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August 2010

Found 6 blog entries for August 2010.

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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Here's a quick look at what's happening in Newport in with our most expensive properties.  This graph represents the top quartile of listings in Newport - in other words, the most expensive quarter of the market.  Inventory is about 15% higher than it was last fall, but prices are adjusting down creating opportunities for buyers in the market for an upscale home.  If you've been on the fence, this might be the right time to make a move...

P.S. Our research is updated weekly, so check back often and keep your finger on the pulse of things.

Real Estate Market Chart by Altos Research www.altosresearch.com

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The chart below represents Newport's single family market over the last 6 months. According to Statewide MLS data, an average of 17% of available single families are going under contract each month and an average of 8% are selling. If you're a seller it's important to understand that it will take some time for this inventory to be absorbed. If you're a buyer, well, you could be forgiven for thinking it's too turbulent to jump in, but when the pendulum swings (and it always does...) I predict you will look back longingly at this chart.

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