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Once again the market in Rhode Island has stumped even the most long term astute professionals. While everyone knows about the economy, school and church consolidations, high unemployment and numerous short sales and foreclosures that have racked Rhode ...[Read More]
We were recently asked some questions by a reporter for Personal Real Estate Investor Magazine. Since I noticed I had not posted since February (yes, its been that long) perhaps this interview will make up for it! This will be a long post and in the interest ...[Read More]
Unless you are hiding out somewhere, you have to have heard about the immense number of foreclosures sweeping the nation. Rhode Island is one of the top states for foreclosures. The reasons are varied, loss of income (Rhode Island has a very high unemployment ...[Read More]
This is a follow-up to my last post on the $7500 tax credit for first time home buyers which has now been revised in the new Stimulus Bill just signed by President Obama. The amount of the credit has been increased to $8,000. Here is how it works: First ...[Read More]
While I was conducting open houses this weekend, I had some interesting discussions with first time home buyers and agents about the $7500 tax credit offered by the government. There was a bit of confusion and speculation about the $15,000 credit proposed ...[Read More]
There was an article published in the Providence Journal yesterday that reported the results of the 4th quarter condo sales for 2008. For closed transactions, the number of sales were down -17.4% and the median price -21.1% from $355,000 to $280,000. Days ...[Read More]
What's selling in the Single Family Market on the East Side of Providence? Well, houses in good condition and priced under $450,000 - that is what's selling. The point is that we have far too much inventory in the upper ends of the market and far ...[Read More]
So how did we do last year? The Single Family Housing Market on the East Side of Providence experienced less severe declines than other areas of the State. In fact, for 2008, the Median Price of a Single Family Home was $486,000, up +3.8% over 2007. From ...[Read More]
The Case for Listing Your House in the winter I am writing this as I am headed home from Los Angeles, where I spent a week in some of the most beautiful January weather they have seen there in a long time. As I took walks in some of the neighborhoods, ...[Read More]
Recently we suggested that a seller who is putting their house on the market in the next few months do a pre-listing inspection. Granted, the house is in great shape, so it came as a surprise that we would recommend this. The current owners wondered whether ...[Read More]
Could Housing be close to a bottom? While I don’t like to overly dwell on National numbers, there was one statistic posted from a credible source I felt worth sharing. Business Week recently reported an interesting statistic from the Case-Shiller ...[Read More]
It's a good time for buyers who have waited to purchase property. Rates are now at a 4 year low on 30 year mortgages, averaging 5.47%. The rate has not been lower since March of 2004 when the rate averaged 5.40%. What does this mean? For borrrowers ...[Read More]
Looking through the Multiple Listing service today and doing a search on the East Side of Providence I was surprised to see so many single family properties in the million dollar and above category. Is the East Side just growing the luxury market? Just ...[Read More]
Mark you calandars for December 6th for the Providence Preservation Society's annual Holiday Stroll ! This year's event will be held entirely in Downtown Providence. The event will inclued horse-drawn carriage rides, a special tree lighting by ...[Read More]
Here's how we are feeling about the economy after last week: Money is too tight to mention! Normally we have a falloff in real estate sales during November but this year is worst than most. I sympathize with all sellers who need to sell right now and ...[Read More]
I came across a website that measures the walkability of a location. I typed in Benefit Street in Providence where we live. Our walkability score came out to be at 94 out of 100 which the site calls a walker's paradise! Take a look at the site and ...[Read More]
Thinking of selling now or in the future? Every day that goes by in a declining market, a property loses a bit of its value. So the longer the property is on the market, the more the seller is chasing the market down. A property must be priced right from ...[Read More]
The Providence Journal today states that RI housing prices have dropped to a 5-year low. The article goes on to say that Moody's predicts that "house prices will hit bottom in mid-2010....and then begin to rise. Given that measure they say, "prices ...[Read More]
Hello world - I am CC's husband and real estate partner, Chris - and this is my first blog. I hope to use this blog to give you a view of real estate in the broadest sense in Providence. We'll be talking about the real estate market in general ...[Read More]
Ok - anyone who knows me well knows I have an obsession with buying bargins. The bug hits me everywhere. I just bought out East Side Eden which is going out of business (another absolutely wonderful retail store bites the dust prematurely)...but the owner ...[Read More]
This too shall pass. I know, I know. It's been a wild ride on Wall Street this week and things are not predicted to improve for a very long time. Chris and I are battening down the hatches just like everyone else. It is easy to get caught up in all ...[Read More]
Perhaps the most well known part of the Blackstone Neighborhood on the East Side of Providence is THE BOULEVARD. Now a magnificent tree lined street with some of the Providence's finest homes, did you know that this was actually an early planned green ...[Read More]
Foreclosures and short sales notwithstanding, the hardest product to sell these days in 02906 is the Multi-family. Here is why: In 2004, condo developers bought up existing inventory of multi-family properties and then converted them to condos. It was ...[Read More]
Some would call it wasting a lot of paper. I just call it "getting the facts straight". I've spent many an hour in the office printing out neighborhood reports for the East Side of Providence, carefully customized by street, to run 8 year ...[Read More]
For this post, I am focusing on Providence, and the East Side of Providence specifically, although I am not sure that it differs much from one neighborhood to another in the Rhode Island market, and for the U.S. for that matter. What sells and sells quickly, ...[Read More]
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