East Bay Homes - May 2022

HomesEAST BAY

n Why the high market will stay high

n They weren’t planning to sell — but they did

n A new roof for a new kind of solar

n The low inventory falls even lower

View from the Top: Agents expect the highs to stay high

Local Realtors expect the high-end Farm Coast market to stay hot for a while

BY LUCY PROBERT

With life beginning to settle down after a tumultuous few years, will the explosive Farm Coast real estate market follow suit? Likely not, say experts.

Although the inventory of homes for sale has started to increase, the demand is still high, especially for second-home buyers. “While overpriced houses, unless they’re in prime locations, are still sitting, when they’re priced right, upper end home sales are still very, very strong,” says Debby Ladd, associate broker at Lila Delman Compass in Little Compton.

Prices skyrocketed during the pandemic, when buyers were willing to pay more for a second home to escape to, but many potential sellers were reluctant, creating an overflow of buyers in a market with limited listings.

“Fewer people were considering selling because they were thinking if a pandemic happened again, they wanted to have a place to go to, or they realized more than ever before how important it was to hang on to their homes for future generations, so they held tight, resulting in low inventory and higher sale prices,” says Cherry Arnold, sales associate, Mott & Chace Sotheby’s International Realty in Westport.

On average, Rhode Island currently has only about one month’s worth of inventory, compared to about four to six months a few years ago. Arnold recently represented a seller whose 5-bedroom, 4-bathroom colonial style home on nearly three acres, overlooking Briggs Marsh and the Atlantic Ocean, sold for $4,100,000 after just 12 days on the market. And because of the demand and quick sales like this one, high-end home values keep going up and up.

“Real estate economists are forecasting a continued rise in appreciation of homes,” says Arnold. “So I have sellers say to me ‘If I don’t sell this year, will I miss the high market?’ My answer to them is absolutely no,” she says. “While appreciation levels where they are now, at around 15%, aren’t where they were in 2021, at about 19 or 20%, they are still very strong and will only keep getting better. There are no signs of this slowing down.”

Middle market house sales have been very brisk as well, with more and more millennials looking for first homes, says Arnold. She estimates a home that may have sold for $850,000 in 2019 could be pushed to more than a million dollars today. With 5% interest rates currently having an impact on the overall real estate market, that will hurt first-time homebuyers the hardest, making it a lot more expensive for them to find an affordable home.

As a Realtor in this area for 38 years, Debby Ladd has seen a lot, and a hot market like this is nothing new here, she says. “This is actually the third wave I’ve seen. The first wave was in the 1980s, the second in the late 1990s, early 2000s, and here we are now. Real

“If buyers find something they really want, they’ll have to step up and pay for it because it won’t last for long.”

DEBBY LADD

This five-bedroom Little Compton home sold for $4,100,000 after just 12 days on the market last month. At the time, it was the highest sale in Little Compton in 2022. It remained that way for just a week.

From Page 5

estate is really a cyclical business.” Will potential buyers decide to wait out the market until the right house at the right price comes along?

“Farm coast towns like Little Compton have always been and will always be a desirable place to live, with its peaceful small-town charm and water views, away from the hustle and bustle. It’s what people are forever looking for, and that won’t change,” says Ladd. “So if buyers find something they really want, they’ll have to step up and pay for it because it won’t last for long.” And sellers are in for the long haul too, says Arnold. “This year will be a great time to sell, but home values will keep going up as each year goes by, so sellers will continue to be in a very good place either way.”

“There

this

CHERRY ARNOLD

A week after a Briggs Marsh home sold for $4.1 million, this Little Compton home, known as “Wildflowers” and located on five acres overlooking the Sakonnet River, set a new high mark for Little Compton in 2022 when it sold for $4.25 million.

Selling while the selling is good

Homeowners who weren’t even thinking of selling are getting unsolicited offers and prices too good to pass up

BY JOAN D. WARREN

For those in the East Bay with the good fortune to be in the position to sell their homes, 2021 and the first quarter of 2022 have been profitable.

Recent statistics show that in the East Bay, on average, houses have sold this year at 102% of their asking prices. Some have sold for as much as $100,000 over asking price.

Sellers are taking advantage of the fact that inventory is at an all-time low. As of May 11, there were only 39 singlefamily homes on the market in Bristol County, R.I. (Another 77 were either under agreement or pending.)

With conditions so favorable for seller, and with outside forces brought about by the pandemic — such as a mobile workforce and changes in lifestyle — many homeowners are decid- ing to sell now, even though they

The Right Agent Every Step of the Way

weren’t really planning on it.

