Gail n Greg - Your Agents @ The Beach

PRICE REDUCTION - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

  RE/MAX Realty Group in Rehoboth listed this property back on September 20, 2007 for $1,150K.  It was reduced yesterday (second time) to $985K.  This leaves us with 14 active listings at an average listing price of $1,235K.  Remember, the average selling price of the 6 properties closed this year in KCCC was $718K.  See more details of this property at www.GailnGreg.com 

NEW LISTING - 49 LAKE AVENUE - NORTH REHOBOTH BEACH

  This makes the 5th property to be actively listed on Lake Avenue in Rehoboth.  It has been listed for $1,790K.  This is a Jack Lingo listing and sits right next to Bad Hair Day.  It is a conventional lot (5,000 square feet).  Where are all the Buyers now that interest rates have fallen to near 5% and there are some great properties for sale at the beach.  Visit www.GailnGreg.com for more information on this and all Sussex County listings.

PRICE REDUCTION - 44 KING'S CREEK CIRCLE - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

  This Jack Lingo listing is being reduced for the second time since it was listed back on June 15, 2007.  The original listing price was $949K and is currently being offered for $800K.  This is the 8th price reduction in King's Creek so far in Q4 of 2008.  More details on our website at www.GailnGreg.com  

NEW LISTING - 48 SURF AVE. - NORTH REHOBOTH BEACH

This new property just came on the MLS.  It is being listed by RE/MAX Realty Group in Rehoboth for $3,250K.  That's 10 new listings in the 4th quarter of 2008 and only one closing during that same time where average days on market is already 340 days.  See all of the details at www.GailnGreg.com  

PRICE REDUCTION - 604 MILLER'S LANDING - PAYNTER'S MILL

  This Greenspire model is listed by Sunrise Realty and has been listed since February 14, 2007.  It originally listed for $309,999 and has now been reduced to $299,900 with $20K in settlement help and the Seller is offering two years of condo fees paid (about $7,200 more) netting the price to approximately $272,700.  Only one has sold this year for $230K and 3 others are actively listed at the time of this posting.

PRICE REDUCTION - 1602 MILLER'S LANDING - PAYNTER'S MILL

  Listed by RE/MAX Realty Group in Lewes, this Crepe Myrtle model has been reduced by $10K to $284,500.  The Seller is also offering $5,000 towards closing.  This is the first time this property has been reduced since it was listed back on December 15, 2007 (a year ago).  There are three of these (re-sales) actively listed and now the average listing price is down to $261,467.  This is a first floor 2BR unit.  The second floor version of this unit just closed for $230K.  See the particulars at www.GailnGreg.com 

PRICE REDUCTION - 310 STATE RD. - COUNTRY CLUB ESTATES - REHOBOTH BEACH

  This property should look familiar.  RE/MAX Realty Group in Rehoboth has had it listed since November, 2006.  It was originally listed at $775K and is now offered at $465K.  Assuming it was listed for somewhere near market price back in 2006, this represents a 40% price reduction and it's hard to believe that prices have come down that much.  With 9 properties actively listed in CCE and only 4 having closed in 2008, we're looking at a two years supply.  Let's hope the sales rate picks up with all the Fed stimulus.  See more on www.GailnGreg.com  

PRICE REDUCTION - 602 MILLER'S LANDING - PAYNTER'S MILL

 Agents are watching very  closely to the prices of these units.  Due to the closing yesterday, Ocean Atlantic Sotheby's reduced the price of this unit from $269,900 to $254,900 or approximately 5%.  This is the most recent listing (9/22/08) and the second to the lowest price for this model.  This is a Crepe Myrtle which is a 1st floor 2BR unit, basically the same footprint as the Greenspire of which the most recent just closed for $230K.  There are two more of these listed for re-sale as well as several new builder units.  A new one of the Crepes sold this year for $298,900 not counting the $20K - $30K in incentives.

SOLD!!! 1204 MILLER'S LANDING - PAYNTER'S MILL

  This RE/MAX Realty Group - Rehoboth listing closed yesterday (12/5/08) for $230K.  It was originally listed by another agency back on May 1, 2007 for the price of $339,900.  Wow, what a beating the Sellers are taking to get action on these condos in Paynter' s Mill.  This is a 2nd floor Greenspire Linden model - 2BR unit.  This is the first one of these to sell in 2008.  There are 3 re-sale Greenspires currently listed for an average price of $297K.  I hope they get it.  This brings the total to 10 Miller's Landing units sold in 2008 compared to 16 in 2007.  There are approximately 13 still available for sale.  This will most likely be the last sale of 2008.

PRICE DECLINE - 7 WOLDPIT COURT - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

 Lingo Realty has reduced the price of this stately property by another $25K to $1,150K.  Originally listed on July 11, 2007 this property has been reduced several times (as most have) from an original asking price of $1,350K which is pretty close to the average listing price in the neighborhood of $1,229K.  There are currently 15 active listings.  Learn more at www.GailnGreg.com