is 153 Columbia Avenue which listed back in October for $860,000 and had been reduced to $743,000 at the time of contract.       9 Olive Avenue also went under contract after 340 days on the market.  It was listed for $1,495,000 but had been reduced back in August to $1,395,000 where it remained until contract signing.  There are now 5 SFHs under contract waiting to close.  I have a feeling this is going to be a good year in North Rehoboth.

FIRST SALE OF 2012 IN COUNTRY CLUB ESTATES

327 Munson Street went under contract (continue to show status) on the 9th.  It has been on the market only 101 days and remained listed at the original price of $739,000.

PRICE CHANGE IN SOUTH REHOBOTH

218 Laurel Street reduced price this week from $925,000 to $899,000, a 3% drop.  They had originally listed back in December of 2010 for $980,000.

2011 - END OF YEAR REPORT - NORTH REHOBOTH BEACH

Like so  many other communities in and around the beach areas, North Rehoboth saw a resurgence of activity in Q4 of 2011.  Higher end properties started to move hinting that investors are coming back into the market to pick up some bargains.  Lot sales have been brisk as prices have come down so much that it makes sense to buy lots and custom build.  Anecdotal evidence indicates that many custom home builders are booked out through 2013.  That's good news.  I believe if you're a Buyer still waiting for the bottom, you may have missed it.  Having said that, North Rehoboth had 15 Single Family Home closings in 2011.  This does not include North Shores or Henlopen Acres.  Of those 15, 6 of them settled in Q4 and 3 others went under contract.  The average selling price of a SFH in NR was only $919,767 which seems incredible to me as 4 or 5 years back you couldn't find anything in town for under $1MM.  Sellers had properties on the market for an average of 330 days in order to get sales and they got an average of 71% of their original asking price.  The highest priced sale came at the very end, 5 E. Third Street sold for $1,350,000.  The lowest priced sale was 141 Henlopen Avenue at $650K.  There were a total of 5 homes that sold in the $600K range.  I show that two of the properties sold in 2011 were "distressed" one being the aforementioned 141 Henlopen Avenue which was a "short sale" and then there was the Sea Witch Bed & Breakfast that went into foreclosure before selling in November for 49% of it's original asking price.  As I mentioned, 3 homes remained under contract waiting to close at the end of December.  5 others withdrew from the market in Q4 and 6 more came on the market leaving a total of 38 active listings on December 31st.  The average listing price at that time was $2,619,000 and 439 days on market.  The momentum is definitely moving in the right direction.  Buyers, better hurry.

2011 - END OF YEAR REPORT - SOUTH REHOBOTH BEACH

A very stormy year for Rehoboth real estate.  Like many other areas, South Rehoboth had a strong finish to the year with over half of the SFH closings taking place in the fourth quarter of 2011.  There were a total of 15 SFH closings in South Rehoboth with an average selling price of $1,269,900 and 380 days on market.  Sellers got an average of 81% of their original asking price.  The lowest price closing was $800,000 even (there were two) and the highest price was $3,700,000 for a home on a double lot beach side.  The highest days on market was 980 and the lowest was 8.  There are three more SFH properties under contract waiting to close as I write this.  There are also 20 active listings on the market averaging $2,139,000 as an asking price.  Average DOM for active listings is 519.  Four withdrew in Q4 of 2011.  The highest priced listing is 2 St. Lawrence Street for $6,750,000 and the lowest is 218 Stockley and 211 Munson, both at $899,000.  13 St. Lawrence has been on the market for 1,342 days. 

2011 - END OF YEAR REPORT - CANAL CORKRAN

Single Family Homes - Unfortunately, 2011 was the year of "distressed sale" in Canal Corkran.  Of the six homes to close, four were distressed properties (three "short sales" and one foreclosure.  31 Thompson Court went for 54% of it's original asking price or $695,000 after 670 days on the market.  28 Fillingame followed with 63% of original asking or $770,000 after 990 DOM.  Two "conventional" sales followed at 30 Fillingame Way which closed for 93% of original asking price or $1,115,000 and only 175 DOM.  29 Thompson Court then closed for 71% at $820,000 after 363 DOM.  The final two closings were both "short sales", one was 16 Wade's Court which went for 60% or $625,000 after 862 DOM and 5 Wade's Court which went for 76% or $685,000 after 278 DOM.  That figures out to be an average selling price of $805,000 and 612 DOM for the community.  Sellers got an average of 70% of their original asking price.  There are four homes listed as active right now ranging in price from a low of $689,000 to a high of $1,799,000, the latter being a "short sale" as of June, 2011.  Current inventory has been on the market an average of 356 days.

