East Bay Homes | Fall 2023

Page 1

HomesEAST BAY

n The Southcoast is still the hot coast

n Patience and perseverance for first-time buyers

n Condos in high demand and hard to find

n Outdoor spaces for the natural world

A supplement to East Bay Media Group • September 13-14, 2023
Page 2 East Bay Homes - September 2023 How does it work? •    Purchase your home today with the potential to refinance within 18 •    months to a more favorable interest rate. •    When refinancing with this program, save up to $1,000* in closing costs. $1,000 in Savings* and Homeownership are Within Reach! NMLS # 525435 *EligibleborrowerswithapurchaseloanwitharatelockandcloseddatebetweenMay1,2023,andDecember31,2023.TheSt.Anne’sCreditUnionLoyaltyRefinancemustbe claimedbylockinganewratewithin18monthsfromthepurchaseclosingdate.Thisofferisvalidforaone-timerefinance.Refinanceloanmustbeonthesamepropertyasthe initialloanandborrowersmusthavemade7ontimepaymentspriortorefinancetransaction.Subjecttocreditapprovalandcannotbecombinedwithanyotheroffer.TheSt. Anne’sCreditUnionLoyaltyRefinanceProgramisonlyeligibleforpurchasetransactionloans.Propertiessubjecttoimprovement,StateHousingPrograms,Constructionloans, non-warrantableCondominiums,subordinateliensandcash-outtransactionsareineligible.Theborrowerwillreceivealendercreditofupto$1,000.00atclosing.  ROBERTA MACEDONIO MORTGAGE SPECIALIST Roberta.Macedonio@stannes.com 774.319.2113 NMLS # 441451 CONTACT ME TODAY! Have rising interest rates held you back from finding your dream home? Ask me about the St. Anne’s Credit Union Loyalty Refinance Program! You can move forward with your home purchase today and lock in significant savings for the future.

WHERE HERITAGE AND PROGRESS JOIN FORCES... .

In 2021, Rhode Island’s first name in luxury real estate, Lila Delman, proudly joined Compass, the nation’s #1 real estate brokerage. ** Today, Compass owns & operates 12 Rhode Island offices, including Lila Delman Compass, Compass Providence & Compass Barrington. Year to date, Compass ranks as the #1 real estate brokerage Statewide & continues Lila Delman’s long-standing leadership in the luxury market. *

East Bay Homes - September 2023 Page 3 Lila Delman Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. compass.com. *Data is based on sales volume of real estate transactions closed between 1.1.23 – 8.23.23 in the Rhode Island State-Wide Multiple Listing Service. Sales volume for Compass in Rhode Island includes Lila Delman Compass, Randall Realtors Compass, and Compass brokerages. $899,000 3 BD 2 BA 1,110 SF Jennifer Silverman 773.501.0349 $1,199,000 4 BD 2F 1H BA 2,610 SF Linda Cody 781.492.8396 $2,700,000 3 BD 2 BA 1,506 SF Debby Ladd & RJ Soares 401.542.1675 $2,995,000 3 BD 4F 1H BA 4,210 SF Alexandra Thursby 401.266.9900 $3,350,000 4 BD 3F 1H BA 4,000 SF Debby Ladd 401.542.1675 $6,900,000 5 BD 6F 1H BA 12,022 SF Alyce Wright 401.662.7993 128 Thayer Dr | Portsmouth NEWPORT NARRAGANSETT WATCH HILL PROVIDENCE JAMESTOWN LITTLE COMPTON BLOCK ISLAND
ONE BROKERAGE. ONE GOAL. ONE SALE AT A TIME. . 401.848.2101 401.789.6666 401.348.1999 401.274.1644 401.423.3440 401.635.8887 401.466.8777 156 Cherry & Webb Ln | Westport 212 Round Pond Rd | Little Compton 19 Colonel Barton Dr | Portsmouth 98 Anthony Way | Tiverton 284 Carnegie Harbor Dr | Portsmouth
Page 4 East Bay Homes - September 2023 Each office independently owned & operated LORI GARDINER REALTOR® GRI, ABR, SRS, e-PRO 423 Hope Street, Unit M1 Bristol, RI 02809 C: (401) 265-2594 O: (401) 254-1776 lorigardiner@remax.net The Southcoast is still the hot coast .................................................. 5 For first-time buyers, it’s about patience and perseverance ....9 Inventory increases slightly, as prices keep rising .................... 12 Homeowners are sitting on significant home equity wealth .15 Condos are in high demand and hard to find ............................... 16 How to freshen up your home’s exterior on a budget .............. 18 There are pros and cons to open-layout homes .......................... 20 Design outdoor spaces for the natural world .............................. 22 What’s inside … Homes EAST BAY #1 agent in sales volume in Bristol and Warren in 2021 & 2022 401-474-8306 cqsousa62@gmail.com cathysousaREMAX.com CATHERINE SOUSA #1 RE/MAX AGENT IN RHODE ISLAND 2022 423 Hope Street Bristol, RI Lets Make Your Real Estate Needs a Breeze Your Local Real Estate Expert

The Southcoast is still the hot coast

coast properties, sometimes sight unseen, at prices never before seen around here. It was a feeding frenzy, as wealthy buyers wanted a way out of urban areas, into the green vistas of this region.

