Oceanfront Homes in Rhode Island – Now Is The Time to Buy
April 22nd, 2011
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If you are thinking about an oceanfront home in Rhode Island, now is the time to start looking. If you time it right, you can experience all the joys of living at the beach this summer. And, perhaps more importantly, all of the key economic factors are working in your favor – the stock market is rebounding at a record pace, many Sellers have corrected their prices to reflect the current market and interest rates are still at historic lows. But the inventory of beachfront housing and condominiums is limited and those with Wall Street bonuses in hand have already started buying. The market for luxury housing at affordable prices (e.g., $500,000 to $750,000) won’t last much longer. When you start checking out real estate listings, look at them critically. Not all homes with “ocean views” are really “oceanfront”. And not all “oceanfront” homes have direct access to the beach.
In Rhode Island, the old adage of “location, location, location” has never been truer. Also, look for homes that have the amenities that suit your family’s lifestyle – a pool, tennis courts, garage, a fireplace, etc. If you’re considering a condo, look for well managed and well maintained units with low maintenance fees. Of course, you have to be realistic. Taxes for oceanfront homes do reflect their unique value. And, if you’re like most homebuyers, you’ll want to spend some extra money to redecorate or change some of the home’s features to suit your own taste and needs. The key is to remember that you will ultimately be living in an oceanfront home, sitting on your deck watching the sailboats off shore or the lobstermen working their boats. That is what is exceptional about an oceanfront location. While housing prices inland have taken the brunt of the housing bust, and may well be faced with further declines, don’t expect the same market conditions in coastal Rhode Island. It’s true that condos and houses in even historic Narragansett and Newport haven’t been immune from significant price reductions over the past few years. But the inventory in these markets has shrunk. While real values still exist, they probably won’t for much longer. Why?
From an investment standpoint the opportunity has never been better. More importantly, and quite simply, the amount of oceanfront property is finite. Whether it’s year round living or part-time vacationing (Narragansett and Newport are only three hours from New York and two hours from Boston), an incredible lifestyle is still possible in coastal Rhode Island. If you enjoy walking on the beach, or sitting on your deck enjoying the ocean breezes, or buying your lobsters right from the dock, then Rhode Island is for you. But “thinking” and “doing” are two very different things.
The opportunities for oceanfront living and entertaining, full-time or part-time, are rapidly diminishing. Smart buyers should begin their search today, before the summer crunch when competitive buying is at its height and inventory declines even more. If you want the pleasures of oceanfront living and real value in a home, now, indeed, is the time to buy.
Judy Chace has had a full time, thriving real estate career since 1989 and has been a consistent multi-million dollar Broker for the last 20 years. With over $250 Million closed in the last 10 years alone, she has created a strong presence as one of the most consistently recognized high-end specialists in the Coastal Rhode Island luxury waterfront market. She has been quoted in the New York Times and The Wall Street as well as countless real estate specific journals, publications and magazines. Her website: http://www.judychace.com details her listings of luxury homes and estates, oceanfront, waterfront and coastal properties, equestrian farms and country estates, and areas of geographic focus.
Article Source: http://EzineArticles.com/6172214