Townhouses - Three townhomes closed  in 2011, #32 Hannah Loop for $460,000, 9 Thompson Court for $635,000 and 12 Will's Way for $459,900.  They were on the market for 450, 67 and 550 days respectively.  There is another unit on Hannah's Loop under contract waiting to close.  There are also four units listed as active ranging in price from $459,900 to $599,900.  They average 416 DOM.

2011 - END OF YEAR REPORT - COUNTRY CLUB ESTATES

Half of the six SFH sales in Country Club Estates  happened in the fourth quarter.  Laurel Street seemed to be the big winner with four of the six sales.  314 went for $985,000 after 1449 DOM, 322 went for $560,000  after 114 DOM, 333 went for $600,000 after only 65 DOM, and 327 went for $550,00  after 430 DOM.  In addition to that, 310 Munson went for $825,000  after 107 DOM and 304 Country Club Drive went for $675,000 after 279 DOM.  That's an average selling price of $699,167 and an average DOM of 407.  Sellers got an average of 84% of their original asking price.  There are no homes currently under contract and there are four active listings from $550,000 to $739,000.  (I did see today where 327 Munson Street went under contract - the one for $739,000 - how about that James) so this will bring it down to three active.  A couple were withdrawn in Q4.  The average days on market for the active listings is 280.  Country Club Estates continues to be one of the best performing communities within the Rehoboth area.  There is also one Townhouse listed for sale for $449,000.  No townhouses sold in 2011, there has been only the one on the market.  Two sold in 2010 for $415,000. I hope the Q4 momentum continues into 2012. For comparison purposes, in 2007 there were 9 SFH closings with an average selling price of $719,889 and 234 DOM.  In 2008 there were only 4 SFH closings with an average selling price of $726,875 and 243 DOM, in 2009 - 12 SFH closings at an average of $579,450 and 317 DOM, in 2010 there were 8 closings at an average selling price of $683,375 and 231 DOM.  Except for 2009, very consistent.

2011 - END OF YEAR REPORT - KING'S CREEK COUNTRY CLUB

After a very slow start, Kings Creek  finally started to move in the 4th quarter with four of the six closings during the year.  There were three closings on King's Creek Circle, 18, 29 and 134.  Properties went for $475,000 (215 DOM), $640,000 (473DOM) and $625,000 (1288 DOM) respectively.  4 Black Walnut Court sold for $515,000 after only 87 DOM, 27 Patriot's Way went for $408,000 after 759 DOM and 6 South Fieldway went for $890,000 after 1569 DOM.  That's an average price of $592,167 and 732 DOM.  Sellers got only 62% of their original asking price.  There is one property under contract waiting to close, 119 King's Creek Circle which was priced at $654,000 at time of contract after 631 DOM.  It had originally been listed for $929,000.  There are seven active listings with prices ranging from $550,000 to $950,000 and an average of 447 days on the market.  (I did see the "short sale" on Mitchelmore Court go under contract last week so this will bring the number down to six active).  This housing downturn has really slowed the movement in the price range found in this upscale community.  The peak is considered to have been 2007 when KCCC saw 10 closings with an average price of $1,139,000 and 351 DOM.  In 2008 there were six closings with an average price of $718,000 and 379 DOM, 2009 saw only three closings at an average price of $843,000 and 698 DOM and in 2010 there were six closings with an average price of $705,000 and 297 DOM.  

