February, 2023 RSS Icon
Found 8 entries for February, 2023.

The U.S. Army Corps of Engineers has contracted with Weeks Marine to complete the much-anticipated beach replenishment project for the Delaware Beaches. The work is expected to begin on March 20, 2023 starting in Rehoboth Beach and will move southward to Dewey Beach, Bethany Beach, South Bethany and end at Fenwick Island.

It is estimated that the dredging and pumping operations will take approximately 2 weeks for each location, depending on weather conditions and other factors. Total cost for the project is estimated at $23.8 million and will be shared between the U.S. Army Corps of Engineers at 65%, and the Delaware Department of Natural Resources and Environmental Control at 35%.

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As we head into what is typically a strong selling season for beach property, this is a time we like to calculate absorption rates to determine whether we are trending in the direction of a buyer’s or seller’s market. We compare the pace of sales over the previous 12 months to determine how many Months Supply of Inventory is for sale. Generally, a balanced market would have between 6 to 7 months of inventory. At this time, Bear Trap Dunes and Ocean View both have less than 3 months of inventory. We are clearly still in a strong seller’s market due to inventory shortages, but as the chart illustrates, the trend has changed direction when compared to the same time last year.

This shift is a good representation of what we are currently experiencing in

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As we head into what is typically a strong selling season for beach property, this is a time we like to calculate absorption rates to determine whether we are trending in the direction of a buyer’s or seller’s market. We compare the pace of sales over the previous 12 months to determine how many Months Supply of Inventory is for sale.  Generally, a balanced market would have between 6 to 7 months of inventory. At this time, Ocean View and Bethany Beach both have less than 3 months of inventory. We are clearly still in a strong seller’s market due to inventory shortages, but as the chart illustrates, the trend has changed direction when compared to the same time last year.

This shift is a good representation of what we are currently experiencing in

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As we head into what is typically a strong selling season for beach property, this is a time we like to calculate absorption rates to determine whether we are trending in the direction of a buyer’s or seller’s market. We compare the pace of sales over the previous 12 months to determine how many Months Supply of Inventory is for sale. Generally, a balanced market would have between 6 to 7 months of inventory. At this time, all areas have 2 months of inventory or less. We are clearly still in a strong seller’s market in Fenwick Island due to inventory shortages, but as the chart illustrates, the trend is starting to change direction in most areas at the beach when compared to the same time last year.

This shift is a good representation of what we

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As we head into what is typically a strong selling season for beach property, this is a time we like to calculate absorption rates to determine whether we are trending in the direction of a buyer’s or seller’s market. We compare the pace of sales over the previous 12 months to determine how many Months Supply of Inventory is for sale. Generally, a balanced market would have between 6 to 7 months of inventory. At this time, both Sea Colony East and West have 1 month of inventory. We are clearly still in a strong seller’s market due to inventory shortages, but as the chart illustrates, the trend has changed direction when compared to the same time last year.

This shift is a good representation of what we are currently experiencing in the marketplace.

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As we head into what is typically a strong selling season for beach property, this is a time we like to calculate absorption rates to determine whether we are trending in the direction of a buyer’s or seller’s market. We compare the pace of sales over the previous 12 months to determine how many Months Supply of Inventory is for sale. Generally, a balanced market would have between 6 to 7 months of inventory. At this time, all areas have 2 months of inventory or less. We are clearly still in a strong seller’s market due to inventory shortages, but as the chart illustrates, the trend has changed direction when compared to the same time last year.

This shift is a good representation of what we are currently experiencing in the marketplace. There is

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Source: Courtesy of DelDOT

At a recent public workshop held in Fenwick Island, the Delaware Department of Transportation (DelDOT) presented plans and timelines for a two-year, $40 million project for replacement of the existing 50-year-old Route 54 bridge over the Assawoman Bay west of Fenwick Island.

The first phase of the project will involve installing a temporary sidewalk and adapting the existing structure to support two lanes of traffic on the south side of the bridge, before beginning demolition and construction on the north side of the bridge. During the second phase, traffic will shift to the newly-built portion of the bridge while the south side of the bridge is torn down and rebuilt.

During all phases of construction, Route 54 and

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Beach replenishment for coastal Delaware is now slated to begin in March or April of 2023 and will likely reach Fenwick Island during the summer season.  The U.S. Army Corps of Engineers (USACE) project, initially expected to begin in fall 2022, will start in Rehoboth Beach and progress southward along the coast to conclude in Fenwick Island.

Fenwick Island mayor, Natalie Magdeburger, announced at a recent town council meeting that the replenishment crews are expected to reach Fenwick Island during the summer season and, unfortunately, will impact beach access. She promised to provide updates as additional information is received on the project.

 

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