WALT'S REAL ESTATE WINDOW-EPISODE 62

We begin with a great quote from my favorite president, Theodore Roosevelt. "Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth."

A great point a century ago and just as valid now, and into the decades ahead. Let's do it.

CLOSING KING

The biggest sale of the week is 205 Indian Avenue in Portsmouth. This 8,500 square foot, 9 bedroom stunner sold for $6 million. That's "only" $700 a square foot. Many luxury homes like this sell for around $1,000 a square foot.

The Duke is a Pawtucket condo that sold for $172,000. Great price for a 600 square foot home.

The total number of active single families, condos, multis and land is now just over 2,200. There are 1,251 active single families and 360 condos. The number of properties that closed fell to 130 during the week, while 293 went under contract.

MILLIONS RELEASED TO BUILD AFFORDABLES

$7.5 million in taxpayer money was released to build 172 affordable homes across Rhode Island. This marks the official rollout of the $20 million bond-funded Housing 2030 Entry-Level Homeownership Program.

According to Bob Scaralia of the Real Estate Institute of Rhode Island, 90 of the first batch of properties will be under $400,000. The homes are designated for households earning at or below 120% of the Area Median Income. The program goal is to build 1,000 affordable homes by 2030. Not enough, but a good start.

FORECLOSURES HIT 7-YEAR HIGH

The national foreclosure rate reached its highest level in nearly seven years, with smaller markets mostly in the South and Midwest are now home to the greatest share of default listings.

The hardest hit market is Lake Charles, Louisiana where more than 10% of the listings are bank owned. 3 of the worst 10 are in Alabama and 2 are in Pennsylvania. Pittsburgh, with 5 percent of its listings now bank owned, is the biggest city on the list. The rate in Rhode Island is thought to be between 1 and 2%.

MOVING TOWARD A BALANCED MARKET

In the second quarter of the year, 44% of the real estate agents surveyed by CNBC Housing said they were seeing a balanced market between buyers and sellers. That's up from 30% in the third quarter of last year.

My unofficial survey of colleagues in RI and Mass indicates we're seeing that change here too. One exception involves homes at or below the local median price of half a million and highly desireable locations such as Barrington.

WALT'S BEST MILLION DOLLAR OPPORTUNITY

Since summer is truly underway, let's go to Block Island for my favorite - in the million dollar category. 526 Connecticut Avenue in New Shoreham is an intriguing option.

This 3 bedroom home on nearly half an acre with a garage is only a short walk from Old Harbor and is listed for $990,000. This would be a great summer rental and slips under the Taylor Swift tax.

There are an even 100 condos and single family homes listed between $980,000 and $1.2 million. 9 are new this week, another 9 went under contract and 4 closed.

WALT'S BEST MEDIAN PRICED HOME

This week, I am partial to 370 Pascoag Main Street in Burrillville in the median range. $499,000 for a renovated 2,000 square foot home with 3 bedrooms and 2 bathrooms. Great value.

That's less than $240 a square foot. I think this one goes above asking.

There are 101 single families and condos waiting in the median range of $480,000 to $530,000. That includes 76 single families, which is up from a few months ago. 11 were just listed, and during the week 14 sold and 28 went under contract.

SPOTLIGHT ON WARREN

Warren is one of our hidden gems. I love the blend of coastal charm, historic character and a growing art and restaurant scene. It's also very walkable with beautifully preserved historic homes, a scenic marina and a vibrant downtown. Residents enjoy access to the East Bay Bike Path, Warren Town Beach and a full calendar of community events that create a welcoming small-town atmosphere while still only minutes from Providence. The commute into Mass isn't bad either.

Housing options include historic Colonials, charming cottages, waterfront properties, and thoughtfully updated homes, all surrounded by the town's unmistakable New England character. Whether you're drawn to the waterfront, the walkable downtown or the sense of community, Warren is a great option.

The problem here is low inventory. The are 18 active properties and only 9 are single family homes. $290,000 will buy a small ranch on Market. The highest priced option is a million dollar town house on Bagy Wrinkle Cove.

The median sold price for a single family is $535,000 -- up by 10k from the end of 2025.

The median Days on Market (DOM) is up but still low at only 22.

We've recently shined the spotlight on Warren, Barrington, North Providence, Johnston, Cumberland, Lincoln, Cranston, Newport, Middletown, Portsmouth, Tiverton, East Greenwich, Narragansett, Coventry, North Kingstown, South Kingstown, Warwick, Cranston, Providence, Pawtucket, Bristol, East Providence and Providence.

QUIZ TIME.

I served this question last week and no one returned. So, I will set you up again for a spike.

Where was volleyball invented and played for the first time?

Send me the answer, and The Window will send your favorite charity some money.

Thank you for reading the 62nd edition of Walt's Real Estate Window. Text me at 401-339-0090 if you're ready to buy or sell and as always your comments and questions are welcome. Have a fabulous week!