All 28 Shoal Harbor units reserved in nine daysReed says timing, location and price drove fast action
That's what Realtor Debbie Reed said recently about the fact that reservations have been placed on all 28 condominium units in the Shoal Harbor project that she and her husband, Bob, are constructing on the former Suburban Propane property near the entrance to Rehoboth Beach.
Reed said the reservations, with two backup contracts, were all placed within nine days of the listings going up on the Sussex County Association of Realtors Multiple Listing Service. About half of the reservations were placed by clients of Re/Max agents in the Rehoboth Beach offices. The rest, she said, were placed by other Realtors in the area. “We put them on the MLS so everyone had a shot at them,” said Reed. “Quite frankly, it surprised us.”
The project has preliminary approvals from Sussex County at this point. Zoned commercial, the property needs no rezoning to accommodate the townhouses to be constructed by Evergreene Homes. "People have seen the Watermark project in Bethany Beach built by Evergreene. It's a great project with great workmanship and we expect Shoal Harbor to be the same,” said Reed.
The Reeds have had the long-vacant former Suburban Propane property - 2.5 acres - under contract since last July. They purchased the parcel for about $2.5 million.
Reed credited location and price for fast action on the units. “They're attractive, close enough to the beach and priced at just under $400,000 with a great floor plan. Bob looked at a lot of other projects but really liked the Watermark design and concept. Timing, good product and good location - I think that's what did it. We could have been more aggressive on the prices, but then we could have unsold units sitting around,” she said. The project will include a pool and other amenities.
The prospective buyers placing reservations are coming from a wide variety of places, said Reed. "A handful of them are local buyers, some of them real estate agents who recognize the value and see it as a good place to live. Others include customers out of our database with a pent-up desire - some from upstate and others from the D.C. and Baltimore areas."
She said she expects construction to begin in the spring, as soon as all approvals are in place. "We will build in phases, but I expect many of them to be finished before the end of the year.
“We could sell a dozen more,” said Reed. “We're already looking around for other property that might be suitable.”