GORDON KING
SREYUB
WWW.GORDONKINGRE.COM
BUYING A HOME REQUIRES A LITTLE PLANNING. LET ME HELP.
gordon king REALTOR HOGAN ASSOCIATES NEWPORT, RI
Gordon@HoganRI.com GordonKingRE.com (401) 924-1774
LET'S GET STARTED
I believe my approach to finding you a new home will be thorough and stress-free.
My promise to you: I will reduce the stress and get GORDON KING REALTOR ASSOCIATE
you to the end of the process as quickly as possible and you will only need to deal with me.
Agent or no agent?
As a full-time agent for over ten years I know a lot about the market
Today with all the online
but not everything - and if I don't
resources and technology at your
know, I will find the answers for
fingertips, you could get pretty
you.
far on your own. I will provide a plan and the As an agent, let me suggest going
resources to make sure the search
with a certified realtor, and
for a new home is thorough but
explain why I am important to
focused, and I will not waste
your plans.
your time.
ABOUT ME I come at real estate from many perspectives. I was born and raised in Newport, and live here with my wife Karen. Karen runs her own business, Style Newport, on Thames Street. Together we enjoy an active lifestyle and love to share it with our clients and friends.
As a real estate agent, I bring significant experience in historic home restoration, new construction, and helping clients buy and sell luxury coastal properties. I have worn many hats over the years, from investor to owner, and my expertise lends itself to ensuring a smooth experience when buying or selling residential or commercial properties.
Many of my clients are not first-time homebuyers, and are looking for a second home with room for grandchildren and a growing family. Having seen the in's and out's of many complicated transactions over the years, including working with out-of-state buyers, my experience brings tremendous value in this competitive and complicated market.
While working with me, you'll have a front row seat to Charlie's seasonal costumes.
THE NUMBERS A breakdown of our company's 2021.
Voted best real estate agency in Newport in 2020 & 2021
$235,700,000 The amount of sales we did in 2021
11+ years of helping home buyers find the perfect home
A team made up of 37 full-time agents
Maybe it's been a while since you purchased a home. Let me refresh your memory on the process basics.
the steps
start here
GET PRE-APPROVED
CHOOSE AN AGENT
You'll want to make sure to get this
Hopefully you've chosen me.
process started asap, as getting preapproved for financing is essential.
make an offer
HOUSE HUNTING BEGINS
I draw up an offer and
I will take note of your
negotiate on your behalf.
requirements and start searching for properties that fit the bill!
make a deal
move in!
We might receive a counter offer,
Schedule the
I will review it with you and
inspection, get the keys
decide on next steps.
and move into your new home!
home!
QUESTIONS YOU SHOULD BE ASKING THAT I WILL BREAK DOWN FOR YOU WHAT SHOULD I EXPECT IN THIS
WHAT DOES IT MEAN TO BUY A HOME
COMPLICATED MARKET
WITH AN HISTORIC DESIGNATION?
WHAT SHOULD I KNOW ABOUT
WHAT DO I NEED TO KNOW ABOUT WELLS
INVENTORY?
+ SEPTIC IN RI?
WHAT TYPE OF FINANCING SHOULD I
HOW DO I FIND A PROPERTY WITH A
CONSIDER?
DOCK OR ROOM FOR ONE?
DOES PAYING IN CASH MATTER?
WHICH AREAS OF RI ARE YOU MOST FAMILIAR WITH?
WHAT SHOULD I KNOW ABOUT THIS COMPLICATED MARKET? Some frustrations for sure. The market favors sellers. For properties that are priced “reasonably”-and that can be in the eye of the beholder-there will be a lot of interest. That interest can turn into multiple offers, leading to best and final offers. Things can move quickly. If it is your first offer on a property, you may be competing with well-qualified buyers who have missed out on properties and are now frustrated. These buyers will often over bid the price so as not to lose a second or third time. Some bidders may wave financing, pay cash or even wave inspections. Note: I would never recommend that you wave inspections even if it is a cash offer. Many of the coastal properties you may be interested in are old and were built as summer homes but not to today’s standards. You need to know what you are buying.
WHAT SHOULD I KNOW ABOUT INVENTORY? SIMPLE QUESTION AND SIMPLE ANSWER TODAY. Inventories of well-built and well-priced homes are at historic lows. Inventories have also reached historically high prices and for 2022 it is anticipated that these conditions will remain. When you find the home you like be ready to move quickly with an aggressive offer and have your financing in place. Once under contract you will have time during the inspection period to focus on the homes condition and determine if your first impressions were right and it is the home you want.
