Gail n Greg - Your Agents @ The Beach

PRICE DECLINE IN NORTH REHOBOTH BEACH

The Sea Witch B&B at 71 Lake Avenue  has reduced  again, now below 1MM @ $999,000.  This property is now Bank Owned (Foreclosure) and has been on the market a cumulative 642 days.  It is zoned commercial/residential (dual use).  Believe it or not, the asking price back in October of 2009 was $1,900,000.

UNDER CONTRACT IN MILLER'S LANDING AT PAYNTER'S MILL

1505 Miller's Landing (a Builder unit) went under contract with a continue to show request by the Seller, probably a home sale contingency or something to that effect.  This is a Bonica Rose model which is a 2nd floor 2 bedroom (smallest floor plan).  It was listed for $179,000  when it went under contract.  The Builder is also offering 2 months worth of Condo/HOA fees (over $8K) as closing assistance  or to be deducted from the selling price.  That would net it down to around $171,000 asking price.  One like this just closed for $156,720.

REALTYTRAC FORECLOSURE NEWSLETTER - SEPTEMBER

  Click HERE  to see the latest RealtyTrac Foreclosure newsletter.

UNDER CONTRACT AND PRICE REDUCTION IN MILL SPRING RUN AT PAYNTER'S MILL

Finally !! The first house sold (if it goes to closing) in Mill Spring Run since March of 2009.  16351 John Rowland Trail is under contract  after 180 days.  (This house had been listed previously for close to a year).  It is a Scarborough model (ranch 3 bedroom) that listed originally for $295,000 this time (the last time it was on the market it started at $359,000) and was at $289,000  at contract signing.

16388 John Rowland Trail  has been reduced  now for the umteenth time to $349,000 , down from the original asking price of $459,000 back in March of 2010.  Seller is also offering to pay the first year's HOA fee which is just under $4,000.  This is a two story Radnor model, 4 bedrooms and nicely upgraded.  This is a steal, better hurry.

SOLD IN COUNTRY CLUB ESTATES

After a very slow start, Country Club Estates is regaining it's reputation as a great real estate community.  This "in town" community is where many folks start their beach real estate ownership.  It has the lowest cost of entry of any other place in town for SFHs.  Things usually turn over here very quickly and the back half of 2011 is proving no exception.  Two homes have gone under contract in the last week.  304 Country Club Drive   went under contract  on the 16th.  It was listed for $699,900 at the time of contract after reducing from the original price of $849,000 back in September of 2010.

333 Laurel Street went under contract on Sept. 3rd. (just reported today) at the price of $675,000  after only 65 days on the market.  So there are now 4 SFHs under contract waiting to close with two closed so far this year.  Both of these homes are "under contract, continue to show" so there are apparently some contingencies to deal with.

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

Won't be long now and this is what you'll see as you enter Paynter's Mill.  Two price reductions this week already in Miller's Landing, first 606 Miller's Landing  came down from $189,000 to $175,000.  It is being sold furnished and the Seller is offering 1 yr. of condo/Hoa fees paid at closing (that's $4K more) netting this offer to $171,000 plus the furniture.  That's an awesome deal. 

1205 Miller's Landing. has reduced again by another $1,000 to $168,000.  This is also an awesome deal.  Both properties have been on the market for close to two years and both are two bedroom, second floor models.  It's painful but that's the market we're in.

PRICES REDUCED IN KING'S CREEK COUNTRY CLUB

  44 King's Creek Circle  has reduced price  for the first time since listing back in July.  It is down now to $695,000 from $749,000.

PRICE REDUCED IN NORTH REHOBOTH BEACH

11 Olive Avenue reduced price  for the first time since listing on February 11th of this year.  They started at $1,399,000 and have reduced now to $1,177,777.  They are one of five SFHs for sale on Olive Avenue and one of thirty seven listed for sale in North Rehoboth.

BY THE WAY.........SOME SHAMELESS SELF PROMOTION

For those of you who don't follow closely along, my wife and I are RE/MAX agents here in Rehoboth Beach and would be delighted if you would let us handle either your purchase or sale of a property here near the beach (even on the beach).  As you can see by reading our blog, we keep pretty close tabs on the real estate market here on the Delaware shore.  My wife Gail has been chosen two years in a row now as a 5 star agent by Delaware Today magazine, that happens to only about 7% of Delaware agents in any given year (never mind two in a row).  RE/MAX has also been awarded a #1 in Customer Service award nationally by J.D. Power and assoc. (see below) and we'd like to think we helped them get that award.  So if you enjoy following our work here, please give us a shot as your agent.  You won't be sorry.

  

WASSUP IN SOUTH REHOBOTH BEACH? ONE LISTED, ONE CLOSED

First the listing.....211 Munson Street  has come on the market  for the asking price of $899,000.  It sits on a 50 x 100 foot lot on the third ocean block.  It was built a while back (1916) and has 4 bedrooms and 2 full bathrooms.  It's billed as a two story contemporary (built in 1916?).  It's advertised to be a "charming updated cottage, just 2 blocks to town but no meters.  2.5 blocks to beach.  Relax on large front screened porch, rear deck under wysteria covered trellis or landscaped back yard.  5 sets of French doors let ocean breezes flow thru".  It also advertises $30,000 in annual rental income.

5 New Castle Street closed  on the 9th for the asking price of $1,995,000.  It was after all only on the market for 8 days.  That brings the total to 6 closings so far this year in South Rehoboth with 5 more under contract waiting to close.  The average closing price is now $1,155,667 after 331 days on the market.  This sale obviously helped bring the selling price as a percent of original asking price up to 82%.