NOT LISTED FOR SALE

Patrician Towers 8 Olive Ave Unit 403 Rehoboth Beach, DE 19971

Estimated Value: $545,000 - $879,000

-- Bed
1 Bath
500 Sq Ft
$426/mo HOA Fee

Last Sold September 13, 2022

Last sale price $625,000 $1,250 Per Sq Ft

Est. 9% increase in value since last sale

Current estimated payment $4,142/month

Highlights

  • Building is oceanfront but unit may not have water views
  • City View
  • Community Pool
  • Rehoboth Elementary School Rated A
  • Open Floorplan
  • Efficiency Studio

About This Home

As of September 2022

Ocean Block in Rehoboth! Beautifully maintained Efficiency on 4th floor level with glass slider doors to a private balcony. Steps away from the sand and surf as well as the bike trails of Gordon’s Pond State Park.
Updated kitchen with extended height cabinetry, decorative wainscoting on the wall and light and fresh
tones. The bathroom is updated with a new bath and surround. Hang your clothes in an organized closet with dresser and shelving in the bedroom area. wood toned flooring is throughout the condo with welcoming coastal vibe.
The secure building offers onsite management, Koi pond in the front courtyard, elevator, laundry room, outdoor sand and foot shower, outdoor bathroom-change room, secure garage parking and a roof top pool and sun deck with panoramic views of the beach and boardwalk. Great Location! Restaurants, shops and amusements are all nearby, no need to drive. The building has a rich history of satisfied rental income.

Last Agent to Sell the Property

Pamela Rut Albanese

pamelanjohn@hotmail.com Mann & Sons, Inc. License #RS-0022631 Listed on: 07/30/2022

Last Buyer's Agent

Maribeth Baxter

(302) 740-7313 maribeth@pantanorealestate.com Pantano Real Estate Inc

Property Details

Home Type

  • Condominium

Est. Annual Taxes

  • $716

Year Built

  • Built in 1970

Lot Details

  • Building is oceanfront but unit may not have water views
  • Property is Fully Fenced

HOA Fees

  • $426 Monthly HOA Fees

Parking

  • Assigned Subterranean Space

Property Views

  • City
  • Courtyard

Home Design

  • Entry on the 4th floor
  • Flat Roof Shape
  • Brick Exterior Construction
  • Block Foundation
  • Masonry

Interior Spaces

  • 500 Sq Ft Home
  • Property has 1 Level
  • Open Floorplan
  • Wainscoting
  • Awning
  • Sliding Windows
  • Window Screens
  • Combination Dining and Living Room
  • Efficiency Studio
  • Surveillance System

Kitchen

  • Galley Kitchen
  • Electric Oven or Range
  • Microwave
  • Dishwasher
  • Disposal

Flooring

  • Carpet
  • Tile or Brick

Bedrooms and Bathrooms

  • 1 Full Bathroom
  • Bathtub with Shower

Accessible Home Design

  • Accessible Elevator Installed
  • No Interior Steps
  • Level Entry For Accessibility

Outdoor Features

  • Outdoor Shower
  • Balcony
  • Exterior Lighting

Utilities

  • Forced Air Heating and Cooling System
  • Vented Exhaust Fan
  • Geothermal Heating and Cooling
  • Electric Water Heater
  • Cable TV Available

Listing and Financial Details

  • Assessor Parcel Number 334-14.14-31.00-403

Community Details

Overview

  • Association fees include insurance, lawn care front, lawn maintenance, management, common area maintenance, custodial services maintenance, exterior building maintenance, pool(s), sewer, snow removal, water
  • Mid-Rise Condominium
  • Patrician Towers Community
  • North Rehoboth Subdivision

