Gail n Greg - Your Agents @ The Beach

PRICE REDUCED IN COUNTRY CLUB ESTATES

325 Country Club Drive reduced price yesterday from $550,000 down to $535,000.  This makes the second time this property has been reduced from the original asking price of $595,000.  Of the 4 properties currently listed in CCE, the average asking price is $580,000 and 420 days on market.  Only one has closed this year for $724,000.

Q1 - 2012 ACTIVITY IN COUNTRY CLUB ESTATES

Business is a little sleepy in CCE so far this year.  To be fair, there was a lot of activity in here in 2011.  There are only four SFHs listed for sale in here right now ranging from $550K to $625K.  There were a couple of price reductions at 257 Country Club Drive but other than that, nothing.  Only one closing so far this year, 327 Munson Street for $724,000.  The only townhouse that was listed in Scarborough Village withdrew in February so there are none available.

PRICE REDUCTION IN COUNTRY CLUB ESTATES

$14,000...that's how much 257 Country Club Drive is coming down this time.  Seller's have the home priced now at $560,000, down almost 7% from their original asking price of $599,000.  It has been on the market for 190 days now, a relatively short period of time.  This is the third price reduction.  Pricing should be starting to stabilize in CCE as business has really picked up in general and there are only 3 active homes listed in there right now.

CLOSED IN COUNTRY CLUB ESTATES

327 Munson Street closed yesterday for $724,000, only 2% below the asking price of $739,000.  It was only on the market for 101 days.  It is the first SFH to close in CCE so far this year.  This was a neat house that had been completely redone.  It advertised 3 bedrooms and 2 baths as well as "a green makeover that is not only gorgeous, but it is extremely energy efficient.  Complete open floor plan, bamboo, slate and reclaimed wood floors, private back yard, 3 season porch, solar panels, instant hot water, etc.".

PRICE REDUCTION IN COUNTRY CLUB ESTATES

257 Country Club Drive lowered price  yesterday from $579,000 to $574,000.  It was listed on September 7th for $599,000 so has dropped 4% since listing 134 days ago.

FIRST SALE OF 2012 IN COUNTRY CLUB ESTATES

327 Munson Street went under contract (continue to show status) on the 9th.  It has been on the market only 101 days and remained listed at the original price of $739,000.

2011 - END OF YEAR REPORT - COUNTRY CLUB ESTATES

Half of the six SFH sales in Country Club Estates  happened in the fourth quarter.  Laurel Street seemed to be the big winner with four of the six sales.  314 went for $985,000 after 1449 DOM, 322 went for $560,000  after 114 DOM, 333 went for $600,000 after only 65 DOM, and 327 went for $550,00  after 430 DOM.  In addition to that, 310 Munson went for $825,000  after 107 DOM and 304 Country Club Drive went for $675,000 after 279 DOM.  That's an average selling price of $699,167 and an average DOM of 407.  Sellers got an average of 84% of their original asking price.  There are no homes currently under contract and there are four active listings from $550,000 to $739,000.  (I did see today where 327 Munson Street went under contract - the one for $739,000 - how about that James) so this will bring it down to three active.  A couple were withdrawn in Q4.  The average days on market for the active listings is 280.  Country Club Estates continues to be one of the best performing communities within the Rehoboth area.  There is also one Townhouse listed for sale for $449,000.  No townhouses sold in 2011, there has been only the one on the market.  Two sold in 2010 for $415,000. I hope the Q4 momentum continues into 2012. For comparison purposes, in 2007 there were 9 SFH closings with an average selling price of $719,889 and 234 DOM.  In 2008 there were only 4 SFH closings with an average selling price of $726,875 and 243 DOM, in 2009 - 12 SFH closings at an average of $579,450 and 317 DOM, in 2010 there were 8 closings at an average selling price of $683,375 and 231 DOM.  Except for 2009, very consistent.

PRICE REDUCED IN COUNTRY CLUB ESTATES

325 Country Club Drive reduced price  yesterday from $575,000 down to $550,000.  This is the second price reduction is as many months for this home.  They have been on the market only 76 days now, started at $595,000.  There are a total of five SFHs for sale in CCE.  There are none currently under contract waiting to close.

THE LAST TWO WEEKS IN COUNTRY CLUB ESTATES

Two price reductions, 257 Country Club Drive reduced  for the first time from $599,000 down to $579,000.  It was listed on September 7, 2011.  325 Country Club Drive also reduced  for the first time since listing on Sept. 28, 2011 to $575,000, down from $595,000.

327 Laurel Street  closed  on November 4th for $550,000, down from the original listing price of $750,000.  It was listed for $599,900 when it went under contract.  This home had been on the market for 430 days.  304 Country Club Drive also closed, this one on November 7th for 80% of the original asking price or $675,000.  This property had been on the market for 279 days and was listed for $699,900 at the time of contract.  That's a total of 6 SFH closings in CCE so far this year.  There are none now under contract and 5 listed as active.

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.