Call it what you will — the Southcoast, the Farm Coast or God’s Country. The region that begins somewhere around Tiverton Four Corners and extends through Little Compton, Westport, Dartmouth and beyond, is one of the great places to live anywhere.

Through the extensive efforts of land conservationists, farmers and community leaders, as well as the natural beauty of the coastline, the region is highly desirable — and the real estate market reflects it.

Will Milbury, broker and owner of Milbury and Company, has been working in that market for decades, and he’s seen it transform from the best-kept secret, to the hot place to be.

“The word is definitely out,” Milbury said. “There’s been a lot of positive PR about the Southcoast recently. South

Dartmouth, Padanaram and all of the Southcoast are all the rage these days.”

In the early days of the pandemic, the Southcoast market exploded. Buyers

from other parts of the country, particularly Boston, Connecticut and New York, but even from as far away as California, began bidding up and buying up South-

Those buyers weren’t the only ones, however. The entire market rode that wave, and prices soared at every price point.

That is mostly still the case today, driven by historically low inventory. However, Milbury sees some slight changes happening this year. For the first time in three years, he’s seen a few actual price reductions.

“The market was so hot during Covid, that sellers took the bit by the teeth and were being very aggressive with their pricing. And in that market, they were getting those prices,” he said. In those cases, properties would typically sell within days, not weeks.

More recently, however, a few properties are not being bought within hours, they’re actually sitting out there for weeks. “For three years, you never saw any price reductions,” Milbury said. “These days, we’re starting to see some price reduc-

East Bay Homes - September 2023 Page 5
There have been subtle changes in the Southcoast real estate market, but overall things are about the same — sizzling hot
FOURTH OF JULY Happy Sarah Principe Sales & Rental Associate 401.374.7064 | 401.396.9849 sarah.principe@raveis.com sarahprincipe.raveis.com Licensed in RI & MA GRI, SRS FOURTH OF JULY Happy Sarah Principe 557 Sales & Rental Associat 401.374.7064 | 401.396.9849 sarah.principe@raveis.com sarahprincipe.raveis.com Licensed in RI & MA GRI, SRS FOURTH OF JULY Happy Sarah Princip 557 Hope Street | Bristol, RI Sales & Rental Associa 401.374.7064 | 401.396.9849 sarah.principe@raveis.com sarahprincipe.raveis.com Licensed in RI & MA GRI, SRS Call April Daquay GRI, CBR, SRES Sales, Rental Specialist since 1992 508-496-3587 Call or Text adaquay@gmail.com See SOUTHCOAST Page 6
COURTESY PETER RINTELS / FLICKR, CREATIVE COMMONS The mouth of the Westport River, home to open spaces, ocean waters and beautiful homes.

SOUTHCOAST: The local real estate market continues to sizzle

From

tions.”

In many cases, those sellers might be admittedly aggressive, fishing for a dream price to see if anyone will bite. If no one does, they often lower it within 30 days.

Buyers have changed their behaviors slightly, too. More savvy and less desperate, some are content to watch and wait, even with properties they might like. “They might say, ‘we like it, we want it, but let’s wait and see what happens,’ ” Milbury said.

“That being said, it’s still an excellent market,” he added.

Rates not a deterrent

Despite mortgage interest rates hovering around 8%, Milbury does not believe the high rates are impacting the buying pool. “Even in the lower ranges of the market, I don’t think the rates are holding anybody back,” he said. “Houses in the village of Padanarm, and in the nice residential neighborhoods of New Bedford and other communities — houses that are listing from $350,000 to $550,000 — are getting snapped up very quickly.”

He said in Padanaram, where inventory

is very low, it remains commonplace for any new listing to receive multiple offers, immediately. Houses priced in the $500,000 range are still attracting no-contingency, no-inspection offers.

At the higher ends of the market, the

trends continue, too. Milbury and Company recently listed at property at just under $3 million. It attracted four offers almost immediately, all of them over the asking price.

“Everybody asks us what we foresee

This home on Old Jetty Road in South Dartmouth listed for $2,975,000 earlier this summer. It received four overasking offers, went under contract within a week, and sold a month later for $3,125,000.

down the road,” Milbury said. “We have no crystal ball, but for the foreseeable future, we think this market is going to be very strong.”

The word is out. The Southcoast is a special place.