2011 - END OF YEAR REPORT - MILLLER'S LANDING AT PAYNTER'S MILL

Miller's Landing had four closings in 2011, three of which were re-sales and one was a Builder unit.  There was one Bonica Rose (2 bedroom, 2nd floor unit - smallest floor plan) sold furnished in January for $183,500 after 228 days on the market, unit 405.  In late March, a Nellie Stevens model (3 bedroom, 2nd floor unit) closed for $219,000, #803 after 664 days on the market - #1602, a Crepe Myrtle (2 bedroom, 1st floor large floor plan) closed for $205,000 and finally the Builder unit #1506 closed for the net price of $156,720 when you count in the Builder incentives.  It was a Sawtooth Oak model which is the same as the Bonica Rose only a reversed floor plan.  There are currently 3 units under contract waiting to close.  One is a "short sale" Nellie Stevens unit that went under contract back in September when it was listed for $209,000.  Another Builder unit Nellie Stevens (3 bedroom 2nd floor) went under contract on December 12th.  Another Builder unit Bonica Rose went under contract on December 22nd when it was priced at $179,000.  The Builder was offering to pay two years condo fees ($8,000) and $10,000 toward closing costs for an end of the year contract.  There are currently 11 more units listed as active.  Three of them are Builder units, two Crepe Myrtles and a Greenspire Linden priced at $229,000, $249,000 (furnished) and $219,000.  The Builder also has a 3 bedroom, 1st floor Willow Oak that they are currently renting to a client for which they are building a house so it will be back on the market soon.  It was listed for $249,000 when they withdrew.  There are eight re-sales listed, 5 Sawtooth Oak models from a "short sale" listed at $165,000, a Bank Owned listed at $175,000 to a high of $210,000.  There is one Bonica Rose listed at $160,000.  There are two Greenspire Lindens listed at $229,000 and $245,900.  The average days on market for a re-sale condo is 600.  The condo market is a real blood bath and the Builder is not likely to let any re-sales get ahead of him.

2011 - END OF YEAR REPORT - MILL SPRING RUN AT PAYNTER'S MILL

Mill Spring Run saw three closings in 2011 after seeing no sales in 2010 and only one in 2009.  Two Scarborough models (similar to the one pictured here) closed, 16351 John Rowland Trail in late September for $273,000 and 16359 John Rowland Trail (right next door) in late October for $277,000 furnished.  They had been on the market for 181 and 783 days respectively.  Also, 16388 John Rowland Trail (a Radnor model) closed on December 15th after 605 days on the market for $320,000.  There are two more still listed as active in this section of Paynter's Mill, one is a Arden II model listed for $299,000 and there is an Easton model that is Bank owned being offered at the incredible price of $294,900.  They have been listed for 208 and 137 days respectively.

2011 - END OF YEAR REPORT - MILL POND COMMONS AT PAYNTER'S MILL

Mill Pond Commons saw their first Single Family Home re-sale activity in several years.  There were two closings in 2011, one a Berkeley (like the one shown here) at 16525 Howard Millman Lane  that closed in May after being on the market a cumulative 390 days.  The Seller got 76% of her original asking price of $479,000 or just $365,000.  The last re-sale Berkeley to sell went for $422,000 back in September of 2008.  Then 16254 John Rowland Trail (an Asbury model) closed in late December after 270 days on the market.  It sold furnished for $300,000 or 91% of the original asking price of $329,000.  A foreclosed upon 3 bedroom Twin Home remains under contract  waiting to close.  It went under contract on October 24th at the price of $259,900.  This twin sits near the commercial area at 16256 John Rowland Trail.  That leaves 11 homes on the market  as several gave up in Q4 and withdrew from the market.  There are two 3 bedroom Twins currently listed at $324,146 and $315,000.  They have been listed for 923 days and 112 days respectively.  The Developer (Ocean Atlantic) still has three vacant lots listed and are now offering these lots without Builder tie in for around $100,000 each.  They are also offering lot/home packages for $324,800 up to $354,800.  There are four Carrolton model homes listed for sale.  This is the mid sized Beazer built model.  They list for $369,000, $449,000, $359,000 and $399,900.  Days on market are 564, 549, 172 and 122 respectively.  There is one Asbury model left on the market (the smallest SFH offering by Beazer) being offered furnished for $337,000 and it has been on the market for 394 days.

