Lingo has reduced this Crepe Myrtle model to $259,900.  There are two Builder Crepes also listed for sale, one of which is being sold furnished for $279,900.  The other one is listed for $259,900.  The last Crepe to sell went for $214K back on Oct. 2nd.  The one before that went for $223K back on Sept. 25th.  This is a two bedroom, first floor unit.  MLS #573290

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

  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
 
 
 

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

This Jack Lingo "short sale" listing took quite a beating.  It originally listed way back there for $2,490K and settled Thursday for $1,450K (58% of the original asking price).  It was on the market for 513 days.  It is a very strange looking house but I guess very functional.  That's 7 now, single family homes closed in South Rehoboth this year.  Sellers have gotten 80% of their original asking price and have averaged 301 days on the market.  The average selling price has been $1,381K.  MLS #571294  

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

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

Ocean Atlantic got this property under contract on November 4th after being on and off the market for 754 days.  It originally listed back in April of 2007 for $950K and was listed for $700K at contract signing.  I'm guessing it will close for in the $680s.  That leaves only 6 properties for sale in CCE, 3 under contract and 13 closed so far this year including the 3 townhomes.  I wish I could get a listing in here, it's the hottest selling community in town Rehoboth.  MLS #569418

This Prudential Gallo listing is being sold furnished and has been on the market since May 14th.  It originally listed for $269,900 and has now been reduced to $259,900, probably due to the fact that another Sawtooth model just came on the market for $195K (unfurnished).  There is also a new Builder unit listed for $199,900.  MLS #569209

After only 103 days on the market, this Coldwell Banker listing is being withdrawn.  It originally listed for $799K and was reduced in September to $775K.  There are now only 7 active listings in CCE and they are averaging 426 days on the market.  It looks as though 12 will close this year (10 have already closed and 2 more are under contract).  I imagine that we will start seeing more listings coming off the market, this is typical of this time of year.  People are reticent to have strangers traipsing through there homes during the holiday period.  MLS #571482

 
Ocean Atlantic must be thrilled to get this one off the books after 1,602 days on the market.  The Sellers got 69% of their original asking price of $1,749K or $1,210K.  There have now been a total of 14 closings this year in North Rehoboth for an average selling price of just a hair over $1MM and 452 days on the market.  This one sure didn't help the average days on market statistic.  After 11 closings with only 1 selling for over $1MM, the last 3 closings have all been $1MM+, further indication that the higher end Buyer is coming off the fence.  MLS #553721

Prudential Gallo just listed this beauty in South Rehoboth for $1,350K.  It is being sold furnished and is in the second ocean block.  There are now 28 active listings in South Rehoboth with an average listing price of $1,670K and an average days on market of 400 even.  3 are currently under contract and 6 have closed so far this year.  The average selling price of the closed properties is $1,369K and 266 days on the market.  This is in contrast to the 14 closed in North Rehoboth while at a lower avg selling price of just at $1MM.  To me, this looks like a good buy on a standard 50x100 lot.  MLS #574037

This property is "agent owned" and listed by Coldwell Banker Resort Realty.  It has been on the market for 333 days and was originally listed for $825K.  It now sits at $629K after a couple of price declines, a price increase and now another decline.  It is one of 16 homes currently for sale in KCCC with only 3 closed so far this year.  This property is listed well below the average listing price in KC of $979K.  MLS #572967

Ocean Atlantic has this Greenspire model listed, originally for $298,432.  It has been reduced now several times and the latest reduction brings it down to $269,900.  This is one of the larger 2nd floor 2BR models and it appears to have some nice upgrades.  Unfortunately, the last one like this to sell went for $249,900 (new builder model) back on Oct. 2, 2009.  The one prior to that sold for $230K back in December of 2008.  There is one other Greenspire listed currently for $299K and is being sold furnished.  I hope they get their price as we need prices to start back up in PM.  MLS #564647

THEY'RE GOING LIKE HOT CAKES....this is the sixth property to go under contract in North Rehoboth so far in Q4.  Three more have already closed.  Savvy Buyers are picking off some great deals in this most popular part of Rehoboth Beach.  This house was only on the market for 187 days (a flash in todays market) and was listed at $1,776K.  This still leaves 35 active listing but the absorption rate is shrinking quickly (less than a years supply based on our current quarterly sales rate).  This is great news for Sellers in 2010, unfortunately not for Sellers in 2009.  MLS #568966

This most recent RE/MAX Rehoboth listing in King's Creek brings the total back up to 16 active listings in this country club community.  Only three have closed this year and none are currently under contract.  This one becomes the second lowest priced house in the community now at $650K.  One other is listed at $629K.  The average listing price of all 16 is $982K.  MLS #573887

RE/MAX Realty Group in Rehoboth just listed this Sawtooth Oak model (2nd floor 2BR) for the aggressive (realistic) price of $195K.  There is one other re-sale Sawtooth listed for $269,900.  It is being sold furnished, boy that is some expensive furniture.  There is one last builder model for sale listed at $199,900.  The last Sawtooth to sell was a new Builder unit back in July that went for $214,900 and who knows what additional incentives.  None were sold in 2008.  We're now back up to 14 units actively listed with 3 of them being Builder units.  5 have closed this year.  MLS #573888 

This property has the dubious distinction of having been on the market longer than any other property in North Rehoboth, 1602 days collectively.  I say collectively because it has been listed by several Brokers and has been on and off the market (mostly on) since 2005.  It originally listed for $1,749K and was at $1,299K at the time of contract signing.  Ocean Atlantic is the current listing Broker.  Wow, that brings the number to 5 properties under contract with 13 closed this year.  If all of these close by year end, we will have had a pretty good year in North Rehoboth.  Just as an FYI, the property now on the market the longest is #10 St. Michaels Place with 1,539 days on market, yowza.  MLS #553721

