Crazy Rhode Island real estate market (Newport: vs., appraiser, estimates)
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1. In what world is 1176 sqft not similar to 1267 sqft?
2. You asked where the data came from. I pointed out that it came from the listing page for the property being discussed. Blaming others?
3. You claimed that only 1 house had recently sold in that area for over $1M. I showed that you were wrong by posting a different one. The fact that it's a completely renovated 5 bed, 4.5 bath, 3242 sqft house for $1.56M should have helped to show (those who have absolutely no idea what they're doing) that a completely gutted 3 bed, 0 bath, 1176 sqft house is a horrible purchase at 750k.
4. Too incoherent and not worthy of a response.
1. The 1267 sq ft is an estimate not a closed sale. It means nothing to anyone in the industry and if you are homebuyer and seller, you better believe that an appraiser will be looking at comparables of closed transactions of properties of a similar square footage in the general area. So enough of your reliance on some estimate (that has also declined per Zillow; proving yet again why the reliance on estimates is faulty).
2. You pull some estimated values as try to derive some credibility from your weak table, when it has been proven that estimated values will not have a bearing on an appraisal which will take comparables on closed transactions so why share estimated values?
3. Again this is your poor reading comprehension, when I clearly stated that there has been one $1M+ sale as the square footage in the subject property is the limiting factor. Face it, if you didn't understand what I wrote then it's because you had no clue but had to *jump* at the chance to show that I was wrong by sharing a ludicrous example of a 5 bed/4 bth 3,000 sq ft+ house that sold for more than a Million. Congratulations on showing your ignorance on how a comparable is derived in the appraisal process.
4. The questions are in plain English, Are you unable to comprehend them? This is again why it's rich to read about reading comprehension when you are posting some estimates for houses near the subject property in your weak attempt to show your low knowledge of real estate and to think that anyone in the industry would not call you out on it. Go ahead and provide another retort.
Last edited by New Englander; 07-18-2023 at 04:44 PM..
I don't need it from you, so keep your snide, good luck. My world won't crumble if I am not able to find a deal in Newport to work on, but I'm pretty sure your world will crumble if C-D goes away or if you banned from it.
My sincere advice to you is to re-evaluate where you are in life. A proper way to handle this matter would have been been to make your comments and let things go when the conversation had moved on.
1. Independent Man posted what I consider to be a case study for house that could have been interesting to me if the price point was different. It gave me an opportunity to do some in depth research and it wasn't a deal for me, so passed on it. I appreciated IM for bringing it up because we had a good written back and forth. I appreciate the share.
2. HollyTree provided another good possibility in the 5th ward, but it didn't have the off-street parking so I wasn't interested. The house had potential though, I like the area.
So, this is how it works in my world: If HollyTree (who I believe is a real estate agent) finds another good deal, I will work with her not just now but also in the future. I don't know if Independent Man is in the industry or not, but if he finds me a good deal then I'll give him a finders fee (particularly if it's off market/a terrific bargain) - not my screen name New Englander, but the real me, my LLC will be cutting the referral check. They may not know me in real life but if things work out they will. Now if I trash them and belittle the links that they have posted for properties, do you really think they will even want to work me? I know I won't want to work with person like that. So this is how real estate works, it's a relationship business: if people bring you deals, you don't like that particular one you politely explain the reason why, thank them for the opportunity for thinking of me and you keep in touch.
Again you may not even be in real estate or care for what I write, but you need to know how you come across. If you are this way in real life, then I say good luck to those around you.
1. In what world is 1176 sqft not similar to 1267 sqft?
2. You asked where the data came from. I pointed out that it came from the listing page for the property being discussed. Blaming others?
3. You claimed that only 1 house had recently sold in that area for over $1M. I showed that you were wrong by posting a different one. The fact that it's a completely renovated 5 bed, 4.5 bath, 3242 sqft house for $1.56M should have helped to show (those who have absolutely no idea what they're doing) that a completely gutted 3 bed, 0 bath, 1176 sqft house is a horrible purchase at 750k.
