A supplement to East Bay Media Group • September 16-17, 2020
n In this epic market, it’s sizzling on the Southcoast! n Buyers, be ready … Finding a home requires speed (and patience) n So, what’s next? Local experts look around the corner n Buy it or lose it — see homes that sold in days, over-asking
Page 2 East Bay Homes - Fall 2020
East Bay Homes - Summer 2020 Page 19
East Bay Homes - Fall 2020 Page 3
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Page 4 East Bay Homes - Fall 2020
It’s sizzling on the Southcoast
Luxury homes in spectacular coastal regions like Little Compton and Westport are in high demand, mostly thanks to Covid BY SCOTT PICKERING
Officially, that spectacular region known commonly as the “Southcoast” is experiencing a strong seller’s market. Unofficially, pick your label — it’s been described as “epic,” “unprecedented,” “wild,” “crazy,” “hot” — and it’s all those and more. In areas like Little Compton, Tiverton and Westport, there’s a luxury buying frenzy, the likes of which longtime observers have never seen. Amid a global pandemic — and mostly because of it — the Southcoast real estate market is sizzling. When Covid-19 first infected the region, the immediate shutdown of businesses, schools and the U.S. economy stunted the real estate market, too. Open houses, showing and new listings ground to a halt. Everything stagnated.
This home at 89 Maple Ave in Little Compton is a perfect illustration of what Realtor Cherry Arnold is seeing regularly — pristine, turnkey properties are in extremely high demand. Located close to the beach, with a pool, it was shown 16 times in the first four days it was on the market, received five offers, and immediately closed for $105,000 above the asking price. It sold in less than a month for $1.3 million.
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But as the economy slowly stumbled back toward normal in May and into June, the real estate market, especially the luxury market, roared to life. A combination of systemic Covid factors fueled the frenzy. These include wealthy buyers leaving their urban homes; deep-pocketed professionals discovering they can work from home and live anywhere they want; investors pulling money from a jittery stock market and investing it in real estate; and would-be travelers deciding to either buy their own vacation home, or turn a oncetime vacation home into a year-round home. Mott & Chace Sotheby’s agent Cherry Arnold has seen it all.
Second-homes becoming first-homes “We regularly have calls with agents in other areas that are also secondhome areas — places like Vermont, Maine, New Hampshire, the Cape, even Connecticut,” Ms. Arnold said. “It’s the same story with everyone who is in those vacation/second home markets.” Interest from cash buyers is off the charts. “We’re getting huge numbers of people coming from metropolitan areas,” she said. “Definitely the Boston area, but also New York and even Washing-
ton, D.C. Some of those people are looking to move wholesale out of the cities, even people with young kids … They’re ready to move here and put their kids into the local schools.” Ms. Arnold has also seen families who normally take multiple vacations every year, who aren’t going anywhere this year — thanks, Covid — and suddenly have unspent cash plus a realization that maybe the best vacation home is their own vacation home. “So you take the larger buyer pool of people looking for vacation homes in the past, and they’re saying ‘we really need our own place to get away to.’ ” Renee Welchman, broker of Welchman Real Estate Group, has seen the same phenomenon. “We’re working with clients who used to travel a lot, so the budget they used to travel with, they can spend on a second home,” Ms. Welchman said. Some of those are international clients, scooping up desirable homes here. “Anything with a view or walk to water,” Ms. Welchman said. “They want water, beach access, all of it.”
Companies sending workers home Then there are corporate influences,
See FACING PAGE
East Bay Homes - Fall 2020 Page 5
SOUTHCOAST: The luxury market is ‘epic,’ ‘hot,’ ‘unprecedented’ … all of the above Real life influences real estate
From FACING PAGE as companies are realizing they don’t need to spend exorbitant sums of money on downtown property leases in the big cities — not when a majority of their employees are Zooming from home. “A lot of companies in the Boston and New York areas are pulling back on their commercial spaces, or they are adopting hybrid models” where people come to the office occasionally and stay home the majority of the time. Ms. Arnold said they recently sold a Tiverton home to a couple from Boston, who picked up and moved south with assistance from her employer. “The wife is an attorney in Boston, and their office is basically helping everyone to outfit their home work office. So that couple just moved out of Boston altogether, because they can both work remotely.” Ms. Welchman is seeing the same trend. “A majority of these buyers are coming out of the South Boston area, or New York and Connecticut,” she said. For the Boston folks, the convenience factor is huge. “They can have a vacation home in Little Compton and still get back home or to work on a tank of gas in less than an hour.”