From family home to renter

Krista Sonderegger has been a Barrington resident most of her life and recently made the decision to sell her family home. Being an empty-nester with a large home, she felt the time was right to sell.

“The house I am living in is a 15-room house with an in-law apartment. After my mom passed away, it was just my dad and my youngest daughter, who is now 18 and going off to college in the fall. My father has been spending six months in California and six months here in Barrington. However, due to illness, he is unable to come back, so it left too much house for just me. I grew up in Barrington and wanted my children to go to the schools here. Now they are all off doing their own things, and I no longer need to live here with the high taxes,” she said.

With home prices in the area at accelerated prices, buying at this time was not an option for the single mother.

“I got a 2-bedroom apartment in East Providence. I plan to live here for a year to give me time to decide where I want to buy a house for my future. I think everyone is happy with the move. The house was so big and needed some work, and it was time for a change. For me it’s bittersweet, I’m

The owner of this Barrington home decided the time was right, after many years, to sell and leave town. With prices so high in the area, she downgraded to a two-bedroom rental in East Providence.

excited to start fresh, but I’m also walking away from so many memories … especially of my mom,” she said.

An offer too good to refuse

Chase Kazounis and her husband Jim had lived in their Barrington home for 22 years until selling earlier this spring. Ms. Kazounis, like Ms. Sonderegger, grew up in Barrington and wanted her children to have the same experiences she had and offer them access to a top-notch education.

“We did not have any intention on selling right now, only because there was nothing for us to buy and downsize to. But we had some neighbors approach us and gave us an offer we felt we couldn’t walk away from. Since there was nothing to buy, we have jumped into the rental market. We hope the market will adjust a bit in the next year or two so that we can downsize to something that has more of a downsize price. It’s hard to believe that this market will last forever.”

That move will be out of Rhode Island, she said.

“For now, we are staying in town, but eventually we will be leaving, most likely south, perhaps Florida or the Carolinas. The entire family is good about the move. The kids are all

SELLERS: Moving from the family home to the rental market

From

embarking on their own lives and are no longer in Rhode Island,” she said.

“On a personal level, my heart is in this town. I, like many others who grew up here, couldn’t wait to come back and raise our own children here. Barrington is what I know, and I have loved it. But, in the past decade, I have seen Barrington change, and not for the better,” she said.

She is sad to leave the community she has known her whole life.

They weren’t looking to move Amy and Paul Kochis recently sold their Portsmouth home, like the Kazounises, without putting it on the market.

“We recently sold our home due to the fact that we were considering moving south and received an unsolicited offer from a buyer through our real estate agent, Dina Karousos, that we could not resist. We were paid a 95% premium over our purchase price,” Kochis said.

For over 30 years, with our combined experience in all types of markets, we have grown to specialize in the Senior Real Estate Market. We offer full management services, from start to finish. We put our clients at ease and move at their individual pace and timeline.

The owners of this Barrington home decided to sell after a neighbor approached with an offer so good they felt they had no choice.

That is quite a profit considering they bought their home just three years ago. She said they weren’t anxious to move and most likely would not have if the market wasn’t so hot for sellers. They knew the time was right and didn’t hesitate.

“With the large jump in mortgage rates and the slump in the stock market there will be a reduced appetite to buy and or sell right now. As the stock market recovers and rates settle, the real estate market in the East Bay should once again be in a high growth mode – time will tell,” Kochis said.

The couple have moved to Pinehurst, North Carolina, where home inventory is somewhat limited but better than in Portsmouth. With the cost of living at a lower rate, they are able to build a new home more affordably than building in Portsmouth.

They decided to make the move south, mostly for the weather.

“We have lived in both the north and south and wanted to have the four seasons but a more temperate winter,” she said.

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A new roof for a new kind of solar

These homeowners went all-in on solar — installing an entire roof of Tesla solar tiles

BY SCOTT PICKERING spickering@eastbaymediagroup.com

The Alfred Drowne neighborhood of Barrington is known for its unique homes. Historic mansions of a bygone era blend with cozy beach cottages, which face the modern estates of waterfront luxury. There is an eclectic mix of eye-catching residences.

None has a roof like Tony Fellela and his wife Arlean have on their modest ranch on Appian Way. In an area where solar panels are increasingly popular, the Fellelas installed a solar energy system that few have seen in this region.

After spending three years thinking about solar energy for the home that they’ve lived in for 54 years, and then after buying a Tesla car in 2021, Tony opted to install a solar roof from Tesla Energy.

