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"Oh, but they do. And, they don't move to the southern sticks. Those blue city/suburban bubbles suddenly get larger & larger on the map. Then boom, the red state turns purple. See Georgia."
No, I didn't say anything about Rhode Islanders moving to Georgia. "They" doesn't refer to Rhode Islanders in the above response to another poster. It was a general response with no reference to RI. As far as I know, few Rhode Islanders are moving to Georgia.
"Oh, but they do. And, they don't move to the southern sticks. Those blue city/suburban bubbles suddenly get larger & larger on the map. Then boom, the red state turns purple. See Georgia."
No, I didn't say anything about Rhode Islanders moving to Georgia. "They" doesn't refer to Rhode Islanders in the above response to another poster. It was a general response with no reference to RI. As far as I know, few Rhode Islanders are moving to Georgia.
In context, you did...because the person you responded to was talking about Rhode Islanders.
I would agree that the sellers' market in RI is incredibly resilient. There are zero reasonable 'deals'. Challenge: post a listing here of a small 2 to 3 bedroom home or townhouse in a relatively SAFE and desirable area. I doubt there will be any under $500k.
Why? Because the only areas the fit the criteria are East SIDE of Providence/college hill, East Greenwich, Barrington, Warren, Narragansett, North Smithfield. Six overpriced towns. Not much else. The others expose buyers to pretty significant risk of being upside down within the next 12 months.
I would agree that the sellers' market in RI is incredibly resilient. There are zero reasonable 'deals'. Challenge: post a listing here of a small 2 to 3 bedroom home or townhouse in a relatively SAFE and desirable area. I doubt there will be any under $500k.
Why? Because the only areas the fit the criteria are East SIDE of Providence/college hill, East Greenwich, Barrington, Warren, Narragansett, North Smithfield. Six overpriced towns. Not much else. The others expose buyers to pretty significant risk of being upside down within the next 12 months.
An interesting choice of "six overpriced towns" to highlight. Some familiar with RI real estate may disagree on all points. But, I don't want to argue with you. I have my hands full here.
An interesting choice of "six overpriced towns" to highlight. Some familiar with RI real estate may disagree on all points. But, I don't want to argue with you. I have my hands full here.
I might agree, I wouldn't buy in RI now unless absolutely necessary. Prices are holding, but not for traditionally good economic reasons. High interest rates are causing the resultant severe shortage of supply & significant new mortgage cost increase. Few are moving up. But, not sure every RI buyer today will be upside down in 12 months.
Those coastal & other locations, which attract out-of-state & cash buyers, will continue to do so & fare better than the meat & potatoes towns & cities. As long as parts of RI remain the cheap seats to out-of-staters looking for second homes & at-home professional workers, at least that part of the market should hold up a little better.
I was just poking around Little Compton. I see a 0.36 acre lot with a well and approved septic for $275k. Looks like a 20 minute walk to the beach or an easy bike ride. I looked and it's not flood zone. If you want to get away from it all with good salt water access, that's a nice spot. Two towns east of there where I live, that's a much more expensive lot in that kind of location.
LC has a two acre minimum to build and is very strict on what is built, so unless you're an abutter I don't know what good a .36 lot is going to be. There is also an LCAT tax on any purchased home that amounts to 4% of purchase price over 300k. That money goes to land preservation/conservation.
LC is a gorgeous place and the town has done a good job of keeping it that way.
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