WALT'S REAL ESTATE WINDOW #52

Let's begin with some cool words from real estate guru Kathy Fettke. "The bottom line: investing in real estate is smart because property is tangible. People always have, and always will, need shelter."

That idea is what puts the real in real estate. It's an investment that will grow your money and you can live in it, or get paid by tenants. What's not to love?

CLOSING KING

The King is on Tuckerman in Middletown. The 3,100 square foot home across the street from the water went for $3.15 million.

The lowest priced closing is a Bulgarmarsh Road manufactured home in Tiverton. The Duke sold for $118,000

After 202 closings, and 406 that went under contract during the week, there are 1,765 active properties for sale. The number of single families went up a bit to 980 and there are 271 active condos.

RHODE ISLAND'S FORECLOSURE RATE HALF THE NATIONAL NUMBER

Foreclosures are trending the wrong way in most of the country, but the Ocean State is an island of stability, according to an ATTOM Data Solutions report.

RI was 43rd on ATTOM's March survey after one in 7,476 homes faced foreclosure filings. Nationally, the rate was one in 3,131--more than twice as high as the local number

FED KEEPS RATE THE SAME IN POWELL'S LAST MEETING AS CHAIR

The Federal Reservedecided to keep interest rates unchanged during what was expected to be Jerome Powell's final meeting as Chairman.

The vote was 8-4 on Wednesday, with the majority siting inflation concerns as the reason behind their decision. Powell says he'll remain on the board after the new chair takes over.

A MILLION WON'T GO FAR IN MONACO

You think it's pricey here, take a look around the world. In Monaco, $1 million buys you about 172 square feet of space. That's smaller than most one-car garages.

The Knight Frank Wealth Report pegs that as the most expensive place to buy property. Compare it to London and New York City, where a million buys you twice as much room. Still, that's only 365 square feet or $2,740 per square foot.

RI's BEST MILLION DOLLAR OPTIONS

110 Houston Ave in Narragansett is a nice one. The 2,400 square foot home is a walk away from the water for just over a millon.

Let's go condo for pick number two. $1.2 million for 15 Hammersmith Road in Newport in the Moorland Farm community.

11 new listings bring the total to 66 active single families and condos in the $980,000 and $1.2 million range. 9 properties in this spectrum went under contract and 6 closed during the week.

WALT'S PICKS FOR BEST MEDIAN PRICED HOMES

I put 9 Long Pond Road in Coventry at the top of my weekly median list. An even $500,000 for this nicely renovated ranch that has 1,400 square feet.

I also like 91 Evergreen on the East Side. This is a house disguised as a condo. 1,700 square feet, 4 bedrooms and 2.5 bathrooms for $495,000. Who needs a lawn to mow?

The number of active single families and condos in the $480,000 to $530,000 range is 91. 32 are new listings and 39 just went under contract. 28 sold during the week.

SPOTLIGHT ON MIDDLETOWN

Middletown gives you a wonderful balance of coastal lifestyle, open space, and everyday convenience. It is perhaps the most obviously named community in the world; A town nestled in the middle of Newport and Portsmouth on Aquidneck Island.

It has a great rural feel to it and some of our best beaches including one of my favorites, Sachuest Beach. Or do you prefer callling it Second Beach?

The real estate market includes a great mix of single-family homes in nautical neighborhoods, condominiums and luxury, waterfront properties, with demand driven by lifestyle, good schools and long-term livability.

There are 42 active properties including 27 singles and 3 condos. The price range tops out right now at $8.5 million for a waterfront "cottage" that has more than 6,000 square feet of space. There are also a handful of manufactured homes for under $75,000.

The median price is $662,000, about 12% lower than what it was at the end of the year. The median here has not been that low since 2021.

The median Days on Market is all the way up to 68. It was 43 at the end of the year and has not been higher than 45 over the past 5 years.

We've started the year with Middletown, Portsmouth, Tiverton, East Greenwich, Narragansett, Coventry, North Kingstown, South Kingstown, Warwick, Cranston, Providence, Pawtucket, Barrington, Bristol, Warren, East Providence and Providence in the spotlight.

QUIZ TIME

Jimmy Colombo gave us the answer we were hungry for. Connecticut lays claim to selling America's first hamburger. According to the Library of Congress, in 1900 Louis' Lunchin New Haven made fast food history by serving "ground steak trimmings" between two pieces of bread.  

Jimmy donated his prize money to the RI Food Bank.

This week we ask, where was the country's first public library located?

The reader with the winning answer gets to pick the next charity for our donation.

Thank you for reading the 52nd edition of Walt's Window. Text me at 401-339-0090 if you are ready to buy or sell and as always your comments and questions are welcome. Have a phenomenal week!