Connect with us

Real estate

This Week in EG Real Estate: Assessing the Market – East Greenwich News

Published

on

Above: New listing 170 Spring Street.

By Mary Louise Formisano

There has been a flurry of activity in East Greenwich over the last two weeks after a quiet spell! There are 25 new listings and 13 sold properties. And, a conversation with Justin Mandese, Realtor, Team Leader, Coach, RU New England.

We asked Justin Mandese, just where do we go from here? He said most industry experts and major financial institutions, like JP Morgan, Goldman Sachs and Morgan Stanley, expect a V-shaped picture – sharp drop, strong recovery – resulting from the coronavirus pandemic.

As to what this may mean for sellers, these were some of Justin’s thoughts: “People thinking about selling their home can be in a powerful position, if they time their listing right. Since inventory is still extremely low, prices are holding steady. If a seller comes to market towards the beginning of the recovery period, they will still take advantage of the steady demand and low competition. However, if a seller waits too long, they will risk being caught in the whirlwind of new inventory and outpacing demand. This could indicate a short-term drop in prices, which may cost a seller money, and/or time.”  Another factor to consider are the nearly record-low interest rates contributing to the present purchasing power of buyers.

He went on to share some tips as to how to prepare for the process of selling. First, get your home staged and ready to sell, whether that’s done professionally, or just cleaned up and decluttered. Second, get familiar with the competition so you can price aggressively and stay ahead of the curve. EG News weekly real estate is a great way to stay on top of our local market. Finally, talk to your real estate professional about timing, the factors involved and how they can affect you.


Data is compiled via Riliving.com as of Friday, 5/1/20 and represents two weeks of activity.  Properties are in East Greenwich unless notated by an * indicating the Warwick section of 02818. All information may be subject to change.

Here’s what’s happening this week, from lowest price to highest price in each category:

NEW LISTINGS

*12 Sheryl Circle, Ranch, 3 bed, 1 full bath, $174,900. 

*25 Eagle Run, Unit #B, Town House, 2 bed, 1 full bath,1 half bath, $235,000. 

*85 Landis Drive, Cottage, 2  bed, 1 full bath, $269,000.

*80 Spencer Woods Drive, One Level, 2 bed, 2 full bath, $309,900. 

*57 Longfellow Drive, Ranch, 3 bed, 1 full bath, $335,000. 

14 London Street, Up/Down, 4 bed, 2 full bath,$352,000. 

*44 Goodwin Street, Colonial, 3 bed, 1 full bath, 1 half bath, $364,900. 

108 Pine Glen Drive, Unit #108, One Level, 2 bed, 2 full bath, 369,000. 

26 Wine Street, Up/Down, 6 bed, 3 full bath,$379,000. 

*44 Heritage Drive, Colonial, 4 bed, 3 full bath, $449,900. 

*91 Green Bush Road, Colonial, 3 bed, 2 full bath, 1 half bath, $489,900. 

264 Spring Valley Drive, Colonial, 3 bed, 2 full bath,1 half bath, $539,900. 

3 Mystic Drive, Ranch, 3 bed, 2 full bath,$549,900. 

130 Tamarack Drive, Ranch, 4 bed, 2 full bath, 1 half bath, $549,900.

5875 Post Road, Office, $599,900. 

425 Stone Ridge Drive, Colonial, 4 bed, 2 full bath,1 half bath, $619,000. 

15 Signal Ridge Way, Colonial, 4 bed, 3 full bath,1 half bath, $650,000. 

475 Tillinghast Road, Colonial, 4 bed, 2 full bath, 1 half bath, $654,900. 

16 Somerset Street, Historic, Victorian, 4 bed, 4 full bath, 1 half bath, $725,000. 

85 Juniper Drive

170 Spring Street, Colonial, 4 bed, 2 full bath, 1 half bath, $749,000. 

30 Owl Tree Lane, Colonial, 4 bed, 3 full bath, 1 half bath, $750,000. 

40 Oakbrook Court, Colonial, 4 bed, 3 full bath,1 half bath, $799,000. 

*239 Cedar Street, Colonial, Other, 4 bed, 3 full bath,1 half bath, $819,000.

85 Juniper Drive, Colonial, 4 bed, 4 full bath, 1 half bath, $835,000. 

170 Spring Street, Colonial, w/adjacent lot, 4 bed, 2 full bath, 1 half bath, $965,000. 

SOLDS

*77 Ives Road Other, Ranch, 3 bed, 1 full bath, 1 half bath, $280,000. 

*97 Ives Road, Ranch, 4 bed, 2 full bath, $342,000. 

