Gail n Greg - Your Agents @ The Beach

PRICE REDUCTION IN COUNTRY CLUB ESTATES

 304 Country Club Drive reduced price yesterday from $799K down to $699,900.  This newer construction home has reduced a couple of times now from the original listing price of $849,000.  It has been on the market for a cumulative 263 days and is one of only four SFHs currently listed for sale in this community.  Three others are under contract waiting to close and one has closed so far this year.

SOLD IN NORTH REHOBOTH BEACH

 There were two closings this week in North Rehoboth.  111 Columbia Avenue  closed  after 497 days on the market.  This was a fairly new construction home at the corner of Columbia Avenue and Gerar Street.  It was a 5 bedroom 5.5 bath home built in 2007 on a 102 x 46 foot lot.  It advertised 3,285 square feet of living space with a one car garage.  The home was originally listed for $1,587,000 and was listed for $1,373,000 at time of contract.  Sales price was $1,175,000.

60 Maryland Avenue  also closed  this week after only 138 days on market.  This 3 bedroom 1.1 bath home sat on a 50 x 100 foot lot on the second ocean block.  It was being sold "as is" and was aggressively priced at lot value.  The original listing price was $825,000 and it ended up selling for $675,000.  It was at $730,000 when it went under contract.  There have now been 9 Single Family Home sales in North Rehoboth this year with an average selling price of $918,389 and 395 days on market.  It's probably been some time since we've been this far into the year with an avg. selling price under $1MM.  Interesting to note, Sellers are only averaging 68% of their original asking price.

Also, 9 Olive Avenue  just reduced price  by $100K to $1,395,000.  It has been on the market for 206 days.

SOLD IN SOUTH REHOBOTH BEACH

 210 Hickman Street went under contract  on August 25th.  It was on the market for only 297 days and remained at the original listing price of $915,000  at the time of contract.  There are now three single family homes in South Rehoboth under contract waiting to close.  Five have closed so far in 2011.  Twenty Four remain active. 

CLOSED IN MILLER'S LANDING AT PAYNTER'S MILL

A Sawtooth Oak (#1516) closed  on the 29th for the net price of $156,720.  This was a Builder model (new), the actual recorded sale price was $165,000 but the Builder threw in $8,280 in closing cost help.  The Sawtooth is a second floor 2 bedroom unit (smallest floorplan).  It is the exact same floor plan as the Bonica Rose only reversed.  There are six more for sale now listed anywhere from a low of $169,000 to a high of $210,000.  This is the fourth condo to close this year in Miller's Landing.  There are thirteen more listed for sale.  One remains under contract waiting to close.

SOLD AND PRICE REDUCTIONS - KING'S CREEK COUNTRY CLUB

 134 King's Creek Circle reduced price  on August 25th from $775,000 down to $695,000.  It has been on the market for a cumulative 1,227 days now and started at $1,150,000. 

4 Mitchelmore Court (this is the "short sale" that just came back on the market and raised the price) has reduced now to $650,000.  Whoever is controlling the pricing on this property seems to be very confused.  It has been on and off the market now for 759 days.

4 Black Walnut Court  went under contract on August 20th but the Sellers have requested that it continue to be shown until contingencies are removed.  It has only been on the market for 87 days and was reduced in price once from $639,000 down to $599,000 where it was at time of contract.  If this deal goes through, it will be only the third property to close in KCCC so far this year.  There are 11 active listings.

SOLD AND REDUCED IN NORTH REHOBOTH BEACH

 111 Columbia Avenue  has gone under contract.  It was listed for $1,373,000  at time of contract.  It had been on the market for 497 days.  There are now three SFHs under contract waiting to close in North Rehoboth.  Seven have closed so far this year.

31 First Street  reduced price  for the first time since listing back on March 4th.  It is now offered for $819,000, down from $869,000.  That puts it well below the average listing price of $1,426,000 in North Rehoboth.

CLOSED IN SOUTH REHOBOTH BEACH

 705 King Charles has now closed  (August 13th).  It sold for the price of $925,000  or 80% of the original asking price of $1,150,000.  It was on the market for 408 days.  That makes five closing this year (SFHs) in South Rehoboth with an average selling price of $987,800, 76% of the original asking price and 396 days on market.  There are two homes currently under contract waiting to close, both multi million dollar homes.  That should bring the average up whenever they settle.

PRICE REDUCTION IN SOUTH REHOBOTH BEACH

 9 Norfolk Street  has been significantly reduced  again and is now offered for $2,495,000.  It was at $2,750,000 and is down from the original asking price of $3,495,000.  That's $1MM less!!  Of the five that have closed this year in South Rehoboth, only one has sold for over $1MM, the average price being $987,800.  The Million Dollar Buyers have been scarce.  How can you blame them with such volatility in the stock market and in our economy in general. 

BACK ON THE MARKET IN KING'S CREEK

 The "short sale"  property at 4 Mitchelmore Court  came back on the market the other day after showing "under contract" back on April 19th.  There must have been some issues with the price as they have now raised the asking price from $550K (when it went under contract last) up to $799,900  now.  I'm guessing when they had it appraised it came in way above the offer price so the back turned the offer down.   This home had originally been offered for $1,175,000 back in July of 2009 when it first came on the market (pre-short sale).  I really feel for this Seller as it had dropped way below market pricing in my opinion.  Now it's back up where it should be. 

PRICE CHANGES IN MILL POND COMMONS AT PAYNTER'S MILL

  The Asbury at 16254 John Rowland Trail  has INCREASED  price from $309,900 to $319,900.  The reason for this increase is simple, unfortunately there are some very lazy agents out there who simple advise their clients to come in with offers 10% (or some fixed amount) off the asking price regardless of whether the home is priced right (at the market) or not.  That's what's happened at least once (maybe twice) with this listing.  I know because it's my listing.  Anyone doing there homework would know that this house is priced aggressively (particularly since it is being sold furnished).  Thus the price increase.

Also, the 3 bedroom twin home at 16564 Howard Millman Lane  reduced price by $900 down to $329,000.  Another example of a "distressed property" screwing up the market, there is a foreclosed twin home on John Rowland Trail listed for $259,900.