Page 6 East Bay Homes - September 2023
Please visit my website: TraceyMulvey.com Your Trusted Real Estate Advisor Let me put my expertise to work for you! RE/MAX Platinum Club & Hall of Fame Platinum Sales GPBOR Circle of Excellence RI MONTHLY Professional Excellence Award Five-Star Professional Award TRACEY A. MULVEY 401-835-8502 REALTOR® ABR & PSA Licensed in RI, MA and Florida AWARD - WINNING REAL ESTATE PROFESSIONALS DEB JOBIN & COMPANY DEBJOBINHOMES.COM (401) 527 - 7894 AWARD - WINNING REAL ESTATE PROFESSIONALS JOBIN (401) 527 - 7894 Your Property, My Priority! (401) 527-7894 www.debjobinhomes.com (401) 527 - 7894 Your Property,
Page 5
East Bay Homes - September 2023 Page 7 mottandchace.com 409 Pine Hill Road Liz Kinnane & Lindsey Duckworth $2,800,000 508.938.9701 WESTPORT, MA 1 Old Farm Road Ben Scungio $4,995,000 401.413.5753 BERKLEY, MA 330 Rumstick Road Kim Ide $5,600,000 401.487.6928 BARRINGTON 79 Ridge Road Cheryl Andreozzi $2,300,000 401.323.3934 4 Broadway Ellie Wickes $2,250,000 508.493.4545 CUTTYHUNK, MA BRISTOL 1 Mathewson Road MaryBeth Frye $1,465,000 401.413.3509 BARRINGTON 36 Jennys Lane MaryBeth Frye $2,500,000 401.413.3509 BARRINGTON 85 Sunset View Drive Liz Kinnane $2,990,000 401.835.1030 TIVERTON 7 Beach Street Cherry Arnold $4,700,000 401.864.5401 LITTLE COMPTON SOLD WATER VIEWS WATER VIEWS SOLD WATERFRONT Each office is independently owned and operated. SOLD WATERFRONT WATER VIEWS SOLD
Page 8 East Bay Homes - September 2023 VISIT OUR EAST BAY OFFICES: BARRINGTON 259 COUNTY ROAD LITTLE COMPTON 50 COMMONS WESTPORT 911 MAIN ROAD 2023 MIDYEAR SALES VOLUME* 2023 MIDYEAR SALES VOLUME* 2023 MIDYEAR SALES VOLUME* # 1 FIRM in RHODE ISLAND * # 1 FIRM in THE EAST BAY * # 1 FIRM in BRISTOL COUNTY * 37 GLEN ROAD, WESTPORT Pending Sale: $3,800,000 1 WINSLOW ROAD, LITTLE COMPTON Under Contract: $2,750,000 180 FERRY ROAD, BRISTOL $1,650,000 3 BD 2.1 BA 3,175 SF Kathy Santos 508.889.2517 Jainsworth Cern 508.961.7484 Kristin Parella 401.450.9026 PENDING UNDER CONTRACT Residential Properties is a licensed real estate brokerage and abides by Equal Hvousing Opportunity laws. #1 Firm statistics are based on data from the RI MLS for period 1.1.236.30.23.

For first-time buyers, it’s about patience and perseverance

Realtors are counseling their frustrated clients to be patient as they wait for a first-time home they can afford

Today’s first-time homebuyers face a perfect storm of forces not seen by their parents or their parents’ parents.

Inventory is historically low — at any given time, there are excruciatingly few houses on the market.

Prices are historically high — the average starter house in this region has risen from $300,000 to $500,000.

And interest rates are higher than they’ve been in decades — more than 8% for the traditional, 30-year fixed rate.

Swirling together, low inventory, high prices and high interest rates are creating a torrent of challenges for young buyers hoping to find their perfect home. For some, it can feel like an impossible task.

Realtor Ryan Fonseca of Century 21 Topsail is working with a young couple who got married earlier this year and have been looking for a home in the East Bay for more than a year. One

works in Bristol County, the other on Aquidneck Island. They’ve chased after

good homes in this region, and they’ve made offers on several properties, but they’ve always been outbid.

Fonseca said their frustration has led them to look elsewhere. They talk about giving up on the East Bay and purchasing in Warwick or Cranston. “I try to talk them out of it,” he said, warning that the commute through Providence traffic twice a day will impact their quality of life. Yet he understands why they’re getting restless, even desperate.

This couple, and others like them, can purchase a home on the other side of the state in the mid-$400,000 range that is newer, fresher, updated and larger than what they can purchase in the East Bay for the same price. Take a $450,000 home in Warwick, lift it up and

See FIRST-TIMERS Page 10

East Bay Homes - September 2023 Page 9
REMAX RIVER’S EDGE 8 Dover Avenue East Providence, RI 02914 jeanclarke@remax.net riversedgeri.com CONTACT ME TODAY! ALL YOUR REAL ESTATE NEEDS UNDER ONE ROOF Recognized by The Greater Providence Board Of Realtors "Circle of Excellence" Multi Million Dollar Club for 32 consecutive years. RUMFORD – 100 HOPE STREETready Colonial! New kitchen with granite countertops, updated bathroom, fireplace, hardwood floors and back deck. JUST SOLD
This new listing in Bristol, by Ryan Fonseca and Century 21 Topsail, is the perfect example of the type of home that appeals to first-time homebuyers. As a small, charmingly updated, three-bedroom Cape, it checks all the boxes. It listed at $595,000.
“I have to counsel them to be patient — the right house will come along.”
RYAN FONSECA

move it to a comparable lot in this region, and it might sell for $550,000 or $600,000.

Facing these challenges, the Realtor becomes part-counselor.

“I have to counsel them to be patient — the right house will come along,” Fonseca said. “As cliché as this sounds, what’s meant to be, will be. Things happen for a reason.”