678 Shippeetown Road, Cape Cod, 3 bed, 2 full bath, $385,000 

*775 Major Potter Road, Contemporary, 3 bed, 2 full bath, $391,500. 

52 Mawney Street, Victorian, 4 bed, 3 full bath, $400,000. 

1597 Middle Road, Ranch, 3 bed, 2 full bath, $416,150.

8 Barrows Drive, Colonial, Other, 4 bed, 1 full bath, 1 half bath, $425,000. 

32 Hyland Avenue, Colonial, 4 bed, 1 full bath, 1 half bath, $460,000. 

*15 Division Street, Colonial, Historic , 4 bed, 3 full bath, 1 half bath, $475,000. 

2 Mystic Drive, Ranch , 3 bed, 2 full bath, $525,000. 

*19 Alger Avenue, Bungalow, 3 bed, 3 full bath, $565,000.

1974 Division Road, Contemporary, 4 bed, 3 full bath, 1 half bath, $580,000. 

10 Camden Court, Colonial, 4 bed, 2 full bath, 1 half bath, $628,500.

NO UPCOMING OPEN HOUSES


Do you get our newsletter? In these uncertain times especially, it’s the best way to know what’s going on. And it’s easy to sign up – just click HERE.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Real estate

NYC’s real estate faces real problem after coronavirus fades

Published

on

By

Manhattan needs its people back. But do the people need Manhattan? COVID-19 may not be a pause, as Gov. Cuomo puts it, but a rupture — one that has vast implications for New York.

For half a century, New York’s growth policy, stripped of some subtleties, has been as follows. Step one: Build up a dense corporate office hub centered around 150 blocks of Midtown Manhattan. Step two: Improve transit, so that you can move these millions of commuters onto the island of Manhattan every day in crowded metal tubes, and then, at the end of the day, move them back out.

This solved a bunch of problems that plagued midcentury New York.

First, middle-class flight from the city. We fixed that by moving people back and forth from Westchester, Long Island and New Jersey during the day. Second, working-class flight from Manhattan. Manhattanites who no longer walked to work from tenements to the docks or the Garment District could take the subway to new jobs in restaurants, retail, cleaning — serving a huge office market.

Yet this system was in peril even before the outbreak. Subways and commuter lines were beyond capacity at peak hours, and even off-peak. Developers had overbuilt, thanks to cheap global money.

Midtown’s prime-office vacancy rate last November was 10.4 percent, compared to 8.9 percent two years earlier — with “supply outpacing demand,” city economists noted, thanks to massive new construction at Hudson Yards and in Midtown East.

Now, both sides of this equation are irretrievably broken. No one has any idea how New York’s and New Jersey’s transit systems can resume moving nearly 3 million people on and off a dense island by this fall. The answer won’t be more driving. A 30 percent drop in pre-COVID transit would mean a doubling of vehicles on Midtown’s streets — a total standstill.

So: What happens to all those offices sitting eerily empty? It isn’t only a short-term problem. Even if we get a vaccine tomorrow, many commuters have found that they like staying home. JPMorgan Chase and Facebook — both, prior to this, planning new Manhattan office towers — are now saying people can work closer to home or at home.

That doesn’t mean five days a week, forever. But even employers and workers deciding they would rather work in an office only two or three days a week has huge implications for the future price of office space and MTA finances.

It has huge implications, too, for restaurants, stores, theater, hotels — all of which depend on business travel and on commuters spending a little extra time in Manhattan. Outer-borough restaurant and retail also depends on residents’ wealth — earned in Manhattan.

No one knows what’s going to happen. Maybe everyone will be back. If not, though, New York will need a new model. It’s possible that Manhattan may break up into smaller clusters, where more highly paid workers at tech companies, investment banks, law firms and hedge funds live within walking or biking distance to work, leaving less crowded transit to middle-income and service workers.

That’s fine, but means a rough transition. Manhattan as a dense office hub doesn’t work without armies of longer-distance commuters. Sure, you can convert office space into residential space over time, but the key is “over time.” It’s expensive, and it won’t happen in a plummeting real-estate market.

Any big change is a shock to the city’s tax system well beyond a few months. For its annual $66 billion in tax revenues, New York depends on high, and high-volume, property, ­income and sales taxes, all now imperiled. It could see double-digit adjustments, beyond what any one-year federal rescue can cushion.

It’s a shock to the region’s tax system. The only reason Long Island villages can afford sky-high spending on schools and police is that some taxpayers bring home six and seven figures from Manhattan, and because residential property is worth a lot. It’s worth a lot less if it’s less valuable to be close to Manhattan.

Facing an unknowable future, New York needs to be flexible now: Temporarily furlough non-frontline workers so it can afford to bring back some later. Sponsor aggressive testing on how safely people can stand next to each other, masked, for now, on transit. Let restaurants start deploying open-air dining to give people a reason to stay this summer. 