4. Too incoherent and not worthy of a response.
Quote:
Originally Posted by New Englander
Are you even literate?
1. The 1267 sq ft is an estimate not a closed sale. It means nothing to anyone in the industry and if you are homebuyer and seller, you better believe that an appraiser will be looking at comparables of closed transactions of properties of a similar square footage in the general area. So enough of your reliance on some estimate (that has also declined per Zillow; proving yet again why the reliance on estimates is faulty).
2. You pull some estimated values as try to derive some credibility from your weak table, when it has been proven that estimated values will not have a bearing on an appraisal which will take comparables on closed transactions so why share estimated values?
3. Again this your poor reading comprehension, when I clearly stated that there has been one $1M+ sale as the square footage in the subject property is the limiting factor. Face it, if you didn't understand what I wrote then it's because you had no clue but had to *jump* at the chance to show that I was wrong by sharing a ludicrous example of a 5 bed/4 bth 3,000 sq ft+ house that sold for more than a Million. Congratulations on showing your ignorance on how a comparable is derived in the appraisal process.
4. The questions are in plain English, Are you unable to comprehend them? This is again why it's rich to read about reading comprehension when you are posting some estimates for houses near the subject property in your weak attempt to show your low knowledge of real estate and to think that anyone in the industry would not call you out on it. Go ahead and provide another retort.
1. The estimates are based on similar home sales. And, no, the estimate has not declined. realtor.com and Zillow have different estimates based on different algorithms. The fact that they are both over a million and within 21k should give a pretty good indication of the value.
2. Already explained above.
3. It shouldn't be difficult to understand that a recent sale of a 5 bed, 4.5 bath, 3242 sqft house for $1.56M puts a ceiling on the 3 bed, 1176 sqft house being discussed. I'd say the ceiling is about $1M after being fully renovated -- which is in line with the estimates for the 1267 sqft house that is 3 houses away. Again, paying 750k in gutted condition is a poor investment. As I said earlier, I would guess the cost (house plus renovation) will exceed $1M. The sale of the 5 bed, 4.5 bath, 3242 sqft house is absolutely relevant here in that it allows you to get a good idea of the ceiling for a lesser house. In other words, there's no way you're going to get anywhere close to $1.56M for a much smaller house.
Gosh, you are too kind. My perspective is that I look at properties with multiple exits when it comes to purchasing. With gut renovations in Southern New England, you are almost assured to find issues (foundation settlement, mold, knob and tube, lead/asbestos, radon and the list goes on). Better to mitigate/eradicate and have a nice property ready for the end user -- which can be a tenant or an entry level buyer, depending on the economics of the deal. So when you adapt this perspective, not to mention doing the right thing for everyone, it's pretty difficult to put lipstick on pig.
Also what's helpful to my crews in exchange for lower labor costs is: 1. No BS that they have to deal with homeowners (estimates, people changing their minds on the finishes, ninnies who complain regardless) 2. Materials already warehoused and available (no waiting around) 3. Prompt payments and work year round. 4. Templates for renovations (generally the same renovation sequence with systems work etc.).
Does sound like you have a good system and obviously know what you are doing.
My usual concern about major renovations in historic homes, even when well and conscientiously done, is potential eradication of the historic character of the house. So many interiors are replaced with stock kitchens and an "open concept"- hardly remotely colonial -since rooms were small and ceilings low to preserve heat.
However, done right, a renovation can preserve the attractive characteristics of the home, such as fireplaces, floor boards if sound and of good wood, built-ins, trim woodwork, and so on. (I realize the house in question is already gutted).
Newport thrives on its history and its huge collection of old homes and mansions. That and the waterfront is what it's all about. Having said that, I'm not personally a huge fan of living in a colonial era house with crammed in modern amenities (like bathrooms & big kitchens!). I'm also not a fan of steep steep staircases like so many old colonials have.
