"RESTHAVEN" DESIGNED BY FAMED AMERICAN ARCHITECT, RICHARD MORRIS HUNT, THIS IS A RARE ARCHITECTURAL GEM ON BELLEVUE AVENUE. EXPANSIVE LIVING AREAS, EXCEPTIONALLY LARGE KITCHEN, NEARLY 1 AND 1/2 ACRES ON BELLEVUE AVENUE.
Here's a link:
http://arthurchapman.raveis.com/propdetail.asp?KEY=2934274&AGENT=5074&PG=agentproplist.asp&AGT=5074&SITE=agt&OFC=24902
This property was on the market for only 42 days! Listed on September 23, 2009 and went under contract on November 4th, 2009. We had a multiple bid situation and went to "highest and best" offer.
This is a truly wonderful property in an excellent location on Bellevue Avenue in Newport. Originally built in 1871, the property remained in the same family until 1999 when it was sold as an estate sale. The home will be lovingly restored to the original grandeur by the new owners. We can hardly wait to see this home finished!!
The real estate market is alive and well in Newport!
Thursday, December 10, 2009
Thursday, December 3, 2009
Rhode Island has seen a significant recovery in the real estate market. Our volume of sales is a strong indication of this rebound. While our unemployment numbers are still very high, there is significant job creation slated for this year in certain areas of the state. Our supply is dropping rapidly and there isn't a tremendous amount of available land for new construction. Therefore, appreciation in our real estate market is near, if it hasn't already started. In some markets we are seeing less than a 4 month supply of properties on the market - which would suggest significant appreciation in the short term. With historically low interest rates and low supply, NOW is the time to invest!
The month of November saw a strong number of closings. In fact, it was one of the strongest months in the past 13 years!
Our sales are already 17% above last year and are projected to be on par with 2007.
We are offically "walking out of the woods".
Keep Hope Alive!!
The month of November saw a strong number of closings. In fact, it was one of the strongest months in the past 13 years!
Our sales are already 17% above last year and are projected to be on par with 2007.
We are offically "walking out of the woods".
Keep Hope Alive!!
Monday, November 2, 2009
Tuesday, October 27, 2009
Friday, October 9, 2009
Return to Increasing Real Estate Prices?
The demand for real estate on Aquidneck Island has surged this past summer and suddenly we are facing a shortage of supply! Are we ready to see prices INCREASING in the area soon? Prices going UP? Very strange, but a real possibility.
Newport County has seen a nearly 30% reduction in values since 2006. That's a big chunk of the value of your home just vaporizing in the air. Gone..But recent demand in the under $400,000 range of the market has been very strong. In fact, we are at 8 months of supply on Aquidneck Island between $300,000 and $400,000. This short supply could create increasing prices in the area as our demand isn't slowing.
In fact, there is significant job creation happening on the island, bringing in 300 full time employees to the US Naval Base and the student population is slated to nearly triple - from current 6,000 to projected 16,000.
Strong demand + decreasing inventory=Rising prices!!
Perhaps we are starting to come out of the woods!
Keep Hope Alive!
Newport County has seen a nearly 30% reduction in values since 2006. That's a big chunk of the value of your home just vaporizing in the air. Gone..But recent demand in the under $400,000 range of the market has been very strong. In fact, we are at 8 months of supply on Aquidneck Island between $300,000 and $400,000. This short supply could create increasing prices in the area as our demand isn't slowing.
In fact, there is significant job creation happening on the island, bringing in 300 full time employees to the US Naval Base and the student population is slated to nearly triple - from current 6,000 to projected 16,000.
Strong demand + decreasing inventory=Rising prices!!
Perhaps we are starting to come out of the woods!
Keep Hope Alive!
Thursday, September 24, 2009
RI Real Estate - Wait for the Government to extend tax credit???
I wouldn't bet on it. And even if they do, interest rates will be much higher very soon.
The Fed announced that they will be scaling back the purchases of mortgage backed securities. This program by the Fed has artificially kept mortgage rates low by providing a funding source for the resale of mortgages.
When the Fed starts to back out of the purchasing, there is no assurance that the private market will jump in. In this instance, real rates will rise to create the demand for these products on the secondary market.
What does this mean? If you can now lock in at 5% and take advantage of the tax credit - do it. Even if the tax credit is extended you could be losing money! For if real mortgage rates rise by 1%, you've lost 10% of borrowing power. So if you qualify for a $200,000 mortgage today, you would only qualify for $180,000 tomorrow.
He who hesitates is lost.
The Fed announced that they will be scaling back the purchases of mortgage backed securities. This program by the Fed has artificially kept mortgage rates low by providing a funding source for the resale of mortgages.
When the Fed starts to back out of the purchasing, there is no assurance that the private market will jump in. In this instance, real rates will rise to create the demand for these products on the secondary market.
What does this mean? If you can now lock in at 5% and take advantage of the tax credit - do it. Even if the tax credit is extended you could be losing money! For if real mortgage rates rise by 1%, you've lost 10% of borrowing power. So if you qualify for a $200,000 mortgage today, you would only qualify for $180,000 tomorrow.
He who hesitates is lost.
Thursday, June 11, 2009
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