Changing expectations

Realtor Tracey Mulvey of RE/MAX River’s Edge loves working with firsttime buyers, though this market has made it difficult. Similar to Fonseca, she spends time counseling them, and one of her clear messages is to adjust expectations.

“I tell a lot of my young buyers, this first house may not be your dream home, your forever home. Instead, think of this as a long-term investment. Even if it’s a small, two-bedroom, fixer-upper, if you hold it and wait for the [interest] rates to come down, maybe you can keep it as an investment property,” Mulvey said. “I spend a lot of time changing

expectations these days.”

So that is one option for a first-time buyer: instead of landing your perfect family home right out the gate, consider

We couldn’t be happier that we chose Susan to represent us in both selling our home and purchasing our new home. She made the process easy by being honest and transparent throughout the entire transaction. She was responsive to all of our questions and helpful with suggestions. She has a thorough understanding of the area and current home values which is essential in a competitive market. Susan worked diligently to ensure that we always felt like her most important client. We highly recommend working with her. ~

a smaller place that will suit your needs for a few years, that perhaps will become an asset that grows in value. The gamble is that you can accumulate wealth in the

starter home, and when interest rates inevitably fall again, be able to afford a second home while holding onto and renting out the starter home.

“It’s a great strategy,” Mulvey said. “I don’t see the prices coming down around here anytime soon. So anyone who has an investment property in their back pocket, that just becomes an asset for the rest of their lives … The way the properties around here hold their value, chances are they’re going to make money whenever the time comes to sell it.”

The message is to be creative — think about becoming a landlord someday.

Staying patient

Regardless of their strategy, first-time buyers have no choice but to wait patiently if they’re looking for a home in the East Bay. “I have clients who are still actively looking, but they’re not optimistic,” Mulvey said. “Or they’re sitting on the sidelines and waiting because there’s just no inventory … When you’re looking at a 1,300-square-foot home for $500,000, it’s just not affordable for most buyers, not with these interest

Page 10 East Bay Homes - September 2023
SUSAN KOSTAS Realtor (RI & MA) Direct: 401.487.4781 Email: susan.kostas@cbrealty.com web: www.susankostas.com 68 Maple Avenue, Barrington, RI 02806 Privacy PolicyTerms of Use© 2022 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Mott & Chace INTERNATIONAL REALTY Sotheby’s JANET EMOND “Lifelong Local Resident and Trusted Professional” Representing Buyers and Sellers 401.316.8394 janet.emond@mottandchace.com mottandchace.com | 401.245.3050 FIRST-TIMERS: Realtors tell clients to be patient, and to lower expectations From Page 9
Gina & Michael Ramos, Barrington, RI
See FACING PAGE
This Warren property, with three bedrooms and about 1,600 square feet of living space, is another example of the classic starter home for young buyers. In this market, it sold last month for $508,000.

rates.”

Regardless, Mulvey said most clients she works with are not giving up on the East Bay. “They love this area, so they’re just waiting and being super patient.”

They’re also trying to be flexible with their current living arrangements, signing short-term leases or renewing their one-year leases and putting the house search on hold for several months.

Adjustable-rate loans

Both Mulvey and Fonseca said firsttime homebuyers should seriously consider adjustable-rate mortgages. Buyers are often wary of the risk involved with a loan that adjusts higher after five or seven years, but the average buyer does not stay in their first home that long –especially if they’ve adjusted their expectations lower and invested in a more modest starter home. Chances are they will be moving before that interest rate ever adjusts.

“They should be talking about different loan options. A 30-year fixed is not the only loan out there,” Fonseca said. One thing first-time homebuyers should know is that they’re not alone. Talking about the young couple who has been looking for an East Bay home for more than a year, Fonseca said, “We’ve put in offers, but we haven’t been the winning bid. I tell them, ‘it’s not just you, this is happening to a lot of buyers.’ ”

East Bay Homes - September 2023 Page 11
Linda Gablinske RE/MAX River’s Edge 432 Hope Street Bristol RI 02809 401-474-9209 LindaGablinske@remax.net realestatewithlinda.com YOUR home may be worth MORE than you think! Moving you for over 25 years 30 Child Street, Warren, RI Roseann Dugan ABR, SRES Sales Manager 401.378.8451 myagentroseann@gmail.com www.RoseannDugan.com OFFICE: 401-246-1100 The Real Estate market is still Strong, Inventory is still low, Property Value is High. Reach out for a Complimentary Market Analysis of your property. You will be pleasantly surprised. “I tell a lot of my young buyers, this first house may not be your dream home, your forever home. Instead, think of this as a long-term investment.” TRACEY MULVEY Creative financing
help buyers From FACING PAGE Divorce Probate Tax Appeal Estate Doug Gablinske President 401.741.5101 doug@appraiseri.biz Your local real estate appraisal expert Divorce Probate Tax Appeal Estate Doug Gablinske President 401.741.5101 doug@appraiseri.biz Your local real estate appraisal expert Divorce Probate Tax Appeal Estate Doug Gablinske President 401.741.5101 doug@appraiseri.biz Your local real estate appraisal expert Divorce Probate Tax Appeal Estate Doug Gablinske President 401.741.5101 doug@appraiseri.biz Your local real estate appraisal expert
may

Inventory increases slightly in R.I.’s housing market

Prices continue to rise and sales continue to slow

July home sales data reported by the Rhode Island Association of Realtors recently showed a small increase in the supply of single-family homes for sale in Rhode Island and a 7.3% year-over-year gain in the median price, to $440,000. A decrease in single-family home sales of 27.8% contributed to the increase in supply.