YEAR END 2011 - REAL ESTATE ACTIVITY IN SUSSEX COUNTY

Happy New Year!!!  Real estate finished strong (relatively speaking) in Q4 of 2011, 13% ahead of Q4-2010.  Total annual dollar sales were approx. $610,958,000 in Single Family Home (SFH) closings.  That was an increase of 3% of total dollar volume in all of 2010 (+5.2% in closing transactions).  Total dollar volume in 2006 was around $1.1 billion.  There were a total of 1,779 SFH closings reported to the MLS this year or an average of 148 per month.  The average selling price of a SFH in 2011 was $343,428, down 2.1% from last year and almost dead even with 2009.  By comparison, the average selling price of a SFH in 2007 was $406,000.  Sellers averaged 92.2% of their asking price at time of contract, down slightly from 92.8% last year.  Inventory at the end of this year was 2,644 SFH units, down 1.3% from the end of December 2010.  This was the first time this year inventory was negative vs. last year.  There were 106 expired listings at the end of December so many of those will come back on the market before the spring selling season begins.  The bottom line is that inventory continues to be a problem for Sellers and re-sale prices continue to slide.  Many Builders do not report sales to our MLS and many of the sales this year were new construction.  NV/Ryan Homes claims that they represented half of the new construction homes sold in Sussex County in 2011 and they do not report sales to our MLS.  At the current average monthly sales rate, our current absorption rate (total inventory divided by avg. monthly sales) sits at 17.8, still way to high to expect much pricing stability.  Many new construction developments are holding pricing and reducing incentives so this will hopefully help re-sales.  Interest rates are still great, around 3.875% for a 30 year fixed.  All in all, a good finish to the year.  We hope it is a trend that will continue into 2012.

Condo/Townhouse (C/T)  sales continued to languish right to the end of the year finishing at just 97% of 2010 in number of closings (613 vs 631 last year) and just 87.5% of total dollar sales ($182,174,000 vs $208,241,300).  Average selling prices were down 9.9% from 2010 at $297,184 vs $330,018 last yer.  Sellers got 94% of their asking price at the time of contract vs. 93.3% last year.  Just to show you how bad this is, in 2007 (the peak year) there were 1,077 closings for a total of $422,891,000 in sales and Sellers got 96% of their asking price.  Inventory at the end of 2011 was down almost 13% from the end of 2010 at 904 C/Ts listed for sale, the lowest level of the year.  The fourth quarter of 2011 did however show good momentum finishing up 12% from Q4 of 2010. Hopefully this momentum will carry over into 2012.  It has become much harder to buy a condo however, than in the past.  Lenders are being very difficult when it comes to condos (especially as a second home or investment property).  Prices have really come down because of that however, so it's great for those Buyers who can get loans or have cash.  For contrast, in 2007 the average selling price of a C/T was $392,656 and in 2011 it was $297,184 or almost 25% less.  C/T prices were actually down a full 10% in 2011 from 2010.  The good news is that the economy is showing signs of improvement and unemployment is ticking down (albeit ever so slowly).  Barring any major disaster, 2012 should be the turn-around year for real estate.  Buyers, right now could be your best shot at a "bottom" in real estate.

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.

SOLD (UNDER CONTRACT CONTINUE TO SHOW) IN MILLER'S LANDING AT PAYNTER'S MILL

1505 Miller's Landing has been sold again (last time the deal fell through).  It is a Bonica Rose model (2 bedroom, 2nd floor unit) with the small floor plan.  It is in "under contract continue to show " status.  The list price on the unit is $179,000 and the Builder is offering $10,000 off list plus two years condo fees ($8K more) for an end of year incentive.  The Builder has four more units to sell and he's out of here.

SOLD IN NORTH REHOBOTH BEACH

29 Henlopen Avenue went under contract on the 26th.  It had been on the market for 459 days and was listed for $1,170,000  at the time of contract.  It originally listed for $1,555,000.  That's 3 under contract waiting to close, probably all next year.

SOLD AND CLOSED IN SOUTH REHOBOTH

Granddaughter #3.....15 State Street went under contract a couple of days ago.  It was listed on February 1st of this year for $798,000 and had been reduced in November to $750,000  which is where it was at time of contract.

601 Bayard Avenue closed  yesterday for $1,015,000  or 73% of the original asking price of $1,390,000.  It had been on the market for 766 days before contract.  This 9 bedroom, 6 bath colonial was built in 1961 on a 50 x 100 foot lot.  It had 5 rental licenses and a full finished basement with 3brs/1ba and a separate entrance.  It was reported to earn $54,000 in annual rental income.

