Newport RI Real Estate Blog - Leslie Hogan

No America's Cup? No Problem!

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.

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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Sometimes it's OK to Pay a Premium

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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Don't Miss the Classic Yacht Regatta - 9/5/10

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.

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Luxury Newport Condos - Price Bump? Not Really...

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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If you haven't looked at Carnegie Abbey lately...

... 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!

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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Newport's Casino Theater Restoration nears Completion

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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Missed out on the Stimulus Package? I don't think so...

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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Newport Luxury Real Estate Trending Up and Down

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.

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A Market Snapshot of Newport

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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How's the Market? A Tale of Four Cities

The most frequently asked question i get these days is, "How is the market?"  I reply based on my own experiences or those of my colleagues, but usually my answer goes something like this, "Well, it's slowed down, but things are still selling as long as you price it right."  This is true, of course, but upon closer examination of the numbers, it's clear that inventory levels in and around Aquidneck Island are trending up, and this is likely to put more pressure on prices. This chart is 'live' and will update weekly, so check back to see how things evolve.

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