July’s 1.7-month supply was the highest reached since October of last year. A six-month supply is generally considered to be a market balanced between supply and demand.

“Mortgage rates have been creeping up further this summer, which has slowed sales activity. While that has increased the supply of available homes a little bit, we’re watching rates carefully, as housing costs have been a main driver of the increase in inflation. The housing market helps drive the economy, so it’s important that we’re able to keep sales moving,” said Bryant Da Cruz, president of the Rhode Island Association of Realtors.

Single-family home sales which went under contract in July but scheduled to close after the month’s end, fell 19.9% from July 2022, indicating the sales slowdown will continue.

The median price of condominium sales rose to $359,900, a 12.5% increase from 12 months earlier, while sales activity fell 28.7%. Supply and demand are slightly more in balance in the condo market, with a two-month supply of properties for sale. This sector of the market showed only a 3.4% decline in pending sales, vastly better than the single-family home market’s near 20% drop.

At $500,000, the median price of multifamily home sales represented an 11.1% increase from 12 months earlier. Completed sales dropped by 25.2% and pending sales fell by 26.6%. With a 1.5-month supply of properties on the market, the investor-driven multifamily home sector had the least amount of inventory available.

“Multifamily homes have wide appeal for investors. It’s no secret that rents have skyrocketed, and with mortgage rates rising, the supply of prospective tenants is growing,” commented Da Cruz.

HOME SALES

With 1.7 months of inventory on the market, July’s supply of singlefamily homes for sale has been the highest so far this year. It was still well below the six-month supply that is typically indicative of a balanced market, but heading in the right direction.

$440,000

670

Percent change reflects a year-over-year comparison between 2022 and 2023. Information is provided by State-Wide MLS, Inc., a subsidiary of the Rhode Island Association of REALTORS®. Information deemed reliable but not guaranteed.

1,008

33 MONIZ DRIVE, WESTPORT MA

11,930sf Living Space, 11.01 Acres ,5 Bedrooms, 4 Full Baths, 2 Half Baths, Beautiful home that boasts the comforts of retreating to your own private oasis with grand interior living with many unique features like coffered ten foot ceilings, built in cabinets throughout, walk in closets in every bedroom, large theater room, four season sunroom, to outside amenities of heated pool with spill over spa, tennis court, fire pit patio, large deck with trellis overlooking expansive manicured lawn. $2,375,000

508-353-1093 • mmoniz@kw.com

Page 12 East Bay Homes - September 2023
Maria Lucy Moniz
MEDIAN SALES PRICE
July 2023 NUMBER OF SALES PENDING SALES MONTH SUPPLY
ACTIVE INVENTORY *as of 8/10/23 Balanced Market 6 mo. 12 mo. Buyer's Market Seller's Market 0 mo 1.7mo
Rhode Island Single-Family
1.7
For
more information: www.rirealtors.org/pressreleases
Current Market
7.3% 27.8% 19.9%
SOLD
East Bay Homes - September 2023 Page 13 PORTSMOUTH Coastal Water View Residence at the Aquidneck Club $3,990,000 BARRINGTON Renovated 3-Bedroom Cottage on Rumstick Road $1,095,000 TIVERTON Townhouse at the Villages on Mount Hope Bay $1,150,000 PORTSMOUTH 2-Bed End Unit with Private Patio at Bayview Estates $495,000 Newport County’s Exclusive Sotheby’s International Realty ® Affiliate GustaveWhite.com Each office is independently owned and operated. Newport: 37 Bellevue Avenue | 401.849.3000 Tiverton: 3848 Main Road, 2nd Fl | 401.816.4060 VISIT OUR OFFICES SOLD

Celebrating Twenty Years of Design

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R ILEY KITCHEN AND BATH CO. BRINGS PLENTY OF EXPERTISE

to the table. The company has decades of experience in kitchen design and prides their work on attention to detail and exceeding customer expectations. Their passion for space planning not only in their own kitchen but in every design speaks volumes on the dedication to customers’ visions

R ILEY KITCHEN AND BATH CO. BRINGS PLENTY OF EXPERTISE

to the table. The company has decades of experience in kitchen design and prides their work on attention to detail and exceeding customer expectations. Their passion for space planning not only in their own kitchen but in every design speaks volumes on the dedication to customers’ visions

Through 3-D computer aided drafting drawings, Riley Kitchen and Bath can help you visualize your dream space. Everything from cabinets to countertops to hardware, each detail is digitally planned and envisioned. On top of digital designs, Riley Kitchen and Bath offers cabinets from stock, semi-custom, and custom product lines. Showplace Cabinetry is their semicustom product line, and considered their most flexible and prominent line offered. They also offer countertop options such as granite, quartz, and wood tops. For the finishing touches, they also offer plumbing accents and hardware from several different brands.

