Crazy Rhode Island real estate market (Jamestown: vacation home, job market, closing)
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This Rhode Island real estate market is crazy. Realtors tell me Jamestown may be the craziest example. Just on Realtor.com. 2 newest listings, both fixers, went Pending in 24 hours. And, this is between winter holidays. The deadest time of the whole year. The least expensive house currently available in JTN is asking $999,500. Not sure how sustainable all of this is.
This Rhode Island real estate market is crazy. Realtors tell me Jamestown may be the craziest example. Just on Realtor.com. 2 newest listings, both fixers, went Pending in 24 hours. And, this is between winter holidays. The deadest time of the whole year. The least expensive house currently available in JTN is asking $999,500. Not sure how sustainable all of this is.
The long term sustainability of a given real estate market is obviously and completely dependent upon demand, which in turn is largely dependent upon the health of the local economy and job market. Current trends in Rhode Island are likely driven simply by cheaper prices relative to more prosperous and desirable areas within geographic proximity. I'd say, enjoy it while it lasts.
This Rhode Island real estate market is crazy. Realtors tell me Jamestown may be the craziest example. Just on Realtor.com. 2 newest listings, both fixers, went Pending in 24 hours. And, this is between winter holidays. The deadest time of the whole year. The least expensive house currently available in JTN is asking $999,500. Not sure how sustainable all of this is.
And this advice from a Bostonian: when you get to the end zone, act like you've been there before.
This Rhode Island real estate market is crazy. Realtors tell me Jamestown may be the craziest example. Just on Realtor.com. 2 newest listings, both fixers, went Pending in 24 hours. And, this is between winter holidays. The deadest time of the whole year. The least expensive house currently available in JTN is asking $999,500. Not sure how sustainable all of this is.
Funny. This house here just sold yesterday for $587K, had been on the market for 74 days.
What's interesting, though, if I'm correctly understanding the price history, is that both of those houses sold above asking price - despite being on the market for a long time.
The 587k house was listed at 579k.
The 325k house was listed at 310k. (But the price was dropped from 499k)
What's interesting, though, if I'm correctly understanding the price history, is that both of those houses sold above asking price - despite being on the market for a long time.
The 587k house was listed at 579k.
The 325k house was listed at 310k. (But the price was dropped from 499k)
It's also possible the sellers gave cash back for closing costs or repairs (and still really only paid 579K/310K), the latter especially looks like it needs a bit of work.
The long term sustainability of a given real estate market is obviously and completely dependent upon demand, which in turn is largely dependent upon the health of the local economy and job market. Current trends in Rhode Island are likely driven simply by cheaper prices relative to more prosperous and desirable areas within geographic proximity. I'd say, enjoy it while it lasts.
Real Estate in Jamestown has nothing to do with the local economy or local job market. Relative prices, perhaps.
What's interesting, though, if I'm correctly understanding the price history, is that both of those houses sold above asking price - despite being on the market for a long time.
The 587k house was listed at 579k.
The 325k house was listed at 310k. (But the price was dropped from 499k)
Correct for the cheaper cottage. Sellers with multiple offers sometimes get greedy and choose the wrong one. When that happens, the house comes back on the market & goes to the next highest offer. In this case, I'm told all offers were over asking. As for the crazy original asking price, the selling estate thought they had 2 buildable lots. They didn't. The fixer cottage was 700 sf with no possibility of footprint expansion. Probably to become a little summer house for some New Yorker.
Last edited by independent man; 12-29-2020 at 12:50 PM..
Real Estate in Jamestown has nothing to do with the local economy or local job market. Relative prices, perhaps.
Vacation homes represent an insignificant amount of national real estate transactions.
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