Amenities

  • Laundry Facilities
  • Elevator

Recreation

Pet Policy

  • Dogs and Cats Allowed

Property Details

Home Type

Condominium

Est. Annual Taxes

$716

Year Built

Built in 1970

Lot Details

0

HOA Fees

$426 per month

Parking

1

Listing Details

  • Property Type: Residential
  • Structure Type: Unit/Flat/Apartment
  • Unit Building Type: Mid-Rise 5 - 8 Floors
  • Architectural Style: Unit/Flat
  • Sussex De Quadrants: East of Rt 1
  • Accessibility Features: Level Entry - Main, Elevator, No Stairs
  • Ownership: Condominium
  • Exclusions: Personal Items, All Furniture & Decor
  • Historic: No
  • Home Warranty: No
  • Inclusions: Dining Table &Chairs/Benches and Dresser in Bedroom Closet
  • New Construction: No
  • Story List: Main
  • Federal Flood Zone: No
  • Year Built: 1970
  • Automatically Close On Close Date: No
  • Remarks Public: Ocean Block in Rehoboth! Beautifully maintained Efficiency on 4th floor level with glass slider doors to a private balcony. Steps away from the sand and surf as well as the bike trails of Gordon’s Pond State Park. Updated kitchen with extended height cabinetry, decorative wainscoting on the wall and light and fresh tones. The bathroom is updated with a new bath and surround. Hang your clothes in an organized closet with dresser and shelving in the bedroom area. wood toned flooring is throughout the condo with welcoming coastal vibe. The secure building offers onsite management, Koi pond in the front courtyard, elevator, laundry room, outdoor sand and foot shower, outdoor bathroom-change room, secure garage parking and a roof top pool and sun deck with panoramic views of the beach and boardwalk. Great Location! Restaurants, shops and amusements are all nearby, no need to drive. The building has a rich history of satisfied rental income.
  • Washer Dryer Hookups YN: No
  • Special Features: None
  • Property Sub Type: Condos

Interior Features

  • Appliances: Dishwasher, Disposal, Exhaust Fan, Microwave, Oven/Range - Electric, Refrigerator
  • Entry Floor: 4
  • Flooring Type: Carpet, Tile/Brick
  • Interior Amenities: Combination Dining/Living, Efficiency, Elevator, Floor Plan - Open, Kitchen - Galley, Tub Shower, Wainscotting
  • Window Features: Screens, Sliding
  • Fireplace: No
  • Foundation Details: Block
  • Levels Count: 1
  • Basement: No
  • Laundry Type: Common
  • Total Sq Ft: 500
  • Living Area Sq Ft: 500
  • Price Per Sq Ft: 1250.00
  • Above Grade Finished Sq Ft: 500
  • Above Grade Finished Area Units: Square Feet
  • Street Number Modifier: 8

Beds/Baths

  • Total Bathrooms: 1
  • Full Bathrooms: 1
  • Main Level Bathrooms: 1.00
  • Main Level Full Bathrooms: 1

Exterior Features

  • Other Structures: Above Grade
  • Construction Materials: Masonry, Brick
  • Exterior Features: Awning(s), Exterior Lighting, Outside Shower, Sidewalks, Street Lights
  • Roof: Flat
  • View: City, Courtyard, Pond
  • Water Access: No
  • Waterfront: No
  • Water Oriented: No
  • Pool: Yes - Community
  • Tidal Water: No
  • Water View: Yes

Garage/Parking

  • Garage Spaces: 1.00
  • Garage: Yes
  • Garage Features: Underground
  • Total Garage And Parking Spaces: 1
  • Type Of Parking: Parking Garage
  • Parking Garage Number Of Spaces: 1

Utilities

  • Refuse: 200.00
  • Central Air Conditioning: Yes
  • Cooling Fuel: Electric
  • Cooling Type: Central A/C, Geothermal
  • Heating Fuel: Electric
  • Heating Type: Forced Air
  • Heating: Yes
  • Hot Water: Electric
  • Security: Surveillance Sys
  • Sewer/Septic System: Public Sewer
  • Utilities: Cable Tv Available, Electric Available
  • Water Source: Public
  • Municipal Trash: No

Condo/Co-op/Association

  • Condo Co-Op Association: Yes
  • Condo Co-Op Fee: 5110.00
  • Condo Co-Op Fee Frequency: Annually
  • HOA Condo Co-Op Amenities: Elevator, Laundry Facilities, Pool - Outdoor
  • HOA Condo Co-Op Fee Includes: Insurance, Lawn Care Front, Lawn Maintenance, Management, Common Area Maintenance, Custodial Services Maintenance, Ext Bldg Maint, Pool(s), Sewer, Snow Removal, Water
  • HOA: No
  • Senior Community: No
  • Association Recreation Fee: No

Schools

  • School District: CAPE HENLOPEN
  • School District Key: 300200396895
  • School District Source: Listing Agent

Lot Info

  • Fencing: Fully
  • Outdoor Living Structures: Balcony
  • Zoning: RESIDENTIAL
  • In City Limits: Yes

Rental Info

  • Ground Rent Exists: No
  • Lease Considered: No
  • Pets: Cats Ok, Dogs Ok
  • Pets Allowed: Yes
  • Vacation Rental: No

