100 King's Creek Circle went under contract yesterday after 176 days on the market. It remained at the original asking price of $984,000 at contract time.
100 King's Creek Circle went under contract yesterday after 176 days on the market. It remained at the original asking price of $984,000 at contract time.
16265 John Rowland Trail is a duplex (twin home) almost identical to the one shown here. It went under contract on January 13th after 234 days on the market. It had been reduced from $299,500 down to $294,500 at the time of contract signing. This leaves nothing for sale in Mill Pond Commons other than the Builder Spec Home. It's been a very long time since inventory in this section has been this low. Good for Sellers!!
Also, 1105 Miller's Landing came on the market. Seller is asking $209,000 for this 2nd floor 2 bedroom Bonica Rose model. What is unique about this home is the fact that the Owner had the attached 17 x 28 foot garage converted into a "Bonus Room". It is completely finished with plush carpeting, integrated HVAC, electric, phone, cable and built in storage. This adds another 476 square feet of living space. This is a Gail n Greg listing!!
The Easton on the corner of Samuel Paynter Blvd. and Sallie Ross Bend has come back on the market for about the 5th time now. 30844 Sallie Ross Bend is a 4 bedroom, 4 bath two story (pictured here) directly across from the community tennis courts. This time the Seller is asking $335,000 for the home.
16380 John Rowland Trail (also an Easton on the pond) went under contract back on the 13th after 399 days on the market. After listing originally for $337,000, it had been reduced at least a couple of times and was at $309,900 at the time of contract signing. This is a Gail n Greg sale.
1st is a new listing at 18 Hickman Street coming on the market for $1,600,000. This 3 bedroom, 2.5 bath two story sits on a 50 x 100 foot ocean block lot. It commands $57,750 in annual gross rents and is being sold furnished. On the first floor it has a "private den currently being used as a fourth bedroom, lovely screened porch, fenced in yard with deck, barbecue and hot tub".
At the same time, 225 Munson Street went under contract after 181 days on the market. It listed in July for $1,699,000 but had been reduced in October to $1,680,000.
17 Brooklyn Avenue reduced price again, this time from $1625,000 down to $1,575,000. It listed back in October of 2013 for $1,775,000.
112 St. Lawrence also reduced price from the original $1,725,000 down to $1,675,000. It listed 128 days ago. Ok, that catches us up.
24 Eleanor Lee Lane closed on the 16th after 450 days on the market. Listing originally in September of 2013 for $816,5000, Sellers had reduced the price to $785,000 back in October where it remained until contract signing. The final selling price was $762,000. It's a 5 bedroom, 3.5 bath three story Coastal Contemporary built in 2005 advertising 2,800 dwelling square feet. It was a "Key West style beach home.......open floor plan featuring granite, hardwood floors, stainless steel appliances, custom plantation shutters throughout, wet bar and outside shower". It was sold partially furnished.
88 Sussex Street closed on January 15th after only 20 days on the market. It listed in November for $869,000 and ended up settling for $850,000 or 98% of asking price. It is a 3 bedroom, 2 bath two story built in 1992 on a 50 x 100 foot lot just a block off of Rehoboth Avenue. It has a "living room with cathedral ceilings and plenty o windows for lots of sunlight, large wrap around deck and screened porch overlooking nice back yard". It was sold furnished and showed $20K in annual gross rental income.
73 Henlopen Avenue closed on the 16th for $1,225,000 after 444 days on the market. It had most recently been listed for $1,299,999. It is a 4 bedroom, 3 bath two story Cape Cod located about half way between Rehoboth Avenue and the Beach. It was built in 1955 on a 50 x 91 foot lot and advertised 2,686 dwelling square feet. The exterior was "cedar shake....appealing floor plan, hardwood flooring, Siesal carpets (whatever they are), 2 fireplaces, sleek kitchen with marble counter tops, formal dining room with tray ceiling, 1st floor master suite with sitting room, beautifully landscaped yard with side patio".
At the same time, 27 Henlopen Avenue went Pending. It has been on the market for 375 days but remained at the original asking price of $2,395,000 at contract signing.
