Learn about short sales and bank owned property in Rhode Island.

231_maple_-_kitchen_400231 Maple Ave. Newport, RI

Every once in awhile there's a distressed sale that really stands out as an amazing value. 231 Maple Ave. Newport is such a property.

Here's the skinny: It was the developer's model unit; it's big, 3 bedrooms, in perfect condition and the numbers work as an investment. This one has it all, and the price is now under $130,000 with an assessed value of almost $350,000!



For everyone who thought AFFORDABLE living in Newport was impossible, think again. This new, centrally located, 1,500s.f. 3bd, 3ba townhouse complete with fireplace, fully finished walk-out basement, updated appliances AND low association fees is truly a steal!

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Before we get into the nitty gritty, let me start off by saying a few things about myself. My real estate career began after my employer, a boutique financial firm where I was CFO, closed abruptly.  When the shock wore off, and I finished mourning, I picked myself up, dusted myself off and started over in real estate.  It wasn't easy, but now I find tremendous satisfaction in helping homeowners understand the options and the obstacles to getting back on their feet.

The point I'd like to make here is this: things happen, you can adjust, and you can start over. Yes, the economy is bad. We are at close to 10% unemployment. Your home value probably has dropped, and, if you owe more than your house is worth, a short sale may provide the relief you need to get…

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