Crazy Rhode Island real estate market (Newport: how much, pricing, assessment)
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While I don't follow the Newport real estate market closely, I'm told by friends that do, inventory is low, but buys are still to be had in single family fixers. It's a market where buyers mostly only want "done" & are still willing to pay the premium for it.
Thank you so much, I'm open to fixers, in fact, would prefer them. I do have some experience in Newport, brought a place on Carroll Avenue, fixed it up, rented it out for a few years and then sold for nice profit. Used the proceeds to buy a larger condo on Bellevue. It's been rented out -- my current tenant is looking to buy a place (also in Newport ) and if she leaves, I can use it for a few months while doing a Fall (or summer) rental depending on the economics.
The Newport market is sky high and I wouldn't expect price reductions since there is no new building and zero room for new building. So I'm afraid if you want Newport, waiting is not likely to be the answer. Time on market last I checked was only 5 days in RI.
IM can you link a single family fixer upper bargain in Newport?
So nice to hear from you, you definitely know RI real estate!
Wow 5 DOM
I'm not in a rush to buy, if the right deal comes along, I'd definitely jump on it. It sounds like if there are fixers/deals in Newport, they are with worth considering. Newport has been very good to me with the condos.
Last edited by New Englander; 07-11-2023 at 12:56 PM..
The Newport market is sky high and I wouldn't expect price reductions since there is no new building and zero room for new building. So I'm afraid if you want Newport, waiting is not likely to be the answer. Time on market last I checked was only 5 days in RI.
IM can you link a single family fixer upper bargain in Newport?
This little historic one stands out by LOCATION. The seller is likely dreaming a bit on the asking price, but the gut has already been done. Ready for the buyer to do a first class reno finish.
This little historic one stands out by LOCATION. The seller is likely dreaming a bit on the asking price, but the gut has already been done. Ready for the buyer to do a first class reno finish.
Thanks for sharing. Agreed on great location, and if the map is accurate, there is a bit of land (side yard to the corner). You're right about the price though, maybe there will be some flexibility based on days on market.
Thanks for sharing. Agreed on great location, and if the map is accurate, there is a bit of land (side yard to the corner). You're right about the price though, maybe there will be some flexibility based on days on market.
My guess is as interest rates rose, a recent contractor buyer ran out of construction money for the renovation. Paid $500k 3 years ago. The Newport market has been on fire ever since.
Mistakes can happen. What's important is how they are handled. Some of our immature forum members will argue til they're blue in the face while fully knowing they are wrong. That wasn't the case here. As I've said, the forum member acknowledged the mistake. No harm no foul. Let it go.
Right I acknowledged it the second it became apparent from that particular angle. If all others here had that same ability and maturity to admit when they are wrong, the dialogue in this forum would be a lot more constructive.
Mistakes can happen. What’s important is how they are handled. Some of our immature forum members will argue til they’re blue in the face while fully knowing they are wrong.
Being unable to identify a fishing pole isn’t a “mistake”. It was either true ignorance or indicates that the forum member in question was so caught up in rushing to share his usual broad-brush dog whistles with this board that he couldn’t be bothered to even try to come up with an excuse/explanation for how he thought a fishing pole was going to factor into the criminal activity his overactive imagination was quick to conjure up.
The post in question wasn’t a mistake. The broad-brush stereotyping of any person who happens to be caught in Google Street View photos of certain neighborhoods in Rhode Island isn’t a mistake. It’s just standard operating procedure for the Kooky Konspiratorial Kinksters in this forum’s Krime Kataloguing Kliub.
There are members of our forum who will argue til they’re blue in the face that the reason for sharing their broad-brush, dog whistle-loaded Kut-and-Paste Krime Kompendiums is out of concern for RI’s residents and as a service to those considering relocating to the state. That’s rubbish.
When a fixer house in Newport is unsold after 76 days, you can be nearly certain that every knowledgeable contractor in southern New England has already taken a look and determined that the numbers don't work.
A little common sense can go a long way. Just saying.
Being unable to identify a fishing pole isn’t a “mistake”. It was either true ignorance or indicates that the forum member in question was so caught up in rushing to share his usual broad-brush dog whistles with this board that he couldn’t be bothered to even try to come up with an excuse/explanation for how he thought a fishing pole was going to factor into the criminal activity his overactive imagination was quick to conjure up.
The post in question wasn’t a mistake. The broad-brush stereotyping of any person who happens to be caught in Google Street View photos of certain neighborhoods in Rhode Island isn’t a mistake. It’s just standard operating procedure for the Kooky Konspiratorial Kinksters in this forum’s Krime Kataloguing Kliub.
There are members of our forum who will argue til they’re blue in the face that the reason for sharing their broad-brush, dog whistle-loaded Kut-and-Paste Krime Kompendiums is out of concern for RI’s residents and as a service to those considering relocating to the state. That’s rubbish.
Here we go again with your childish win-at-all-costs twisting and turning. Of COURSE I can identify a fishing pole, and would have pointed it out had I caught it at the proper angle. I don't know what's so hard about that for you to understand, no matter how many times it's explained to you. But we also must acknowledge, that there is a lot more drug dealing and other nefarious behavior than fishing going on in the Washington Park section of South Providence (I wouldn't expect you to understand something like probability, but...).
My guess is as interest rates rose, a recent contractor buyer ran out of construction money for the renovation. Paid $500k 3 years ago. The Newport market has been on fire ever since.
I think you have a reasonable assessment as the interest rate increase crunched many real estate developers. However, to the earlier point, I think its true that not many Newport buyers are looking to renovate a shell, so there is both a pricing and expectations mismatch.
I suspect that Newport is going to continue to perform strongly for renovated, ready to move in units. This seller will probably need to reduce the price unless they can carry the costs of maintaining an empty property. This project might not be for me, but I have favorited it on Zillow and have a good template in mind for similar type properties.
Last edited by New Englander; 07-11-2023 at 03:40 PM..
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) and if she leaves, I can use it for a few months while doing a Fall (or summer) rental depending on the economics.
5 DOM