This is a look at the commercial area in Paynter's Mill. I understand there is a vodka bar/restaurant coming in. That would be nice. Well another condo closed this past week, 1605 Miller's Landing is a Bonica Rose model (2nd floor two bedroom smaller floor plan) that was sold partially furnished for $182,500. It had only been on the market for 20 days when it went under contract and was listed for $189,900.
At the same time, 1604 Miller's Landing reduced price for the third time down to $162,500 (that is a very low price for this model). This is a Bank Owned Greenspire Linden (2nd floor 2 bedroom large floor plan). Its been on the market for 126 days and started at $214,000.
1402 Miller's Landing is a Crepe Myrtle (first floor large 2 bedroom) that was on the market for only 81 days. It was listed for $205,000 and closed for $203,000. This is the first Crepe to sell since mid 2012. There is one more currently on the market listed for $209,999. This is sale #1 in 2015 for ML.
At the same time, 1606 came back on the market (it had gone pending a week or so ago) and today has been withdrawn from the market. It's a Sawtooth Oak (2nd floor small 2 bedroom floor plan) listed at $185,000.
16266 John Rowland Trail has gone under contract after 192 days on the market. This is a 3 bedroom Twin (Duplex) very nicely appointed. It originally listed for $295,000 back in July but had been reduced in August to $285,000 where it remained until contract signing earlier this week. This is a Gail n Greg Listing!! This leaves only the new construction home being built by Schell Bros. and one other 3 bedroom Twin on the market in MPC.
127 King's Creek Circle listed yesterday, and Sellers are asking $550,000. This home is a 3 bedroom, 2 bath ranch with 2,100 dwelling square feet. It was built in 1998 on a 100 x220 foot corner lot. It has an "open and spacious floor plan with vaulted ceilings, skylight, gas fireplace, huge master suite with vaulted ceiling, formal dining, office/den, Florida room and a sun deck with outside shower". 19 homes for sale now in KCCC.
21 Oak Avenue came on the market yesterday, Sellers are asking $2,299,000 for this 5 bedroom 4 full and 2 half bath three story Contemporary. It was built in 2006 on a 50 x 100 foot lot just 1/2 block to the beach and has 3,500 dwelling square feet. It's also advertised to have a "fabulous open floor plan with granite, tile, hardwood, gas fireplace, 1st and 2nd floor laundry rooms, porches on all 3 levels". It apparently generates $100,000 in annual gross rental income. It is also being sold furnished.
91 Columbia Avenue is the first to close so far this year in NR. It is a 4 bedroom, 2 bath two story cottage style home built in 1962 on a 50 x 100 foot lot. It's advertised to be "3 blocks to the beach.....large 4 season porch, hardwood floors, wood burning fireplace, exposed beams, updated kitchen and spacious living areas......". It was listed for $989,000 and sold for a net price of $932,000 factoring in a $7,000 Seller Assist. It had been on the market for 207 days.
341 Laurel Street has come on the market with an asking price of $1,199,000. It is a 6 bedroom, 3.5 bath three story home built in 2000 on a 45 x 118 foot lot. Agent says it has 3,363 dwelling square feet and "superb indoor and outdoor living spaces complete with open floor plan, multi level porches, hardwood floors, fireplace and outside shower, large finished basement and 2 car garage". It is a rental and advertised to bring in $37,500 of annual gross rent. It is being sold partially furnished and has an inground pool.
1605 Miller's Landing is being reduced again, the second time in less than three weeks. It originally listed in early November for $195,000, then reduced on December 3rd. to $186,000 and now down to $177,000. This is a Bonica Rose model which is a 2nd. floor two bedroom, small floor plan, 1 car garage.
Wow!! An Easton similar to the one pictured here at 16380 John Rowland Trail has reduced for at least the third time since listing back in December of 2013, this time down to an incredible $309,900. This 4 bedroom two story sits on the pond in the rear, central portion of Paynter's Mill. An incredible deal in my opinion.
10 Cookman Street has come on the market in NR and Seller's are asking $1,200,000 for this 9 bedroom, 3 bath three story Colonial. The home sits on a slightly smaller than standard 50 x 84 foot lot. The home is advertised to have 2,500 dwelling square feet and to have "airy rooms, hardwood floors, lg. screened porch and separate entrance to finished full basement.....new HVAC, new hot water heater and new appliances". The property has been a rental and yields $40,000 in annual gross rent. The property is being sold furnished.
