Gail n Greg - Your Agents @ The Beach

PRICE REDUCTION - 803 MILLER'S LANDING - PAYNTER'S MILL

This second floor 3br unit listed by Ocean Atlantic was off the market for a week or so but has come back on with a reduced price.  It originally listed for $298,852 and has been reduced a couple of times now to $250,852.  There is only one other Nellie Stevens model currently active at a price of $279K, recently increased from $250K.  MLS #567631

NEW LISTING IN MILLER'S LANDING (Back On Market) - 1602 - PAYNTER'S MILL

Well, I'm afraid a new real estate agent may not be the answer here but this Seller has decided that perhaps it is.  Lingo in Lewes now has this listing, it was with RE/MAX in Lewes up until it was withdrawn on October 5th.  The problem is not the agent, it's the price.  The Seller had it listed before for $284,500 with $5,000 in Seller assistance.  They have now reduced the price to $264,900 with no help.  Three of these Crepe Myrtles have sold this year with an average selling price of $221K.  This is a first floor 2 bedroom model.  This condo was on the market for 660 days when it was withdrawn so now we're at 663.  Good luck.  MLS #573290

NEW LISTING - 1205 MILLER'S LANDING - PAYNTER'S MILL

Lingo in Lewes just listed this Bonica Rose model.  There are now two of these 2BR 2nd floor units for sale.  Both are being sold unfurnished.  This one has been listed for $205K and the other one is listed for $198,900.  You would think that would be enough to at least generate an offer.  We're back up to 12 active listings now, 9 re-sales and 3 Builder models.  MLS #573211

PRICE INCREASE!!! 903 MILLER'S LANDING - PAYNTER'S MILL

Now here is an interesting strategy....this 3BR 2nd floor Nellie Stevens model has been on and off the market several times.  It originally came on in June of 2008 and was listed for $304,900K.  There were two sold in 2008 averaging $247,500.  903 Miller's was then withdrawn in November when it stood at $299K.  It came back on the market in March of 2009 with a discount Broker and was listed for $259,900...ok that's a little more realistic.  It subsequently was reduced to $249,999 and then withdrawn in September of this year.  It has now come back on the market with the same discount Broker (Help-U-Sell) at a price of $279K.  There is one other Nellie for sale listed at $258,850.  These are interesting times to say the least.  MLS # 567743 

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
 
 

CLOSED !!! 902 MILLER'S LANDING - PAYNTER'S MILL

RE/MAX in Rehoboth closed this unit on 10/2, the second one closed in Q4 and the 5th one to close this year.  This is a Crepe Myrtle, 1st floor 2 bedroom model.  This is the third Crepe to sell of the five sold.  It originally listed 866 days ago for $314,900.  It sold for 32% less than that at $214,000 plus the Seller gave the Buyer a years HOA/Condo fees (worth $3,496).  This brings the average selling price of a Crepe in 2009 to $220,667. The average selling price of a Crepe in 2005 was $255,074 (6 sold), in 2006 it was $282,497 (4 sold), in 2007 there was one sold for $301,302 and in 2008 one sold for $298,900.  MLS #564370

JUST CLOSED!! 504 MILLER'S LANDING - PAYNTER'S MILL

This is a Builder unit, Greenspire Linden model (2br - 2nd floor) that went for it's most recent listing price of $249,900.  I'm guessing that the Builder threw in some closing costs or the Buyer had no Buyer's Agent to help negotiate for them.  It's very rare for a condo to sell at it's list price even if it has been reduced, especially since the last Greenspire to sell last December went for $230K.  This one was originally listed for $299,900.  At any rate, this is the 4th condo to sell in Paynter's Mill this year.  3 have been Builder units and one a re-sale.  This is a "teachable moment".  Always use a Buyer's Agent even with new construction as Builder Sales Reps want to keep you in the dark as much as possible about the market.  People tend to think they will get a better price since the Builder doesn't have to pay a co-op sales commission but in most cases I believe they just put the money back in their own pocket.

CLOSED!!! - 1102 MILLER'S LANDING - PAYNTER'S MILL

This Crepe Myrtle model closed on Sept. 25th for $223K.  It was a Builder unit not a re-sale.  It was originally listed for $304,900 way, way back.  The Crepe Myrtle is a two bedroom, first floor unit.  There are three Builder units left, two Crepe Myrtles and a Sawtooth.  There have now been two Crepes closed this year, a re-sale for $225K and this one.  There has also been one Sawtooth close this year for $214,900.  There are two units currently under contract so I would expect them to close soon.  MLS #519497

WITHDRAWN - 903 MILLER'S LANDING - PAYNTER'S MILL

This Nellie Stevens model is being taken off the market for the umteenth time.  It is currently listed with Help U Sell which is a discount Broker (it has been listed with several other Brokers before this).  It came on the market this time back in March of this year and was listed for $259,900 and was reduced once down to $249,999.  This is a 3 bedroom unit on the second floor.  Another Nellie Stevens withdrew back in August and now leaves only one listed for 258,852, not gonna happen.  This leaves Miller's Landing with 11 active listings, 3 of which are Builder units (new construction). 

RESALE PENDING - 902 MILLER'S LANDING - PAYNTER'S MILL !!!

Yippee!! Finally a re-sale goes pending in Miller's Landing.  I'm not sure what happened but RE/MAX in Rehoboth is showing a Pending date of July 26th but it just came over the MLS today.  I guess they have been working out some kinks.  This Crepe Mrytle model has been on the market with multiple Brokers for a cumulative 866 days.  It started out with a listing price of $314,900 and was listed for $214K when it went under contract.  My guess is that it will close below $200K.  Well, at least it got sold.  That leaves 9 re-sales on the market and 3 more Builder units.  There are 3 units reported as Pending this week, 2 Builder units and this re-sale.  This is a good sign that things are starting to break loose (at the right price).  MLS # 564370