'Tis the Season

The New Normal seems to be on the wane. Reports of Black Friday scrums suggest the retail sector is gaining strength. Could the frugality of the last two years be giving way to looser purse strings? Could be, as Americans have paid down debt and boosted savings rates from 1-2% prior to the recession to 5.7% in October.  So, what does this mean for  Newport's real estate market, and how will it influence what happens in 2011? Here's my take:



We're unlikely to see a Black Friday frenzy for RI real estate. While consumers feel better about smaller purchases, sales of durable goods like cars and appliances (and homes) are down.  Like other parts of the country, real estate inventories are high here, and it's still hard for many buyers to…

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Fig & Fois Gras at The White Horse Tavern

It's almost time for Restaurant Week! This much anticipated annual event has grown to include most of Newport and Bristol's fabulous dining establishments.

Each participating restaurant offers a three-course, prix fixe meal at the exceptional price of $16 for lunch and $30 for dinner (beverages, gratuities and taxes are additional). Reservations are a must, and seats fill up fast, so take a look at the participating restaurants and make your plan!

And, if you would like to look at a few homes while you're here, that would be OK too!

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The Wall Street Journal online has an cool housing stress map (link below) that shows the relative distress of cities and towns across the US.  It takes into account the percent of mortgaged homeowners spending 30% or more of household income on owner costs, the percentage of the population not working and the percentage of the population without health-insurance coverage.  Rhode Island's level is 81, just under the mean of 87.5, which is virtually the same as Massachusetts and the other New England states.

The data was collected in 2009, so it's a little out of date.  Still, in the face the daily news broadcasts about our abysmal unemployment rate, it's encouraging to know that our stress levels are about average. Perhaps, as a result, we will…

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Amidst all the lamentations about losing the America's Cup to San Francisco, I can't help thinking that the loss might actually have a positive impact on Newport as a sporting place to race. Already, local yacht clubs have introduced new races to recognize the sailing achievements of amateurs with a healthy love of the sport and the competition.littleboats_w_bridge_sm

I must disclose here that I am singularly unqualified to comment about yacht racing having been afflicted from an early age with serious motion sickness. (I even wear a patch to ski!). Still, as a native Rhode Islander, I have been surrounded by boats and sailors all my life, and I understand how much they contribute to the character and the economy of Newport, Jamestown, Bristol and the other coastal communities…

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Once upon a time (not too long ago), I participated in a chilly stand off between parties who really could have and should have worked things out. Sound familiar? Hey, it happens to the best of us, but this one was especially galling because all it would have taken was a tiny bit more from a buyer who got caught up in finding "the bottom".  I single out the buyer here because, of the two, he was the one with the emotional wherewithal to be the bigger person, swallow his pride and up the ante to finish the deal.  After mulling this over, I am certain it would have been better for him, and here's why: He planned to buy and hold, and when you plan to buy and hold, you do NOT have to be EXACTLY right on price.

Who among us has not seen this situation…

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This weekend some of New England's most beatuiful classic sailboats will convene in Newport for the Museum of Yachting's annual Classic Yacht Regatta.  There are many vantage points around the harbor including Castle Hill, Fort Adams and Jamestown's Fort Weatherill.  Vintage 12 meters of America's Cup fame, traditional one-designs and a few modern classics will be on display here in one of the world's most scenic harbors.  This regatta is so quntessentially Newport, you just have to take it in.  The Museum of Yachting is located at Fort Adams.  The fleet assembles Sunday at 10:30 at Goat Island and then cruises along the shore of Newport Harbor.fortadams_aerial_jazz_400

 

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We've got several fab, fab, fab condos for sale in Newport - with everything you've ever dreamed about - water views, lots of space, close to beaches - and they're available for, well, some pretty good numbers.  Here's a little info on the top quartile or higest priced condos in Newport illustrating the market forces at work here. Prices are up a little, but price per square foot is trending steadily down. Translation: more space, less $$. If you're a buyer, this is just a little more evidence that the wind is REALLY at your back right now on the luxury condo scene. Life is short; markets are hard to time; you can't buy happiness, but you can make a place and invite it in!

Note: This blog post will get old, but the chart will update weekly, so check…

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... you might be pleasantly surprised by the new pricing, the recent sales and the amazing beauty of this 450-acre sporting estate in Portsmouth.  Last week Carnegie announced substantial reductions in The Tower residences, and there are some pretty good values in the shingle-style Golf Lodge and Golf House too.  If you're looking for an upscale, turnkey home where you can golf, ride, sail, swim play tennis or just wander around the 450 gorgeous acres, this might be the place for you!

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Carnegie Abbey is a private golf club and sporting estate in Portsmouth, RI, just 15 minutes from Newport. Prices start at $799,000 but the round of golf with me will be priceless!

 

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The International Tennis Hall of Fame and Salve Regina University are nearing completion of the $4.5 million restoration of the Newport Casino Theater. This National Historic Landmark was built by New York Herald publisher, Gordon Bennett, a wealthy businessman who found himself in need of a place to go after being dismissed by an exclusive Rhode Island country club for a bet gone bad. Architect Stanford White designed the 456-seat auditorium to serve the carriage trade, creating enough space beneath each seat to stow a top hat. In its day, the theater played host to such luminaries as Orson Wells and Vincent Price, and the restoration, under the direction of architect Martha Werenfels, is scheduled to conclude this summer.  "The original plaster finishes…

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RI mortgage rates are lower than they have ever been in recorded history!  Your savings over time will be enormously higher than the $8,000 tax rebate.  As of today, August 20, 2010, the current average rate for a 30 year fixed loan is 4.75 percent, and the 15 year fixed rate is at 4% (view full post for chart).  The stimulus package was nice, but the money you will save by financing at these rates is nicer.  Consider this example: if you bought a house for $300,000 last year and financed 80% at 6%, your interest payments for the first 3 years would be $42,402.  Three years of interest payments for the same purchase today at 4.75% would total $33,411.  That's almost $9,000 less, and these savings continue for up to 30 years.  So don't feel bad about…

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