17 King's Creek Circle reduced price over the weekend for the second time. After listing on November 12th. for $879,900 and reducing on December 23rd. to $864,500 Seller's have now re-priced at $849,000.
63 King's Creek Circle has come back on the market after withdrawing back in November of 2014. It originally listed on August 15th of last year for $912,900, reduced in September to $872,500 and has now been reduced to $817,5000.
Just like the rest of the country as a whole, the 2014 real estate market in Sussex County lost steam finishing the year only 1% ahead of 2013 in terms of the number of SFH closings. Since the recovery started back in 2011, growth had been much stronger with 2011 coming in at +5.2%, 2012 rose another 26.4% and 2013 came in 17.6% ahead of that. Total sales dollars rose 3%, 19.3%, 24.2% during that same time frame but only 5% this year. Well at least it was positive with prices up in 2014 by an average of 4%. The average selling price of a SFH in 2014 hit $356,185, the highest price since 2008. The highest price I have on record was in 2007 when it was $405,919. We hit our low point in 2011 at $324,209, down 20% from peak. Total dollar sales reached almost a Billion for the first time since the peak in 2006 when we hit $1,103,323,000. It has been a long tough struggle getting back here. Believe it or not, December had the most closings of any month of the year, logging 270 SFH closings but that was not enough to offset the 282 recorded last December (also the highest volume month of 2013). Additional good news is that inventory dropped by the end of December by 10% from November. This is typical in that many listings expire at the end of the year only to come back on starting in February/March. Inventory is actually up 3.2% from the end of December, 2013. As you know, inventory is the key to prices. SFHs under contract finished the year down significantly from November to 469 from 547. This is the lowest "under contract" level since February of 2013. The year end averages stack up this way......Closings per month - 223, avg. end of month inventory - 2,585, avg. homes under contract - 527, average sales price - $356,185, average selling price as a percentage of listing price - 94.6%, and the months of supply at the end of the year sat at 9.2, significantly above the national average. The economy seems to be coming back slowly and interest rates are back under 4% so we're hoping 2015 will bring back double digit increases in real estate. Happy New Year!!
The Condo/Town House market fared much worse in 2014 coming in at only 93% of 2013 with 919 recorded closing transactions or an avg. of 77 per month. The average selling price of a C/T was $300,902, only .6% ahead of last year's $299,049. Seller's got 95.9% of their asking price in 2014, up slightly from last year. Total dollar sales in 2014 were down 6.2% from 2013 at only $276,529,000 vs. the peak in 2007 of $422,891,000, down some 35%. C/Ts hit bottom in 2011 with only $182,174,000. Inventory finished the year up 2% from the end of December, 2013 and at the lowest level of the year. "Under contract" also finished at the lows of the year with only 102 units under contract, 33% below the 2014 monthly average of 152. This does not bode well for Q1, 2015. There remains some major head winds for C/Ts, the first being the very tough lending requirements now in place for condo ownership. The second (in my opinion) is the fact that condo fees have gone up significantly over the past few years due to the new law put in place back in 2009 (DUCIOA). This is the Delaware Unit Common Interest Ownership Act which required all managed communities with fees over a certain amount, with a certain number of units under management to get engineering studies done to determine the long term (20 - 25 yrs.) expense liability of the community. Long term expenses include siding, roofing, fencing, common area maintenance, pools, etc. Once the amount is estimated, the owners are assessed monthly to build this "reserve and replacement" account up to that amount by the time these repairs are needed. The pricipal behind it is so the Condo Assn. or HOA Assn. does not have to levy large assessments to cover these costs and so current as well as future owners share in these costs. It's actually a good thing but necessitated raising quarterly dues in many cases to cover these costs. It's the price you pay for "maintenance free" communities. They aren't really "free", they are just done by someone else whom you have to pay for over time. Nothing is ever "free".
As always, if you have any questions or want more information regarding this material please contact me directly by phone or email. Remember, these figures are calculated daily through my analysis of the Sussex County MLS and are totally dependant on the accuracy thereof. Many Builders do not report sales to this MLS nor do For Sale By Owners. Also, our MLS service allows some other Counties to input data to ours and I try hard to make sure those numbers don't get into my analysis. Actual closing dates may not coincide with mine exactly as some agents take longer than others to load closings into the MLS. I report daily so my cut off is the last day of the month/year. If they report several days later, it will show up in my data for the next month/year. This analysis is intended to be used directionally, not literally.