HAPPY HOLIDAYS IN KING'S CREEK COUNTRY CLUB

127 King's Creek Circle  came back on the market on the 21st after a almost 4 month hiatus.  It listed back in July of 2010 for $674,000 and had been reduced once to $650,000.  They are now asking $549,000.

In the mean time, 1 Johnson Branch Court withdrew from the market after 251 days on.  It was listed for $648,000  when it withdrew.  There are still 9 active on the market.

FORCLOSURE PRICE REDUCTION IN MILL SPRING RUN AT PAYNTER'S MILL

This is a real shame.  An Easton model (16365 John Rowland Trail) looking very much like the one pictured here has been reduced again to an incredible $294,900.  It is Bank owned and in good shape.  I can't imagine why it hasn't been snatched up yet.  It's been on the market for 131 days now and started at $339,000.  Most of these Easton models sold in the very high $300s and some in the low $400s when they were new.  There is another one listed in the community for $428,000, good luck.

CLOSED IN SOUTH REHOBOTH BEACH

219 Rodney Street closed  on the 16th of December for $842,500  after being on the market a short 74 days.  It had been listed for $875,000.  It is a 4 bedroom, 2 bath ranch built in 1965 on a 50 x 100 foot lot.  It was advertised to have 1,560 dwelling square feet and was sold furnished.  The Seller claimed to have "re-crafted" it in 2008. 

END OF YEAR ACTIVITY IN NORTH REHOBOTH BEACH

Some last minute Christmas presents in North Rehoboth.  31 First Street closed  on the 16th for $725,000 after being on the market for 259 days starting at $869,000 and listed at $799,000 at time of contract.  This 3 bedroom, 1.5 bath home sits on a 50 x 50 foot lot just one long block to the beach.  It had recently been remodeled and updated with central heat and air, "a new granite kitchen, new stainless appliances, new tile baths, new roof, new driveway, freshly painted and ready to move in to." 

5 Third Street East closed the day before for $1,350,000  after listing in August for $1,585,000 (only on the market for 72 days).  This colonial was built in 1990 on a 64 x 200 foot lot just 2.5 blocks to the ocean.  This home has 4 bedrooms and 2.5 baths and advertised 3,300 dwelling square feet and "PRIVATE PRIVATE".  That's 15 closings now this year in NR. 

17 Lake Avenue went under contract (continue to show) on the 19th of December.  It listed back in January of 2010 (1,325 days ago) for the price of $1,880,000 and has been reduced a couple of times since to eventually be at $1,325,000  at the time of contract signing.  That makes two homes now under contract waiting to close.

53 Surf Avenue withdrew  on Christmas Day after only 178 days on the market.  It was listed for $2,675,000 back in June but had been reduced in September to $2,250,000.  That leaves 39 SFHs still listed for sale in NR.

NEW IN KING'S CREEK COUNTRY CLUB!!

3 Ellender Court came on the market  the other day for the asking price of $559,000.  It is a 4 bedroom, 3.5 bath colonial built in 2005 and boasting 4,748 dwelling square feet.  This "attractive and spacious colonial style hoe on cul-de-sac location.....has a pavered drive that sets the tone for quiet luxury! Granite counters in kitchen and hardwood floors in formal dining room!  Bedrooms are carpeted for your comfort!"  Back up to 8 active listings in KCCC.

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

1106 Miller's Landing is a Sawtooth Oak model (2nd floor 2 bedroom) that came on the market in November and has already reduced price from $185,850 to $175,000.  These Banks are really anxious to unload these properties.  This is a Fannie Mae owned property and is therefore not subject to transfer tax, save 1.5% at closing.  There are lower priced units in the community.

SOUTH REHOBOTH ACTIVITY - CLOSED AND NEW

Wow! some really big numbers being thrown around in South Rehoboth.  First, #6 Prospect Street closed  after only 143 days on the market and is by far the most expensive home to sell in SR this year, a nice Christmas present for all involved.  It is a 6 bedroom, 6.5 bath home on a 50 x 250 foot beach lot built in 2005.  It is obviously fully loaded.  The selling price.....94% of asking price at $3,700,000.

