Gail n Greg - Your Agents @ The Beach

BIG SALE IN SOUTH REHOBOTH BEACH !!!

 After only 143 days on the market, #6 Prospect Street  went under contract  at the price of $3,950,000.  Not everyone is sitting on the fence, smart Buyers are jumping in with the best interest rates of all time (this is probably a cash Buyer) and an unlimited number of great properties for sale at great prices.  Savvy Buyers are not waiting for "the bottom".  After all, how do you know it's the bottom until it starts turning up?

SOLD!! IN NORTH REHOBOTH BEACH

 60 Maryland Avenue  went under contract  on July 23rd making it the 8th sale of a single family home in North Rehoboth this year.  It was only listed for 138 days but had been reduced in price two times since originally listing for $825,000.  It was listed at $730,000  at the time of contract signing.  There are now two homes under contract waiting to close.  Things are picking up.

NEW LISTING IN NORTH REHOBOTH BEACH

 56 Maryland Avenue came on the market  yesterday for $899,000.  It is a 3 bedroom, 2 bath ranch on a 50 x 100 lot on the second ocean block.  It is advertised to have "loads of space" and "partially finished basement provides 2 additional sleeping rooms and living space....fantastic rental income".  They're showing $26,000 in annual rental income.  There are now 38 Single Family Homes listed for sale in North Rehoboth with an avg. listing price of $1,448,000 and 401 days on the market.

PRICE REDUCTION IN CANAL CORKRAN

 14 Will's Way reduced price  yesterday to $475,000 making it the lowest list price townhouse currently available in Canal Corkran.  It is a 4 bedroom town being sold furnished.  There are a total of five currently listed for sale with two under contract waiting to close and one closed.

PRICE REDUCTION IN MILL SPRING RUN AT PAYNTER'S MILL

16388 John Rowland Trail reduced price  yesterday to $359,000  representing  $100,000 in total reductions since listing back in March of 2010.  This is a Radnor model, there were only two of these built in the Mill Spring Run.  It is similar to the Easton model in that it is a two story 4 bedroom, 3.5 bath home situated in a nice section of the community.  This is a GOOD price for this home. 

NEW LISTING IN SOUTH REHOBOTH BEACH

 #5 Newcastle Street  has come on the market  at $1,995,000.  It is a 6 bedroom (2 bedrooms over the garage), 4.5 bath 2 story colonial on a 50 x 100 foot ocean block lot.  It was built in 2001and advertises "separate 2 br garage apt. great ocean views & sounds, convenient to everything and can't be duplicated.  Granite counters, 9" ceilings, teak hardwood, karastan carpet, porch, decks, new limestone master bath and much more".  It brings the number of active listings in SR to 27 with an average listing price of $1,954,000 and 592 days on market.

REALTYTRAC JULY FORECLOSURE NEWSLETTER

Click HERE to see the July issue of RealtyTrac's foreclosure newsletter.

PRICE REDUCED IN MILLER'S LANDING AT PAYNTER'S MILL

  606 Miller's Landing  came back on the market today (only off market for a week or so...resetting the DOM clock) and reduced the price  in the process.  It originally listed back on January 16, 2010 for $225,000 and has now reduced to $199,900.  It is a 2 BR Sawtooth Oak model (second floor, small floor-plan, 1 car garage).  We're now back up to 12 units listed, 5 of which are left over Builder units.Three are under contract waiting to close and two have closed so far this year.

SOLD IN SOUTH REHOBOTH

 705 King Charles  went under contract  on July 15th.  It had been on the market for 408 days and was listed for $1,100,000  at time of contract, down slightly from the original asking price of $1,150,000.  Now that is a patient Seller.  That leaves South Rehoboth with 26 active listings (SFH) with an average listing price of $1,953,000 and 615 days on market.  That is only the 5th home to go under contract this year in SR.

LOTS GOING ON IN CANAL CORKRAN

 "Distressed Property" continue to dominate the real estate activity in this upscale community.  #5 Wade's Court closed on the 14th of this month for $625,000.  This was a "short sale" property that originally listed in September of 2010 for $899,000.  Of the four closing so far this year in Canal Corkran, two have been short sales and one a foreclosure.  Another short sale property is under contract waiting to close and two more are listed as active.  58 Eleanor Lee Lane  just reduced price  again to $1,799,000, down from $2,599,000 when it was listed back in March of 2010.  This property went "short" in June of this year.  It is the highest priced listing in Canal Corkran currently.

The good news is that 29 Thompson Court  went under contract  on July 16th.  It was listed for $1,075,000, down slightly from the original price of $1,150,000.  It has been on the market for 363 days.  This leaves seven active.