Gail n Greg - Your Agents @ The Beach

SEA WITCH - UNDER CONTRACT IN NORTH REHOBOTH

Finally, a well known landmark in North Rehoboth has gone under contract after 650 days on the market this time.  It originally listed for almost $2M but had gone into foreclosure and was most recently listed for $999,000.  I can't wait to see what 71 Lake Avenue  actually closes for.   This was a very vibrant bed & breakfast a few years back.

PRICES DOWN IN SOUTH REHOBOTH

Two price reductions in South Rehoboth yesterday, the first was 601 Bayard Avenue  reduced  from $1,149,000 to $1,100,000 (764 days on market).

The second was 201 Hickman  reduced  from $1,695,000 to $1,650,000.  It has been on the market for 360 days.

UNDER CONTRACT IN KING'S CREEK COUNTRY CLUB

134 King's Creek Circle went "under contract continue to show" status today after 1,288 cumulative days on the market.  It originally listed for $1,150,000 back in April of 2008 but had been reduced several times to $695,000 in order to get it under contract.  That's three properties under contract so far in just October, that's half of the year's production so far.  Maybe KCCC is finally getting noticed.

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

1104 Miller's Landing  actually went "under contract continue to show" back in June but has now come back on the market with a price reduction.  Apparently, whatever contingencies that were on the contract were not reconcilable.  It has been on the market a cumulative 1,117 days now and was just reduced  again to $229,000.  This is a Greenspire Linden model (2 bedroom, 2nd floor, larger floorplan with 2 car garage).  Now the only unit under contract waiting to close is the "short sale" Nellie Stevens (unit 903).  Four have closed this year leaving 13 active, of which 5 are Builder units.

CLOSED IN NORTH REHOBOTH BEACH

129 Henlopen Avenue  closed  yesterday after only 87 days on the market.  It went under contract at it's original asking price of $1,295,000 and settled for $1,170,000  or 90% of asking price.  This 3 bedroom, 2 bath Cape Cod was built in 1993 and sat on a larger than standard 50 x 172 foot lot.  This was an excellent buy in my opinion.  10 SFHomes have now closed in NR for an average of 70% of the original asking price.  The average selling price is now $943,550 and 364 days on market.

SOLD !!! TOWNHOUSE IN CANAL CORKRAN

10 Hannah Loop  went under contract  yesterday, the third townhouse to do so this year.  It was only on the market for 29 days (the average in there is 405) and was listed aggressively at $499,900.  It had originally been listed for $505,000 but was quickly reduced less than a month later. 

Also, I somehow missed this one....28 Nell Loop came on the market back in May for $489,900 and was reduced  yesterday to $479,900.  Don't know why but I missed it coming on the market.  That leaves us with 6 active listings with an avg. listing price of $542,267 and 405 days on the market.

CLOSED IN COUNTRY CLUB ESTATES

After only 65 days on the market, 333 Laurel Street closed  for the price of $600,000 or 89% of the asking price of $675,000.  It is a 3 bedroom, 2.5 bath two story cape cod built in 1974.  It sits on an irregular lot in CCE, larger than the standard 50 x 100.  There have now been four SFHs closed in CCE this year.  There are two more under contract waiting to close and 5 active listings.  The average selling price of the four that have closed is $742,500 and 434 days on market.

PRICE REDUCED IN NORTH REHOBOTH BEACH

18 Maryland Avenue reduced price  again yesterday from $1,450,000 down to $1,399,000.  This ocean block home has been listed for 1,016 days and was originally listed at the price of $1,775,000.  I remember when this new price would have been "lot value". 

CLOSED IN SOUTH REHOBOTH BEACH !!

102 New Castle Street  in South Rehoboth closed on October 21st after 529 days on the market.  It was originally offered for $1,400,000 and sold for just 64% of that or $890,000.  This is the ninth SFH to close in SR this year.There are three more under contract waiting to close.  This second ocean block home sits on a 5,000 square foot lot and has three bedrooms, one full bath and one half bath.  It was sold unfurnished with an outside shower, front and rear enclosed porches and partial basement.  Agent is hinting that it might be more desirable to tear it down and "build your dream home on this third lot off King Charles Ave.".

NEW IN NORTH REHOBOTH BEACH

32 Olive Avenue is an ocean block, six bedroom, three bath "contemporary bungalow" on a 50 x 100 foot lot.  It was built in 1950 and boasts $60K in annual rental income.  There is "plenty of room for two families or let the rental income pay your mortgage plus.  New roof, new siding, windows, furnace, duct work, doors.......parking no problem 5 cars and many mopeds".  It is being offered unfurnished for $1,295,000.  There are now 6 active listings on Olive Avenue.