Gail n Greg - Your Agents @ The Beach

MAJOR PRICE DECLINE - 16502 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

This agent owned Easton model has been reduced by $20K and is now at the unbelievable price of $329K.  This Seller paid almost $400K which is why he is now listing it as a potential "short sale".  He obviously owes more on it than he is likely to get out of it.  The lowest price any Easton ever sold for was $346K back in 2004 which was considered pre construction pricing.  The highest price paid for an Easton model was $478K back at the peek in 2005.  The average price of all Eastons sold by the Builder was $396K, there were 28 sold.  There have been renters in this house for a couple of years and it was beat up a little but I believe the Seller has fixed the main issues and has repainted.  It's a heck of a deal!!  MLS #573807

PRICE REDUCTION - 16359 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

Bay Coast has reduced this Scarborough model cottage home to $359,900.  It is being sold partially furnished.  It originally listed back on July 21st for $369,900.  The other Scarborough that was on the market was just withdrawn and was priced at $279,900.  There isn't much to choose from in this section of Paynter's Mill, only this house and an Easton model listed for $349,000.  Now that's a hot price!!  MLS #571056

NEW LISTING IN PAYNTER'S MILL - 16502 JOHN ROWLAND TRAIL - MILL SPRING RUN

If this address sounds familiar, it's because this Easton model has been listed a couple of times before.  It is owned by the sales rep (Realtor) who represented the Builder when these RDM homes were sold new.  It has been rented for the past few years but is being cleaned up before sale.  It is being listed for the VERY aggressive price of $349,000.  The average selling price of the 28 Eastons sold was $396K, the highest went for $478K.  Bargain hunters should be all over this one.  All previous Easton listings have been withdrawn.  The last one to sell was the former model on the pond and it went for $457K back on April 24th, 2007.  MLS #573807 

SELLERS GIVING UP IN PAYNTER'S MILL

This was a RE/MAX in Lewes listing.  1602 Miller's Landing is a Crepe Myrtle model (2br 1st floor) that has been on the market for 660 days.  It originally listed for $295,500 and has been reduced several times and was at $284,500 (offering $5,000 closing help) at the time of withdrawal.  It appears that the reality of the fact that 3 of the units to sell this year have been Crepes and their average selling price has been $220,667.  That is a harsh reality to accept.  This leaves no Crepes on the market for sale.  There are however, 11 other units listed....8 of which are re-sales.  MLS #565141

This was our listing at 16351 John Rowland Trail.  We listed it back on February 16, 2008.  It originally listed for $354,900 and was reduced several times over the course of the listing, finally at $313K at the time of withdrawal.  This same thing has happened to many Sellers, they couldn't accept the reality of the severity of the market when they first listed.  They know what they had in it and weren't going to take a loss.  Well, guess what?  Almost everyone that bought in 2003 and after and is selling now is taking a loss.  So we just chased the market down, never being able to keep up with the new home builders.  They were much more aggressive at reducing their prices.  There are only two homes left for sale in Mill Spring Run (the RDM cottage home section of Paynter's Mill).  Both are Scarborough models, one listed for $279K and the other listed partially furnished for (believe it or not) $369,900!!  The last one to sell went for $293K.  MLS #557186
 
 

GOOD NEWS FOR MILL SPRING RUN AND MILL POND COMMONS OWNERS!!

I reported here the other day that Schell Bros./Ocean Atlantic Sothebys had listed this home on two of the four lots left vacant in Mill Pond Commons.  I was surprised to find that they listed it at a base price of $309,900.  Well, today they increase the base price offering to $339,900 so in order to get it "comfortably upgraded", it will now sell in the $375K to $400K range.  That's good news for current owners of single family homes in Paynter's Mill.  MLS #572782

PRICE REDUCTION - 16488 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

Wow!! this is not good news for Paynter's Mill.  This Scarborough model ranch has been reduced to what I consider to be a fire sale price of $279K.  It was originally listed by Prudential back on July 21, 2009 for what was already a low price of $299K.  The last model that was similar to this sold for $293K, the lowest since the Builder was offering pre-construction pricing.  This is indeed a blow to home values in Mill Spring Run as many residents paid upwards of $360K back in 2005/2006.  There are two other Scarboroughs listed, one for $313K and the other being sold partially furnished for $369,900, yeah right.

WITHDRAWN - 16457 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

Another frustrated Seller....this Arden II model was listed 325 days ago by RE/MAX Realty Group in Rehoboth (Gail n Greg) for $350K which we felt was an aggressive price based on all the upgrades this house affords.  Guess what?  It was listed at $325 when it was withdrawn and there had been only one offer submitted during the time it was on the market....the offer was $289K which was rejected.  There are currently 3 Scarboroughs left on the market $299K, $313K and $370K.  The last one to sell went for $293K back in March of this year.  We wish them all luck.

NEW LISTING - 16359 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

 Bay Coast Realty just listed this Scarborough model cottage home in the rear of the community.  They have listed it for $369,900 partially furnished.  I guess the fact that the three already listed for $313K, $325K, and $299K failed to show up on their radar screen or maybe there is something extremely special about the interior of this home (very expensive furnishings).  Good luck.  MLS # 571056

PRICE REDUCTION - 16457 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

 Sellers in Paynter's Mill continue to be frustrated.  This well appointed Arden II has been listed by RE/MAX in Rehoboth since September 28, 2008.  It originally listed for $350K and has been reduced several times now to $325K, well below Seller cost.  There are two other similar models available (not as upgraded) for $299K and $313K.  All other listings in Mill Spring Run have been withdrawn.

NEW LISTING - 16488 JOHN ROWLAND TRAIL - MILL SPRING RUN - PAYNTER'S MILL

  Prudential Gallo in Lewes just listed this cottage home in Mill Spring Run for $299K.  It does currently have a renter in place but has been given 60 days notice to move out.  This is a hot price.  There are now 3 cottage ranch models for sale from $299K to $330K.