As often happens, real life is driving real estate. Ms. Arnold and other agents are seeing some people move because Covid has reshaped their priorities. “We’ve seen people who realize they don’t want to be so far away from their families, so they’re moving back from the West Coast … “There’s so much change happening in people’s lives that is prompting all of this real estate activity.” Though Ms. Arnold is loaded with anecdotes about what’s happening in the Southcoast (see the photo and caption above for 89 Maple Avenue in Little Compton), there is data as well. “In a typical year in Little Compton we might have 17 or 18 listings at $1 million-plus, with maybe seven or eight sales all year. Right now, we have 17 so far this year that are either sold, under contract or pending,” she said.
Turnkey properties are the best The buyers leaving the cities or following their dream-home ambitions are most interested in finding a place they can walk right into and settled
down. They aren’t looking for fixeruppers or long-term renovation project. “One of the biggest things we’re seeing,” Ms. Arnold said, “is that the luxury house is really defined by a completely turnkey, move-in house. As long as it’s turnkey, you’ll probably see multiple offers.” Once again, Covid is a factor. In this climate, these buyers don’t typically want to invite a stream of contractors into their home. Thus they aren’t as likely to buy a place that needs a lot of work. The takeaway for sellers is: even though the market favors you, take some time to get the property ready to sell. “I would strongly recommend that you go the extra yard to do some preparation,” Ms. Arnold said. “Staging, decluttering, small improvements … the more you do that, the quicker you’ll go under contract.” As they’ve seen repeatedly during the Summer of 2020, if it’s ready to sell, it will sell quickly. “We’re literally match-making at this point,” Ms. Welchman said. “We can tell people that if they want to sell, we have buyers ready.”
“We’re getting huge numbers of people coming from metropolitan areas. Definitely the Boston area, but also New York and even Washington, D.C.” n CHERRY ARNOLD
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Page 6 East Bay Homes - Fall 2020
Tracey Mulvey of RE/MAX River’s Edge recently listed this home at 1 Harrison St. in Bristol for $459,000. It almost immediately had multiple offers above the asking price — a not uncommon sight in this market — and the home is currently under contract.
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The housing market is extremely hot and has been for months. But with interest rates at a 40-year low and many more potential buyers out there than homes, ending up with your dream house could take a little luck, a lot of planning and perhaps, a fair dose of patience. “It’s a very stressful time for buyers,” said Tracey Mulvey of RE/MAX River’s Edge. ”Buyers have to have patience, and things need to fall in place for them.” The Covid-19 pandemic caused a seismic change in the real estate market, and Ms. Mulvey and other Realtors across the East Bay are seeing the results daily. It has created a new supply of buyers, a greater shortage of homes, and increased competition for what’s available. “A lot of people are realizing that they’re not going to be traveling any time soon, so we’re finding that they’re
See FACING PAGE
“You have to be ready to go.’” n TRACEY MULVEY
taking the money that they would have spent on travel and buying investment properties,” she said. In addition, “there are folks that are fleeing the cities. They’re no longer required to be in the office. And if they can work remotely, they’re seeking out areas that are more enjoyable. This is an
East Bay Homes - Fall 2020 Page 7
BUYERS: It takes quick decisions and patience to buy a home these days From FACING PAGE amazing area to be quarantined, because even though we’re under this pandemic, we are still able to have a great personal enjoyment factor in our daily lives. So homes here are desirable.” The pressure on this area has led to what some local Realtors see every day — bidding wars and homes getting multiple offers above the asking price shortly after they’re listed for sale. For potential buyers, Ms. Mulvey said, certain things need to fall in place and buyers need to be patient. ”You have to be the first one to see” a newly listed home, she said. “You have to be ready to go. And people who aren’t tied up in a lease, or don’t have a house to sell, and can put down a generous down payment,” have an advantage. The cruel twist for buyers is that, while they need to move quickly, they also need to prepare for the possibility of an unusually long buying process.