Now for two new listings, 104 New Castle Street listed the other day for $1,100,000.  It is a 2 bedroom, 1.5 bath cape cod on a 50 x 100 foot lot on the second ocean block with "lots of room to expand.  This cottage has a front screened porch to enjoy the ocean breeze and a second floor loft area with powder room for overflow guest accommodations". 

2 E. Hickman Street also came on the market for a whopping $3,195,000.  This 4 bedroom, 3.5 bath "coastal" style home sits on a 50 x 100 foot ocean block lot.  It has "too many amenities to list, in ground pool/spa, 3 fire places, reclaimed oak flooring, English pub bar, Chinese columns, hurricane windows & doors, 6 decks, antique stained glass windows and chandeliers, elevator".  We're back up to 22 active listings in SR with 4 under contract waiting to close and 13 closed this year. 

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

This is yet another incredible buy in Paynter's Mill.  16388 John Rowland Trail  was a 4 bedroom Radnor model home built by RDM out of Ocean View.  There were only two of these built in Mill Spring Run (don't know why) and this one was on a very desirable corner lot with a view of the main pond and a two car garage.  Owners were asking $459,000 when they first listed in March of 2010 and had reduced to $330,000 at the time of contract.  It ultimately sold  for $320,000  or 30% below original asking price after 605 days on the market.  That's 3 sales now in MSR this year.  There's even a better deal sitting on John Rowland Trail now, Bank owned Easton listed at $299,900.  Better hurry.

CLOSED IN KING'S CREEK COUNTRY CLUB

This seems incredible to me.  134 King's Creek Circle  listed originally back in April of 2008 (that's 1,288 days ago) for $1,150,000 and had been reduced to $695,000 at the time of contract signing.  It closed  on December 9th for $625,000.  Obviously it was over-priced back in 2008, but by double??  Buyers, there are some great deals out there but you had better hurry.  That makes 6 closings in KCCC this year, 4 of which have taken place in the 4th quarter.  There is one more under contract waiting to close so we could end up with 7 closings this year.

PRICE INCREASE IN CANAL CORKRAN

Not totally uncommon these days to have a price increase.  It's usually due to the fact that the Seller prices the home at what they think is the market and only get "low ball" offers thus forcing them to raise the price to allow for more room to negotiate and to chase those Buyers away that can't really afford the home.  I don't know if that's the case with 20 Wade's Court  but I wouldn't doubt it.  This agent owned property listed back in April of 2011 for $1,100,000 and has now raised the price to $1,95,000.

UNDER CONTRACT IN SOUTH REHOBOTH BEACH

A very expensive home on the ocean block of Queen Street went under contract on December 11th.  21 Queen Street  had been on the market for a whopping 1,511 days and was listed for a million dollars less at time of contract than when it originally listed back in Oct. of 2007 for $3,400,000.  The "at contract" price was $2,395,000.  There are now 5 homes waiting to close in SR, 2 of which are multi million dollar properties.  That should get 2012 off to a good start regarding avg. selling price.

SOLD (UNDER CONTRACT CONTINUE TO SHOW) IN MILLER'S LANDING AT PAYNTER'S MILL

1503 is the first unit to go under contract since the Builder put all the "holiday incentives" in place last month.  It is a Nellie Stevens model which is the 2nd floor 3 bedroom unit.  It was the highest priced unit sold in Miller's when the units were sold new.  This one was listed for $249,000 and included two years worth of condo fees ($8K) along with $10K off for the holidays, a one year home warranty which nets it to a list of about $230K.  It will be interesting to see what it sells for.

PRICE REDUCED IN COUNTRY CLUB ESTATES

325 Country Club Drive reduced price  yesterday from $575,000 down to $550,000.  This is the second price reduction is as many months for this home.  They have been on the market only 76 days now, started at $595,000.  There are a total of five SFHs for sale in CCE.  There are none currently under contract waiting to close.

REALTYTRAC NOVEMBER FORECLOSURE NEWSLETTER

Click HERE to see the November RealtyTrac newsletter.