The private economy is moving fast. But the city is still frozen.

Nicole Gelinas is a contributing editor of City Journal. Twitter: @NicoleGelinas 

Continue Reading

Real estate

How You Can Own Real Estate — Hometown Station | KHTS FM 98.1 & AM 1220 — Santa Clarita Radio

Published

on

By

Have you ever dreamed of owning a new home? Maybe you have always dreamed of starting your own business, creating a community arts center, or a nonprofit in your neighborhood allowing you to leave a lasting mark. Or maybe you want to own land to build a public park on or build a private oasis you can escape to when you need a break. Individuals and organizations bring big ideas of how they are going to put down roots and many of these dreams include owning real estate  While these visions might feel like pipe dreams to some, in reality, it’s possible for anyone to own their own real estate here in Southern California. People have always come here for the stars and the sun, bringing big dreams and a wish to change the world.

For many what stands in the way of reaching their dreams of owning real estate are financial challenges or put another way Money, Money, Money. Sometimes individuals know they do not have enough in savings to purchase real estate so it feels like an unattainable goal. They may have found banks are unhelpful or unwilling to provide loans. The good news is there are local lenders such as Lantzman Lending whose focus is on helping people find the financial resources they need for such projects. Such lenders can help explain and simplify the process of getting private money loans which can be just what is needed. There are a wide range of products depending on your needs and wants. Together with a lender you can create a plan that works for you no matter what your real estate dreams are.

Flipping houses have become a popular way for those interested in beginning their real estate journeys. How flipping houses works is individuals buy a fixer-upper property, spend the time and money needed to update and improve the property and then sell it gaining a nice profit. Tarek El Moussa who has made his career around flipping houses is a well known locally here in California. He is the star of HGTV hit series Flip or Flop, now in its seventh season. If you are excited to be hands-on during real estate projects and have an eye for seeing if a property has good bones, flipping houses might be for you.

Others interested in real estate want to own a property that they can enjoy for years to come. These individuals want to make a home for themselves and their families and are not focused on property as an income source. Here in California, there are many new houses that are available for such individuals looking at the real estate market. But sometimes these already made houses do not meet the needs of those looking. Some want the opportunity to be in control of a project from beginning to end and be able to create the house that they want and need from scratch. They might have an idea for a custom made set up for them to do their work and enjoy their hobbies. In this case, new construction and new construction loans are the way to go. 

Finally sometimes instead of individuals it is businesses or organizations who are looking for real estate. Sometimes these groups need to expand their production, or for other reasons, there is a wish to move a business to a different location which is a better fit for the needs of the business. There are many ways for businesses and organizations to get creative in their real estate. Across the country organizations are finding ways to repurpose real estate in such a way as to bring in new business and new customers. As the cliche goes Location, Location, Location.

Do you have a news tip? Call us at (661) 298-1220, or send an email to newstip@hometownstation.com. Don’t miss a thing. Get breaking KHTS Santa Clarita News Alerts delivered right to your inbox. Report a typo or error, email Corrections@hometownstation.com

KHTS FM 98.1 and AM 1220 is Santa Clarita’s only local radio station. KHTS mixes in a combination of news, traffic, sports, and features along with your favorite adult contemporary hits. Santa Clarita news and features are delivered throughout the day over our airwaves, on our website and through a variety of social media platforms. Our KHTS national award-winning daily news briefs are now read daily by 34,000+ residents. A vibrant member of the Santa Clarita community, the KHTS broadcast signal reaches all of the Santa Clarita Valley and parts of the high desert communities located in the Antelope Valley. The station streams its talk shows over the web, reaching a potentially worldwide audience. Follow @KHTSRadio on Facebook, Twitter, and Instagram.

KHTS FM 98.1 & AM 1220 - Santa Clarita News - Santa Clarita Radio

Continue Reading

Real estate

Social distancing in home selling: How Lehigh Valley real estate agents are adapting to new reality

Published

on

By

The housing market scene might soon resemble more of a hospital and less of a home but Lehigh Valley real estate agents say these measures are going to be crucial moving forward amid the COVID-19 pandemic.

Gov. Tom Wolf this past Tuesday issued guidance that would allow more home sales and other real estate transactions. The real estate industry since Wolf’s March 19 shutdown of all non-essential businesses has taken a hit. Pending sales dropped 76% percent — from 859 sales in April 2019 to 204 sales in April 2020 — across Northampton and Lehigh counties, according to the Greater Lehigh Valley Realtors group.