With so many people competing for each house, they have to expect to get rejected on a few offers before things work in their favor. “I used to say it would take a few months” for a deal to be consummated, she said. ”Now I’m thinking it’s going to take closer to a year,” especially for those looking in the $250,000 to $350,000 range. Roseann Dugan, of Century 21 Topsail, agrees. Though the low inventory continues to be an issue, she said it is still an excellent time to buy if one’s circumstances are right. Properties “are getting snapped up because of the lack of inventory,” she said, so potential buyers need to be prepared and unencumbered so they can act quickly, especially with the changes the virus has wrought. “There’s been a shortage for some time, but this year it was worse because of Covid. I still sold property all through the pandemic, but sellers were a lot
more hesitant” about letting people into their homes. “So vacant properties got listed and that added to the shortage.” What does she see happening in the coming months? Gradual improvement on the inventory front. “What we’re experiencing now is what we should have experienced in the spring. Now (sellers) are starting to think again about listing; a lot of people are readying their homes, and over the last few weeks we’ve seen an increase in the number of homes coming on the market.” With an improving economy, there is a possibility that interest rates could rise, “but I don’t see them shooting up, that’s for sure. Right now it’s a great time to buy because of the rates, and it’s a great time to sell because those prices are up.” “I still have people calling up and asking, ‘How’s the market?’ I say, ’what are you waiting for?’ ”
“I still have people calling up and asking, ‘How’s the market?’ I say, ’what are you waiting for?’” n ROSEANN DUGAN
Five things to consider when buying a home Home ownership is a dream for many people. In fact, buying a home is considered by many people to be a major life accomplishment. Various factors determine what makes a home an attractive place to live. While some considerations may overlap, others may be unique to individual buyers. Those new to the real estate arena may want to consider the following factors as they search for a new place to call home. 1: Property taxes Property taxes can greatly affect the overall cost of living in a particular home. Property taxes will usually be factored into a monthly mortgage payment, and how high (or low) taxes are can turn an affordable mortgage payment into something that can break a budget. When calculating payments, be sure to include property taxes in your estimates. 2: Job security/availability Consider your job security before taking the home ownership plunge. Before committing to an investment as substantial as a home, ensure that you are secure in your job. Similarly, if you are relocating for job prospects, verify that the new location has a thriving job mar-
ket. 3: Local schools For potential homeowners with children or those planning on becoming parents, area schools should merit significant consideration. Research school rankings and reviews, but know that rankings can change. American Family Insurance Company says to also look at the school budget history of towns you’re considering to see if residents prioritize funding for education. This can be a measure of how important education is in a given community. 4: Commute times Home ownership involves both lifestyle and financial decisions. Calculate the time it will take to travel to and from work when considering a certain town or neighborhood. 5: Lifestyle options Quality nightlife, arts and history, community events, proximity to cultural centers or cities, and other factors are at play in choosing a home. Make sure your new community allows you to still enjoy the things you’re passionate about. Buying a home involves considering various factors that can affect your budget and quality of life.
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Page 8 East Bay Homes - Fall 2020
So … what’s next in the real estate market? Local experts see a couple of troubling trends, but predict mostly good things ahead BY CHRIST Y NADALIN
Ask any real estate agent and they’ll tell you: it’s a seller’s market. Inventory of properties for sale is historically low, and properties — even those that need work — are going under contract within days, fetching at or above asking price. “It’s unbelievable,” said Ian Barnacle of Residential Properties, who expects this trend to last well into fall, at least. “There’s such low inventory, demand will stay high for some time.” There are a number of reasons behind this trend, though it can be blamed primarily on 2020’s most trendy excuse: Covid. The pandemic is not only suppressing inventory by keeping properties off the market when wary owners are reluctant to throw their doors open to house hunters, it’s also driving buyers here from the cities they are fleeing. And they are fleeing with their urban buying power in hand. “Most of what we are seeing from out-of-state buyers
“People are rethinking where they want to live.” n PAULA MARTEL
are second-home purchases,” said Mr. Barnacle.