NEW LISTING IN NORTH REHOBOTH BEACH

11 Columbia Avenue came on the market yesterday at the asking price of $2,195,000.  This 5 bedroom, 4.5 bath two story colonial was built in 2005 on a standard 50 x 100 foot lot on the ocean block.  It advertises 3,500 square feet of dwelling space and "nothing says warmth and inviting like wood and stone, and this home has plenty of both.  This home stands beautifully on it's own, even without a single piece of furniture, yet is being offered furnished complete to punctuate it's readiness to satisfy the most discriminating tastes and appetite for value".  With 69 Columbia Avenue withdrawing from the market we are left with 42 active SFHs.

PRICE REDUCTION IN SOUTH REHOBOTH BEACH

I've been showing this banner for over three years now and it's still true, maybe truer than ever.  306 Bayard Avenue reduced price  this week to $1,200,000 down from the original listing price of $1,500,000 posted in February of 2010.

PRICE REDUCED IN MILL POND COMMONS AT PAYNTER'S MILL

16245 John Rowland Trail reduced price  this week for the second time since listing 96 days ago.  This home has now come down from $429,900 to $399,900.  It is a lovely Carrolton model, I hope it goes for somewhere near this.  There are several Carroltons on the market ranging from a low of $359,000 to a high of $449,000.  The primary difference is in the number and size of upgrades in the home.  There is also a disparity in the various Seller's expectations.

THE SEA WITCH FINALLY CLOSES IN NORTH REHOBOTH BEACH

Citimortgae was finally able to unload this foreclosed property last week.  The "Sea Witch" was a well known bed and breakfast in North Rehoboth for years located at 71 Lake Avenue.  It was only built 8 or 9 years ago on this double lot (I think the lot was worth almost what the Buyer paid for it).  The problem was that the house straddled both lots and it was zoned commercial and had been refused as a residential property previously so sub division would have been virtually impossible.  A large portion of the lot was dedicated to a 10 car parking area.  This property listed for $1,900,000 prior to going into foreclosure.  It was finally taken over by the Bank and ended up being offered for $999,000 when it went under contract.  It ultimately sold for $925,000.  It had been on the market for a cumulative 650 days.  I don't know if it will re-invigorated as a B&B but this prime location affords many possibilities.

BEST CONDO DEAL IN PAYNTER'S MILL

1205 Miller's Landing  has reduced price yet again, now being offered for $160,000.  This is $50K below Seller's cost.  This Bonica Rose model is situated on the 2nd floor and has 2 bedrooms and 2 baths.  It comes complete with a 1 car garage.  This is the only Bonica Rose available.  There are 5 Sawtooth Oak models which is the reverse floor plan of the Bonica and their avg. listing price is $188,000.  This is a great opportunity for someone to make a good buy.

TOWNHOUSE CLOSED IN CANAL CORKRAN

12 Will's Way  makes the 3rd townhouse closure this year in Canal Corkran.  It is a 5 bedroom, 4.5 bath end unit built in 2003 with 2,300 dwelling square feet and sold for $459,900.  This home originally listed for $529,000 back in April of 2010.  Avg. selling price of a townhouse in CC (counting the one on Thompson Way) is $518,300 and 356 days on market.  There is one more currently under contract waiting to close and six more active.

SOLD IN SOUTH REHOBOTH BEACH!!

208 Norfolk Street  went into "under contract continue to show"  status yesterday.  It has been on the market for 265 days now and was listed for $874,000  at time of contract.  There are now 4 SFHs under contract in South Rehoboth waiting to close.  12 have closed and 22 remain active.

PRICE DECLINES IN NORTH REHOBOTH BEACH

Seller's still trying to find the bottom of this market.  132 Felton Street reduced again, this time to $799,000  down from $820,000.  This home listed 1,500 days ago for $1,100,000.

29 Henlopen Avenue reduced  for the second time in as many months and is now offered at $1,170,000.  It has been on the market since September of 2010 (436 days) and originally listed for $1,555,000.  It was at $1,270,000 before this reduction.

