Crazy Rhode Island real estate market (Providence, Newport: oceanfront, contractors, disposal)
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There are hundreds and hundreds of people that carefully scrutinize every listing that comes up. I'm talking about people who actually know what they're doing...and I'm talking about people who can actually afford to purchase these properties with cash at above listing price.
In case you're still not aware, RI is a super hot market. This is why I keep pointing out your comment about expecting "significant price reductions". That's so far from reality it's not even funny. And if a good deal pops up every now and then, a knowledgeable person will grab it before you even have a chance to ponder it from wherever you are.
Bottom line: If a house in Newport has been on the market for 80+ days, that's all you need to know.
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.
Quote:
Originally Posted by New Englander
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.
1. Not worthy of a response.
2. Not worthy of a response.
3. Did you ever consider that mentioning the 5 bed house served a dual purpose? Guess it went over your head.
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.
There are hundreds and hundreds of people that carefully scrutinize every listing that comes up. I'm talking about people who actually know what they're doing...and I'm talking about people who can actually afford to purchase these properties with cash at above listing price.
Oh MassNative71 or RedPlum33 is it? Are we now trying to insult me in a passive aggressive manner. So sad and so very hurt. I can't speak for what others are doing, however the last few pages of the thread has established that you clearly don't know real estate and by making general statements like these does not make you come across as knowledgeable but rather as someone who doesn't what they are talking about.
No kidding there are hundreds and hundreds of people scrutinizing listings, there are people who can also afford to purchase above listing prices -- but tell me, what can you do? Where is your property in Newport? Crickets..
Quote:
Originally Posted by redplum33
In case you're still not aware, RI is a super hot market. This is why I keep pointing out your comment about expecting "significant price reductions". That's so far from reality it's not even funny. And if a good deal pops up every now and then, a knowledgeable person will grab it before you even have a chance to ponder it from wherever you are.
Bottom line: If a house in Newport has been on the market for 80+ days, that's all you need to know.
Really? RI is a hot market? oh please tell me more. Like I need advice for a person whose reading comprehension is limited (as seen on the ludicrous discussion on Estimates vs. Closed Transactions, unable to understand what comparables are).
I did not request your advice or for you to comment -- I understand that this is an open forum and you enjoy belittling and showing people like me where I'm wrong and you especially love getting the last word in to show that you have somehow "won" so let me say this whether I'm able to get a significant price reduction or not, is not your concern -- really don't you worry about it. Nor do you need to worry about how close or far away from reality I am -- you worry about yourself and perhaps getting an education on real estate including learning the role of Realtor and Zillow estimates in the real estate transaction process, what properties may qualify as comparables or not.
3. Did you ever consider that mentioning the 5 bed house served a dual purpose? Guess it went over your head.
4. Not worthy of a response.
1. Nothing to say anymore so let's use a banal cop-out.
2. Clearly shows a lack of comprehension.
3. I go by what you wrote, if you had a dual purpose in mind why didn't you clearly state it? It was a feeble attempt to deflect after you were proven wrong yet again.
4. You don't have a response. Address the questions, go on, do it..
Let's let the readers decide whose embarrassing themselves here.
So to recap what has occurred here: RedPlum33 a member with abrasive, know it all tendencies who derives joy out telling anonymous people who are on C-D to learn and share insights that they are wrong is clearly called out for lacking a basic understanding of the real estate in believing that Realtor.com estimates are an integral part of the real estate transaction process, has NO clue on comparables or how to derives goes silent for a moment only to have..
MassNative71 comes out of the woodwork (with the exact same tendencies: abrasive, know it all etc.) to talk about a FORMER governor of MA on Rhode Island Real estate thread to somehow insult me? RedPlum33 was so enraged about all of this that it decided to log off and log back in as MassNative71 to drop such a horrific insult that somehow invalidates the fact they (I'll now refer to the plural) are so enamored with responding to me that they will go to such great lengths to insult using two different names.
Wait, wait, is there a third one that's going to come out of the woodwork to insult? I'm expecting it now.
Last edited by New Englander; 07-18-2023 at 06:28 PM..
3. Did you ever consider that mentioning the 5 bed house served a dual purpose? Guess it went over your head.
4. Not worthy of a response.
Quote:
Originally Posted by New Englander
1. Nothing to say anymore so let's use a banal cop-out.
2. Clearly shows a lack of comprehension.
3. I go by what you wrote, if you had a dual purpose in mind why didn't you clearly state it? It was a feeble attempt to deflect after you were proven wrong yet again.
4. You don't have a response. Address the questions, go on, do it..
3. The dual purpose can be clearly seen in post #408. Pasted below.
"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."
3. The dual purpose can be clearly seen in post #408. Pasted below.
"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."
I did read post#408, but did you read your post#398 which preceded #408:
Where was the dual purpose then? Was anyone preventing you from sharing your dual purpose logic at that time? Post #398 was all about triumphantly declaring that I was wrong. When you were schooled in the world of property comparables is when we see your transparent and feeble attempt to cover the fact that an 1,176 sq ft house is not a good purchase. It's very clear that you were wrong on post#398 and ANY credible real estate professional/appraiser would laugh at your attempt to compare 3,242 sq.ft. house to a 1,176 sq ft subject property. No no, the goal here was to call me out on being wrong, when in fact, you were schooled on comparables and the ridiculousness of using estimates to show value.
So where does all this hubris and belittling come from? It's apparent to me and will be apparent to any real estate professional reading the posts that you have no idea what you are talking about, yet you come out here making claims with such certainty to do what? Appear as an expert of some sort? Your energies would be better spent actually BUYING properties, perhaps in Newport -- it's a great city. But no let's belittle strangers in a passive-aggressive manner by stating "There are hundreds and hundreds of people that carefully scrutinize every listing that comes up. I'm talking about people who actually know what they're doing...and I'm talking about people who can actually afford to purchase these properties with cash at above listing price." The implication here is that I don't know the concept of online listings or that I don't know what I'm doing or that I can't afford to buy properties all cash above asking. So tell me, do you derive joy and satisfaction from all of this? To make assumptions about strangers on the internet? Because if you do, you are nothing but a sad cyberbully. You should know that about yourself.
Last edited by New Englander; 07-18-2023 at 07:57 PM..
From where I'm standing, you're the only one insulting people.
You don't like being called out for being blatantly wrong on some key real estate valuation precepts.
Furthermore, I'm sure you must hate that you and your other Avatar's passive-aggressive insults directed towards me and others also are being called out for what they are: The attempts of a cyberbully who cannot stand being wrong and has to get the last word in because they see it as some type of a twisted victory.
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