“It’s unbelievable. There’s such low inventory, demand will stay high for some time.” n IAN BARNACLE
What about longtime residents? Paula Martel, of Century 21 Topsail in Bristol, is concerned about the lasting impact of these higher sales prices on communities like Bristol. “It’s difficult to say what will happen. If these buyers
TRACEY A. MULVEY RE/MAX Platinum Club REALTOR® ABR & PSA 401-835-8502 email@example.com
don’t sell, it’s like the stock market, there will be no impact,” she said. “But will these new prices drive up assessments and taxes? Will people who can’t keep up be forced out of the market?” “I think the (Bristol Town) Council needs to think about homestead provisions; tax relief for first homes,” said Ms. Martel. “Right now we just have that for veterans, but we may need to think about expanding it.” “Affordability is key,” said Matt Antonio of the Charthouse Team. Another driver of the market is historically low interest rates, which have made properties across all price points more affordable. “People are willing to pay more if the payments are manageable.”
Is this a bubble?
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Mr. Antonio is not concerned that the current market bears any resemblance to the circa-2006 unsustainable real estate bubble. “I don’t see buyers getting in over their heads,” he said. “Guidelines are stricter for lenders, and debtto-income ratios are where they should be.” Mr. Barnacle thinks these higher prices will remain stable for the foreseeable future. “We are in a recession, but it’s not a housing-based recession, and the investments people are making are fair.” Mr. Antonio also notes that this market is not just open to higher-income second-home buyers. “Everyone’s experiencing a strong market,” he said. “These low interest rates are encouraging first-time homebuyers in many communities … I think a real estate
“I think a real estate market gradually increasing in value, bringing in people from out of state and increasing diversity, is a good thing.” n MATT ANTONIO
market gradually increasing in value, bringing in people from out of state and increasing diversity, is a good thing.”
Is it more than just Covid? Though the consensus seems to be that the trend will continue in the near term, Ms. Martel does not think it will end with the hoped-for control of the pandemic. “It’s not just Covid, it’s the inequalities in the urban centers that have led to protests, increasing violence and crime,” she said. “People are rethinking where they want to live.” “People who may have had a five-year plan to move to the suburbs are accelerating those plans,” agreed Mr. Antonio. While in many ways higher real estate prices benefit local communities, Mr. Barnacle does have some concerns about long-term affordability. “It’s just the fact that we only have so much to go around,” he said. “There’s a little extra pressure on Rhode Island. We don’t have a lot of land left for development.” For now, one way for local, existing homeowners to benefit from this trend is to get in on it, never mind the pandemic. “If you are nervous about selling because of Covid, don’t be — it is such a good time to sell, and responsible real estate agents are taking every measure to protect their clients,” said Mr. Antonio. “If you were planning to sell in the next few years, I cannot imagine a better time than now.”
Each Office Independently Owned and Operated.
East Bay Homes - Fall 2020 Page 9
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PORTSMOUTH: Thoughtfully designed Coastal Living Idea house, sited to capture Narragansett Bay sunsets. Stone terrace, designer kitchen, and 5 bedrooms including a 1st-floor suite/den. $3,495,000
PORTSMOUTH: Shingle-style 5-bedroom historic carriage house on private lane. Exquisite renovation with spacious rooms. Landscaped 1.3+ acres with soaring specimen trees for complete privacy. $1,995,000
61 PEACEFUL WAY, PORTSMOUTH: Delightful 4+ bedroom just south of Four Corners overlooking Nonquit Pond. Delightful chef’s kitchen and breakfast room showcasing brilliant sunsets over the water. Master with fireplace and deck. $999,000
PORTSMOUTH: Surrounded by open space, handsome four-bedroom with gorgeous floor-to-ceiling windows, Great Room with stone hearth, and renovated kitchen. First-floor master suite. $985,000
PORTSMOUTH: New custom construction with 180° water views and shared waterfront lot. Open living space, wrap-around porch, and principal suite with balcony. $898,000
TIVERTON: Gracious, traditional colonial off Nanquaket Road with ideal flow for yearround entertaining. Large chef’s kitchen, spacious guest rooms, covered porch, and patio/pool areas. $825,000