NEW LISTING AND PRICE REDUCTION IN SOUTH REHBOTH BEACH

Pricy new construction home just came on the market at 13 Laurel Street.  Builder is advertising 2,900 dwelling square feet with 4 bedrooms and 3.5 baths.  Style is two story contemporary/coastal.  It is advertised to have "ocean views....best upgrades, large gourmet kitchen....granite, hardwood, partial basement plus balconies.....style is distinctively classic and one of a kind".  Builder/Owner is asking $2,269,000.

CLOSED IN NORTH REHOBOTH BEACH

12 Cookman Street closed  on the 30th of November for $685,000.  Believe it or not, it listed back in January of this year for $1,100,000.  After realizing it was way over priced for this market, it had been reduced a couple of times and was at $725,000 when it went under contract.  It is a 4 bedroom, 2 bath cape cod on a 50 x 84 lot (built in 1966).  I have shown this property and personally feel like 90% of the value was in the lot.  It did advertise "exceptionally well maintained home....fenced yard, hardwood flooring, screened porch, patio plus new roof, storm windows, heat pump & appliances".  It was also being sold furnished.

REAL ESTATE ACTIVITY FOR NOVEMBER, 2011 - SUSSEX COUNTY

Time for real estate to go to sleep for the winter?  Let's hope not.   November activity was a real mixed bag.  When comparing to last year, one must remember that November was one of the slowest closing months of the year.  Having said that, there were 167 SFH closings  this November compared to 130 last year or a 28.5% increase.  This is the third strait month showing closing increases vs. last year bringing YTD sales to 104.9% of last year.  Hey, that's good news.  The other good news is that inventory dropped for the 4th strait month to hit the lowest level since January of this year.  Its still 4.4% higher than end of December 2010 but showing signs of progress.  Many listings do withdraw at the end of November in anticipation of the holidays and the slow winter selling season.  The average selling price of a SFH in November dropped significantly below the YTD average to $314,400 (YTD avg. is $343,355) and Seller's got 91.1% of their asking price at time of contract.  That too is below the YTD average of 92.1%.  As I said, inventory dropped at the end of the month to 2,795 homes well below the monthly average of 2,933.  SFHs under contract also dropped at month's end to 343, down from 388 at the end of October.  December, 2010 was a pretty good "closing month" last year but hopefully December, 2011 will continue to show strength and keep us ahead of last year.  There are many signs that this market is starting to move in the right direction.  Interest rates are still at around 4%.  Let's hope Europe can get their act together and instill some confidence in the Buying public.

Condo/Towns (C/Ts) had a good month in November as well finishing 30% ahead of November, 2010 with 48 closings recorded and "under contracts" up to 128 vs. 120 in October.  Inventory dropped by 2.5% and is now 7.5% below the December 2010 level.  Average selling price of a condo in November was up slightly from October to $307,354 and slightly above the YTD average of $299,481.  Sellers got 94% of their asking price which is in line with the YTD average.  C/T closings still lag behind last year by about 4% and December 2010 was a big closing month for C/Ts with 56.  There are some great buys on condos out there now if you can get a loan.  Here's to a strong finish for 2011.

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.

PRICE REDUCED IN MILL POND COMMONS IN PAYNTER'S MILL

16524 Howard Millman reduced price  yesterday for the second time this month.  It has been on the market a cumulative 532 days and is now listed for $369,900.  This is one of the Carrolton model, Beazer built homes.  It sits in the rear of the community on a quiet upgraded lot.  This home had at one time been listed for $419,900.

ONE OFF, ONE ON AND ONE PRICE CHANGE - SOUTH REHOBOTH

202 New Castle Street came on the market yesterday.  This 4 bedroom, 3.5 bath two story "coastal" was built in 2005 on a 50 x 100 foot lot.  It advertises 2,350 square feet of "dwelling" space.  It has an "open floor plan with vaulted ceilings, two master bedrooms, one up and one down, Chef's kitchen with granite and stainless, bamboo and slate floors, screened porch.  Amenities too numerous to list".  Asking price is $1,325,000.

306 Bayard Avenue withdrew  from the market after 666 days.  It was originally listed for $1,500,000 but had been reduced a couple of times to $1,300,000 at the time of withdrawal.

15 State Road reduced price  for the first time since listing back in February from $798,000 down to $750,000.  Average listing price of the 22 SFHs now listed in South Rehoboth is $1,999,000 and 647 days on the market.