Joe - your question is not clear. Most banks require the property be listed in the multiple listing service when they list the property with a real estate agent. Some banks also sell property in bulk directly to investors that have lots of cash and are able to take multiple properties off the banks books in one cash transaction.... more
The Newport condo market is still a very strong buyers' market. Single family homes are beginning to recover in Newport with strong sales, especially below $350,000. Prices are still down, but the number of sales is starting to climb.
Condo sales, on the other hand, are still very slow. There are some excellent buys available in condos right now with many 2 bedroom units under $250,000. Financing can be tricky for some condos, but we have several local lenders with good condo mortgage programs.
I'd be happy to help you find the right condo at a good price. Let me know how to contact you directly if you'd like to discuss it further. (401-841-0169)... more
Hi Janice, Financing a condominium can be difficult but not impossible. The square footage of that condo should not make it ineligible for financing. Typically condos under 500 square feet can be difficult. The condo complex itself will need to be approved. The association will need to be strong, have some reserves and have owners' dues up to date. There are local lenders who are seasoned at getting condo associations approved for financing. I'd be happy to offer you some local lenders who may be able to help if you'd like to contact me. I can be reached at Amy@AmyHoag.com.... more
Unfortunately, holiday weekend open houses seem to be a flop for me. I have held them during most holiday weekends with little success. During these times, I believe that people have planned their weekends accordingly to celebrate the holiday, to be with family and friends or just for relaxing and enjoying the day. I have always had better success during regular weekends.... more
With house prices and interest rates still at an historical low, NOW is still a great time to buy. There are still a number of REO's currently on the market in the Newport County Area. If you would like further information please do not hesitate to contact me at any time.
Many of the "foreclosure" sites want your information for lead generation purposes. Your best source of foreclosure properties is by working with a local foreclosure specialist who has their finger on the pulse of that part of the market. The MLS contains the most up to date information, unless you are attempting to buy homes that are preforeclosure but not yet listed as short sales. A local foreclosure expert will know what is available via the MLS and can set you up with email updates 24hrs a day.... more
The Navy is adding between 300 to 500 full time jobs at the base in Newport. The student population at the base will also increase from current 6,000 to 16,000. These increses will occur in the next 12 to 18 months. There is $200M in construction that is ongoing. They are building a cold water training pool for the US Navy Pilots - remember Officer and a Gentleman movie? Also building a pool to test unmanned submarines - this will also create a good amount of white collar jobs - engineers, software, etc.
I would be happy to discuss in detail at your convenience.... more
The short answer is that it is bouncing back. But it depends on your price range. Currently there is less than a 5 month supply of properties under $300,000 which would indicate prices rising in the next 6 months. Also, there is significant job creation in the area which should increase demand and further reduce supply.
Also, 68% of sales in the past 12 months have been under $400,000!
Each situation is unique which requires professional advice.
Please let me know if I may be of any assistance.
Thank you.... more
The price per square foot can vary greatly in different locations and quality of building. Averages can be dramatically skewed by a high end sale, and there have been a couple of $1M condo sales in the past 12 months. Check out http://arthurchapman.raveis.com/localhousingdata.asp for detailed market information on the area.
As far as relation to single family properties, I would argue the above. Newport is a very dynamic market and square foot values vary significantly from neighborhood to neighborhood. For example, northern Broadway has had a few foreclosures, thereby reducing the averages and median prices on solds. Whereas the Kay/Catherine area hasn't seen a foreclosure and prices are relatively stable.
We are experiencing very good activity as of late, the Pending Index is over 5 units per day! It was an awful winter, but we seem to be coming out of it nicely. Also, the job creation at the US Naval Base is starting to show itself to the area. There will be many more jobs and students coming to Newport in the next 12 months.
I prepare a great deal of statistics for our clients and agents. I would be happy to share them with you upon your request.
I look forward to being of service.... more
I'd resubmit your offer. It all depends on how good the communication is between listing agent, buyers agent, seller and bank. We are handling a good amount of short sales and there is specific legal language that should be in your offer to protect you.
I'd be happy to assist if you have any further questions or comments.
Thank you.... more
What are the neighboring homes similar selling for? that's your answer! SHOCK! But seriously, pricing is EVERYTHING! Ask too much and no one will look at it. Ask too little, and you lose. Get a good agent to help you strike that balance and position yourself to sell for the most money in the shortest time possible.... more
Spec homes are usually inventory homes that are completed any ready to close. Builders are usually willing to lower their prices because they pay interest on it on a monthly basis. So Yes spec homes are negotiable, they may also even pay for some closing cost. Good Luck!... more