The Lighthouse Cove Development Companyannounced a record-setting sales season for the condominium community known as The Residences at Lighthouse Cove.
Over the last six months, the community has sold 16 homes, with five of the 27 units constructed during the current phase still available. The recent sales activity marks the best sales season since the resort development hit the market in 2012.
The remaining four homes consist of three two-bedroom homes, as well as a one-bedroom, with prices ranging from $439,900 to $559,000 while offering direct access to the third-floor rooftop pool, private balconies and terraces, on-site garage parking and other amenities.
“When we began planning the redevelopment of the current Lighthouse Cove property nearly a decade ago, we were driven by the immense potential we saw in Dewey Beach as a destination for tourists, families, retirees and other visitors alike,” said redevelopment partner, Harvey Hanna & Associates President Thomas J. Hanna. “The incredible sale pace we have experienced over the last six months is a testament to that vision, and we look forward to maintaining that momentum as we move closer to the final phase of our plans at this site.”
Construction on the final phase of The Residences at Lighthouse Cove began in November 2017, and will include 30 additional bay-front condos, the new Lighthouse Cove Event Center, a fully redesigned and remodeled Lighthouse Restaurant, additional parking in the interior garage and a first-ever recreational bay walk. The redevelopment also includes Delaware’s first Hyatt Place Hotel, which opened in October 2013. The full project is expected to be completed in 2019.
The Lighthouse Cove sales team, led by Director Cheryl DiFonzo ( Harvey, Hanna & Associates, Inc.) and listing agent Joe Maggio Realty, is planning on announcing specific details on the condominiums to be delivered as part of the project’s final phase in the coming weeks.
“The consistently robust sales at The Residences are setting a new market pace in Dewey Beach, as demand is increasingly comparable to neighboring Rehoboth Beach. Thanks to recent upgrades in accommodations, a growing list of new restaurants and gastropubs, and the Dewey Business Partnership’s popular public events have all contributed to its continuously rising appeal among homebuyers,” said Joe Maggio, owner of Joe Maggio Realty. “We expect that trend to continue as the next phase of the Lighthouse Cove development is delivered in the coming months.”
Lifelong Delawarean, E. Thomas Harvey, III, chairman of Harvey, Hanna & Associates of Newport – a commercial redevelopment firm with holdings in excess of six million square feet of industrial, retail, and commercial property – concurrently serves as President and sole owner of Lighthouse Cove Development Company in Dewey Beach. The Lighthouse Cove project is one of largest private mixed-use resort projects along the mid-Atlantic coastline.