Large home on a double lot, listed by Lingo Realty has been reduced from $2,685K down to $2,395K.  This attractive South Rehoboth home is on the second block from the ocean and has been on the market for 329 days.  3 properties remain under contract in South Rehoboth (since August) and 6 have closed so far this year.  Unlike North Rehoboth, the majority (4) have sold for over $1MM with an average price of $1,369K and 266 DOM.  MLS #565342

The estate trying to sell this corner lot seems to be very proud of it.  It is a 100x100 lot (10,000 sq ft) and can be subdivided.  The shack sitting on it is only an annoyance and adds nothing to the value.  It was originally listed in February of 2007 for $2,250K (those were the days) and has been reduced several times and had a couple of Broker changes.  It has been reduced this time to $1,425K.  They're almost there....it sits on the corner of 5th and Kent.  MLS #570181

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 

 After 311 days on the market, this Lingo listing went under contract at $2,149K.  It originally listed for $2,495K back in June of 2008.  It is a new construction home near Lake Gerar, a couple of blocks from the beach.  If it settles for anywhere near it's asking price, it will be the highest priced home to sell in North Rehoboth this year.  Only  3 of the 13 properties closed this year sold for over $1MM.  There are now 4 properties under contract in North Rehoboth.  We are going to end up with under 20 properties closing in 2009.  There are 37 active listings.  Do the math.  MLS #568206 

This Jack Lingo listing is being reduced for the first time since it was listed on Sept. 23rd of 2009 (43 days ago) and is now listed at $1,900K.  They started at $2,150.  MLS #572760.

I was anxious to see this house settle as I showed it several times and thought it to be a great value in town.  RE/MAX in Rehoboth had the listing since 5/2/09.  It originally listed for $579K and had been reduced once to $569K.  My clients submitted a written offer for $539K back a few months ago.  The Sellers were "insulted".  It closed on 11/3/09 for $525K.  That brings the total to 10, the number of closing in Country Club Estates so far this year.  The average selling price is $586,640 and the average DOM are 305.  There are two more under contract, one a townhouse.  This was a good buy in my opinion.  MLS #569354.

Lingo only listed this property 60 days ago, much less time on the market than the average listing in King's Creek (344 days).  The Sellers have reduced the price from $1,345K down to $1,295K.  That's the fourth price reduction so far in Q4 and it brings the average listing price of a home in KC to just over $1MM.  The average selling price of the 3 homes to close this year is only $843K.  Apparently there is a disconnect between Buyers and Sellers in King's Creek.  MLS #572239

Ocean Atlantic Sothebys closed on this one time Bed and Breakfast home on the ocean block in South Rehoboth.  It was on the market for 763 days and was originally listed for $2,495K.  It sold for 72% of that or $1,790K.  It had been fabulously renovated and was quite the deal in my opinion.  That makes six closings in South Rehoboth so far this year.  There are three more currently listed as under contract and 26 active listings.  This is the highest priced property to sell in South Rehoboth this year.  MLS #561084

Just when we were getting used to the fact that people were out there buying real estate, the holiday season is now upon us and that usually means slow sales from here to February.  The reason I inserted the word "MOSTLY" into the heading of this post is because I noticed throughout the month of October, Keller Williams kept adding listings from upstate.  They have now opened up our MLS for other counties and this is going to skew my numbers somewhat.  By no means will all of the Kent and Newcastle listings get into our MLS, just some of them where the Broker is looking for additional exposure.  I can't quite figure out why, I don't sell anything up there.  Well, a case in point is that Single Family Home (SFH) inventory jumped up this month by 1.7% over September, a full 9% above end of 2008 inventory.  I think this is due primarily to the addition of these out of Sussex listings.  There were 3,242 active listings at the end of October, a 23.6 months supply based on the average closing rate of 138 SFHs per month YTD.  The average selling price however went up to the highest level this year, $382K per home bringing the YTD average price up to $348K.  This is due to the fact that more higher priced properties are starting to move, not that the home values are appreciating unfortunately.  Properties "under contract" came down by the end of October to 346, the lowest level in three months.  Some good news is that 178 SFHs closed in October, also the highest number of closings in any month this year and a full 14% ahead of October, 2008.  We're now at 94% of 2008 closings YTD.  The amount Sellers got for their properties as a % of listing price dropped to 91.1%, below the YTD average of 92.2%.  This is particularly troubling as one would think now that Sellers are listing at "closer to realistic" pricing they would start to get a higher percentage of their asking price.  This is not the case yet, and until inventory starts to drop you will not see prices firming.  Smart real estate investors now should start moving their focus off of price and on to interest rates.  With the Fed ending their mortgage backed securities purchasing program, rates are slated to increase by as much as a full percentage point or more. 

Now for you Condo/Townhouse (c/th) enthusiasts.  There's good news, closings were almost 35% ahead of October 2008 bringing us to 92% of last year YTD.  Inventory came up 2.4% to a YTD increase of 5.4% from end of year 2008 inventory.  The average selling price came in about the same as September, $327K which is well below the YTD average of $343K.  C/TH sellers got 92.5% of their asking price in October, more than the 91.5% YTD average.  THERE ARE SOME GREAT DEALS OUT THERE ON CONDOS.  HAPPY THANKSGIVING!!!