Tax Info

  • Assessor Parcel Number: 5196198
  • School Tax: 490.00
  • School Tax Pymnt Freq: Annually
  • Tax Annual Amount: 716.00
  • Assessor Parcel Number: 334-14.14-31.00-403
  • County Tax Payment Frequency: Annually
  • Tax Year: 2021
  • Close Date: 09/13/2022

MLS Schools

  • School District Name: CAPE HENLOPEN

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jul 30, 2022
Closed on
Sep 13, 2022
Sold by
Lisa Hower
Bought by
Hicks Le Rois and Hicks Susan
Seller's Agent
Pamela Rut Albanese
Mann & Sons, Inc.
Buyer's Agent
Maribeth Baxter
Pantano Real Estate Inc
List Price
$675,000
Sold Price
$625,000
Premium/Discount to List
-$50,000
-7.41%
Views
45
Current Estimated Value
$681,736

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$56,736
Avg. Annual Appreciation
2.90%
Original Mortgage
$531,250
Outstanding Balance
$450,252
Interest Rate
4.26%
Mortgage Type
New Conventional
Estimated Equity
$231,484

Purchase Details

Listed on
Dec 17, 2015
Closed on
Dec 15, 2017
Sold by
Han Pierre
Bought by
Hower Lisa
Seller's Agent
BROWN THAWLEY
Mann & Sons, Inc.
Buyer's Agent
BROWN THAWLEY
Mann & Sons, Inc.
List Price
$325,000
Sold Price
$313,000
Premium/Discount to List
-$12,000
-3.69%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
15.78%
Original Mortgage
$281,700
Interest Rate
3.95%
Mortgage Type
Unknown

Purchase Details

Closed on
Mar 25, 1997
Bought by
Han Pierre (Trustee)
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Hicks Le Rois $625,000 --
Hower Lisa $313,000 --
Han Pierre (Trustee) -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Hicks Le Rois $531,250
Previous Owner Hower Lisa $281,700
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
09/13/2022 09/13/22 Sold $625,000 0.0% $1,250 / Sq Ft
08/04/2022 08/04/22 Price Changed $625,000 -7.4% $1,250 / Sq Ft
08/04/2022 08/04/22 Price Changed $675,000 +8.0% $1,350 / Sq Ft
08/03/2022 08/03/22 Price Changed $625,000 -7.4% $1,250 / Sq Ft
07/30/2022 07/30/22 For Sale $675,000 +115.7% $1,350 / Sq Ft
12/27/2017 12/27/17 Sold $313,000 -3.7% $626 / Sq Ft
12/05/2017 12/05/17 Pending -- -- --
12/01/2017 12/01/17 For Sale $325,000 +3.8% $650 / Sq Ft
11/30/2017 11/30/17 Off Market $313,000 -- --
12/17/2015 12/17/15 For Sale $325,000 -- $650 / Sq Ft
Source: Bright MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $1,209 $11,500 $0 $11,500
2024 $567 $11,500 $0 $11,500
2023 $566 $11,500 $0 $11,500
2022 $547 $11,500 $0 $11,500
2021 $542 $11,500 $0 $11,500
2020 $540 $11,500 $0 $11,500
2019 $541 $11,500 $0 $11,500
2018 $505 $11,500 $0 $0
2017 $484 $11,500 $0 $0
2016 $459 $11,500 $0 $0
2015 $439 $11,500 $0 $0
2014 $436 $11,500 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • P

    Seller's Agent in 2022

    Pamela Rut Albanese

    Mann & Sons, Inc.

    2 in this area

    2 Total Sales

    Pamela Rut Albanese
    Section Image

  • M

    Buyer's Agent in 2022

    Maribeth Baxter

    Pantano Real Estate Inc

    (302) 740-7313

    2 in this area

    5 Total Sales

    Maribeth Baxter
    Section Image

  • B

    Seller's Agent in 2017

    BROWN THAWLEY

    Mann & Sons, Inc.

    Section Image
See All Agents

About Patrician Towers

Map

Source: Bright MLS

MLS Number: DESU2026412

Bright MLS

APN: 334-14.14-31.00-403

Delaware Sussex County Rehoboth Beach 19971

8 Olive Ave Unit 403, Rehoboth Beach, DE

This home is located at 8 Olive Ave Unit 403, Rehoboth Beach, DE 19971 since 30 July 2022 and is currently estimated at $681,736, approximately $1,363 per square foot. This property was built in 1970. 8 Olive Ave Unit 403 is a home located in Sussex County with nearby schools including Rehoboth Elementary School, Mariner Middle School, and Cape Henlopen High School.

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