“Rhode Island: Real Bargain for Savvy Investors?”
“My 2 potential buyers drove a full 2 hours to get to this Open House, today. It’s what’s going on all over Rhode Island—but it’s especially the case with oceanfront property,” said RI Real EstateServices broker/owner, Greg Dantas
The particular property Greg was showcasing was a ‘rehab project’ which would need total replacement, requiring major investment beyond its hefty pricetag. He agreed that such a commitment is not for everyone (especially considering the price of lumber and labor) but for buyers from pricier locations such as New York, Connecticut, etc., Rhode Island properties look like a real bargain.
Greg Dantas offered this characterization of today’s home buying/selling market in the Ocean State. He added that some buyers are concerned the market is froth but others see little limit for an inventory that is ever shrinking as demand ever increases.
Who’s coming, besides buyers from Connecticut, New York, and Massachusetts? Buyers on the West coast in the tech-heavy regions of Seattle and San Francisco. Prices there topped out and fires in recent years prompted many others to flee.
Then, too, remote work has opened the usual barrier for Rhode Islanders who used to go out of state for lucrative jobs. Now, they can live in their home state, enjoy the beauty of Rhode Island, yet work for one of the major tech firms situated in the big cities.
So, pricey Rhode Island beach front? Well, there’ll always be the out of reach estates such as those dotting Ocean Drive, Newport, or the $17 million dollar mansion bought by Taylor Swift, in Westerly. Judge Judy bought here, in Rhode Island, as well as “Tonight Show” host, Jay Leno.
But other more regular folk are snapping up Rhode Island property when they realize the state’s potential in an era when other once preferred locations are tapped out—or they’ve lost their initial appeal, due to fires, flooding, hurricanes…whatever.
Rhode Island just might be a final opportunity where one can invest and realize significant profit in the years ahead.
***Colleen Kelly Mellor, author and former Prov Journal feature story writer and monthly columnist, writes as a former realtor who loves Rhode Island…loves it so much, she wrote the book “Boomerrrang” (3 r’s) about her partner and her 9 year “experience” living in the South, explaining why they came back to the Ocean State. The book is a guide, too, for anyone buying and selling property and explains the value of good realtors.