Tony and Arlean Fellela replaced their old roof with a new solar energy system. About 60% of the new, glass tiles covering the roof are photovoltaic, capturing solar energy and channeling it into the energy grid.

SOLAR: The shingles are the panels, and the panels are the shingles

From FACING PAGE

Whereas most systems place panels on top of the roof, in this system, the panels are the roof. The Fellelas’ new, black roof is comprised of 15” x 45” glass tiles, covering the entire roof surface, overlaying a rubber mat. The mat creates a waterproof seal, and the photovoltaic glass tiles, which are wired together, capture the sun’s energy and feed it into a converter and ultimately into the region’s power grid.

Tony has some complaints about the company itself, and he warns about the challenges of going through the process of design and installation. But he loves the final product. “It’s a fantastic technology,” he said.

He also feels it was a smart investment.

“The beauty of it is, if you need a new roof, they take the old shingles off, they make sure your roof is structurally sound, they waterproof it, and they reshingle the entire roof,” he said. So it’s both a roof replacement and a green energy investment.

After installation began last October and resumed in January, the system should go live this month.

The Fellelas spent about $31,500 on the project. They receive a federal tax credit of 26% of the cost of the project — so about $8,200 — which they can apply over the next two years. They

receive a $1,000 tax credit annually from the State of Rhode Island. And they eliminate nearly their entire electric bill, including the cost to charge the electric vehicle, for as long as they

live there.

The Fellelas’ system is actually less robust that it could have been. Regulations prevented them from installing a system that would produce more than 85% of their expected energy consumption. So only about 60% of the roof tiles are photovoltaic; the remainder are dummies. If he were allowed to install a 100% solar roof, Tony joked that they could have powered half the neighborhood.

The Fellelas are retired from their careers, which often had them traveling around the world, and living and working in Asia. A sculptor and artist, Tony is very sensitive to the aesthetic, and he’s particular about the property. The immaculate landscaping and grounds are testament to his eye and his hard work — as is the incredible backyard koi pond he’s been working on for 25 years.

But the aesthetic isn’t the sole reason for the new solar investment. A more worldly view was the biggest factor.

“I like the green aspect, being environmentally responsible. I look at it like, if I don’t do something, why do I expect someone else to?”

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A closeup view of the glass tiles sold and installed by Tesla. A rubber mat makes the roof waterproof, and the tiles serve as solar panels.

R.I.’s home supply drops further

Low inventory continues to impact all aspects of the real estate market

The $375,000 median price of single-family homes sold in Rhode Island from January through March of this year represented a 13.7% increase from the same time last year. In a statement released recently, the Rhode Island Association of Realtors also noted another sharp drop in year-over-year inventory in the first quarter.

At its lowest point of the quarter, inventory fell to a .84-month supply, meaning that no homes would be available for sale within a month if no new listings were put on the market. A market balanced between supply and demand typically has a six-month supply of homes available. The lack of inven-

tory and related increase in prices is causing sales to wane. The number of singlefamily home closings fell by 6.3% from a year ago.

“As interest rates rise and homes become less affordable, we expect to see some buyers drop out of the market, which would lessen demand. That’s a step in the right direction, so this could be the year that a correction takes hold. However, Rhode Island had a housing shortage before the pandemic, so our state still has work to do to ensure that accessible housing is available. More new development is needed,” said Agueda Del Borgo, president of the Rhode Island Association of Realtors.

Condominium sales saw even more appreciation in median price, rising 22% to $303,100, while sales activity fell 9.5%. Condos are often an alternative option for buyers looking to purchase at lower

price points. While the supply of condos also remained critically low in the first quarter, hovering just above a onemonth supply, the condo market did offer slightly more options for buyers than were available in the single-family home market.

At $400,000, the multifamily home sector’s median price was the highest of all categories and increased 19.4% from the first quarter of 2021. The median sales price of multifamily homes pre-pandemic was typically less than that of single-family homes, but the allure of high rental income has pushed multifamily home prices higher. Inventory dropped to a low of a .8-month supply in February, and sales fell 5.8% in the first quarter.

Pending sales, an indication of future closed sales in the weeks ahead, fell throughout the first quarter among all residential property types.

Key components of three popular home interior styles

What look are you going for?

Traditional, modern or farmhouse?

Considerable thought goes into designing a home’s interior. From which color to paint the walls to the size of the living room couch, homeowners must make a variety of decisions when planning their home interiors.

