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Cut/pasting random house listings to try to prove a point means nothing. Other than you don't know anything about Rhode Island real estate. Especially, Jamestown, Rhode Island.
What little I know about RI real estate (or real estate anywhere) is that while shady realtors lie through their teeth, "numbers" do NOT.
If you're mortgage - less, it's possible to sell in JTN, then move over to Narragansett or South Kingstown, duplicate your JTN house there AND put $300,000 cash in your pocket for your trouble. Families with children are doing it. Real estate markets on different planets.
This is EXACTLY what I did this summer, even with a hefty mortgage in Jamestown. Good luck doing it now though. I would say I got lucky but I treated finding a bargain like it was my full time job. People moving in from Mass and NY want a turnkey home. I was willing to prioritize square footage and location over condition. Which is exactly what I did when I purchased in Jamestown over a decade ago. Without taking my renovations into consideration my house in Narragansett has appreciated 1% a month since I bought it.
12% (compounded) a year plus something I can live in at a 2.6 interest rate is not a bad investment. But most people don't approach their home buying with an investor hat on.
I also want to say that there is a limitation for comparison at the bottom of the market. 300k vs 600K are two completely different buyers. 1M to 1.3 M are the same buyer. There is an enormous amount of competition in the 300 range. Anything halfway decent will be sold before listing. Up to 500K a house in Narragansett OR Jamestown could still "pay for itself" as a rental either summer or school year because of the low taxes and absurd mortgage rates. 500 to 900 is still fairly competitive but now you're looking mainly at primary homeowners and people who are not planning to rent out their vacation homes. 900-1.5 I would argue is the same buyer because they are either going to buy something at the top that is just the way they want it or the bottom and pour a bunch of money into it.
Indeed, the Jamestown real estate market is totally untethered for the RI economy. It's an island in more ways than one. In the last 5 years Jamestown has gone from just a very nice Rhode Island town to being considered an "island" by much of the region. The village shops & restaurants are in some kind of transition. Where it ends up is anyone's guess. Village houses enjoy incredible real estate appreciation. Agents proclaim, "within walking distance to all the shops and restaurants". The joke is, what shops & restaurants? 4 shops, 4 restaurants, 2 liquor stores, several real estate offices & a small grocery store. And, that's in the summer. It's an convenient island for well heeled people who want beautiful & a bit sleepy.
Yes, Jamestown is not for "regular people" while living there I witnessed enormous funds (millions) being poured into the golf course, the volunteer fire station that holds a prominent place "downtown" and the parking lot at East Ferry. The golf course is the worst as it is just a rental facility for a private business. I would love to know what other town would hire a luxury home architect and pour millions into a new building and grounds just to rent it out to a private business owner??? Meanwhile the schools are in absolutely terrible condition. The elementary school is OK, not great, but the middle school is deplorable. And the high school kids spend almost an hour twice a day being bussed to other schools in the state. I think when you realize you don't value the same things as your neighbors it is time to go or commit to spend your life deeply frustrated. Which a few people on this RI forum seem to be.
Westerly is a nice town, but I don't think you know much about Westerly. If you did, I doubt you would consider it a nice town.
Other than the tiny affluent Watch Hill area, it is socioeconomically similar to Warren - a town that you apparently look down on.
I do know Westerly and , as I said, I consider it a nice town- so stop deciding what I think. And why you say I " apparently " "look down on Warren" I have no idea. I'd love to find a suitable house there in the very small historic district, but there aren't any for sale.
And why you think I am somehow in charge of the socioeconomics of ANY town, believe me I am not. Facts are facts.
Yes, Jamestown is not for "regular people" while living there I witnessed enormous funds (millions) being poured into the golf course, the volunteer fire station that holds a prominent place "downtown" and the parking lot at East Ferry. The golf course is the worst as it is just a rental facility for a private business. I would love to know what other town would hire a luxury home architect and pour millions into a new building and grounds just to rent it out to a private business owner??? Meanwhile the schools are in absolutely terrible condition. The elementary school is OK, not great, but the middle school is deplorable. And the high school kids spend almost an hour twice a day being bussed to other schools in the state. I think when you realize you don't value the same things as your neighbors it is time to go or commit to spend your life deeply frustrated. Which a few people on this RI forum seem to be.
I recall years ago reading about how the middle class could no longer afford to buy in Jamestown. It's no secret that similar towns in RI have been appropriated by wealthy out-of-staters (who don't care about public schools). Started with Newport eons ago. Gotten much more prevalent now.
The only frustrated people I read on this forum are those who live out of state- who represent at least half of the posters. All they do is kvetch.
Yes, Jamestown is not for "regular people" while living there I witnessed enormous funds (millions) being poured into the golf course, the volunteer fire station that holds a prominent place "downtown" and the parking lot at East Ferry. The golf course is the worst as it is just a rental facility for a private business. I would love to know what other town would hire a luxury home architect and pour millions into a new building and grounds just to rent it out to a private business owner??? Meanwhile the schools are in absolutely terrible condition. The elementary school is OK, not great, but the middle school is deplorable. And the high school kids spend almost an hour twice a day being bussed to other schools in the state. I think when you realize you don't value the same things as your neighbors it is time to go or commit to spend your life deeply frustrated. Which a few people on this RI forum seem to be.
I agree. The town has been undergoing a bit of transition for the last 5 or so years. Going from being simply a nice Rhode Island town to being considered an "island". The tax base has benefited. New part time residents who increasingly pay most of the taxes, but only lightly use the schools & services. New Yorkers, in particular, seem fascinated with Jamestown. I've heard more than one, speak of it as if they've made the discovery of their lifetime. And, they're spreading the word.
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