Gail n Greg - Your Agents @ The Beach

WITHDRAWN - 116 HENLOPEN AVE. - NORTH REHOBOTH BEACH

This RE/MAX Realty Group - Rehoboth listing has been withdrawn after 729 days on the market.  The price has been reduced several times and is listed at $1,149K at the time of withdrawal.  This leaves 35 homes on the market in North Rehoboth.  Some might call this addition by subtraction.  MLS # 552601.

FURTHER PRICE REDUCTION - 52 SUSSEX ST. - NORTH REHOBOTH BEACH

This Jack Lingo listing (agent owned) has been reduced for the 3rd or 4th time now down to $1,046K.  They are taking baby steps down rather than sweeping reductions.  This property started at $1,125K so they have reduced it by 7% so far.  It has only been on the market for 43 days so far this time.  MLS # 571032.

NEW LISTING - 140 KING'S CREEK CIRCLE - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

This latest addition to the already voluminous King's Creek inventory is listed by Jack Lingo in Rehoboth.  It has been listed for $976K.  There are now 13 active listings with an average listing price of $1,057K and an average days on market of 441.  There are currently no properties under contract in King's Creek and only 3 have sold this year.  This looks like a nice house and is probably priced at the market (whatever that is).  See all of the details on our website  http://www.gailngreg.com  MLS # 571953. 

PRICE REDUCTION - 16629 HOWARD MILLMAN LANE - MILL POND COMMONS - PAYNTER'S MILL

Oh boy, this Keller Williams "short sale" is already reducing their price after listing only 39 days ago.  Not only did they list this Beazer Twin Home for a super low price of $275K, but now they have reduced it again by another $5K to $270K.  This is not good.  For those of you who haven't been following along, a "short sale" is one where the owner owes more on the house than it is worth and can no longer make theri payments.  It is a pre-foreclosure activity where the bank gives the owner one last chance to unload the property a below market rates.  The bank will then pocket all of the money and usually "forgive" the difference between the amount owed and the sales price.  The owner gets out from under the debt but does take a big hit to their credit scores.  It can get very complicated.  I wouldn't recommend it unless there is no other way out.  MLS # 571565

WHOOPS, BACK ON MARKET - 23 COLUMBIA AVE. - NORTH REHOBOTH BEACH

 This Lingo listing went under contract back on July 28th after being on the market since May 22nd.  It had been reduced twice from $1,990K to $1,930K when it went under contract.  These things happen, it could have been Buyer's remorse, Buyer couldn't get financing, unacceptable home inspection or a number of other things.  Too bad, I thought we were going to have our second $1MM +  house close in North Rehoboth.  MLS # 569452

WITHDRAWN - 68 KING'S CREEK CIRCLE - KING'S CREEK COUNTRY CLUB - REHOBOTH BEACH

This Prudential Gallo listing is being withdrawn after 380 days on the market.  The price has only been reduced one time from $799K to $759K currently.  This is the 4th withdrawal since the end of June and the 8th to either withdraw or expire so far this year.  6 new listings have come on this year leaving us with 11 actively listed properties and still only 3 sold and nothing currently under contract.  The average days on market for the currently listed properties is 439, WOW!!   MLS # 562507

WITHDRAWN - 805 MILLER'S LANDING - PAYNTER'S MILL

Prudential Gallo just listed this condo back in early April for $225K and is now withdrawing it.  It was the only Bonica Rose model listed for sale.  The Bonica Rose is a 2nd floor 2 bedroom model with a 1 car garage.  We're still left with 14 condos for sale, 9 of which are re-sales.  Sometimes people get tired of strangers walking through their house and having to keep their house in tip top condition for showings.  After many walk thrus and only "low ball" offers (if any), people who are not extremely motivated to sell will give up, understandably.  MLS # 568060

BACK ON THE MARKET - 16623 HOWARD MILLMAN - MILL POND COMMONS - PAYNTER'S MILL

WE'RE BACK !!  Reminds me of Jack Nicholson in The Shining.  This 4 bedroom twin home is back on the market after a 2 month hiatus.  Oh, and while they were at it they lowered the price another $10K to $349K.  RE/MAX Lewes has the listing again (same agent) so it wasn't an "agent thing".  Sometimes people do this in an attempt to re-start the clock as far as days on market.  I stop the clock when it comes off the market but I re-start where they left off when it comes back on the market.  This home was originally listed on August 20th of 2008 so it has been on the market for 303 days as of today.  It was originally listed for $389,900.  There is another one just like it across the street listed for $305K.  I know, your house is special.  MLS # 571848

UNDER CONTRACT !! 104 HENLOPEN AVE. - NORTH REHOBOTH BEACH

  Finally!!  This RE/MAX Realty Group Rehoboth listing is under contract.  Is it pure coincidence that it has been on the market for over almost 900 days and was originally listed for $1,699K and it went under contract immediately after reducing the price to under $1M?  That's right, the price was reduced to $998K on August 7th.  Of the 11 properties that have gone under contract this year in North Rehoboth, 9 have been under $1M.  Well, that leaves 35 more actively listed in this popular part of Rehoboth and only 5 of them are listed for under $1M.  In fact the average listing price is $2,555,000.

WITHDRAWAL & PRICE DECLINE IN MILLER'S LANDING - PAYNTER'S MILL

101 Miller's Landing (listed by Ocean Atlantic Sothebys) has been reduced to $329K.  This is the second or third price reduction on this 1st floor - 3 bedroom Willow Oak model.  I believe it is the former model home and is being sold furnished.  Even after all of the drastic price reductions by the builder on the 5 units he has left and re-sellers (9), these condos just won't sell.  Guess what, there are just too many condos on the market right now at cheap prices and lower condo fees.  It's going to be a while before Paynter's Mill sees any appreciable activity, sorry to say...I live here.

1103 Miller's Landing (a Prudential Gallo listing) has been withdrawn from sale after being on the market for 159 days.  It was listed for $255K.  See above commentary.