One way to simplify interior design decisions is to choose a style. Interior design styles run the gamut from traditional to modern, and each style has its own unique look and feel. Though homeowners need not feel beholden to any particular item associated with a given style, three of the more popular styles, traditional, modern and farmhouse, each have certain key components that can ensure a home ends up with a look homeowners are aiming for.

1. Traditional

Homes with a traditional interior style give a formal yet welcoming feel. Many individuals associate crown molding and wainscotting with traditional interiors, so that’s something homeowners aiming for this style should keep in mind. Minimal or modern furniture pieces don’t fit with the traditional style, which tends to utilize period pieces made from real wood.

2. Modern Modern interiors may differ depending on which style of modern homeowners are aiming for. Midcentury modern typically features unique furnishings that some might see as retro. However, many companies now offer updated takes on midcentury modern that call to mind a bygone era but don’t make individuals feel as though they’re living in a museum. Urban modern is another popular modern style, and home interiors fashioned in this style tend to be light, airy and not crowded with furnishings. Calm, soft tones are a go-to with urban modern interiors, helping to create the serene settings many homeowners are hoping to create with this style.

3. Farmhouse Farmhouse has become very popular in recent years. In fact, a recent survey from the interior design service Modsy found that farmhouse

was the most popular design style in 26 states. Farmhouse is beloved for a variety of reasons, not the least of which is its association with a simpler lifestyle.

The rustic charm of the countryside is never far from the mind when in a home with a farmhouse-inspired interior. Traditional farmhouse and modern farmhouse are different styles, but natural materials and bright colors, particularly white walls, are elements shared by both.

Traditional, modern and farmhouse are three popular home interior styles. Each has its own unique components, and homeowners can supplement their favored style as they see fit.

Urban modern is a popular design style, often used to create spaces that are light, airy and not crowded with furnishings. Find

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Must-haves for a modern kitchen remodel

The kitchen is the busiest room in any house — make it the best room, too

Kitchen remodels are among the most popular home renovation projects, whether they consist of swapping out cabinet hardware or doing major demolition.

Due to the sheer amount of time families spend in the kitchen, not to mention the number of tasks performed in this space, it is easy to see

why Remodeling magazine consistently ranks kitchen renovations as projects that will enable homeowners to recoup a high percentage of their investments.

In the magazine’s “Cost vs. Value” report, midrange major kitchen remodels costing an average of $63,829 recouped 59 percent of that investment.

When investing in a kitchen project, it is important to incorporate items that are coveted.

Deep, double sinks

Having a double sink enables you to soak dishes in one side and then wash on the other. It also makes it easy to wash and prep produce for meals.

Kitchen island and bar stools

Even though many meals are enjoyed around the table, there’s something to be said for the convenience of a kitchen island and some well-placed bar stools for quick breakfasts or snacks.

Smart kitchen storage

Work with a contractor to include storage solutions built into cabinetry and the pantry. Slide-out shelving, nooks for a paper towel roll and custom-designed areas to store stand mixers and other necessities can make kitchens more functional.

Outdoor access

If possible, design a kitchen so it is easy to access the backyard via sliding doors. This can make outdoor entertaining or even coffee on the deck much easier.

Under-cabinet lighting

Fixtures installed under cabinets provide both ambient lighting and task lighting. Such lighting makes it easier to see what you’re working on as well, as even well-placed overhead lighting can fail to illuminate dark corners and spots on the counters.

Convenient warming drawer

This appliance provides backup to the oven. It’s a slide-out drawer that can keep prepared foods out of the way and warm until they are ready to be served. This is particularly handy for holidays and other entertaining.

Beverage station

Designate one area of the kitchen to beverages, such as coffee and tea. Or make the area an informal bar. This can limit traffic in the kitchen to a single area.

Kitchen remodels are exciting to envision, and several choices can make these high-traffic spaces even more coveted

An island is of course one of the “must-haves” in your modern kitchen, but so are smart shelves, deep sinks, warming drawers and more.

The basics of container gardening

Container gardening can be good for the patio, and good for the health

Gardening is a rewarding hobby that has been linked to health benefits like reduced stress and improved mental well-being. Gardening also can lead to an inviting home landscape full of attractive blooms and/or delicious foods.

Backyard gardens have long been planted after clearing a plot of land, tilling and amending the soil, and planting rows of favorite crops. However, gardening can be less laborintensive and even more successful when people consider the many benefits of container gardening.

What is container gardening?

As its name implies, container gardening is growing plants inside of containers. These containers can be flower pots, rectangular deck boxes or even large raised garden beds.

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One of the benefits to container gardening is the ability to move the plants around for the right light conditions.