Justin Porembo, the group’s CEO, reported agents were having a hard time finalizing transactions, especially when buyers or sellers wants to move between a yellow county and red county or vice versa in Wolf’s three-tiered reopening phases. This also is coupled with the inability to gain proper inspections and appraisals, he had said.

Wolf now, however, is allowing in-person real estate transactions — with some limits — in all colored phases. The phases are color-coded by red for the current, most restrictive approach to yellow and, finally, green. The easing of restrictions in real estate now allows no more than the real estate professional and two people inside a property at any time, as well as sanitizing and social distancing measures. Everyone present at a property offered for sale must wear masks or face coverings.

Rebecca L. Decker Francis, who leads The Rebecca Francis Team affiliated with Berkshire Hathaway HomeServices Fox & Roach, said within minutes of her receiving notice about the governor’s easing of restrictions, her phone began ringing off the hook. She received requests from agents requesting showings of several listings. The result was a buyer physically able to view a property Wednesday and placing the sale under agreement by Thursday.

“Things are hopping,” Francis said.

But bringing these transactions across the finish line at a time when the Lehigh Valley remains in the red zone continues to pose challenges and things are far from business as usual, she said.

Real estate agents now have to consider a whole new set of paperwork guidelines. There are verbal interviews with each person at a home — including buyer, seller or agent — to make sure all are safe and healthy. Additionally, there are written checklists encouraged by state health officials, which may include asking if any maintenance workers entered the home, Francis said.

In-person property showings, appraisals, inspections, and final walk-throughs will need to be by scheduled appointment only. Each agent must then maintain records of all appointments, including contact information for all participants.

“This is critical so that in the event of any COVID-19 infections or exposures, it can be traced,” Francis said.

Creighton Faust, a real estate broker with RE/MAX Central, echoed the importance of adhering to the new health and safety measures to keep the industry essential.

“Indeed the flood gates have opened. It’s a good sign for our business and the overall economy but of course we need to keep everyone’s safety front and center,” he said.

Faust said buyers also can expect such things as hand sanitizers, disposable booties and gloves when entering homes as the new norm. They might be asked to not touch certain things in the home and have additional family members wait outside. He plans to use electronic signatures as much as possible to help thwart the spread of COVID-19.

“All industries are going through these adjustments,’ he said. “It reminds me a bit of ‘Who moved my cheese.’ “

In terms of social distancing, Faust plans to park cars further apart to give those entering and leaving a house proper space. Scheduling, he said, will remain a challenge given Wolf’s new order of just three people allowed inside a home at once.

“This will slow the pace down a bit as some properties in the past would allow multiple showings to overlap and essentially happen simultaneously,” he said.

Conventional open houses, previously held for multiple hours on a weekend for those wanting to see a property, will remain prohibited, Francis said. She also plans to space out showings in 30-minute intervals and no agent or broker will ride in the same car with customers or anyone else to work-related places.

Victoria Roelke, a real estate agent with the John Blair Team in Coopersburg affiliated with Berkshire Hathaway HomeServices Fox & Roach, said she’s glad to be back in a way that better serves her clients.

Creative adaptions by real estate agents to iron out deals prior to Wolf easing up on restrictions ran the gamut from virtual reality home tours to 3D home staging and livestream virtual open houses. Others were tapping into social media to market homes. These methods put potential homebuyers in a home without anyone having to physically enter a home that’s for sale.

Roelke anticipated some virtual showings to continue, but that method didn’t allow for professional photography, video and staging services. These things, she said, are needed to help show homes in the best light.

Social distancing might mean initially showing potential buyers a home over video and then after completing a virtual tour, a physical in-person tour could be scheduled if the buyer remains interested. A health screening must be signed by all parties 24 hours before a physical showing, Roelke said.

Roelke also expected such things as door handles, knobs and switches to be wiped down before and after all showings. Sellers will continue to open such doors as closets and basements for potential buyers, she said.

“There is definitely pent-up buyer demand, I am looking forward to helping those buyers that have had to put their needs or goals on the back burner, and for those sellers who need to move it is a huge relief to know their realtor can serve them with great care and necessary restrictions,” Roelke said.

For buyers, other parts of the real estate process could change overnight due to uncertainty in an unprecedented time.

Buyers are encouraged to go over finances with a fine tooth comb before contacting agents. Real estate professionals fear agreements potentially falling through in the event a potential buyer loses a job or can’t secure a loan during the coronavirus pandemic.

Tell us your coronavirus stories, whether it’s a news tip, a topic you want us to cover, or a personal story you want to share.

Please subscribe now and support the local journalism YOU rely on and trust.

Pamela Sroka-Holzmann may be reached at pholzmann@lehighvalleylive.com.

Continue Reading

Trending