Gail n Greg - Your Agents @ The Beach

WITHDRAWN FROM MARKET - 16258 JOHN ROWLAND TRAIL - MPC - PAYNTER'S MILL

 This Seller finally gave up after being on the market for almost 500 days.  It was originally listed by Gail n Greg for $359K and was down to $325K at the time of withdrawal.  This is a 3 BR Twin Home built by Beazer.  The last one of these to sell (the only one this year) went in a "short sale" for $268K.  There are still two 4BR models and one 3BR model listed for sale.  You can see them by clicking here and going to our website.

NEW LISTING - 78 SUSSEX STREET - NORTH REHOBOTH BEACH

 This "to be built" home was just listed by Jack Lingo Realty for the amount of $1,215K.  There are now 4 active listings on Sussex Street.  This house is however on a standard 5,000 square foot lot.  It looks like there are still some speculators out there, Yippee!!  As always, you can see all the details pertaining to this listing on our website www.GailnGreg.com 

PRICE REDUCTION - 111 SCARBOROUGH - COUNTRY CLUB ESTATES - REHOBOTH BEACH

  This Jack Lingo listing first came on the market back on March 15, 2007 and was listed for $1,375K at that time.  It came off the market for a few months back at the end of 2007 so it has been actively listed for approximately 520 days.  The price has been reduced now to $1,190K or about 13% of the original asking price.  Only one other property is listed for more than this one in CCE where the average listing price now sits at $795K and the average closing price this year is $727K.  The average days on market is 357.

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

  This is a 1st floor, 2BR 2BA Crepe Myrtle model and was listed originally back on March 13, 2007 for $314,900.  RE/MAX Realty Group in Rehoboth now has the listing and has reduced it for their second time to $245K.  There are several more of this model actively listed as well as several new construction units still not sold.  Only one Crepe Myrtle has sold this year (a new one) and it sold for $298,900 but had at least $20K of incentives attached.  This is apparently the pricing level one has to get to in order to attract attention to these properties.

SOLD!!! 4 SHANKLAND COURT - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

  This property was on the market for 558 days and was originally listed for $815K.  It just closed on the 15th for $535K, that's only 66% of the asking price.  This is the least amount any home has sold for this year.  Someone got a REALLY good deal.  That brings the total up to 6 homes sold in KKCC this year for an avg. price of $718K or 78% of the original asking price.  Average DOM is 379 (over a year) and this leaves 15 homes actively listed with an active listing price of $1,231K.  Clearly the lower priced homes have the advantage in this market.  This is the first closing since June 26th of this year.  With no properties currently under contract, it looks like this might be it for 2008.  Oh well, 2009 has got to be better.

PRICE REDUCTION - 55 SUSSEX ST. - NORTH REHOBOTH BEACH

  Originally listed by RE/MAX Realty Group in Rehoboth on January 14, 2008 for $1,100K.  This is the first price reduction taken on this property in the 311 days its been on the market.  There were 4 other properties listed on Sussex St. but 2 of them withdrew last quarter.  This still leaves 3 active listings on this popular street one block off Rehoboth Ave.  Lots on this street tend to be a little smaller than the 5,000 square foot avg. in North Rehoboth.

NEW LISTING - 39 MARYLAND AVE. - NORTH REHOBOTH BEACH

  Another Jack Lingo listing came on board today at an asking price of $1,195K.  Details are available on our website www.GailnGreg.com 

PRICE REDUCTION - 306 STOCKLEY ST. - COUNTRY CLUB ESTATES - REHOBOTH BEACH

  This is the second time Lingo Realty has reduced the asking price of this property in as many weeks.  They have come down another 7% to $835K.  Remember, they started back in February of 2007 at $1,350K.  This has dropped almost as far as my 401K.  This brings the avg. listing price of the 10 actively listed properties down to an even $800K and an average of 352 DOM. 

PRICE REDUCTION - 52 SUSSEX ST. - NORTH REHOBOTH BEACH

  This Jack Lingo listing first arrived on the market back on December 15, 2007 and was listed for $1,285K.  It has just been reduced for the second time to $1,125K.  You can find out more info on this listing (and all Sussex County listings) by visiting our website.....

www.GailnGreg.com

WITHDRAWN - 30926 GENES WAY - MILL SPRING RUN - PAYNTER'S MILL

 Wow!! This property has been on and off the market more times than even I can keep track of.  It was originally listed two years ago for $474,900.  It was listed most recently by Beach to Bay Realtors for $428,888 at the time of withdrawal.  This leaves only one Easton actively listed on the pond with a renter in place for$435K.