WHAT TYPE OF FINANCING SHOULD I CONSIDER? The first thing to consider is do you use your primary bank as the lender, direct lender, or a mortgage broker. Which is best? In my experience working with clients that have used their banking relationships, direct lenders, versus a mortgage broker the mortgage brokers have offered better service, rates, and more options. This has been particularly true for expensive second homes in coastal communities where experience in those markets matters. The simple rule - get at least two quotes, one from your bank and one from a qualified mortgage broker. I think you will be surprised.
DOES PAYING IN CASH MATTER? NOT AS MUCH AS YOU MIGHT THINK. It is a seller’s market with high demand so most of my clients that are listing are looking to take advantage of the market and will wait to get their price. The only real advantage to the seller is that it can move the closing process along. Close quicker. An advantage to the buyer if the property is in a flood zone you do not need to buy mandatory flood insurance that a lender will demand. Saves thousands of dollars a year in premiums. Buyers often think it is a negotiating advantage to get a better price but if the sellers do not need to close quickly it does not matter. The other advantages are if the property will have difficulty apprising for traditional financing; overpriced and will not appraise, needs major work, and moves into requiring a construction loan, will not pass inspections and the seller will not negotiate the pricing.
WHAT DOES IT MEAN TO BUY A HOME WITH AN HISTORIC DESIGNATION? Many New England communities have applied for and received some form of historic designation. They are intended to preserve historic sites and properties and to control building in those areas and the modifications to existing properties. There are often Historic Commissions made up of local residents who have a lot of power, real or imagined influencing the process particularly the approval of building permits covering everything from windows, paint colors, skylights, decks, porches, additions, curb cuts - anything that changes the look of the existing property. Newport has the largest stock of pre-colonial housing in the country and a large historic district managed by the city and the Historic District Commission. If you Google Newport municode, sections 17.80.010 & 17.80.020, definitions you will get the basics. If the home you are interested in happens to have a historic designation it will require that you follow the rules and in most instances you can do what is needed to bring a home up to modern standards, BUT thinking that you can push through special exceptions or do what you want and then ask for forgiveness will only make the process unmanageable and in the end Newport will protect the integrity of the Historic District.
WELLS - WHAT TO KNOW THERE ARE A FEW UNIQUE ASPECTS YOU'LL WANT TO KNOW ABOUT WHEN BUYING A COASTAL NEW ENGLAND HOME. ONE OF THEM IS WELLS, and the other is septic. Wells are generally found in rural areas where it is too expensive to run public utilities and in many coastal communities that are too small to have the infrastructure. Generally, the quality of the water is considered “better” than municipal water, but it is hard water. Drinking hard water is generally safe. In fact, it may be beneficial towards your health. The benefits of hard water include fulfilling your dietary needs of essential minerals, such as calcium and magnesium. The disadvantage is that it can be difficult on your hair and the chemicals can get out of balance. Today almost all wells have in-home filtration and softening systems that mitigate the chemicals and are easy to maintain. The other benefit is that except for the small maintenance fees and the filtration system, the water is free and that can save thousands of dollars a year, and you have the security of having your own water source in case of an emergency.
SEPTIC - WHAT TO KNOW Septic systems are underground wastewater treatment structures, commonly used in rural areas without centralized sewer systems. They use a combination of nature and proven technology to treat wastewater from household plumbing produced by bathrooms, kitchen drains, and laundry. Septic tanks are durable and environmentally friendly. When properly maintained, a septic tank rarely needs to be replaced. Septic tanks do not contaminate the water supply. They remove bacteria before water is released into the soil. Plus, the recycled water is absorbed by nearby plant life. A septic tank tends to be more cost efficient since extensive underground sewer lines are quite costly to build, install and maintain. A septic tank, on the other hand, is much cheaper to install and does not require monthly maintenance costs or a tax charge to homeowners. Typically, a homeowner will pay between $250 to $500 for a septic system pumping every other year.