I prefer high ceilings and larger rooms. I like the 1920s-40s houses to live in. Not a mid-mod fan though although there's little to no mid- mod in Newport since it was already built by then and fortunately preserved. I'm pretty sure the Preservation Society there is strong, at least in regards to exterior modifications.
I don't need it from you, so keep your snide, good luck. My world won't crumble if I am not able to find a deal in Newport to work on, but I'm pretty sure your world will crumble if C-D goes away or if you banned from it.
My sincere advice to you is to re-evaluate where you are in life. A proper way to handle this matter would have been been to make your comments and let things go when the conversation had moved on.
1. Independent Man posted what I consider to be a case study for house that could have been interesting to me if the price point was different. It gave me an opportunity to do some in depth research and it wasn't a deal for me, so passed on it. I appreciated IM for bringing it up because we had a good written back and forth. I appreciate the share.
2. HollyTree provided another good possibility in the 5th ward, but it didn't have the off-street parking so I wasn't interested. The house had potential though, I like the area.
So, this is how it works in my world: If HollyTree (who I believe is a real estate agent) finds another good deal, I will work with her not just now but also in the future. I don't know if Independent Man is in the industry or not, but if he finds me a good deal then I'll give him a finders fee (particularly if it's off market/a terrific bargain) - not my screen name New Englander, but the real me, my LLC will be cutting the referral check. They may not know me in real life but if things work out they will. Now if I trash them and belittle the links that they have posted for properties, do you really think they will even want to work me? I know I won't want to work with person like that. So this is how real estate works, it's a relationship business: if people bring you deals, you don't like that particular one you politely explain the reason why, thank them for the opportunity for thinking of me and you keep in touch.
Again you may not even be in real estate or care for what I write, but you need to know how you come across. If you are this way in real life, then I say good luck to those around you.
For a guy who claims to be so well connected, your plan is to rely on Holly and independent man to find listings for you online?
Dude, with such limited inventory, it wouldn't take you more than 5 minutes a day to check out the listings yourself. And with this vast knowledge you claim to have, what do you need Holly and independent man for?
And I'll also point out that if either of them found anything that was truly a good deal, I would think they'd jump on it rather than pass it along to you.
1. The estimates are based on similar home sales. And, no, the estimate has not declined. realtor.com and Zillow have different estimates based on different algorithms. The fact that they are both over a million and within 21k should give a pretty good indication of the value.
2. Already explained above.
3. It shouldn't be difficult to understand that a recent sale of a 5 bed, 4.5 bath, 3242 sqft house for $1.56M puts a ceiling on the 3 bed, 1176 sqft house being discussed. I'd say the ceiling is about $1M after being fully renovated -- which is in line with the estimates for the 1267 sqft house that is 3 houses away. Again, paying 750k in gutted condition is a poor investment. As I said earlier, I would guess the cost (house plus renovation) will exceed $1M. The sale of the 5 bed, 4.5 bath, 3242 sqft house is absolutely relevant here in that it allows you to get a good idea of the ceiling for a lesser house. In other words, there's no way you're going to get anywhere close to $1.56M for a much smaller house.
4. Not worthy of a response.
1. Now your going to go back to defending those estimates. These consumer facing estimates have ZERO value in a real estate transaction. You more ignorant than I thought. In the real estate transaction process Realtors help determine value (BPOs) for the homebuyers/sellers, while appraisers help determine values for the lenders. Even when I have brought cash, I have completed an appraisal because it lends credibility on the resale (if applicable). Readers, please do not be fooled by what this ignorant person, is saying (this person has been word polluting this other forums).
2. You explained nothing beyond sharing your ignorance of the real estate industry. You were a fool to present a Realtor estimates table with all properties exceeding the subject property in square footage (one came close -- yet was still an estimate). Good luck sharing these "estimates" with an appraiser and calling them comparables.