Through 3-D computer aided drafting drawings, Riley Kitchen and Bath can help you visualize your dream space. Everything from cabinets to countertops to hardware, each detail is digitally planned and envisioned. On top of digital designs, Riley Kitchen and Bath offers cabinets from stock, semi-custom, and custom product lines. Showplace Cabinetry is their semicustom product line, and considered their most flexible and prominent line offered. They also offer countertop options such as granite, quartz, and wood tops. For the finishing touches, they also offer plumbing accents and hardware from several different brands.

Cabinets are the first thing that draws your attention in a kitchen. They draw the eye up and can visually heighten the space. Investing in quality cabinetry is great for not only entertainers but the everyday household. One of Riley Kitchen and Bath’s most prized projects includes the airy yet earthy renovation in the classic New England Barrington home. For this familyoriented transformation, Riley Kitchen and Bath created a streamlined and functional allwhite cabinetry system with quarter sawn white oak wood and a white-washed finish. The clean style is complemented with warm, light oak flooring, beams and natural decor elements. No matter your style, there’s plenty of variety in their selection to refresh your kitchen.

Cabinets are the first thing that draws your attention in a kitchen. They draw the eye up and can visually heighten the space. Investing in quality cabinetry is great for not only entertainers but the everyday household. One of Riley Kitchen and Bath’s most prized projects includes the airy yet earthy renovation in the classic New England Barrington home. For this familyoriented transformation, Riley Kitchen and Bath created a streamlined and functional allwhite cabinetry system with quarter sawn white oak wood and a white-washed finish. The clean style is complemented with warm, light oak flooring, beams and natural decor elements. No matter your style, there’s plenty of variety in their selection to refresh your kitchen. ◆

Your creative choices are nearly unlimited, and it’s all backed by the assurance of a limited lifetime warranty! We are your kitchen and bath specialists in Bristol, RI, with many years of professional design and spacial planning experience. Learn more about us by scheduling an appointment to visit our state-of-the-art showroom, to view and discuss our current product selection.

Your creative choices are nearly unlimited, and it’s all backed by the assurance of a limited lifetime warranty! We are your kitchen and bath specialists in Bristol, RI, with many years of professional design and spacial planning experience. Learn more about us by scheduling an appointment to visit our state-of-the-art showroom, to view and discuss our current product selection.

Now is the time to consider all of the beautiful options and combinations available to you with Showplace. Take advantage of our limited-time offer today.

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Page 14 East Bay Homes - September 2023
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R.I. sales data shows increased equity for homeowners

Many homeowners are sitting on significant home equity wealth

A review of Rhode Island’s second quarter home sales reveals a continued increase in the median sales price of residential homes. At the same time, sales activity continued to drop compared to the prior year. The Rhode Island Association of Realtors released the sales data recently, along with statistics that show buyers from other states remain a significant factor in Rhode Island’s housing market, particularly for homes priced at one million dollars or more.

Data from State-Wide Multiple Listing Service, the listing information exchange owned and operated by the Association, shows that at $430,000, the median price of single-family home sales in the second quarter saw a 2.4% year-over-year increase from the prior year. In the other sectors of the residential market, the median price of multifamily home sales saw a 10.6% gain, to $470,000, and the median sales price of condominiums saw

the highest jump, rising 13.7% to $363,750.

When comparing pre-pandemic data from the second quarter of 2019, residential home sales have seen a five-year gain in median price of 47.3% for singlefamily homes, 56.8% for condominiums and 78.7% for multifamily homes. While the median price reflects the midpoint of sales and not specific appreciation for individual homes, it does reflect movement in the market overall.

“On the one hand, it’s safe to say that the majority of homeowners have seen a significant increase in home equity in recent years, but on the other hand, that accumulation of

wealth is hard to attain for those struggling to buy a home in this competitive market,” said Bryant Da Cruz.  The shortage of inventory that has existed since before the pandemic continues to stall sales.

When comparing quarter two sales from 2022 and 2023, closing activity fell by 20.1% for singlefamily homes, by 39.8% for multifamily homes, and by 25.7% for condominiums.

“Rising mortgage rates have pushed some prospective buyers out of the market due to affordability issues and inventory has tightened further by homeowners unwilling to give up current mortgages that have lower interest rates. Competition from

buyers from outside of Rhode Island has also further depleted the supply,” said Da Cruz.

Buyers from other states accounted for 26.7% of all residential sales, down just slightly from 27.2% in the second quarter of last year. In the $1 million and over market, 47.3% of sales were made by out-of-state buyers compared to just 41.9% from April through June of last year.

“Though home price appreciation has slowed, bidding wars continue and most properties are still selling above list price because the supply is so constrained. If homeowners are thinking about moving, they’ll likely see impressive profits when they sell. And while mortgage rates are now near the 30-year average instead of the historic lows we saw recently, many economists expect them to drop next year so refinancing could be a strong possibility,” commented Da Cruz.

East Bay Homes - September 2023 Page 15
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Condos are in high demand, hard to find

Condos less than $1.3 million are selling like hotcakes these days

Realtor Cathy Sousa believes there’s a dividing line in the local condo market. Almost without fail, condos priced at less than $1,300,000 are selling quickly.