A rather lackluster year for real estate sales in South Rehoboth in 2014 registering only 15 SFH closings, down from 18 in 2013 and 22 in 2012. The average selling price of a SFH in 2014 was $1,366,600, the highest priced sale was 1 Norfolk Street at $2,550,000 and the lowest price sale was 12 State Road at 692,500. The average DOM in SR was 282 but was skewed up by one home that had been listed for 2,054 days. Without that one in the mix, the avg. DOM would have been 155. Sellers got 92% of their asking price (not the original asking price but the price at the time of contract signing). Looking back, 2012 was actually the best year all around for SR going back as far as 2008. The average selling price peaked in 2012 at $1,469,200 with 22 closings and an average of 449 DOM. The lowest avg. closing price year was 2011 when it was $1,269,900 with 380 DOM. All in all, South Rehoboth has remained very steady compared to other communities, both in-town and out-of-town.
Right now there are 20 SFH properties listed as active with an average listing price of $1,406,611 and 285 DOM. Without 25 Brooklyn Avenue (on the market for 2,014 cumulative days) the average DOM would come down to 210. The highest priced listing currently on the market is 227 Lake Drive at $2,695,000 and the lowest priced listing is 226 Munson at $850,000. There are 4 homes in SR listed for under $1M. There are two homes listed as Pending waiting to close, one is 12 Prospect Street (listed for $2,699,000). 120 New Castle is showing that it is under contract with contingencies but the Seller has requested that it remain active to show. Just like other areas "in town" there are fewer and fewer choices for Buyers which will mean stronger prices going forward.
North Rehoboth enjoyed a good year in terms of real estate activity with 28 recorded SFH closings (vs. 30 in 2013). The average closing price for a SFH in NR was $1,399,973, up 25% from 2013. Sellers got 92% of their asking price, up from 85% last year and the average days on market in 2014 was 139, down dramatically from the 397 in 2013. The highest priced sale in 2014 was 35 Park Avenue that went for $4,0030,000. The least expensive sale was $550,000 for 26 Lake Avenue. 136 Columbia Avenue spent the most time on the market at 543 cumulative days. The Peak Year in terms of selling price was of course 2007 when the average selling price was $1,415,000 and the Trough Year was 2011 which recorded at least two "distressed sales" and the average price was $919,767 (the only year since I have kept records that was under $1M). This is a difference of 35%. Now that is not to say property values dropped 30%, only that the average price of homes sold dropped 30%, in 2011 primarily the bargain priced properties were moving. It's nice to see that we have almost recovered completely when it comes to "in town" real estate. That's the great thing about investing in beach property, last to come down and first to go up. Speaking about investing in "in town" real estate, there are currently 19 SFHs still available for sale. The average listing price is $1,679,000 and 435 days on the market. The DOM number is driven primarily by a few "hold outs" that continue to look for the right offering price for their property. If I take those three properties out, the days on market average drops to 204. There are currently 3 properties under contract waiting to close, 2 of them were listed for under $1M. Aside from them, there are only 2 properties available for under $1M. The highest listed home is at 33 Park Avenue listed for $2,795,000 (1,836 cumulative DOM) and the lowest priced offering is 119 Columbia Avenue being offered at $925,000. All in all, a great year for North Rehoboth. By the way, my numbers don't include Henlopen Acres or North Shores.
In the Beazer Homes section of Paynter's Mill, it was the year of the Twin Home (Carriage Home, Duplex) racking up half of the eight closings logged in 2014. The average selling price of the Twins was $262,125 (two of these were 4 bedroom and two were 3 bedroom). The 4 bedroom Twins averaged $14K more than the 3 bedrooms. One of the 3 bedroom Twins was a "short sale" that brought the average down closing for $235,000. The highest priced Twin was a 3 bedroom that closed at $275,000. Two Berkleys closed in 2014, one went for $371,000 and one went for $400,000. They were on the market for 367 and 35 days respectively. One Carrolton model closed in 2014 for $320,000 after 562 days on the market. This one just closed in late December. And finally, one Asbury model closed for an astonishing $265,000 after 529 days on market. That was an all time low for that particular model. Just to give you some perspective as to property values since the real estate bubble, I went back to 2004 and looked up the average selling prices of the various models in MPC. This includes all of the new home sale prices back in 2004-2009. The "Peak and Trough" years varied by model and are:
Berkley - Peak Year 2006 with an avg. selling price of $463,050. The Trough Year was 2012 with an avg. selling price of $350,000....down 24%. The highest price paid for a Berkley was in 2007 at $506,185.