HOW DIFFICULT IS IT TO FIND A PROPERTY WITH A DOCK OR ROOM FOR ONE? Clients coming to Newport for the first time often assume since we are on an island that there must be a lot of homes with docks. Not the case at all. On the Atlantic side of Aquidneck Island, the water is too deep and the weather often severe and the waterfront in Newport is commercial and dock permits are almost impossible to obtain even if you have a waterfront home. Buying a dockominium has been an option for many of my clients and I probably have sold the most over the years but there are few that come available and cost in Newport on average $600.00 per ft plus condo fees and taxes. Jamestown offers the best options if a dock or property with a mooring is a must, but the prices will be expensive and there are few that come up. Other communities, Portsmouth, Tiverton, Bristol, Warwick offer options and many communities are near local marinas that often have lease space for a boat.
NEWPORT AT A GLANCE
NEWPORT Not only is Newport, Rhode Island one of the most beautiful places on earth, it's also home to world class sailing, the Newport Jazz and Folk Festivals, more early American homes than any other American city.
This historic seaside community offers beautiful, sandy, beaches, a walkable downtown, a scenic harbor, Ft. Adams National Park and great shopping and dining. Newport has many distinctive
24,600
$999,999
35
150
neighborhoods from gilded age mansions to
Population
Median List Price
Inventory
Average Days
17th and 18th century Colonials.
on Market
JAMESTOWN AT A GLANCE JAMESTOWN Located on Conanicut Island, in Narragansett Bay, Jamestown properties are found on an island community that has retained much of its rural charm with well under 10,000 year-long residents. Most Jamestown homes are owned by summer vacationers. On this quaint little island that is nine miles long by one mile wide, you will find several working farms, historic properties, two waterfront state parks, and many points at which the waterfront can be accessed.
5,400
$1,064,000
22
87
Population
Median List Price
Inventory
Average Days on Market
OTHER LOCALES
BRISTOL With fifteen miles of coastline on Narragansett Bay, a lot of Bristol RI real estate has been built to impress and inspire. Lush green settings, bike paths, boat slips, an array of popular attractions, and luxurious homes located on, or near, the water, have made Bristol an ideal location to live, work, and play.
WICKFORD Picturesque streets, one-of-a-kind shops, and restaurants nestled among Colonial and Federal-period homes – Wickford Village is a hidden gem of Rhode Island. Explore galleries, antique shops, and boutique stores as boats float past in the harbor. Relax at a waterfront cafe or restaurant. Take a carriage ride down Main Street, or rent a paddleboard or kayak to reconnect with nature.
THE COMPANY When
we
formed
Associates, integrate
we
Hogan
set
out
outstanding
to
customer
service with a level of marketing, technology and advertising that meets
or
exceeds
our
clients
expectations. Today, we offer the most
comprehensive
intuitive
Rhode
and
Island
home
search technology available. Our agents
have
experience
extensive
across
spectrum
of
disciplines,
from
properties
to
a
wide
real
estate
Bank
Owned
Bellevue
Ave
If you're a buyer, our website makes
it
easy
communities,
to
research
narrow
your
focused
search criteria and preview all
team of local experts - a tight
local MLS listings without feeling
bunch
pressured to talk to an agent. If
mansions.
We
who
have
share
a
office
space
and meet every week to discuss
you're
a
campaigns and share ideas. If an
notch
local
agent
growing
question,
can't they
answer rarely
your need
to
seller,
we
offer
marketing
customer
top-
and
database
a of
registered users. This user base
venture outside our four walls to
is
a
find someone who can.
advantage providing meaningful exposure
powerful
to
competitive
serious
buyers
interested in areas where we list property.
Let me tell you a little about Hogan Associates.
REVIEWS Gordon is an excellent agent. He is the definition of "full service." He is a mature and sophisticated agent who really understands who his end customer is, and tailors his approach and style to serving the needs of clients who are buying multi-million dollar properties.
What my clients have to say about working with me
If Gordon had not been our agent I can't imagine completing this transaction.
Even staring down the big waves of a large home purchase, Gordon was keeping a steady hand on the wheel while navigating at full throttle. He brings wonderful baked goods, is a snappy dresser, knows everyone, bon vivant, and optimist. In the two and half months of a nail biting transaction he brought to the process building inspectors, recommended architects, found us a construction contractor, and advised on tennis courts, dock builders, lawn mowers, trash guys, neighbors and restaurants.
gordon king REALTOR HOGAN ASSOCIATES NEWPORT, RI
Gordon@HoganRI.com
|
GordonKingRE.com
|
(401) 924-1774