Relax on your waterfront dock, kayak or boat on the saltwater pond or glide out to the bay from your backyard. Private and serene setting on lush landscaped acreage in a desirable peninsula location close to Ocean Beaches, Newport, Providence and one hour from Boston.
This home is designed to bring water views into every room in the house. Features include high ceilings, spacious rooms and natural stone fireplaces. First level entertainment and media room with fireplace accessing sloping waterfront backyard. Second level is surrounded by walk out deck and sliders in every room for spectacular sunrise views. Stainless eat in kitchen, beautiful hardwoods and open floor plan.
Get ready to move in and enjoy, your waterfront dock is waiting!
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.
"RESTHAVEN", Designed by famed American architect, Richard Morris Hunt, this is a rare architectural gem on Bellevue Avenue in Newport, RI. Expansive living areas, soaring ceilings, exceptionally large kitchen all with nearly 1 and 1/2 acres of prime real estate on Bellevue Avenue. Just steps from Bailey's Beach!
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.
Final numbers for the second quarter from Newport County, RI.
Single Family
# Sales
Average List
Average Sale
Median List
Median Sale
Days On Market
2008
259
$ 585,575
$ 544,958
$ 395,000
$ 366,500
131
2009
221
$ 456,464
$ 412,612
$ 319,000
$ 294,000
146
# or $ Change
-38
$(129,111)
$ (132,346)
$ (76,000)
$ (72,500)
15
% Change
-15%
-22%
-24%
-19%
-20%
11%
First the bad news. Median sale price is down 20% from last year. Average sales price is down 24% from last year. Overall the average sales price is down over 30% from peak in 2004. Some analysts are calling for a total reduction in value of US housing by 40% before recovery. So, if you look at it on the bright side, we are nearly through this awful period.
I do think our market will recover a bit faster due to the significant job creation at the US Naval Base and General Dynamics. Defense spending isn't going to slow down in our world today, so I think we are at, or very very close, to bottom.
The pending index is approaching 5 sales per day in Newport County. This is the highest the pending index has been in over 3 years!
QUALITY CONSTRUCTION AND ELEGANT DETAILS ABOUND IN THIS GORGEOUS END UNIT. BRIGHT AND SPACIOUS LIVING AREAS AND OPEN FLOOR PLAN FOR TODAY'S LIVING! LARGE MASTER SUITE ON THE FIRST FLOOR. DRAMATIC WATER VIEWS FROM PORCH AND DECK. FIFTEEN MINUTES TO DOWNTOWN NEWPORT, 20 MINUTES TO PROVIDENCE AND 10 TO DOWNTOWN BRISTOL. TENNIS ON SITE!
6 units in 2 buildings. Two separate lots. 10 Dresser Street is a 4 family home, separate utilities. 4 bedrooms, two bedrooms each. 12 Dresser Street is a 2 family home, each apartment has 3 bedrooms.
This property is in in a location that is perfect for summer rentals, college rentals or perhaps conversion to condominiums.
Raveis.com now has more features to help buyers find the right property, the right mortgage, the right insurance...and the list goes on.
Check out the mapping feature now. This enhancement allows the consumer to really narrow down the area and area amenities. So not only can you preview the homes, you can find out the distance to the local schools, houses of worship, cinemas, shopping, etc. There are also tabs for crime statistics, area demographics, and weather...everything you would want to know about a community before you get there.
When you do find a property that looks interesting, the display to the consumer is fantastic. Here's one of my listings for your reference.
Realty 3 in Rye, NY has joined William Raveis Real Estate! Joan Bomann and her 30 sales associates enjoy a great reputation in the Westchester County marketplace for the past 34 years. Welcome to the team!
So now Raveis is in 4 states; #1 in CT, #2 in MA, growing strong in RI and now in NY. The goal is "Manhattan to Maine". With the most powerful website in real estate, fantastic marketing, unparalleled education and training and a myriad of tools for our agents the company is poised for significant growth throughout New England.
Look for more signs going up in your neighborhood! Then watch as they come down after a successful closing!
Rhode Island Real Estate. Information and commentary on the real estate market in RI. We have an office on Bellevue Avenue in Newport, RI and another office on Main Street in Wickford, RI. We are planning expansion throughout the state.
William Raveis is the 12th largest real estate firm in the nation and the largest family owned real estate firm in New England. From Manhattan to Maine, we are New Englands real estate company.
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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