WALT WINDOW-EPISODE 77

We'll start this edition with some timeless words from our 30th President, Calvin Coolidge. "The ownership of a home, the feelings of independence that comes with the possession of a bit of the earth are among the most powerful incentives to high civic interest and usefulness."

Still true! Now, episode 77

CLOSING KING

The Closing King is on Block Island, where 1596 West Side Road sold for $6.75 million after 113 days on the market. It was a cash deal for this 4,500 square foot beauty. The picture says everything.

A manufactured home at 15 Cantaberry Lane in Coventry is The Duke, selling for $100,000. That's only $77 a square foot.

2,681 properties are active and 1,537 are single families. 172 closed during the week and 298 went under contract.

RHODE ISLAND'S CHANGING HOUSING MARKET

New inventory this month and a slew of price reductions are good news for RI buyers. 541 new properties went active recently, more than doubling the home sales during the same period of time.

Plus, sellers are adjusting their prices at a faster pace. 270 owners cut their asking prices during one recent week. It is still a sellers' market but a change is brewing.

THE PORTABLE MORTGAGE

Congress has once again brought up the idea of creating mortgages that would follow a home seller to their next property. A portable mortgage would allow you to apply your existing mortgage—and most importantly the rate—to your next home.

Congressional leaders are proposing the idea again as a solution to rising housing costs. The U.K. and Canada both allow it but their mortgage systems are significantly different than what we see in the U.S.

WALT'S PICK IN THE MILLION DOLLAR RANGE

This 3,800 sqaure foot colonial in Lincoln on Lancers Lane has a lot of space inside and 2 acres of land outside.

It is priced well $999,999, coming in at about $263 a sqaure foot for 4 bedrooms, 2 bathrooms and 3 half bathrooms.

There are 93 condos and single families in the $980,000 to $1.2 million range. 15 are new listings, 8 went under contract this week and 11 closed.

WALT'S PICK IN THE MEDIAN RANGE

6 Tryon Avenue in East Providence is my headliner this week. This 3 bedroom Rumford Ranch has about 1,300 square feet and is listed at $499,000. Rumford is one of our most sought-after neighborhoods.

I also love the yard in this one.

There are 179 active single families and condos between $480,000 to $530,000. 23 are new listings. 20 closed and 19 went under contract during the week.

SPOTLIGHT ON NARRANGANSETT

There's something special about living in Narragansett. The obvious coastal beauty is enhanced by what I would call small-town charm. You can start your morning strolling Town Beach and the Wall, enjoy fresh seafood near the Towers and explore the coastline on Ocean Road.

There's an assortment of beautiful neighborhoods here, great restaurants and easy access to Newport and Providence. Gansett offers more than a seaside escape with spectacular beaches. It's a coastal lifestyle worth calling home.

There are 70 pieces of property for sale here, including 53 single family homes. Prices start at $105,000 for some vacant land and climb all the way up to nearly $10 million for an Ocean Road Victorian. Nice spot, right?

The median price is just under a million dollars. That's about 7% higher than last year.

That's a hefty median price but the Days on Market is still only 30. That's down from last year's 33 DOM.

Window archives include profiles of Coventry, Cumberland, Johnston, North Providence, Barrington, Warren, Pawtucket, East Providence, Providence, Bristol Warwick, South Kingstown, North Kingstown, Lincoln, Cranston, Newport, Middletown, Portsmouth, Tiverton and East Greenwich and Narragansett.

QUIZ TIME

I'll give this one another week. Where were the world's first electric street lights installed? Hint: It's in New England.

A correct answer sends the prize money to your favorite charity.

Thank you for reading the 77th Walt's Real Estate Window. Text me at 401-339-0090 when you're ready to buy or sell, and as always your comments and questions are welcome. Have a great week!