3. Now you are changing your tune yet again. You had triumphantly presented the 5 bed, 4.5 bath, 3242 sqft house as some evidence that I'm wrong and there WAS a recent $1M+ sale. When I reminded you of your ignorance on comparables and the ridiculousness of comparing this recent sale, I see you writing a paragraph of verbal gymnastics of trying to "prove" how the subject property is a bad deal. No you wanted to call me out for being wrong and saying THERE IS $1M+ transaction that sold recently, it was only when I had to highlight you poor reading comprehension that clearly stated that square footage will be limiting factor for $1M+ valuation, suddenly your tune changes? This is why you are a troll.
4. Understood that your reading comprehension is lacking, which why you unable to respond even one of the questions.
For a guy who claims to be so well connected, your plan is to rely on Holly and independent man to find listings for you online?
Dude, with such limited inventory, it wouldn't take you more than 5 minutes a day to check out the listings yourself. And with this vast knowledge you claim to have, what do you need Holly and independent man for?
And I'll also point out that if either of them found anything that was truly a good deal, I would think they'd jump on it rather than pass it along to you.
Let me school you on how relationships work and how limited your thinking is. Where did I say I was going to rely on just Holly and Independent Man? Where did you see me write that? Show it to me.
I don't need to claim knowledge and being well connected, you have been making enfeebled attempts to fact check me and have been wrong at each turn. In the process you have made it abundantly clear of your LACK of knowledge and generally poor reading comprehension. I certainly don't need to prove any to you.
As for the bolded portion, you are so ignorant and closed minded that it's getting sad. If they find a deal and jump on it, that's good for them, I don't think in zero-sum terms (look up the definition; you probably don't know it). However if they want to pass something along then cheers, I'm willing to work with them in real life. That's how real estate works. In the meantime, what are you doing with your life, besides assuming that I'm wholly reliant on two members to bring me deals? Please do let us know.
Again show me where I wrote that I'm solely relying on the two esteemed members to find me deals in Newport? Myopic Troll..
Does sound like you have a good system and obviously know what you are doing.
My usual concern about major renovations in historic homes, even when well and conscientiously done, is potential eradication of the historic character of the house. So many interiors are replaced with stock kitchens and an "open concept"- hardly remotely colonial -since rooms were small and ceilings low to preserve heat.
However, done right, a renovation can preserve the attractive characteristics of the home, such as fireplaces, floor boards if sound and of good wood, built-ins, trim woodwork, and so on. (I realize the house in question is already gutted).
Newport thrives on its history and its huge collection of old homes and mansions. That and the waterfront is what it's all about. Having said that, I'm not personally a huge fan of living in a colonial era house with crammed in modern amenities (like bathrooms & big kitchens!). I'm also not a fan of steep steep staircases like so many old colonials have.
I prefer high ceilings and larger rooms. I like the 1920s-40s houses to live in. Not a mid-mod fan though although there's little to no mid- mod in Newport since it was already built by then and fortunately preserved. I'm pretty sure the Preservation Society there is strong, at least in regards to exterior modifications.
It's definitely taken some time to get there and I'm on the road a lot between Boston and New York.
I wholeheartedly agree regarding the historic homes, I know in many instances both home buyers and developers are trying to fully modernize the interiors however retaining the charm goes a long way for sure. It all depends on the house, it's location and unique features.
I'm actually a proud member of the Preservation Society and strongly support their mission in Newport. It's such a beautiful community with wonderful homes. My condo has been preserved with many original features including woodwork, fireplaces etc.
Or a man who thinks Charlie Baker was a rock star governor.
Ah there it is, let me guess, your RedPlum33 screenname was out of responses so MassNative71, the second Avatar appears. Please tell me, what does Charlie Baker, a governor of Massachusetts, have to do with Rhode Island real estate or the current topic Newport estate Red Plum33, I mean Massnative71?
Man, you are so sad that finding nothing to criticize me on the topic at hand you switch over to your other equally abrasive screenname to *insult* me on the FORMER Governor of MA.
Seriously how sad is your reality?
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