PORTSMOUTH: Over 4,000 sf of living space with the possibility of expansion on almost an acre with panoramic water views and deeded water access. Private deck and walk-out lower level. $825,000
VILLAGES ON MT. HOPE BAY: Brand new “Sakonnet” 3-bedroom/4.5 southwest-facing end unit. Elegant, with 1st-floor principal suite and finished lower-level of family room, kitchenette, and guest quarters. $789,900
PORTSMOUTH: West-facing waterfront townhouse at the Aquidneck Club clubhouse. Fully appointed three-bedroom with private deck. Enjoy tennis, golf, and much more. $599,000
PORTSMOUTH: Single-level living in desirable Oakland Farm. Redone 3-bedroom, 2 bath unit with new kitchen and principal bath. Enclosed sunroom and quiet backyard deck. $550,000
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Page 10 East Bay Homes - Fall 2020
Median price of single-family homes sees double-digit increase in July Rhode Island’s median home sale price typically hits an annual peak over the summer months, and this year has been no exception. Sales data released last month by the Rhode Island Association of Realtors show that the median price of single-family homes sold in July rose to $331,825, an 11.5 percent gain from July of 2019 and a 7.3 percent jump from the prior month. Closing activity also regained its footing after a three-month slowdown caused by the pandemic. In July, 1,222 single-family homes were sold in Rhode Island, compared to 1,159 a year prior, an increase of 5.4 percent. The lack of inventory remained problematic in all market sectors. Sales data released from the National Association of Realtors pointed to an 18.2 percent national drop in July’s total inventory from 12 months earlier. By comparison, Rhode Island experienced a 35.7 percent decline among condos, single-family and multifamily homes. In the single-family sector alone, the supply of homes listed for sale through State-Wide Multiple Listing Service fell 40.6 percent year-over-year, resulting
in just 2.5 months of supply left on the market. Contracts signed in July but not yet closed were up 43.2 percent, an indication that the shortage shows no signs of abating any time soon. “This is one of the best sellers’ markets we’ve seen in years,” said Shannon Buss, president of the Rhode Island Association of Realtors. “With greater profits when they sell and low interest rates on the buying side, the people who list their homes are in a terrific position to make a move. Their only challenge is the competition they will likely face when they find a suitable replacement home. Still, if their own home sale is behind them, they will be in a good position to make the winning offer.” In other market segments, the median price of multifamily property sales also rose by double digits yearover-year last month to $300,000, an 11.1 percent gain from a year ago and the same price realized in June. Though closed sales fell 27.1 percent from the prior year, they rose 20 percent from June. Condominium sales remained relatively stable, with July’s median sales price up just .83 percent from July of
This “heat map” shows which Rhode Island communities are considered to be in normal balance between buyers and sellers, and which are not. The majority of the East Bay, including East Providence, Barrington, Bristol and Tiverton (shown in green), are considered to strongly favor sellers, while Warren and Portsmouth (shown in blue) are also tilted toward sellers. Based on July data, only Little Compton showed some balance between buyers and sellers.
2019, but down 3.2 percent from June. Sales, though down just under one
percent from a year ago, rose 37.3 percent from the month.
WR AD RD - WIIN NN N IINNGG A WAA -W ARWE A DLS-ETW NETN GFF EESSSSI OI ON ANLASL S EA SATITA EPIPRN RO O ARLR E
EBB JJO OB B IINN DD E & C O M PA N Y
AWARD-WINNING REAL ESTATE PROFESSIONALS
D ED B J O B I N & C O M P A N Y EB JOBIN
A W A R D - W IDNENBI N JG OBINHOMES.COM AL ESTATE PROFESSIONALS
&D &ECBCOJOOM NY MBPP AA NY IN
(401) AI N RH D527-7894 -W D E B JAOWB O MIENSN. ICNOGM REAL ES T A T 527-7894 E PROFESSIONALS (401)
B NH H MM EY SE. C & OJBOM AOON E BDC JEO IBNIP SO. M COM
D527-7894 EB JOBIN (401)
(401) 527-7894 DEBJOBINHOMES.COM
& C O M PA N Y
Rhode Island Single-Family
HOME SALES Inventory shortfalls send prices higher in R.I.'s July housing market A 40.6 percent year-over-year decline in single-family homes listed for sale in July, pushed Rhode Island’s median price to a new monthly record of $331,825. After three months of pandemicrelated decline, sales activity rose by 5.4 percent from July of 2019. Pending sales also rose a substantial 43.2 percent from a year ago, indicating that further inventory shortfalls are likely in the months ahead.
