Newport RI Real Estate Blog - Rhode Island Condos

Rhode Island's 8% Tax on Short-Term Rentals

8% short-term rental tax effective July 1, 2015.

Here are the details:

WHO WILL OWE THE TAX?

• Private Home Owners who rent their homes for fewer than 30 consecutive days will be required to obtain a sales tax permit and collect an 8% tax (7% sales tax plus a 1% hotel tax). Real estate commissions and cleaning fees included as part of the lease are also subject to the tax. Refundable damage deposits are not taxed.

WHO COLLECTS THE TAX?

• Homeowners are responsible for collecting taxes from tenants. Homeowners are also responsible for collecting the tax if their tenants sublet their property (with or without their knowledge).

This is an excerpt of the DRAFT regulation distributed 6/24/15 regarding Agents' responsibility for tax…

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Tuckerman Ave Condo; Easton's Point living without the Easton's Point Prices

Easton’s Point in Middletown has some of the hottest real estate in Newport County.  This townhouse right in the center of Easton’s Point puts you a stone’s throw from 1st and 2nd Beach.  The Stone Towers condo association is located atop a knoll right off of Tuckerman Ave. It gives a home owner the great opportunity of owning their own slice of heaven in this highly sought after neighborhood.

Refinished only a handful of years ago, it’s ready for you to move in just in time to enjoy your first summer here in Middletown. 

The Middletown Condominium is minutes to restaurants, coffee shops, convenience stores, nightlife, breakfast diners and shopping.  The neighborhood has the small town beach community feel for everything families need and…

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Flood Insurance in RI: The Changing Waterfront

Bowen's Wharf, Newport, 10/29/12

RI FLOOD INSURANCE UPENDED

Flood risk across the country, particularly in coastal areas like Newport, RI is on the rise.  The Beggert-Waters Act of 2012, resulted in the redrawing of all flood insurance rate maps to reflect current elevated risks.  As a result, some properties that have never needed flood insurance are now in high risk zones, some properties are no longer insurable at all, and flood insurance rates are skyrocketing.

WHY IS THIS HAPPENING?

The Federal Government's flood insurance program has lost $19 billion in recent years. To continue to have a viable flood insurance program, the government plans to make those who have the risk pay for it.  As a first step, all of the flood maps are being…

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To Rent or To Buy Newport RI Home or Condo?

To Buy or To Rent? A tool to help you decide.

Many factors enter into the decision to rent or buy a RI home including the anticipated rate of appreciation, anticipated rent increases, your tax bracket and how long you expect to stay. If you're wrestling with this common real estate decision, take a look at this Rent vs Buy calculator. It's one of the best ones out there because it rolls every possible permutation into a tidy little graph and a one sentence conclusion.

So plug in your numbers, and see what's best for you. If it turns out that buying is the way to go... well, you know where to find me!

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Middletown & Newport Homeowners: File a Ratable Tax Form by 1/30/12!

Complete, sign, notarize & file Ratable Tax Form

If you own property in Newport or Middletown, RI, you probably know that 2012 is a revaluation year.  That means Newport and Middletown's tax assessors are about to revise your valuation based on comparable sales and other market indicators.  You might agree with their opinion of value, but just in case you don't, you should file a Ratable Tax Form now.

To protect your right to appeal your new assessment, you must file a Ratable Tax Form with your town hall by Tuesday, January 30, 2012. The form provides your opinion of your property's value and insures your legal standing should you decide to appeal.  With legal standing you have the right to sue for a reduction. Without it, you can only make the…

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Newport Harbor, April 2011

Late afternoon, Brenton Cove, Newport, RI April, 2011

Newport Harbor, Before the Boats Arrive

April and May - those pre-summer months when everything begins to bloom - bring a distinctive beauty to Newport.  The chartreuse green leaves, flowering trees and the uninterrupted stretch of harbor (sans fleet) provide no hint of the bustling summer days ahead.

This photo was taken from Beechbound - a luxury condominium enclave created around a fabulous turn-of-the-century 1895 summer "cottage".  It is one of several condo communities along this scenic stretch of coastline offering active harbor views, docks, launch access and the ability to get involved or get away - all from the same spot.

So come soon, before spring gives way to summer, and see what…

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Top 20 Real Estate Sites for Selling Newport, RI homes

It takes 100 consumer sites to reach 71% of the market.

If you have a Newport, RI home or condo for sale, chances are it's listed on many different real estate sites.  Some of this listing distribution happens automatically through MLS (Realtor.com, ProJo.com, NewEnglandRealEstate.com), some depends on your listing agency's syndication agreements (Yahoo, Zillow, Trulia and many more) and some is the result of exclusive agreements based on vertical markets like luxury real estate, foreclosed properties or short sales.

With hundreds of sites out there, it's hard to know which ones really matter when it comes to delivering traffic.  As it turns out, no 800 lb. gorilla dominates the consumer real estate scene (yet).  While a dominant player may emerge,…

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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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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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