It helps to find plants that play

Pros to container gardening

One of the advantages of container gardening is that plants can be moved in and out of sunlight to ensure the right growing conditions. This isn’t as easily achieved when gardens are stationary.

Also, beginner gardeners may be more able to control soil conditions inside of a small container rather than a vast ground-based garden, which will require a good deal of manual labor. Pots and boxes also can be grouped together to create eye-popping displays, usually at lower costs than the sheer volume of plants that would be needed to fill out an expansive landscape.

Cons to container gardening

Container garden plants will not have direct access to the ground, so they need gardeners to create the ideal growing conditions. Developing the right care formula can be challenging. The home and garden resource The Spruce says that drainage is an important factor in container gardening, and

most containers do not offer enough drainage holes. If water cannot escape the soil, the roots of the plants can rot and die. It’s not enough to add stones or gravel to the bottom of containers. Drill additional holes in the bottom (1⁄2-inch in diameter for small or medi-

um-sized pots; one inch in diameter for larger pots). Also, be sure to check on soil moisture so that watering can be adjusted. During hot stretches, plants may need to be watered more frequently.

Plan for plants that play well

Grouping plants together can create visually stunning combinations. However, it is important to choose plants that require the same amount of light and moisture.

Look at plant tags when visiting the garden center and select complementary plants, or ask a store employee. Mixing different plant shapes, colors and leaf textures, as well as plants of various heights, can help containers look filled out.

Feed plants accordingly

Plants need nutrition to thrive in containers. Quality potting mixes will contain fertilizers, but nutrition will wane over time. Every couple of weeks, container plants will need either fresh potting mix or granular fertilizer added to feed them. Oregon State University Extension Services suggests using a slow-release fertilizer or worm castings several times throughout the season. Container gardening is a great way to add plants to smaller patios, reduce the workload involved in maintaining expansive gardens, and customize conditions for optimal growth.

What to plant when privacy is a priority

Many privacy trees will grow quickly and densely and stay green all year

A backyard oasis can feel like an even more welcoming retreat when the area is private. Homeowners and their families often find that a backyard is most relaxing when they cannot hear or see their neighbors, and creating such an environment can be as simple as planting some privacy trees.

Fencing is an option when homeowners are looking to make their backyards more private. But HomeAdvisor reports that the average cost to install a privacy fence is just under $3,000, and those costs can be considerably higher depending on where homeowners live and how big a fence they need. Privacy trees can be considerably less expensive, and homeowners can spread out those costs by planting over time, an option that’s not possible when installing fencing.

When planting privacy trees,

homeowners can consider these varieties that can do the job while also providing some aesthetic appeal.

Emerald arborvitae

The Arbor Day Foundation® notes that the emerald arborvitae is unique among arborvitaes because it maintains its green color even in the coldest months of the year. The emerald arborvitae can grow to between 10and 15-feet-tall and spread as wide as four feet at maturity.

The tree features a pyramid shape and is considered slow-growing at less than 12 inches of growth per year. The ADF reports that full sun and partial shade are best for this tree.

Carolina cherry laurel

Carolina cherry laurels are popular choices for privacy seekers. The Lady Bird Johnson Wildflower Center notes the trees can grow very tall and boast a pyramidal shape. The cherry laurel require sun and thrive in moist, well-drained soils. Parents

with young children should know that the leaves of this family of plant contain hydrocyanic acid and should never be eaten.

Boxwood

The ADF notes that boxwoods are renowned for their use in formal gardens. That can make them an ideal option for homeowners seeking a traditional garden aesthetic in their backyards. Boxwood trees can grow up to 20 feet tall, but they can vary greatly in height. Homeowners purchasing them as privacy trees should speak with their local gardening center to ensure they’re getting boxwoods that will provide ample privacy.

Though they still have aesthetic appeal, smaller boxwoods may only reach a foot tall. Boxwoods vary considerably in terms of their growth

rate, so homeowners should inquire about this as well before purchasing and planting any trees.

Privet

Privets are dense privacy hedges that grow very quickly, with the ADF reporting they can grow up to three feet per year. Privets may reach 12 feet in height and spread as wide as six feet at maturity. Privets tolerate shearing well, which can make them ideal privacy options for those looking for a formal appearance. Privets require full sun for uniform growth.

Privets are considered invasive in many areas of North America, so homeowners should consult their local garden center prior to planting. The right privacy trees can be just what homeowners need to turn their backyards into relaxing respites.

A variety of trees and shrubs can create natural barriers between you and the neighbors.

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