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Record sales announced for Residences at Lighthouse Cove in Dewey Beach

Only five condominiums remain as project enters final phase
October 16, 2018

The Lighthouse Cove Development Company announced a record-setting sales season for the popular condominium community known as The Residences at Lighthouse Cove. Over the last six months, the community has sold 16 homes, with only 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 units consist of three two-bedroom homes, as well as a one-bedroom, with prices ranging from $439,900 to $559,000. They offer direct access to the third-floor rooftop pool, private balconies and terraces, on-site garage parking and other popular Lighthouse Cove 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 Thomas J. Hanna, redevelopment partner Harvey Hanna & Associates president. “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 bayfront condos, the brand-new Lighthouse Cove Event Center, a fully redesigned and remodeled Lighthouse Restaurant, additional parking in the interior garage and a 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.

In the coming weeks, the Lighthouse Cove sales team, led by Director Cheryl DiFonzo, Realtor, Harvey, Hanna & Associates Inc., and listing agent Joe Maggio Realty is planning to announce specific details on the condominiums to be delivered as part of the project’s final phase.

“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.”

A lifelong Delawarean, E. Thomas Harvey III, chairman of Harvey, Hanna & Associates of Wilmington - a commercial redevelopment firm with holdings in excess of 6 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 the largest private mixed-use resort projects along the mid-Atlantic coastline. 

For more information and sales inquiries, go to www.TheResidencesDE.com or call 302-212-0002.

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