Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The significant other just accepted a PhD program at Brown, so we plan to move to Providence sometime this summer. We just sold our condo in Boston. I am juggling the prospects of buying versus renting on College Hill / East Side. What is the current opinion on real estate here? I am looking at 2BR condos, with a ceiling of $300k.
College Hill seems to be relatively stable, and properties tend to hold their value. What is happening with the market up by Miriam Hospital, Hope Street, Rochambeau, etc? Current values look significantly less than even only slightly south.
We plan to spend significant time getting into the weeds of the neighborhoods in the East Side, but we're trying to narrow down how to focus our efforts. If we lock ourselves into purchasing, we want to make sure we speculate on an area with popularity and relatively quick sales turnaround when the program is over.
The significant other just accepted a PhD program at Brown, so we plan to move to Providence sometime this summer. We just sold our condo in Boston. I am juggling the prospects of buying versus renting on College Hill / East Side. What is the current opinion on real estate here? I am looking at 2BR condos, with a ceiling of $300k.
College Hill seems to be relatively stable, and properties tend to hold their value. What is happening with the market up by Miriam Hospital, Hope Street, Rochambeau, etc? Current values look significantly less than even only slightly south.
We plan to spend significant time getting into the weeds of the neighborhoods in the East Side, but we're trying to narrow down how to focus our efforts. If we lock ourselves into purchasing, we want to make sure we speculate on an area with popularity and relatively quick sales turnaround when the program is over.
Thanks for all the advice!
In a nutshell: Poor time to buy a house on the ES. Lots of buyers chasing very low inventory. A well priced house will sell in days now. The condo market, on the other hand is better. Fewer buyers chasing more listings. As for locations, College Hill and Wayland Square are the premium value locations for condos. Condo buyers usually want convenience. East of Hope Street is almost always a good value, west of Hope - Summit or Hope Village is considered still nice, but rather second tier. The area's less expensive and the right unit can be a sound investment.
Your 2 bed budget of $300k is a bit low for CH, depending on your sq. ft., parking, outdoor space and luxury requirements. It may be doable, but you'll get bare bones, living around the edges. You'll probably do better around Wayland or Fox Point. Best of luck. The East Side is wonderful!
There isn't a ton of inventory now as IM says, but the east side is an area pretty much assured of holding value long term. Second that the market is good for sellers now. For a condo, I would stick with Benefit St area, College Hill, Wayland Sq, downtown high-rises, etc. You might look at South Main area as well near downtown.
Fox Point's a matter of taste. A little down at the heels - ethnic and funky- but that may be your thing. Stay east of Hope St (or within 1-2 blocks of Hope) in Miriam area. This area (east) quickly becomes the Blackstone neighborhood where you will find large single families and few condos.
What you see is what you get- observe your chosen neighborhood over a few days- probably not a lot of surprises. A bargain compared to Boston.
Thanks for the feedback. It looks like a single family is completely out of the picture, with the exception of a small cottage that is currently on the market. While you definetely get more for you money in Providence, I've noticed that fees tend to be higher than similar units in Boston - not to mention higher taxes for owner occupants.
Fox Point is intriguing. I'm leaving East Boston, which has a similar feel. On the water, ethnic, etc.
Anyways, I'll digests your advice and keep my eyes out.
You should also look slightly farther north into Pawtucket. Property values have been stable in the Oak Hill neighborhood through the recession and there are a handful of single family homes and condos (typically an apartment in a two-family house) available. Zillow shows a 2-bed townhouse for $219k and a 3-bed apartment for $236k. I also know of a 4-bed house FSBO for best offer over $325k, a 3-bed apartment rental around $1200, and single family houses for rent for around $2500.
As the other poster mentioned Oak Hill is a great suggestion. I am personally a big fan of that area right down from the BLVD.
I also would say give a peek at Fox Point...it's definitely worth a look!
We have some friends in East Boston area that we visit but I am not overly familiar with the area BUT I liken Providence n'hoods to micro-areas....meaning a few blocks here or there and they could very well be different n'hoods. It's really quite a cool thing because you can really hone in on something that fits your lifestyle like a glove while still being right in the mix of things. I would absolutely take some trips, talk to locals in the coffee shops, etc... and get a feel.
All - I can't thank you enough - this is invaluable information.
Walking distance to campus is a must (sorry if I wasn't clear on this earlier). I think Pawtucket is out of the question. A weekend trip is in the books. We just need to wander.
I see some units on Power Street, and a single family on Arnold that look intriguing.
Not sure how far you consider walking distance, but Rochambeau is over a mile and a half from campus. There is a bus down Hope Street, if that's helpful.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