“Any of the condos below that $1.3 million marker are going fairly quickly, and for their asking price, if not more,” said Sousa, an agent with RE/MAX River’s Edge.

The potential buyers in the condo market are not a mystery. Empty-nesters and retirees who want less home and property maintenance typically gravitate to the many condo complexes throughout the East Bay. In many cases, they don’t even have to downsize.

“People are willing to pay for condos,” Sousa said. “They’re few and far between, and some of these condos are not even downsizing. Some of these properties can be more than 2,500 square feet.

Page 16 East Bay Homes - September 2023
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Lic #A3312 This townhouse at Bristol Landing hit the market with a $782,000 asking price earlier this year. Four potential buyers offered more than the asking price, and it sold for $807,000 within four days.

East Bay condos are selling quickly, at or above asking prices

They’re as big as some homes.”

She cited many recent examples of how hot the market has been for condos. A unit in the Bristol Landing development, located just north of Roger Williams University, recently listed for $782,000. It had 2,900 square feet, plus a large, unfinished walkout basement, and it attracted multiple offers over the asking price. More than one offer included escalator clauses, where the buyers agreed to increase their offers, depending on what other offers were under consideration.

It sold for $807,000 within four days.

Across town in the North Farm complex, a unit hit the market with an asking price above $900,000. It had more than 2,000 square feet of living space, plus another 1,500 square feet in a walkout finished basement. It sold for $925,000.

Looking through the MLS (Multiple Listing Service) database, she easily found example after example of condominiums and townhouses listing and selling quickly, often for more than their list prices, in 2023. Another condo at Bristol Landing listed for $765,000 and went under contract for $805,000 in 13 days.

Back at North Farm, a unit listed for $579,000 and sold for $610,000 in just three days.

Notably, at least half of these recent condo sales have been cash deals, meaning the buyers needed no bank financing — they paid in cash.

Plenty of equity

Because of the unprecedented surge in home prices in the last three years, many local homeowners are sitting on small fortunes of home equity. Their homes are worth far more than they owe in mortgage debt, if anything. These empty-nesters are the perfect buyers for the condo market, because they can easily sell their single-family homes, cash in the equity

and potentially pay cash for their new condo.

Sousa has a short list of these potential buyers and gives them all the same advice — be ready to sell. If their home is in good condition, up to date and easy to show, then they can move quickly when new condos hit the market.

“I’ve been telling a lot of my clients to have their homes ready to go,”Sousa said. “There are a lot of people looking to downsize, or people looking for a place to hang their hat here in the summertime, while they’re in Florida or somewhere else in the wintertime.”

East Bay Homes - September 2023 Page 17
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“They’re few and far between, and some of these condos are not even downsizing .. They’re as big as some homes.”
CATHY SOUSA
This three-bedroom condo at Bagy Wrinkle Cove in Warren was listed by Residential Properties and agent Eddie Rayden in late June for $599,000. It went under contract in less than a week and was sold six weeks later for $655,000.

Budget-friendly ways to freshen up your home’s exterior

As any homeowner knows, renovation projects tend to cost a lot of money. The average cost of a home renovation is difficult to gauge, as such endeavors run the gamut from complex projects like a kitchen overhaul to simpler ones like painting a room inside a home. Indeed, the National Association of the Remodeling Industry notes that scope is what drives the cost of a renovation project.

Though there might not be an “average cost” of a renovation project, homeowners can expect to spend thousands of dollars on projects that are not very small in scale. Navigating such an expense at a time when inflation remains high might be difficult for some homeowners looking to maintain the appearance of their home exteriors. However, there are many budget-friendly ways homeowners can tend to the exterior of their properties.

Window box installation

Installing window box planters is another cost-effective way to brighten up a home’s exterior. Homeowners can hang window boxes outside windows on the front of their homes and then fill them with brightly colored flowers to add an inviting pop of color to their home exteriors. The experts at Better Homes & Gardens urge homeowners to take weight into consideration before buying window planters. Keep in mind that soil and developed plants can be heavy, so look for a sturdy box as well as one that has drainage holes.

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Power washing

Power washing won’t break the bank but it can revive the look of a home. Power washing removes dirt and grime from the siding of a home and a power washing can be used to clean porches, walkways and patios as well. Hardware chains like Home Depot and Lowes typically rent power

washers, but homeowners who don’t want to do it themselves can hire a professional for a few hundred dollars, if not less. Power washing after winter can be a good idea, as the elements can take a toll on a home’s exterior. A good power washing before spring and summer entertaining season can thus give a home a fresh, clean look without breaking the bank.

Furnished front porch

A furnished front porch can serve as a welcome sign to neighbors and provide a great place to relax with a morning cup of coffee and a good book. Homeowners with a small porch won’t need to bust their budgets to upgrade their front porch furnishings. Some small chairs with bright cushions, a small table and a rug underfoot can revamp an entryway at low cost.

Another simple way to freshen up a stale exterior is to replace hardware. Door knobs, knockers, house numbers, and even the mailbox can appear dated after a while. Replacing these items is inexpensive and quick but can have a profound impact on how the exterior of a home appears to residents and visitors.

