Prices Paid for Waterfront Homes- It's Always in the Eye of the Beholder

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Real Estate Agent with RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate

I know I sometimes marvel at the prices paid for waterfront homes in RI -yes, it's North Kingstown waterfront homealways in the eye of the beholder which may not always be clear to me.  What did the property uniquely have to offer to buyers that it was able to command such a premium over asking price?  If I had an opportunity to view the waterfront home perhaps I would know but speculation is a game in this business of real estate. Being able to experience the sight, sounds and touch of a piece of waterfront real estate is part of the buying experience.  Isn't it?

Did the waterfront home have a location like no other?  Did the architect design it in such a way to take full advantage of the ocean frontage as well as breathtaking sunsets?  Were the amenities and fine craftmanship like a work of art?  A million questions might be surmised by the whys...but it is in the eyes of a beholder (buyer here) that determines that 'je ne sais quois' fact of difference...and aren't they the fortunate ones.

John Goddard furniture


As a connoiseur of early American furniture, I appreciate the differences that can be felt and learned when considering a fine piece of furniture.  Whether it's fine real estate or fine antiques, the search for that piece that stands above the others is a desired hunt.

And just like an 18th century kneehole furniture piece above finely handcrafted by the famed Newport cabinet maker, John Goddard, it was a buyer who appreciated, desired and paid a premium price almost four times Christie's Auction House experts pricing for it...would you say $3.6 million for it was a bargain or a fair price?

It is truly interesting how it is not about the materials and labor here to determine the right price for a waterfront home or antique furniture piece.  It's that uniqueness above all else that commands prices paid for waterfront homes - it's always in the eye of the beholder.

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Ginny Lacey Gorman knows the waterfront homes in North Kingstown RI well and the geographic areaschools, local happenings, important tidbits of information and businesses well If you are looking for someone to guide you through the home buying or selling process, Ginny is a licensed Realtor® and would be happy to assist you. Waterfront, oceanfront and coastal RI homes for sale are her specialty but all of RI is her backyard.  So feel free to search for  RI homes for saleWhen you are in need of more information from an internet savvy Realtor® who sells RI waterfront homes in this real estate market,  call Ginny at 401.529.7849.

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This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice

 

Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.

 

Looking for a knowledgeable Rhode Island Real Estate Agent?  Let me GOOGLE one for you!

            

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Rainmaker
502,302
Vacation Rentals The Jeff Rickert Team
RE/MAX Property Specialists - Pocono Lake, PA
Poconos Vacation Rentals

Thanks for the post.

Location location location.

Good luck in your area and with this prop.

Jan 28, 2011 11:38 PM #1
Ambassador
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Ginny, $3.6 million??  Obviously a unique, rare high quality piece, but a concept I'd really struggle with when there's so much more than could be done with the dollars!  Can certainly understand the appeal of living oceanside too, there's nothing else like watching the variation in the sea, the waves, the life overall :)

Jan 28, 2011 11:49 PM #2
Rainmaker
5,320,692
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Ginny....waterfront homes are very difficult to price....they don't make oceans or lakes anymore and there are only so many front lots....supply and demand....and motivation by the buyer to own it....I've seen many lake properties sell for more than I thought they were worth.

Jan 28, 2011 11:49 PM #3
Rainmaker
1,816,979
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Jeff & Heather, it is location and gut wrenching have to haves I find with these buyers...it's really a study in & of itself.. hope you did better than us in the snow...to the Pocono twosome!  thanks,

BLIZ, i so hear you...when you do see the extravagant sums paid for artwork or furniture or homes...the wealth is still very much out there....

 

Barbara, we have enough sold this past year to really determine good pricing i believe and bidding wars are no longer prevalent but more & more had to sell their waterfront homes.  Lake properties can be tricky, I agree...best

Jan 28, 2011 11:57 PM #4
Ambassador
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Emily Medvec
eXp Realty LLC - Santa Fe - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

Ginny, unique properties always have value and certainly can not be priced on a per square foot basis. The intrinisic value is certainly in the eye of the beholder and the collector in them. Good post!

Jan 29, 2011 12:06 AM #5
Rainmaker
2,342,877
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Any home on the water has appeal, since as Barbara pointed out, there's only so much waterfront property available.  Sometimes I wonder what someone saw in a particular home that made it "the one", but that's part of what makes our business so much fun/frustrating!

Jan 29, 2011 12:13 AM #6
Rainmaker
3,917,146
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Ginny,

It always comes down to supply and demand and what a willing buyer is willing to pay for a property of interest. There are times no water front properties are available and there is a large pool of buyers waiting! One comes on market and because its the only one they may get way over what it might be worth if there were 15 water front properties available. Timing can be everything.

Jan 29, 2011 12:26 AM #7
Rainmaker
1,816,979
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Emily...i have found it recently truly in the eye of the beholder...these buyers are great to work with!

 

Anita...we've had quite a bit of waterfront homes for sale and they have been selling well...the buyers know if they want to find it now is the time...

 

Dorie...you are right ...you need a good supply of buyers as well as the homes to make this business interesting!

Jan 29, 2011 12:50 AM #8
Ambassador
1,726,516
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Ginny...

I agree that only a buyer can assign a value for any purchase, and only the buyer can ascertain which intangibles they are willing to pay for. BTW I think I donated something that looked like that kneehole piece to Goodwill! Oh well, you can't win them all!

Jan 29, 2011 12:57 AM #9
Rainmaker
1,040,883
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Ginny, the view is what speaks to the Buyer therefore we constantly advise "It's all about the View".  What value they place on it is their choice.  Regarding the Kneehole piece, although beautiful I personally would have been better served with a reproduction.

Jan 29, 2011 01:38 AM #10
Rainmaker
4,311,124
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ginny, it is amazing what people pay for some homes!    I showed a home owned by a Bronco football player, and the husband ABSOLUTELY wanted to buy, just because he was the previous owner!     Funny!

Jan 29, 2011 01:45 AM #11
Rainmaker
1,816,979
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond
Oh RIchard, hopefully it was a reproduction! It's interesting when out of staters drive around at waterfront properties & tell you they want to put an offer on a house they haven't even been inside yet!..........................................................................................................................................
Jan 29, 2011 01:53 AM #12
Rainmaker
1,816,979
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Kevin, it is about the view nearly all the time....yes I've opted for some great reproductions but in my 20's i did alot of antique dealing as a side business & obtained a couple nice pieces...you know common gentry type but i enjoy them...

 

Joan, isn't that amazing how people are so wild this way...it's that adoration factor & use girl!

Jan 29, 2011 01:55 AM #13
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Rainmaker
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