Gail n Greg - Your Agents @ The Beach

PRICE REDUCTION - 314 LAUREL STREET - COUNTRY CLUB ESTATES - REHOBOTH BEACH

Prudential Gallo has reduced this new construction home in the heart of Country Club Estates several times now.  It is currently reduced to $1,199K, down from the original listing price of $1,350 back on May 18th of 2007 (that's 927 days ago).  I noticed the agent changed the neighborhood listing from Country Club Estates to South Rehoboth.  We'll see how that works along with this price decrease.  It is a nice home, I've been inside.  Unfortunately, it's priced way above the average selling price of a home sold so far this year in CCE ($587K).  There's no question that it is worth more than any of the homes sold this year in CCE.  MLS #549064

NORTH REHOBOTH BEACH PRICE REDUCTION - 10 ST. MICHAEL'S PLACE

This Lingo listing has been reduced for the second time to $1,250K, down from the original price of $1,595K back on August 23rd of 2005.  Yup, 1,557 days ago.  That was back when the market was good.  There could be a message here.  MLS #561068

HAPPY THANKSGIVING!!!

PRICE DECLINE IN MILLER'S LANDING - 1602 - PAYNTER'S MILL

Lingo has reduced this Crepe Myrtle model to $259,900.  There are two Builder Crepes also listed for sale, one of which is being sold furnished for $279,900.  The other one is listed for $259,900.  The last Crepe to sell went for $214K back on Oct. 2nd.  The one before that went for $223K back on Sept. 25th.  This is a two bedroom, first floor unit.  MLS #573290

PRICE DECLINE - 134 HENLOPEN AVENUE - NORTH REHOBOTH BEACH

This Lingo listing has been reduced numerous times in the 992 days it has been on the market.  On Nov. 7, 2006 it listed for $1,329K and has now been reduced to $995K, a full 25%.  Henlopen Avenue still has the most active listings in North Rehoboth with 6.  A total of 5 have sold this year on Henlopen Avenue. MLS #567975

CLOSED!!! NORTH REHOBOTH BEACH

  Prudential Gallo just closed on this home at 62 Columbia Avenue.  It had been on the market for 187 days (not bad) and was listed originally for $1,776K.  It sold for 19% less than that, $1,440K.  That's the fifth house to sell on Columbia Avenue this year.  There are four more still listed for sale on Columbia.  MLS #568966  

 Jack Lingo Realty closed on this home Friday at 85 Sussex Street.  It had just recently been bought and completely refurbished.  It sports one of if not the largest oak trees in Rehoboth Beach, see it?  It was only on the market for 14 days and sold for $745K, 4% below their asking price of $779K.  It shares a lot with the little converted garage apartment next door.  MLS #572892

  This Seller took an awful beating based on original listing price back in June of 2008.  137 Henlopen Avenue was listed by RE/MAX Realty Group for the price of $2,750K.  It closed yesterday for $1,500K (ouch!).  I think the Seller would admit that it was over priced to begin with but not by $1,250K.  It sits on a 20,000 square foot lot and is solidly constructed.  He did however fall victim to this lousy home market.  Oh well, one person's misfortune is another's good fortune.....congratulations Buyer.  This brings the total up to 18, the number of single family homes to close in North Rehoboth this year.  There is still one pending sale.  Interestingly, 8 of the 18 homes have closed in the 4th quarter.  Keep it going...MLS #560834
 
 
 

PRICE REDUCTION IN NORTH REHOBOTH - 86 SUSSEX STREET

This Jack Lingo listing has only been on the market for 55 days and is being reduced for the first time.  It is now listed for $1,479K, down from $1,585K.  It is an interesting house, I toured it when they had their Broker Open House a couple of weeks ago.  It's one of thirty four currently listed for sale in North Rehoboth.  MLS #572874

CLOSED!! SOUTH REHOBOTH BEACH - 214 HICKMAN STREET

This Jack Lingo "short sale" listing took quite a beating.  It originally listed way back there for $2,490K and settled Thursday for $1,450K (58% of the original asking price).  It was on the market for 513 days.  It is a very strange looking house but I guess very functional.  That's 7 now, single family homes closed in South Rehoboth this year.  Sellers have gotten 80% of their original asking price and have averaged 301 days on the market.  The average selling price has been $1,381K.  MLS #571294  

PRICE REDUCTION - 16359 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

Bay Coast has reduced this Scarborough model cottage home to $359,900.  It is being sold partially furnished.  It originally listed back on July 21st for $369,900.  The other Scarborough that was on the market was just withdrawn and was priced at $279,900.  There isn't much to choose from in this section of Paynter's Mill, only this house and an Easton model listed for $349,000.  Now that's a hot price!!  MLS #571056

CLOSED!! 80 SUSSEX STREET - NORTH REHOBOTH BEACH

This new construction home closed yesterday for $1,138K after Lingo had it listed for just 252 days.  This is the 15th closing in North Rehoboth this year.  Here's a little history on this property.  This was part of the Brown property (a Rehoboth resident for many years) which was sold back in August of 2007 as a 100x100 lot for $875K.  The speculator tore down the existing structure and subdivided the lot into two 50x100 parcels.  This lot was sold to a spec builder in September of 2008 for $517,500.  He proceeded to build this house on the lot for which he received $1,138K.  The building cost for this house was probably between $350K and $400K putting the builder's cost at around $900K netting the builder approximately $238K or 26% on his investment in a little over a year.  Not bad in my book, not as good as the glory days in 2003 to 2006 but better than the stock market lately.  There is still money to be made in real estate!!  MLS #566483