Carrolton - Peak Year 2005 with an avg. selling price of $438,911. The Trough Year was 2009 when the Builder sold their last one (the model) for $300,000....down 27%. The highest price paid for a Carrolton was in 2006 at $492,836.
Asbury - Peak Year 2007 with an avg. selling price of $379,253. The Trough Year was just this past year where one sold for $265,000 as mentioned above.....down 30%. The highest price paid for an Asbury was in 2005 at $404,657.
Twin Homes - Peak Year 2006 with an avg. selling price of $342,941. The Trough Year was 2014 where the avg. selling price was $262,125. A "short sale" closed at $235,000 bringing this avg. down. With that one removed, the average would have been $271,000.....down 21%. The highest price paid for a Twin Home was in 2006 at $376,573.
Right now there is one Carrolton under contract waiting to close. It was listed for $325,000 at the time of contract signing and had been on the market for 586 days. Also, there are two Twin Homes listed one for $294,500 and one for $285,000. They have been on the market for 214 and 180 days respectively. The Builder (Schell Bros.) still has two Columbus model homes for sale, one is an already built spec home which they have listed for $389,900 (base price). The other one is being offered as a lot/home package. That is the only lot still left un-built in PM. Hopefully the worst is over for Sellers in this award winning community and values are on their way up.
Mill Spring Run seems to be the most stable (very little real estate activity) section within the Paynter's Mill community. There is not much Buying or Selling going on there. After no sales in 2013, there were a total of two transactions in 2014. One Scarborough closed for $280,000 in August after approximately 60 days on the market and an Easton sold for $350,000 in October after 151 days on the market. Several other properties came on the market and were eventually withdrawn, presumably because the Sellers hit their bottom price and had little to no Buyer's interest. There are currently two active listings, one another Scarborough that has been on the market for 265 days now and is offered for $268,000 and an Easton that has been on the market for 379 days and is now offered for $317,000. There is another Scarborough that is under contract with contingencies and Seller has requested that it continue to be shown. It was listed for $285,000 and has been on the market for 653 days. Hopefully the deal will hold together and will become the first closing in 2015.
Greenspire Linden - 2nd floor 2 bedroom larger floor plan Nellie Stevens - 2nd floor 3 bedroom
Bonica Rose - 2nd floor 2 bedroom smaller floorplan
Sawtooth Oak - 2nd floor 2 bedroom smaller floorplan
Willow Oak - 1st floor 3 bedroom
Crepe Myrtle - 1 floor 2 bedroom larger floorplan
1 Greenspire Linden closed for $210,000 after 542 DOM
2 Nellie Stevens closed for $234,000 & $215,900 Avg. 365 DOM
2 Bonica Rose closed for $174,500 & $169,000 Avg. 542 DOM
1 Sawtooth Oak closed for $180,500 after 321 DOM
1 Willow Oak closed for $227,500 after 183 DOM
1 Crepe Myrtle Pending - Listed for $205,000 with 81 DOM
1 Sawtooth Oak Pending - Listed for $185,000 with 96 DOM
1 Bonica Rose Pending - Listed for $189,900 with 20 DOM
2 Crepe Myrtle Active at $209,999 & 659 DOM and $224,900 with 557 DOM
2 Greenspire Linden Active at $230,000 and 419 DOM and $179,900 (foreclosure) with 110 DOM
1 Willow Oak Active at $238,7000 with 68 DOM
1 Bonica Rose Active at $186,000 (short sale) with 59 DOM
I took a look at average sales price per model from 2004 through 2014. The peak year for pricing was 2007 and the trough year for pricing varied by model from 2011-2013. Here are the results:
Crepe Myrtle - Peak $301,302 Trough $205,000 Down 32%
Sawtooth Oak - Peak $263,095 Trough $150,000 Down 43%
Bonica Rose - Peak $259,987 Trough $153,360 Down 41%
Willow Oak - Peak $310,400 Trough $221,430 Down 29%
Greenspire Linden - Peak $297,204 Trough $205,000 Down 31%
Nellie Stevens - Peak $318,696 Trough 211,360 Down 34%
So 2014 was an "up year" for all models. Hopefully this trend will continue into 2015
