Gail n Greg - Your Agents @ The Beach

BACK ON MARKET - 31 FIRST STREET - NORTH REHOBOTH BEACH

I'm Baaack!!  This estate sale property went pending back on December 1st with a financing contingency.  Apparently the Buyer was unable to get financing as it has come back on the market as of yesterday.  It was re-listed for $725K, the same price as when it went pending.  It originally listed back on March 31st of 2009 for $990K.  We're back up to 33 active listings in North Rehoboth.  There is still one pending closure and 18 have closed.  MLS #567433

PRICE REDUCTION - 32 OLIVE AVE. - NORTH REHOBOTH BEACH

  Interesting that Ocean Atlantic is showing this home in the dark, looks like you would need a full time window washer.  It originally listed back on February 3, 2009 for $1,550,000.  It has been reduced twice now and currently sits at $1,375,000.  MLS #566252

PRICE REDUCTION - 10 ST. MICHAEL'S PLACE - NORTH REHOBOTH

This Lingo listing is being reduced for the second time in as many months.  I believe it was a spec house and has been a rental.  The owner obviously wants to unload it now.  It originally listed on August 23rd of 2005 (1580 days ago) for $1,595K and is now listed for $1,235K.  That's a 23% reduction.  I think they're almost there.  That's well below the average listing price in North Rehoboth of $2,707K (currently 32 active listings).  This listing however, has the dubious distinction of being on the market for the longest time of any other listing in North Rehoboth.  The average is 426 days.  MLS #561068

WITHDRAWN - 154 HENLOPEN AVENUE - NORTH REHOBOTH BEACH

Funny how some agents are, RE/MAX Rehoboth listed this property back in July of 2009 and posted a picture with snow on the roof.  Now that it is winter, it is being withdrawn.  Oh well, just an observation.  This house was listed for $699, one of 5 listed on Henlopen Avenue.  There are now 32 active listings in North Rehoboth and it looks like we're going to close 20 this year.  MLS #570808

NEW LISTING IN NORTH REHOBOTH BEACH - 6 & 6A GROVE STREET

Ocean Atlantic Sothebys has listed this property adjacent to the cemetery for $849K.  It is at the very end of Henlopen Avenue just as you enter the back entrance to Henlopen Acres.  There are two dwellings there, a main house and another 1 bedroom guest house.  It apparently has two rental licenses.  We're back up to 35, the number of active listings in North Rehoboth.  MLS #574245

NORTH REHOBOTH BEACH PRICE REDUCTION - 10 ST. MICHAEL'S PLACE

This Lingo listing has been reduced for the second time to $1,250K, down from the original price of $1,595K back on August 23rd of 2005.  Yup, 1,557 days ago.  That was back when the market was good.  There could be a message here.  MLS #561068

PRICE DECLINE - 134 HENLOPEN AVENUE - NORTH REHOBOTH BEACH

This Lingo listing has been reduced numerous times in the 992 days it has been on the market.  On Nov. 7, 2006 it listed for $1,329K and has now been reduced to $995K, a full 25%.  Henlopen Avenue still has the most active listings in North Rehoboth with 6.  A total of 5 have sold this year on Henlopen Avenue. MLS #567975

CLOSED!!! NORTH REHOBOTH BEACH

  Prudential Gallo just closed on this home at 62 Columbia Avenue.  It had been on the market for 187 days (not bad) and was listed originally for $1,776K.  It sold for 19% less than that, $1,440K.  That's the fifth house to sell on Columbia Avenue this year.  There are four more still listed for sale on Columbia.  MLS #568966  

 Jack Lingo Realty closed on this home Friday at 85 Sussex Street.  It had just recently been bought and completely refurbished.  It sports one of if not the largest oak trees in Rehoboth Beach, see it?  It was only on the market for 14 days and sold for $745K, 4% below their asking price of $779K.  It shares a lot with the little converted garage apartment next door.  MLS #572892

  This Seller took an awful beating based on original listing price back in June of 2008.  137 Henlopen Avenue was listed by RE/MAX Realty Group for the price of $2,750K.  It closed yesterday for $1,500K (ouch!).  I think the Seller would admit that it was over priced to begin with but not by $1,250K.  It sits on a 20,000 square foot lot and is solidly constructed.  He did however fall victim to this lousy home market.  Oh well, one person's misfortune is another's good fortune.....congratulations Buyer.  This brings the total up to 18, the number of single family homes to close in North Rehoboth this year.  There is still one pending sale.  Interestingly, 8 of the 18 homes have closed in the 4th quarter.  Keep it going...MLS #560834
 
 
 

PRICE REDUCTION IN NORTH REHOBOTH - 86 SUSSEX STREET

This Jack Lingo listing has only been on the market for 55 days and is being reduced for the first time.  It is now listed for $1,479K, down from $1,585K.  It is an interesting house, I toured it when they had their Broker Open House a couple of weeks ago.  It's one of thirty four currently listed for sale in North Rehoboth.  MLS #572874

CLOSED!! 80 SUSSEX STREET - NORTH REHOBOTH BEACH

This new construction home closed yesterday for $1,138K after Lingo had it listed for just 252 days.  This is the 15th closing in North Rehoboth this year.  Here's a little history on this property.  This was part of the Brown property (a Rehoboth resident for many years) which was sold back in August of 2007 as a 100x100 lot for $875K.  The speculator tore down the existing structure and subdivided the lot into two 50x100 parcels.  This lot was sold to a spec builder in September of 2008 for $517,500.  He proceeded to build this house on the lot for which he received $1,138K.  The building cost for this house was probably between $350K and $400K putting the builder's cost at around $900K netting the builder approximately $238K or 26% on his investment in a little over a year.  Not bad in my book, not as good as the glory days in 2003 to 2006 but better than the stock market lately.  There is still money to be made in real estate!!  MLS #566483