Crazy Rhode Island real estate market (Newport: cost, estimated, parking)
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But I don't think you need to be an expert to recognize that a 1915 house is practically modern on a street with houses from 1760.
As far as the National Registry of Historic Places and the State of Rhode Island Historical Preservation & Heritage Society are concerned, when it comes to the age of a structure, anything less than 50 years old would face hurdles achieving “historic” status. At 108 years old, the age of the Newport house in question clears that hurdle. While its historic significance and artistic/architectural value are open to debate, the experts would take issue with your labeling it “practically modern”.
While its historic significance and artistic/architectural value are open to debate, the experts would take issue with your labeling it “practically modern”.
Of course...when taken out of context.
It's obviously not “practically modern”, but it is when compared to the houses from 1760 on that street.
As far as the National Registry of Historic Places and the State of Rhode Island Historical Preservation & Heritage Society are concerned, when it comes to the age of a structure, anything less than 50 years old would face hurdles achieving “historic” status.
I laughed when they declared 50 and older historic. 50 in RI is generally considered newish. And when your own historic status rivals your house's, you know you're in trouble.
Are 1100 sq ft houses in Newport in that neighborhood currently going close to 1 mil?
Quote:
Originally Posted by New Englander
I don't think houses are going for $1 mil in that neighborhood (bounded by Van Zandt; America's Cup; Washington Street and Long Wharf).
Actually, they are.
The house we're discussing is 14 2nd Street (1176 sqft).
3 houses away is 40 Elm Street (1267 sqft) with an estimate over a million.
That said, there is a major reason why this house has been on the market for 78 days and there are no pictures of the inside. I'm no expert but I would think the cost of the house plus the cost of renovation would probably exceed a million.
As far as the National Registry of Historic Places and the State of Rhode Island Historical Preservation & Heritage Society are concerned, when it comes to the age of a structure, anything less than 50 years old would face hurdles achieving “historic” status. At 108 years old, the age of the Newport house in question clears that hurdle. While its historic significance and artistic/architectural value are open to debate, the experts would take issue with your labeling it “practically modern”.
Correct. That he goes many places he's not intellectually equipped for is too obvious. Best ignore to spare the pain.
I laughed when they declared 50 and older historic. 50 in RI is generally considered newish. And when your own historic status rivals your house's, you know you're in trouble.
50 years old is a historic center entrance raised ranch with harvest gold appliances and burnt orange shag carpet.
I would place the renovation costs to be around $125-$150 sq ft. for something that would be flip worthy. For rentals, I would be able to get by on $100 sq.ft or so.
The key for Newport is getting a good contractor to come out to do the work. My guy was from Southeastern MA and really gave a good estimate, still complained about the traffic.
I think you’re dreaming. It’s a 1,176 sf house gutted to the studs. You’re starting from scratch with plumbing, electrical, HVAC, windows & doors, insulation, kitchen & baths. The natural cedar shingles are ready to be replaced. There’s bound to be remedial carpentry. Mine was $250/sf a decade ago and my labor costs & materials were way lower than Newport in 2023. You’re not going to put builder grade in a house with that much money into it.
I think you’re dreaming. It’s a 1,176 sf house gutted to the studs. You’re starting from scratch with plumbing, electrical, HVAC, windows & doors, insulation, kitchen & baths. The natural cedar shingles are ready to be replaced. There’s bound to be remedial carpentry. Mine was $250/sf a decade ago and my labor costs & materials were way lower than Newport in 2023. You’re not going to put builder grade in a house with that much money into it.
I think it's really unfortunate when random strangers make definitive statements about matters that are clearly not their area of expertise. I don't need to be dreaming about this when I regularly complete renovations (have 2 underway; 1 coming on line to be sold) and can control my costs because I have crews that I exclusively work with, have fixtures, materials brought wholesale. So I don't have any issues containing my costs. Best part is that I sell to retail buyers like you who are tripping over each other to purchase my properties -- escalation clauses, best and finals etc. Why is that? It's because I'm hitting the entry level of the market. Also, I don't cut corners, in fact, I'm one of the few developers who provides (as a standard) for punch list customization items after the close. I want my buyers to be happy, real estate is a relationship business and reputation matters.
I'm glad you paid $250/sf a decade ago. I hope you like the renovation because your contractor did very well and I'm happy for him. As for speaking about what others can or cannot do, you might want to open up your perspectives before making statements like above.
The property in question may not be for me due to the price point, however, outside of some traffic related gripes from my contractor, I have no problem executing on gut renovation projects like these.
Last edited by New Englander; 07-18-2023 at 11:52 AM..
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