Gail n Greg - Your Agents @ The Beach

SOLD!!! 16560 HOWARD MILLMAN LANE - MPC - PAYNTER'S MILL

 This "short sale" twin home finally closed.  It was originally listed way back in January of 2007 and went through several real estate Brokers and a "for sale by owner" only to be sold short on October 29th.  It originally listed for $376,900 and eventually closed for $268,000...WOW!!  The good news for Sellers in Paynter's Mill is that this is considered a "distressed sale" and should not be included in any comps used by an appraiser for future sales.  This leaves 4 twin homes actively listed, two 3BR and two 4BR models ranging from a high of $389,900 to a low of $325,000.

PRICE REDUCTION - 902 MILLER'S LANDING - PAYNTER'S MILL

 This Crepe Myrtle was originally listed in March of 07 for $314,900 (several Brokers ago) and has now been listed at the reduced price of $251K by RE/MAX Realty Group in Rehoboth.  The builder still has 3 of these left to sell and there are 3 re-sales currently listed.  The average asking price of the re-sales is $272K and the average asking price of the new construction is $309K (but they are offering $20K in incentives).  This is the first floor, 2BR 2BA unit.

PRICE REDUCED - 310 STATE ROAD, COUNTRY CLUB ESTATES - REHOBOTH BEACH

  This property was listed waaaay back on November 20, 2006 for $775K.  It has been reduced several times and is now listed for $480K.  That's a pretty good price for a property in Country Club Estate where the average listing price is $816K and the average selling price so far this year is $727K.  Just like my retirement 401K, property values in this development may be loosing most of what they gained over the last several years.  Join the club.

BACK ON MARKET & REDUCED - 132 FELTON ST. - NORTH REHOBOTH BEACH

 Seller of this property has just commissioned a new real estate broker (Ocean Atlantic/Sotheby's) to attempt to get it sold.  It was originally listed (2 brokers ago) on Oct. 2, 2007 for $1,100K.  It has been reduced more than once and upon re-listing is now at $995K.  Sellers sometimes like to change agents in order to start fresh as a new listing.  This works sometimes but most agents (if they're any good) will research the property if they have a Buyer interested, and will uncover the fact that it has been listed before.  Especially in a small town like Rehoboth where most agents know what's been listed.  Oh well, maybe 3rd times a charm.  Oh, and by the way it could be that it's overpriced.

PRICE REDUCTION - 16248 JOHN ROWLAND TRAIL - MPC - PAYNTER'S MILL

  This Carrolton model was listed on August 11th of 2008 by RE/MAX Realty Group in Rehoboth for $414K.  This is the first price reduction.  Sellers have reduced their asking price by almost 4% to $399K.  This is the only Carrolton currently listed for re-sale.  Beazer does still have their model listed which just recently underwent major repairs from water damage.

NEW LISTING - 9 OLIVE AVENUE - NORTH REHOBOTH BEACH

  Lingo also listed this home today for $1,999K.  This is ocean block.

NEW LISTING - 29 HENLOPEN AVENUE - NORTH REHOBOTH BEACH

  Jack Lingo Realtors just listed this home in the Pines of North Rehoboth for $1,750K. This brings the active listing total to 30 properties with an avg. listingprice of around $1,800K.   17 SFH have closed this year in North Rehoboth with an avg. selling price of $1,282K.   

PRICE INCREASE - 308 LAUREL ST. - COUNTRY CLUB ESTATES - REHOBOTH BEACH

  This is another Coldwell Banker listing that had been reduced earlier this month to $792K (down from $913K) only to be increased today to $880K.  I wonder what it's really worth.  It was originally listed back on June 3rd of this year.  Interesting strategy.

PRICE INCREASE (THAT'S RIGHT, INCREASE) 10 QUEEN'S COURT KING'S CREEK COUNTRY CLUB REHOBOTH BEACH

 If this property sounds familiar it's because Coldwell Banker just lowered the price back on October 10th.  It originally listed on February 26th for $1,189K.  It was reduced to $1,129K earlier this month and now has been raised back to $1,189K.  An interesting phenomenon took place today when the local Coldwell Banker offices raised what seemed like all of their listings anywhere from 3% to 11%.  I don't know if this is an attempt to establish a "bottom" in this market or an attempt to make sellers happy in order to hold listings.  If it's the former, my hat is off to Coldwell Banker.  It's a gutsy move.  If it's the latter, they're in for a long winter.  Only time will tell.

WITHDRAWN FROM SALE - 16502 JOHN ROWLAND TRAIL - MSR - PAYNTER'S MILL

 This agent owned, Ocean Atlantic/Sotheby's listing has been withdrawn from sale.  It was originally listed back on February 5, 2008 for an asking price of $389K.  It was then reduced several times and finally listed at $361K.  We're all surprised this wasn't good enough to get it under contract.  Apparently, as beautiful as our neighborhood is Buyers are finding a better perceived value elsewhere.  This leaves one Easton left on the market (which just came back on the market) for an asking price of $429,900.  Three others have withdrawn this year.