DEBJOBINHOMES.COM (401) 527-7894
SOLD MEDIAN SALES PRICE
NUMBER OF SALES
ACTIVE INVENTORY *as of 8/12/20 Balanced Market 6 mo. Current Market
2.5 12 mo.
Percent change reflects a year-over-year comparison between 2019 and 2020. Information is provided by State-Wide MLS, Inc., a subsidiary of the Rhode Island Association of REALTORS®. Information deemed reliable but not guaranteed. For more information: www.rhodeislandliving.com/pressreleases
East Bay Homes - Fall 2020 Page 11
It’s a great time to buy, a great time to sell, and we’re closing deals and building our inventory!
Little Compton $1,395,000
Little Compton $3,895,000
Little Compton $1,579,500 (land)
Little Copmton pre-market
Tiverton Sold over asking in 1 day!
Little Compton Sold over asking in 5 days!
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WelchmanRealEstate.com 401.635.0252 Renee Welchman
Owner, Associate Broker, Listing and Buying Specialist
Travis Auty Buyers Specialist
Pamela Coward Buyers Specialist
47 Valley Road Middletown 18 Commons Little Compton Each office is Independently owned and operated
Page 12 East Bay Homes - Fall 2020
Buy it or lose it — homes selling quickly and over-asking
21 ® Global Rebrand
3 Lewis St. — $985,000 This 4-bedroom, 2.5-bathroom Colonial in the desirable Nayatt area of Barrington hit the market at the beginning of September and sold a week later. n List price: $949,000 n Sale price: $985,000 n Percentage of Asking Price: $104% n Seller’s agent: Kirk/Schryver Team, Residential Properties n Buyer’s agent: Chart House Realtors, Keller Williams
TYPOLD EXTENDED MEDIUM
© 2018 Century 21 Real Estate LLC. All rights reserved. CENTURY 21® and the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. It is your responsibility to ensure that the marketing materials you choose or create are compliant with real estate and other local laws in your area.
hroughout the East Bay and Southcoast — but especially in the region’s more exclusive coastal areas — homes are flying off the market, often at or above their list prices. The market is fueled by a combination of factors, including systemic influences of the Covid-19 pandemic. In many cases, people are leaving big cities to move to beautiful suburban areas. For many of those buyers, the country’s new, work-from-home culture means they can live places they never considered before. At the opposite end of the spectrum, many people face economic and job uncertainty and are reluctant to move right now. The nesting dynamic throughout society during this pandemic has people choosing to stay right where they are — meaning fewer houses are coming on the market. Low inventory leads to fierce competition to grab whatever’s out there. ARK + DBA The following pages LEFT spotlight some of the East Bay homes that have sold this summer either quickly, or above their asking prices, or in most cases, both.
TopsailName Realty Company Bringing you the Experience and Expertise Needed to Navigate the New Normal of the Real Estate Industry
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7 Central Ave. – $774,721 This 4-bedroom, 3-bathroom home in the Aflred Drowne neighborhood sold in two months for a few dollars under the asking price. n List price: $775,000 n Sale price: $774,721 n Percentage of Asking Price: 99.9% n Seller’s agent: The Friedman Group, Residential Properties n Buyer’s agent: Karyn Kopecky, RE/MAX River’s Edge
East Bay Homes - Fall 2020 Page 13
11 Highview Ave. – $500,000
55 Alfred Drowne Road – $950,000
This 3-bedroom, 1.5-bathroom home near Primrose Elementary School sold in less than two months for $30,000 above the asking price. n List price: $469,999 n Sale price: $500,000 n Percentage of Asking Price: 106% n Seller’s agent: MaryBeth Frye, Mott & Chace Sotheby’s n Buyer’s agent: Lisa Shestack, Keller Williams
This historic home on one of Barrington’s most historic streets hit the market in early June and was sold two months later for more than the list price. n List price: $929,000 n Sale price: $950,000 n Percentage of Asking Price: 102% n Seller’s agent: Laura Fletcher, Residential Properties n Buyer’s agent: The Friedman Group, Residential Properties
61 Burchard Avenue Listed at $2,100,000 Cherry Arnold & Liz Kinnane
85 Nonquit Lane Listed at $1,950,000 Lindsey Duckworth & Phyllis Ibbotson
89 Maple Avenue Listed at $1,195,000 Cherry Arnold & Phyllis Ibbotson
Mott & Chace Sotheby’s International Realty’s five experienced local agents are your Farm Coast Real Estate Experts.