2014 proved to be a much better year than the previous one in KCCC. Still, not a very good year when one considers the number of homes for sale in this upscale golf community. 2014 logged 9 closings vs. only 4 in 2013. There are two more pending waiting to close, both of which went under contract in December. Seller's got only 87% of their asking price in 2014, well below the average for Sussex County as a whole (94.6%). There was a property (8 Queen's Court) that ended up selling for less than half of the asking price in some sort of swap arrangement (only the lot value was recorded). This obviously brought the average down. If I take that sale out, the number jumps up to 93%. The average closing price was $641,556 in 2014, down 30% from 2013's $923,750 (only 4 sales). But to be fair, the avg. closing price in 2012 was $591,968 with 12 closings (4 of which were "distressed sales". No "distressed sales" this year that I am aware of. Days on Market came down 30% (155) from 2013 where it was 221. The highest price was recieved by 23 Patriot's Way at an even $1,000,000. The lowest price sale was 20 King's Creek Circle at $420,000. As I mentioned earlier, there are quite a large number of homes for sale in KCCC, 18 to be exact. The average listing price is $878K and 1,069 days on market. There are 3 or 4 homes bringing this DOM average up with the highest being 2 Patriot's Way with a cumulative 1,700 days on the market. The next 3 come in at 1,037, 906, and 633. If you have been following this blog, you may have noticed a number of recent price reductions in KCCC. With two years worth of inventory based on 2014's selling pace, I have a feeling this trend will continue.
Canal Corkran had a good year in 2014. There were a total of 9 Single Family Home closings recorded with an average selling price of $1,153,778 and 88 days on market. Seller's got 96% of their asking price. As you would expect, the lowest priced home was a Bank Owned property (19 Wade's Court) that went for $597,000 and the highest priced home (44 Eleanor Lee Lane) went for $2,050,000. 45 Eleanor Lee sat on the market the longest at 310 days. 26 Wade's Court was only on the market 3 days when it went under contract. Last year only 5 SFHs closed and the avg. sales price was an even $1M. Days on market averaged 247. It's difficult to draw too many conclusions from "average price" in CC as these homes have a large range depending on home size and proximity to the canal. This was the best year by far since 2006. Along with the 9 that closed, there are 3 more under contract waiting to close. All went under contract in November/December so should be closing soon. Aside from that, there are 3 more active. The home at #1 Wades' Court is a Bank Owned that has been on the market for 566 days now and has been reduced several times from the original $1,250,000, now at $999,000. The other two are listed for $1,150,000 and $1,175,000 and have both been on the market for less than 200 days.
Townhouse sales on the other hand were very slow compared to 2013. There are many reasons for this, it's much harder to get financing now on THs and I think there were just less on the market in 2014. Having said that, only 3 townhouses closed in 2014 vs. 8 last year. Two in the back of the community went for $645K and $685K. On on Will's Way went for $502,500. The one's in the back (Metz Way and Richardson Way) were on the market for 386 days and 46 days respectively and the Will's Way unit went under contract on day one. Nothing on "The Loops" closed this year, last year there were a number of them that all sold in the $470K - $480K range. There are currently two active listings on Hannah Loop, one for $499,900 and one for $599,900. There is a Carriage Home (Duplex) listed on Thompson Court for $635,000.
It was a rather sleepy year in real estate for Country Club Estates, which is normally a very hot community in-town Rehoboth. The primary reason is that very few properties came on the market this year in CCE. Only two SFHs closed in 2014, one for $700K and one for $693K. They were only on the market for 70 and 43 days respectively and averaged 92% of their asking price. In contrast, three of the Scarborough Village town homes closed in 2014, they went for $400K, $445K and $427,500. Days on market were 214, 77 and 8 respectively. There are no town houses currently listed for sale. There are 6 SFHs listed for an average listing price of $757,233 and 219 days on market. The least expensive listing is 226 State Road at $564,000 and the highest price listing is at 320 Laurel street, asking $919,900. 332 Hickman has been on the market the longest at 450 days and 312 Sandalwood just listed 21 days ago. In contrast to that, there were eight SFH closings in 2013 with an average selling price of $816,256 the lowest being $585K and the highest being $1,175K. Average DOM last year was 45 and Seller's averaged 96% of their asking price.
