Gail n Greg - Your Agents @ The Beach

PRICE REDUCED - 90 HENLOPEN AVE. - NORTH REHOBOTH BEACH

This Lingo listed property listed on March 2, 2009 for $898K and has now been reduced to $825K.  Seems like a reasonable price for that close to the beach.  Guess what, Buyers today are not reasonable.  There are 10 homes for sale on Henlopen Ave. alone, 39 in North Rehoboth.  Only 3 have closed this year and there is one under contract.  As much as North Rehoboth owners don't want to admit it, their property values have dropped dramatically based on the few Buyers out there in the million dollar + category.  This one is apparently under contract with a 72 hr. kick out clause.  It's time to make some tough decisions.

WITHDRAWN - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

 6 South Fieldway has been withdrawn from the market.  Probably want to enjoy it for the summer.

 #5 Queen's Court has been withdrawn as well - a Jack Lingo listing.  This leaves 12 active listings in this neighborhood.  Only 3 have closed this year and none are currently under contract.

CLOSED - 234 COUNTRY CLUB DRIVE - COUNTRY CLUB ESTATES - REHOBOTH BEACH

 This Country Club Estates listing came on the market  back on February 5, 2009 at $579K and ended up closing at $565K just 75 days later.  This brings the number to 3, SFHs that have closed this year in this community.  The average sales price of the three is $631K and the average days on market is 353.  This leaves 2 SFH under contract and 2 Towns.

NEW LISTING - 16488 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

  Prudential Gallo in Lewes just listed this cottage home in Mill Spring Run for $299K.  It does currently have a renter in place but has been given 60 days notice to move out.  This is a hot price.  There are now 3 cottage ranch models for sale from $299K to $330K.

NEW LISTING - 319 SANDALWOOD - COUNTRY CLUB ESTATES - REHBOTH BEACH

 This new listing brings us back up to 7 active in Country Club Estates.  It has been listed for $579K by RE/MAX in Rehoboth.  The average price of a home listed now is $781K.  Two have closed this year for an average sales price of $665K.  Average DOM are 493.

SERIOUS PRICE REDUCTION - 803 MILLER'S LANDING - PAYNTER'S MILL

 Ocean Atlantic just reduced this condo down to where the other two like are priced.  It originally listed back on March 19, 2009 at $298,852 and has now been reduced to $258,852, nice play on the numbers.  This is a Nellie Stevens model which is a 3 bedroom 2nd floor unit.  There are two others listed for sale at $259,900 and $255K, all being sold unfurnished.  It becomes a beauty contest now.

WITHDRAWN - 9 OLIVE AVENUE - NORTH REHOBOTH BEACH

 Listed back on October 20, 2009 for $1,999K.  Obviously the owner wants it off the market for the rental season, see you next fall.

PRICING ACTIONS - NORTH REHOBOTH BEACH

 132 Felton Street - Ocean Atlantic listed this property back on Oct. 2, 2007 for $1,100K.  It has been reduced a couple of times now and was just reduced to $975K.  Nice picture aye?

 32 Sussex Street - RE/MAX Realty Group in Rehoboth just listed this property a week or so ago.  I guess they decided they had listed it too low and have raised it $10K from $549K to $559K.  Well it's good to see prices going up for a change. 

See these and all MLS listings on our website at www.GailnGreg.com 

PRICE REDUCED - 228 STATE ST. - COUNTRY CLUB ESTATES - REHOBOTH BEACH

 Things continue to heat up in Country Club Estates.  This has traditionally been a great real estate community because of it's close proximity to the beach and downtown.  The condos have suddenly started to sell with 3 of the 4 listed units under contract and closed.  This property is on State St and has been on the market for 422 days now, probably due to the high traffic on this road and the abundance of inventory.  It originally listed for $659K and has been reduced a couple of times and now sits at $549K, well below prices of a couple of years ago.  There are still 6 homes for sale in CCE with an average listing price of $781K.  There are 3 currently under contract but not yet settled and 2 have closed so far this year.

PRICE REDUCED - 18 MARYLAND AVE. - NORTH REHOBOTH BEACH

 This North Rehoboth home has been listed for 124 days now and is being reduced for the first time from $1,775K down to $1,695K.  There are 3 homes for sale on Maryland Avenue, all in the high $1,600K to low 2,200K range.  The average listing price of a home in North Rehoboth has steadily been coming down with all of the price reductions.  It now stands at $2,524K and number 41 listings.