Little Compton 1-5 Ohio Road Cherry Arnold
Listed at $8,500,000 401.864.5401
6 Bluff Head Avenue Phyllis Ibbotson
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Listed at $2,600,000 401.297.8450
Little Compton 120B Sakonnet Point Road Listed at $2,550,000 Cherry Arnold 401.864.5401
Page 14 East Bay Homes - Fall 2020
217 Hope St., Apt. 4 – $450,000 One of the premiere units at the waterfront Tides complex in downtown Bristol, this two-bedroom condo sold above asking price in just one month. n List price: $449,000 n Sale price: $450,000 n Percentage of Asking Price: 100% n Seller’s agent: Monaco Group, Mott & Chace Sotheby’s n Buyer’s agent: Barbara Arditte, Residential Properties
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100 Franklin St. – $350,000 The updated historic cottage (originally built in 1808) in downtown Bristol has three bedrooms and loads of charm. It listed and sold above the asking price in two months. n List price: $349,700 n Sale price: $350,000 n Percentage of Asking Price: 100% n Seller’s agent: Ryan Fonseca, Century 21 Topsail n Buyer’s agent: Sarah Kirwin, Libby Kirwin Real Estate
East Bay Homes - Fall 2020 Page 15
66 Randolph Way – $715,000
235 Hargraves Drive – $1,895,000
This 4-bedroom home in a nice Portsmouth neighborhood hit the market and sold immediately last month. n List price: $715,000 n Sale price: $715,000 n Percentage of Asking Price: 100% n Seller’s agent: Wendy Heaney, Century 21 Topsail n Buyer’s agent: Roseann Dugan, Century 21 Topsail
This waterfront home at the end of a cul de sac overlooking the Sakonnet River sold in one month at the asking price. n List price: $1,895,000 n Sale price: $1,895,000 n Percentage of Asking Price: 100% n Seller’s agent: Dina Karousos, Gustave White Sotheby’s n Buyer’s agent: Tracie Hall, Keller Williams
WILLIAM RAVEIS REAL ESTATE Discover the Lila Delman Difference... Year-to-date, Lila Delman is proud to lead Rhode Island’s luxury market with the highest market share of sold properties over $1M.* Amidst low inventory, demand remains high for properties at all price points. Licensed in Rhode Island and Massachusetts, Tom is consistently recognized as a multi-million dollar producing Realtor® and was ranked as one of Lila Delman’s Top Ten Associates companywide in 2018. If you’re looking for exceptional results, we invite you to contact Tom at 401.383.0999.
TOM WEGNER Providence Sales Manager & Sales Associate
Lila Delman Real Estate M 401.383.0999 O 401.274.1644 E Tom.Wegner@LilaDelman.com *These representations are based on information from the Rhode Island State Wide MLS for the period of January 1, 2020 – September 9, 2020.
