Gail n Greg - Your Agents @ The Beach

SOLD!!! 39 MARYLAND AVE. - NORTH REHOBOTH BEACH

  Long & Foster in Bethany got this Lingo listing sold for 21% below the original asking price of $1,195K.  It closed yesterday for $950K.  It had been on the market for only 119 days.  That's significantly below the average DOM for a North Rehoboth property (368 days).  That is our second closing in North Rehoboth this year.  It is safe to say that is way behind past years.  There are still 37 properties actively listed in North Rehoboth.  There is only one under contract.  The two properties that have sold have an average DOM of 98 which drives home the fact that if you price it right, they will come.

NOT SO NEW LISTING - 903 MILLER'S LANDING - PAYNTER'S MILL

  This Seller has tried about everyone in town in order to get this unit sold.  He is now using Help You Sell (a discount listing company).  But more importantly, he has listed it for a price near where he needs to be to get it sold.  It is listed for $259,900.  It is a Nellie Stevens which is a 2nd floor 3BR unit.  There are currently 4 of them listed for sale with an average listing price of $278,413.  The lowest priced one is listed for $255K and the highest is listed for $299,900.  The builder doesn't have any of the Nellies left.  The last two Nellies to sell (Feb. & June of 2008) went for $250K & $245K respectively.  We now have 17 condos in Miller's Landing up for sale.

WITHDRAWN - 604 MILLER'S LANDING - PAYNTER'S MILL

  This Greenspire Linden model is the longest listed property in Miller's Landing, 771 days.  It originally listed back on February 14, 2007 by Sunrise Realty for $309,999.  It was listed for $299,900 when it withdrew.  Since the average listing price of a Greenspire now is $280K and the last one sold for $230K, it's no wonder they couldn't get the job done.  Even the new construction Greenspire is listed for $290K with 6% closing help.

NEW LISTING - 6 EAGLE WAY - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

This brings the total to 14, the number of active listings in this prestigious neighborhood near Rehoboth Beach.  Two have gone under contract since the first of the year and one has closed.  This is a Jack Lingo listing.  The average days on market in KCCC is 437.  The average listing price is $1,173K.  This property has just been listed for $995K.  You can see all the details on our website (see link on left panel). 

UNDER CONTRACT - 306 STOCKLEY ST - COUNTRY CLUB ESTATES - REHOBOTH BEACH

  Location, location, location, PRICE.....has never been truer for than for this home in Country Club Estates.  It originally listed back on December 10, 2007 at $1,350K.  It finally went under contract after 773 days at a price of $835K, that's 38% below the original asking price.  It apparently does have a water view of Silver Lake but it must not be that great a view.  This leaves 10 properties listed in Country Club Estates and two under contract waiting to close.  I can't wait to see what this one went for.  Stay tuned.

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

  This long time listing has lowered the price yet again.  It originally listed on March 15, 2007 for $1,375K and has now been reduced to $1,149K.  They're still holding out for the big bucks.

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

  And the race is on....RE/MAX out of Rehoboth has this listing and has reduced the price twice already this year.  It is now the lowest price listing in Miller's Landing at $233K.  It is a first floor, 2BR model (Crepe Myrtle).  Another Crepe just lowered their price to $234,900.  This unit has been on the market since March of 2007 with a brief withdrawal in October of 2007.  It originally listed for $314,900!!!  There are a total of 17 Miller's Landing units currently for sale, 6 of which are new construction being sold by the builder.  The other 11 are re-sales.

UNDER CONTRACT - 39 MARYLAND AVENUE - NORTH REHOBOTH BEACH

  Lingo priced this one right when they reduced it to $999K.  It's been listed since November 11, 2008 (not that long).  It originally listed for $1,195K and will probably close in the low to mid $900s.  I think they got a good buy, this is really close to the beach and that's what it's all about.

NEW LISTING - 803 MILLER'S LANDING - PAYNTER'S MILL

  Another new listing in Miller's Landing.  Ocean Atlantic listed this Nellie Stevens (2nd floor 3BR) unit for $299K.  Interesting only because an identical model was just listed a few days ago for $255K.  I know, one could have many more upgrades than the other one but in this market unfortunately you don't get much value out of those upgrades.  The last one to sell by the way, (back in June of 2008) went for $245K.  There are now 3 Nellies on the market for sale.  Who wants to make a bet that the one listed for $255K doesn't go first.  I'll take that bet.  Oh well, good luck to all.

NEW LISTING - 1103 MILLER'S LANDING - PAYNTER'S MILL

  Prudential Gallo in Lewes just listed this second floor 3BR Nellie Stevens model.  They have put an aggressive price on it, $255K which should get some attention.  The other Nellie Stevens currently listed is at $299,900.  There are a total of 14 condos listed for sale in Paynter's Mill, 8 of which are re-sales.  There are no Builder unit Nellies left.