There were four price reductions in KCCC this past week, the first was 44 King's Creek Circle which dropped for the second time since listing in June of this year for $749,000. Sellers are now asking $699,900.
27 Patriot's Way also dropped their price from $508,888 down to $499,900. It listed on September 30th for $524,900.
17 King's Creek Circle dropped for the first time since listing in November. Then it was $879,900 but has been reduced to $864,500.
Lastly, 3 South Fieldway Court reduced for the second time since listing in June for $929,000 and is now offered for $795,000.
At the same time, 4 Excalibur Court came on the market, Sellers are asking $1,239,000 for this 5 bedroom, 4 bath two story Contemporary built in 2006 on almost half an acre. It advertises to be an "entertainment dream home.....4,200+ square feet.....open floor plan, chef's kitchen, full wet bar, dramatic vaulted ceilings, sun room, 1st floor master suite, huge unfinished basement, 3 car garage, and professionally landscaped yard".
227 Lake Avenue came on the market on the 20th of this month and Sellers are asking $2,695,000 for the property. It is a 4 bedroom, 4 full and 2 half bath two story Coastal built in 2004 on a standard 50 x 100 foot lot bordering Silver Lake. Listing Agent describes it as "easy elegance & exquisitely crafted! Extraordinary waterfront offering with sweeping views of Silver Lake and an easy stroll to the sea....a floor plan (3,450+/- square feet) to accommodate a modern lifestyle, home features 2 living areas....a handsome office, coffered ceilings and a dock". It is also being sold furnished.
A Carrolton model looking much like this one at 16232 John Rowland Trail closed on the 22nd after a gruelling 562 days on the market. Gail n Greg had the Buyer for this one and they paid $320,000 for this fully upgraded property. It sits on the corner lot directly across from the community tennis courts. It was listed for $332,900 at the time of contract signing. While it was generously upgraded, it did have some issues that had to be addressed which was taken into account when the offer was made. The Carrolton is the mid sized SFH built by Beazer and had roughly 3,000 square feet of living space.
47 Lake Avenue closed on the 19th after 268 days on the market. The property was listed for $1,399,000 and settled for $1,337,500 or 96% of the asking price. This 4 bedroom, 3.5 bath Coastal two story was built in 2005 on a 50 x 111 foot lot and was sold furnished. It also had "numerous decks and porches, 2 master bedrooms, one on the 1st floor, beautifully designed upscale kitchen...expansive living and dining areas....never rented".
Unit 1604 Miller's Landing (a bank owned property) has reduced price for the second time since listing back in September. Starting at $214,000 it has now been reduced to $179,900. It is a Greenspire Linden model built by Schell Bros. It is a second floor, 2 bedroom unit with the larger 2 bedroom floor plan. There is another one like it listed for $230,000, it has been on the market for 403 days.
38 Delaware Avenue has come on the market for $1,025,000. It's a 4 bedroom, 2 bath ranch built on a 50 x 100 foot lot on the second ocean block. The Agent says it has "plenty of space, sleeps 10 & parking for guests, classic front porch, huge basement and carport". Rental income is reported to be $35,878 per year. It is being sold furnished.
29 King's Creek Circle closed yesterday for an even $700,000. This is 93% of the asking price of $749,000. It was on the market for only 56 days before going under contract. It's a 4 bedroom, 3.5 bath two story built in 2003. It's advertised to have 3,400 dwelling square feet and sits adjacent to the 10th green. It has "gleaming hardwood floors and granite, soaring ceilings, and expansive views".
1402 Miller's Landing went under contract this past Wednesday after 84 days on the market. It is a Crepe Myrtle model which is the first floor 2 bedroom, larger floorplan and two car garage. It originally listed back in September for $210,000 but had been reduced in October to $205,000. It is the first Crepe to sell since back in 2012. There are two more listed for sale at $209,9999 and $224,900. They have been on the market a collective 1,174 days.