Sarah Principe GRI, SRS
401-374-7064 • sarahprincipe.raveis.com Multi-Million Dollar Producer
2019 Chairman’s Club 2019 MLS Top Agent/ Transactions in Bristol
Page 16 East Bay Homes - Fall 2020
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East Bay Homes - Fall 2020 Page 17
85 Nonquit Lane – $1,925,000 This 4-bedroom home with four acres of land, plus a horse barn, in South Tiverton hit the market in February, a few weeks before a global pandemic arrived here, then sold three and a half months later at 99% of the asking price. n List price: $1,950,000 n Sale price: $1,925,000 n Percentage of Asking Price: 99% n Seller’s agent: Lindsey Duckworth, Mott & Chace Sotheby’s n Buyer’s agent: Phyllis Ibbotson, Mott & Chace Sotheby’s
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Page 18 East Bay Homes - Fall 2020
116 Sakonnet Point Road – $1,955,000
24 Beach Drive – $2,450,000
This 1933 cottage near Sakonnet Point, which has been completely renovated and sits on two acres of land, hit the market in June and was sold a month later — for $205,000 above asking. n List price: $1,750,000 n Sale price: $1,955,000 n Percentage of Asking Price: 112% n Seller’s agent: Renee Welchman, Welchman & Associates n Buyer’s agent: Ted Marvell, Lila Delman
This 5-bedroom home in the exclusive Chace Point neighborhood of Little Compton sits close to the Atlantic Ocean on an acre of land. It listed and sold in one month this summer. n List price: $2,500,000 n Sale price: $2,450,000 n Percentage of Asking Price: 98% n Seller’s agent: James Holland, T.L. Holland Agency n Buyer’s agent: James Holland, T.L. Holland Agency
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East Bay Homes - Fall 2020 Page 19
89 Maple Ave. – $1,300,000
50 Indian Road – $695,000
This private compound includes both an historic home (circa 1800) and a guest house/barn, and it all sits on two acres with stone walls, dramatic landscaping and a pool with spa. It listed and sold above asking price in one month. n List price: $1,195,000 n Sale price: $1,300,000 n Percentage of Asking Price: 109% n Seller’s agent: Cherry Arnold, Mott & Chace Sotheby’s n Buyer’s agent: Phyllis Ibbotson, Mott & Chace Sotheby’s
This home in the Indian Rock Acres neighborhood of Little Compton was set up to move-in or rent, with three bedrooms and a half-acre of land close to the water. It sold in two months at 99% of the asking price. n List price: $699,900 n Sale price: $695,000 n Percentage of Asking Price: 99% n Seller’s agent: Renee Welchman, Welchman & Assoc. n Buyer’s agent: David Carty, Carty Realty
Page 20 East Bay Homes - Fall 2020
The Southcoast’s Leading Brokerage of Distinctive Properties
Westport. We’re Open! Stop in! Stop in to say hello and check out our new office adjacent to Lees Market! Westport $1,895,000
Welcome, Catharine Katzenbach! We’re excited to announce that Catharine Katzenbach, formerly owner/broker of Katzenbach and Company, has joined us here at Milbury and Company! Catharine has 40 years of real estate experience and is a well-respected and knowledgeable Westport real estate icon. Catharine’s honesty, integrity and commitment to superior customer service make her a perfect fit for our new Westport office! Welcome, Catharine! We look forward to this new chapter! You can call Catharine directly at 508.636.7777.
Immerse yourself in the magic of Acoaxet! Breathtaking water views from this quintessential summer home with six bedrooms and space for everyone in tow. Contact Will Milbury 508.525.5200. UNDER AGREEMENT
South Dartmouth $1,650,000
Shingled contemporary set on 5+/- acres on scenic Horseneck Road with additional buildable lot for family compound or barn. Contact Will Milbury 508.525.5200
Mishaum Point oceanfront. Spacious shingled beach house with stunning views of Buzzards Bay, the Elizabeth Islands and beyond. Charming oceanfront studio with kitchenette, bath and beachfront terrace. Mishaum amenities include tennis, boating, swimming docks, sandy beach. Contact Will Milbury 508.525.5200
New England Farmhouse. Currently set up as a three-bedroom house with two-bedroom guest apartment. Barn with studio. Minutes to beaches. Contact Will Milbury 508.525.5200
South Dartmouth $629,000 Exquisitely maintained Padanaram Cape nestled on a meticulously landscaped lot. Walk to Village shops and restaurants. Contact Will Milbury 508.525.5200
Westport $519,000 Recently renovated, two-bedroom Cape in quiet neighborhood with deeded river access at the end of the street. Contact Will Milbury 508.525.5200
South Dartmouth $625,000 Unique Russells Mills Village. Offers abundant privacy, three bedrooms, two baths, charming stone patio and garage as well as a second home on the lot. Contact Collette Lester 508.287.2075.
Westport $1,550,000 Waterfront with Dock! Nestled on 8.5 private acres this well-kept home offers expansive living space, waterside decks and two-car garage. Contact Sarah Meehan 508.685.8926
For more information on these and other distinctive properties, please call us at 508.997.7400 MILBURYRE.COM
304 Elm Street . South Dartmouth . Massachusetts 02748