Gail n Greg - Your Agents @ The Beach

SOLD IN CANAL CORKRAN - "SHORT"

 Another "distressed" property has gone under contract in this upscale community just outside Rehoboth Beach city limits.  16 Wade's Court  originally listed back on February 6, 2009 for $1,049,000.  I don't know at what point it went "short" but was listed at $725,000  at time of contract.  Of the four properties to sell in Canal Corkran this year, 3 have been "short sales" and 1 was a Foreclosure.  Two of the "short sales" are still waiting bank approval and the other two have closed.  There are still two more "short sale" properties listed in CC of the nine active SFH listings.

SOLD IN COUNTRY CLUB ESTATES

322 Laurel Street  went under contract on the 16th.  It had only been on the market for 114 days and had been reduced once from $625K down to $599K  which is where it was at contract signing.  That's two this week in Country Club Estates.  While off to a slow start, things are heating up in this popular in town community.  There are five more SFH active listings and one townhouse available.  Nothing has closed yet in CCE this year.

CLOSED IN NORTH REHOBOTH BEACH

 The "tear down" home on 80 Kent Street  closed on the 17th for $800,000.  It sat on a double corner lot and had been on the market for a cumulative 1,288 days.  The value was totally in the land and believe it or not, it originally listed for $2,250,000.  It was an estate sale and the estate was obviously out of touch with reality when it came to lot values.  To be fair, the price had been reduced many times and was at $999,000 at the time of contract.  The new Buyers quickly had the lot subdivided into two 50 x 100 lots and have re-listed them at $579,000 each.  Who says you can't make money in real estate any more.

LOT SOLD AND HOME GOES "SHORT SALE" IN CANAL CORKRAN

 First, lot 15 Canal Court  which is a canal front lot has been sold for an even $500,000.  It had been on the market for 772 days and was listed for $575,000 at time of contract.

58 Eleanor Lee Lane  was withdrawn a week or so ago and came back on the market yesterday as a "short sale".  It was originally listed for $2,599,000 back on March 19, 2010 and is now being offered with bank approval for $1,897,000.  This is a "short sale" because the current owner paid considerably more than that back in January of 2007.

SOLD IN COUNTRY CLUB ESTATES

 This lovely beach house at 310 Munson Street  has gone under contract after only 100 days on the market.  There is a new classification in our MLS system called "Under Contract, Continue To Show" which contains listings that have a firm contract but may have contingencies such as financing, home inspection etc. that need to be satisfied before the contract goes "hard".  This listing is in that classification and Seller is asking that it continue to be shown.  It was listed for $850,000  at time of contract.  This is the first sale in CCE so far this year (very unusual). 

ONE ON....ONE OFF IN MILLER'S LANDING AT PAYNTER'S MILL

 903 Miller's Landing  is a Nellie Stevens model, 3 bedroom second floor unit.  It has been listed several times prior to this and now enters the market with an asking price of $269,900.  That could be somewhat problematic as a Nellie Stevens (803) closed last March for $219,000. 

At the same time 101 Miller's Landing  withdrew from the market.  It was a 3 bedroom first floor unit (Willow Oak), listed for $289,900 that had been on the market for 1,037 days.

ANOTHER PRICE REDUCTION IN CANAL CORKRAN

 35 Eleanor Lee Lane  reduced for the first time yesterday and is now offered for $1,100,000  down from $1,150,000.  That is almost the exact average listing price of the ten current active listings in Canal Corkran ($1,149,150).  Avg. DOM is 352.

PRICE REDUCTION IN CANAL CORKRAN

 Pictured here is the Canal Corkran pool area.  27 Thompson Court has reduced price again, this time down to $699K.  This home first listed back on November 19th of 2010 for $759,900 so it has been on the market for 203 days.  It is one of ten active listings in Canal Corkran.

NEW LISTING - MILL SPRING RUN IN PAYNTER'S MILL

 16550 Samuel Paynter Blvd.  is an Arden II model home built by RDM Builders out of Ocean View.  It sits just a block from the community tennis courts on an interior lot in the heart of Paynter's Mill.  It is a 3 bedroom, 2 bath rancher with a large wrap-around front porch, eat in kitchen, large 3 season room, outside shower, attached 1 car garage.  Seller's have priced it aggressively at $299,000.

NORTH REHOBOTH BEACH REAL ESTATE ACTIVITY

 Two price reductions and a new listing in North Rehoboth yesterday.  First, 55 Sussex St.  reduced price to $699K down from $719K and down from the original asking price of $845K when it was listed back in April of 2010. 

71 Lake Avenue  has reduced price after just raising the price back in May.  This is the old Sea Witch B&B which is currently in foreclosure status so apparently the Bank is a little confused as to what they want to do.  Anyway, the price is now $1,230,000, down from the original $1,900,000 that was being asked back in October of 2009 (pre foreclosure). 

25 Columbia Avenue  has come on the market at an asking price of $1,995,000.  This 4 bedroom 3.5 bath home sits on the first block from the ocean on a 48 x 91 foot lot.  It features "2 master bedrooms, hardwood floors throughout, fully fenced backyard with well groomed landscaping and tastefully decorated rooms".  It is being sold furnished.