Exterior renovations need not break the bank. Various simple and inexpensive tweaks can quickly revitalize the exterior of a home.

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Pros and cons to open-concept homes

There are reasons to love an open layout, but consider the downsides too

Open-concept homes have become increasingly popular in recent years. An open-concept home is one in which the rooms flow into one another with limited obstruction from walls or other barriers. According to the National Association of Home Builders, 84 percent of new singlefamily homes have fully or partially open layouts.

While they may seem like a new trend, open floor plans are anything but. Early American homes featured open, often one- or two-room units built around the central kitchen/hearth. This maximized warmth and functionality. Homes evolved as incomes grew, and soon homes had several smaller rooms with specialized functions.

What’s old has become new again. However, before diving head first into a new home purchase or a big renovation to realize an open-concept dream, con-

Page 20 East Bay Homes - September 2023
Get $100 free heating oil or heating propane* Switch to Petro now and save! • Pricing and payment plans to fit your budget • Reliable delivery in any weather and we never run out • Always talk with live, local customer service 24/7 Propane / Heating Oil / HVAC Services Call today! 888.735.5651 *$100 free heating oil or free heating propane for new customers only who join on automatic delivery. Subject to credit approval. Additional terms and conditions may apply. RI Lic. No. 6433. RI MP2273. ©2023 Petro. P_23201 Research shows that 85 percent of new single-family homes have fully or partially open layouts. See FACING PAGE

They’re wildly popular, but are they for everybody?

sider the pros and cons of this type of setup to determine if it’s really right for you.

Advantages of open floor plans

Open floor plans facilitate the flow of natural light throughout a space and can promote air flow, helping to reduce warm or cool pockets of air in otherwise closedoff rooms.

Open homes make socializing easier, even when people are doing different things. While someone is cooking dinner in the kitchen, he or she can still interact with someone else playing video games in the family room or paying bills in the home office. Entertaining also is easier, as mingling with guests is much more convenient when walls are not getting in the way.

A smaller home can feel much larger if it employs an open concept. The square footage is not divided into smaller quarters, which sometimes are rooms (such as formal dining rooms) that are only used a few times per year. This eliminates underused spaces and opens up sight lines in the layout.

The value of real estate has risen dramatically since the onset of the COVID-19 pandemic, and prospective buyers may prefer an open-concept plan because it

can help them minimize building costs.

Disadvantages of open floor plans

Open layouts are not for everyone.

The same sense of space that occurs when walls are taken down may make rooms feel cavernous and less cozy, particularly in homes with ample square footage. In addition, privacy can be hard to come by when all rooms feed into one another.

When the kitchen is not separate from the family room space, that makes it easy for noise to compromise the area’s comfort levels. There is no hiding from noise in an open floor plan, as sounds from voices, television shows and appliances tend to echo and blend together. And if the home is a single-story layout, those noises from the main living areas also may carry to adjacent bedrooms. Smoke and smells are another thing to consider. When something on the stove spills over, a small range hood will not be practical for clearing smoke from a large space. Though the aroma of freshly cooked food is enticing, it can make it hard for cooks to keep guests out of the kitchen.

Open-concept homes are popular, but homeowners should weigh the pluses and minuses to see if this trend is truly right for them.

East Bay Homes - September 2023 Page 21
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Open layouts can make small spaces feel bigger. They can also make it more difficult to find a quiet space in any home.

The role of nature in home design in the years ahead

Outdoor living spaces were prioritized during the early days of the COVID-19 pandemic, when public gatherings were greatly limited and individuals were urged to stay home as much as possible. Such demands have had a ripple effect on various industries, including home design. According to a survey conducted by the New Home Trends Institute in collaboration with Pro Builder, 58 percent of the more than 300 residential architects, designers and design-minded builders who participated said connection to the outdoors/nature will be an important influence on their design choices in the years to come. In addition, 45 percent of respondents indicated increased attention will be afforded to outdoor entertaining spaces.

So what might the outdoor spaces of homes built in the not-so-distant future look like? Respondents to the survey anticipated a growing demand for various built-in outdoor features, including:

• Firepits or fireplaces

• Outdoor kitchens

• Gazebos or pergolas

• Pools

• Spas or hot tubs

Though trends and consumer demands are ever-shifting, architects and designers are anticipating that future homeowners will want more developed outdoor living spaces and greater access to nature, which is something current homeowners can keep in mind when renovating their properties.

Page 22 East Bay Homes - September 2023
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East Bay Homes - September 2023 Page 23

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UNDER CONTRACT

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Elegant home nestled on 1.6 manicured acres offers a fabulous, open floor plan. Tastefully renovated, design details include vaulted ceilings that allow for sundrenched rooms, chef's kitchen, floor-to-ceiling stone fireplace . . . Close to Westport's beautiful beaches and farmland!

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Attention Developers! Fabulous location, just off Main Road, on scenic Cornell Road. Approximately 10+/- acres with five ANR lots subdivided. Perc tests on hand. Contact Will Milbury 508.525.5200

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Page 24 East Bay Homes - September 2023
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