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Agree. New York, Connecticut, Pennsylvania & Massachusetts residents are flocking to Coastal Rhode Island to buy summer homes because of their perceived value compared to the rest of the northeast coastline.
I live on the West Coast, and even *I*want a summer home there in RI.
New territory to explore since I’ve just about used up this side of the country.
OP, go where you think you’ll be happiest as you get older. Having people to “play with” in retirement is pretty important.
Last edited by Goin' Coastal; 10-26-2017 at 11:08 AM..
Agree. New York, Connecticut, Pennsylvania & Massachusetts residents are flocking to Coastal Rhode Island to buy summer homes because of their perceived value compared to the rest of the northeast coastline.
You can extend that to the Massachusetts Southcoast. Other than the Providence bedroom towns like Barrington and East Greenwich, there isn't enough of a job market to support locals buying waterfront and near-waterfront property at "city prices".
You can extend that to the Massachusetts Southcoast. Other than the Providence bedroom towns like Barrington and East Greenwich, there isn't enough of a job market to support locals buying waterfront and near-waterfront property at "city prices".
It's the challenging local economy which makes Coastal Rhode Island the bargain it is for summer house/retiree buyers. If the poor local job market ends so likely does the bargain. Summer houses would convert to full time.
While both Barrington & EG are good markets for year-round properties, they suffer as summer house locales compared to hot spots like Watch Hill, Charlestown, SK, Newport, Jamestown & Narragansett. Driving around Jamestown in the summer, I see more NY license plates than any other except RI. As for the Massachusetts South Coast, it starts getting less appealing as travel time increases from New York/CT.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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Originally Posted by GeoffD
You can extend that to the Massachusetts Southcoast. Other than the Providence bedroom towns like Barrington and East Greenwich, there isn't enough of a job market to support locals buying waterfront and near-waterfront property at "city prices".
I don't know. The Cape doesn't have a job market outside of its seasonal one, and the prices are sky high.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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Originally Posted by Hollytree
Do tell. Are you talking about small condos?
Small condos, large condos, small to medium houses... heck, you you can get a house there for <500k, that's the price of new plywood construction on a one bedroom in Somerville. It's cheap. Or a condo for 200-300k, and that's supposed to be an affluent town. OF course there are the places in the millions to, but one can still live there affordably.
Agree. New York, Connecticut, Pennsylvania & Massachusetts residents are flocking to Coastal Rhode Island to buy summer homes because of their perceived value compared to the rest of the northeast coastline.
No secret there ^^. People from NY city, Long Island, the CT shore, Mystic etc. (no true beaches on CT shore, all rocky); have been moving to Westerly RI and Charlestown RI for the past 50 years. For both 2nd or 3rd homes, and year-round homes. They can take the train to Stamford, CT, NY city etc. Thus, driving up coastal RI town prices for years. Even Mystic CT has no 'real' beach, but people pay through the wazoo to live in Mystic.
Small condos, large condos, small to medium houses... heck, you you can get a house there for <500k, that's the price of new plywood construction on a one bedroom in Somerville. It's cheap. Or a condo for 200-300k, and that's supposed to be an affluent town. OF course there are the places in the millions to, but one can still live there affordably.
I suppose it's because there are few professional or high paying jobs in the area. I just checked the handful of Newport houses under 500 for sale. Too small and lots are tiny, but they seem to sell fast, even the ones that need a lot of work and the ones near Broadway.
No secret there ^^. People from NY city, Long Island, the CT shore, Mystic etc. (no true beaches on CT shore, all rocky); have been moving to Westerly RI and Charlestown RI for the past 50 years. For both 2nd or 3rd homes, and year-round homes. They can take the train to Stamford, CT, NY city etc. Thus, driving up coastal RI town prices for years. Even Mystic CT has no 'real' beach, but people pay through the wazoo to live in Mystic.
While it may not have been a secret for the last 50 years, the story which may be missing now is that the trend to RI has recently accelerated all the way up to Narragansett & especially Jamestown. Modest 3 bed ranches, with no water views, selling in Jamestown Village a couple of years ago for the $300s now sell - in days - for the $600s. And, there are no trains from Jamestown to NY. However, as the price disparity decreases, so may the current trend.
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