Gail n Greg - Your Agents @ The Beach

OVER THANKSGIVING IN NORTH REHOBOTH BEACH

First of all, there were two new listings  that came on over the holiday period.  15 Lake Avenue sits on a slightly over-sized lot (50 x 108) and is a 3 bedroom, 2 bath cottage style home built on two floors.  It is being sold furnished and is zoned C-3 but is currently being used as residential.  They're asking $789,000.

8 St. Michaels Place  also came on the market  for the price of $1,249,000.  It was built in 1991, has 5 bedrooms and 3.5 baths.  Lot size is not stated.  Style is advertised as a 2 story contemporary.  It is also being sold furnished and is said to be "stunning in every aspect.  This home.....is meticulously maintained and turn key for your beach getaway or year around oasis.  Professionally furnished, custom decorated, fabulous flow perfect for entertaining."  That brings us up to 41 SFHs now listed for sale in North Rehoboth. 

There were several price reductions:  153 Columbia Ave. (a "short sale") reduced again  to $743,000 after only 45 days on the market.  5 Easton Street  has reduced again, this time to $1,250,000.  56 Maryland Avenue  has reduced  for the first time since listing on July 23rd. to $879,000.  24 Oak Avenue has also reduced  for the first time since listing on January of this year and is now offered at $1,775,000, down from $1,900,000.

And finally, 25 Columbia Avenue  came back on the market after going under contract very soon after listing on June 8th.  It went under contract at the original asking price of $1,995,000.  Apparently, something went awry.  This leaves 5 homes still under contract waiting to close.  If all close by year end, the total will be 16 this year.  Not particularly good considering the 41 listed now for sale.

SOLD IN MILL POND COMMONS AT PAYNTER'S MILL

16254 John Rowland Trail  went under contract  on November 25th after 270 days on the market.  This is an Asbury model home built by Beazer and was listed at $314,900  at the time of contract signing.  It originally listed for $329,000 and was being sold furnished.  This is the third property in Paynter's Mill that we have sold in the past two months (Gail n Greg).  There are now two homes in Mill Pond Commons under contract waiting to close and one has closed this year.  12 others remain active.

PRICE CHANGE IN CANAL CORKRAN (AND A WITHDRAWAL)

28 Nell Loop reduced price  on the 22nd from $479,900 down to $459,900.  Sellers originally listed for $489,900 back in May of this year. 

At the same time, 15 Richardson Way withdrew from the market leaving 5 active townhouses for sale in Canal Corkran.  It was listed for $669,900 at the time of withdrawal.  Two are under contract waiting to close and two more have closed this year.

CLOSED IN KING'S CREEK COUNTRY CLUB

Either the deal of the century or a way over priced home to start with.  6 South Fieldway listed originally on June 22, 2007 for $1,950,000.  It closed on November 18th for $890,000 which was the listed price at time of contract signing.  I report, you decide.  Here's a hint though, Seller paid $922,500 for the property back in 1998.

NORTH REHOBOTH BEACH CONTINUES TO BE ACTIVE

Let's start with 68 Columbia Avenue reducing price  for the first time since listing back on February 22nd of this year.  Original list price was $1,350,000 and has now been reduced to $1,275,000  or 6%. 

A new listing has joined the other 4 on Columbia Avenue.  151 Columbia Avenue listed  on the 13th at the price of $790,000.

The "short sale" at 153 Columbia Avenue reduced price  also, this time down to $799,000  or 7% less than the original asking price of $860,000.

31 First Street went under contract on the 18th.  It had been on the market for 259 days and had been reduced a couple of times to $799,000  at the time of contract signing.  There are now six homes under contract in NR waiting to close.

104 Columbia Avenue closed  on November 10th $676,000 which was asking price (it was actually listed for $675,000).  It was only on the market for 29 days.  This is the best buy so far in NR in my opinion this year.

UNDER CONTRACT AND PRICE REDUCTION IN SOUTH REHOBOTH BEACH

208 Norfolk Street reduced price  again, this time to $874,000 down from $919,000 when it was listed 252 days ago.

219 Rodney Street went under contract (continue to show) on the 13th.  It has only been on the market for 74 days and was at the original asking price when it went under contract - $875,000.

MILLER'S LANDING AT PAYNTER'S MILL - NEW LISTINGS

Extreme negative pricing pressure continues to be applied in this lovely condo community.  The builder reduced price on their 1503 - Nellie Stevens  model (large two bedroom, second floor unit) to $249,000  while also offering $10K in selling assistance and two years worth of condo fees ($8K more).  It's the only Nellie Stevens listed for sale.  At the same time, a re-sale Bonica Rose model was reduced again to $163,000.  The Bonica Rose is the small two bedroom unit on the second floor.  1205  has been on the market for 767 days now.  And to add insult to injury, 1106 Miller's Landing  came on the market last week and is in Forclosed status.  It is a Sawtooth Oak which is the mirror image of the Bonica Rose (reversed floor plan) and it is offered by the bank for $185,850.  At the same time, another re-sale Sawtooth (806)  came on the market in "short sale" status and has been offered for $165,000.  This is not good for Miller's Landing.

BACK ON MARKET AT A REDUCED PRICE IN CANAL CORKRAN

27 Thompson Court came back on the market  on the 15th.  It had gone "under contract continue to show" status a couple of weeks earlier but must have run into problems.  It has been on the market for 365 days now and started at $759,900.  Sellers also reduced the price  another $10K while putting it back on the market and it now lists for $689,000, the lowest list price in this community.

CATCHING UP IN MILL POND COMMONS AT PAYNTER'S MILL

The foreclosed  upon 3 bedroom Twin Home finally went under contract  after reducing price many times to finally settle in at $259,900  at the time of contract signing.  16256 John Rowland Trail  has been on and off the market for over two years now and was finally foreclosed on by the Bank 6 to 8 months ago.  Unfortunately, 3 of the last 4 Twin Homes to sell have been "distressed sales", either short or foreclosures.  This has raised havoc on their value.

There were also several price reductions in the past couple of weeks, 16524 Howard Millman lowered price to $379,900  down from $389,900.  It is a Carrolton model that has been on the market a cumulative 478 days.  16251 John Roland Trail reduced  price (an Asbury model) to $337,000  after 308 days on the market, it is being sold furnished.  And lastly, 16245 John Roland Trail  (also a Carrolton model) reduced price  to $409,000  after only 30 days on the market.  Another Carrolton, 16237 John Rowland Trail withdrew  after a cumulative 570 days on the market.  It was listed at $379,900 at the time of withdrawal.  Buyer and Seller expectations continue to be far apart in this section of Paynter's Mill.

CATCHING UP IN MILL SPRING RUN AT PAYNTER'S MILL

Another Scarborough ranch model closed on October 28th (in fact right next door to the one that closed a couple of weeks ago.  16359 John Rowland Trail  becomes the second SFH to close in MSR this year.  It originally listed way back in July of 2009 for $369,900 and ended up selling for $277,000.  It was listed for $299,000 at the time of contract signing.  The one next door sold for $273,000.

And finally, the Radnor model (only two of these built in MSR) which is a 4 bedroom, 2 story went under contract  on Oct. 27th after being on the market a cumulative 605 days.  16388 John Rowland Trail  first listed for $459,000 back in March of 2010.  It was listed for $330,000 when it went under contract.

The last bit of news is that 16365 John Rowland Trail (the foreclosed upon Easton right next door to the recently closed Scarborough) reduced price  again, this time to an amazing $299,900.  This is an incredible price and I can't understand why someone hasn't snatched it up.  I can assure you that we are showing it.