Homes
EAST BAY
A supplement to East Bay Media Group publications • May 19-20, 2021
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Do you take cash?
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The incredible shrinking market
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The buying frenzy continues
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Good luck finding a contractor
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Sold! For over the asking price
Page 2 East Bay Homes - Summer 2021
Homes
EAST BAY
What’s inside …
n Do you take cash? The growth (and strategy)
LORI GARDINER
of cash buyers. . . . . . . . . . . . ................................................ 4
REALTOR® GRI, ABR, SRS, e-PRO
n Record-low inventory shrinks even further
423 Hope Street, Unit M1 Bristol, RI 02809 C: (401) 265-2594 O: (401) 254-1776 lorigardiner@remax.net
this spring.. . . . . . . . . . . . . . . . . ................................................ 6 n The buying frenzy — and frustration — continue. ............. 8 n The cost and value of new outdoor living spaces.............. 10 n Why staging still makes sense, even in this market............ 12 n The building boom — why good contractors
Each office independently owned & operated
Coming Soon: 43 Lepes Rd, Portsmouth, RI
are hard to find.. . . . . . . . . . ................................................ 4 n Sold! All these homes sold for more
than their asking price................................................. 18
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East Bay Homes - Summer 2021 Page 3
72 Fogland Road, Tiverton, RI | Offered at $3,250,000
120B Sakonnet Point Road, Little Compton, RI Offered at $2,550,000 | Under Agreement
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Navigating the current Real Estate market, fueled by high demand, low inventory and low interest rates, requires expert Real Estate representation and guidance. Thank you to my buyer and seller clients who have entrusted me with their business.
CHERRY ARNOLD Representing Exceptional Farm Coast Properties Little Compton’s #1 Sales Agent Each office independently owned and operated.
C) 401-864-5401
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Page 4 East Bay Homes - Summer 2021
Do you take cash? At the high end of the market, many buyers are making cash offers to win the bidding war and help deals happen quickly BY SCOTT PICKERING
spickering@eastbaymediagroup.com
Here’s a new phenomenon in the local real estate market. An increasing number of buyers are offering to pay cash for properties. Does that mean they actually bring a suitcase of Benjamins to the closing? No. But they could — and that’s the point. At the high end of the market, buyers are making full cash offers, meaning they will are willing to write a check for the home if they have to. There are often no strings attached. One of the biggest strings is a mortgage contingency, where a buyer can walk away from a deal if their financing plan falls through. Increasingly, buyers are waiving their mortgage contingencies, so if they apply for a mortgage and don’t get it, the deal still stands. If they walk away the deal, they can lose their deposit, which is often substantial in transactions of $1 million or more. Elizabeth Kirk of Residential Properties’ Kirk Schryver Team said this has become a regular occurrence. “Even though they’re getting mortgages, they’re stating their offers in cash. In some cases, they’re delivering proof of funds (meaning they have the money, if necessary) … They’re removing the mortgage contingency, and they’re putting down a significant deposit.” The vast majority of them don’t end up buying the home with their own cash. They come to the closing with bank financing (a mortgage), and the final deal resembles a real estate transaction that most people are familiar with. So why submit an all-cash offer? To win the bidding war against every other buyer in this wild, unprecedented, sometimes unpredictable market. Consider a recent example. The Kirk Schryver Team listed a nice property in Barrington for not quite $1 million, but close to it. They opened it to showings on the Thursday before Mother’s Day. They showed it 28 times
“The interest rates are so low, plus people are making so much money in the stock market right now, it just doesn’t make sense, especially for somebody who’s buying a second home, to pull money out of the market and buy in cash.” CHERRY ARNOLD
from Thursday evening until 3 p.m. on Saturday, which is when they set their deadline for offers. They received five cash-equivalent offers, all waiving inspections, all over the asking price. The house sold in less than 48 hours to a “cash” buyer.
It’s all about the interest rates Though the buyers of that Barrington home are qualified to buy the home in cash, they most likely won’t. “Even though buyers could pay in cash, because rates are so low, it seems silly to do that,” Ms. Kirk said. “Why use your own cash, when the cost of borrowing is so low?” Cherry Arnold, Realtor with Mott & Chace Sotheby’s, said the same thing. “The interest rates are so low, plus people are making so much money in the stock market right now, it just doesn’t make sense for somebody who’s buying right now, especially somebody who’s buying a second home, to pull money out of the mar-
ket and buy in cash,” Mr. Arnold said. Based in Little Compton and specializing in the “Farm Coast” properties of that region, Ms. Arnold is often working with clients on deals worth $2 million, $5 million or more. Yet even at those prices, she has seen a significant increase in “cash” offers. Most are still applying for a mortgage, but they are waiving that contingency and willing to close in cash if they have to. Most of the time, the mortgage comes through in time for the closing. “Keep in mind, a lot of these clients are working with private banks, or with banks that have long relationships with these buyers,” Ms. Arnold said. So in most cases, the bank works quickly to get the financing in place for these quick closings. But that doesn’t always happen. Ms. Arnold has seen numerous instances where the financing is not ready in time, the buyer goes forward and uses their own cash, and then takes out a mortgage after actually taking the keys. “They will come up with the cash, and then they come up with the mortgage,” Ms. Arnold said.
Cash to close Soaring prices are another phenomenon at this high end of the market. The flood of wealthy urban residents into this region of waterfront vistas, combined with the record-low inventory, are driving prices higher and higher. It can create problems for the “cash” buyer who just outbid every other potential buyer by aggressively making an offer well above the asking price. To qualify for their mortgage, they need an appraisal that gets within the same ballpark of the sale price in order for the bank to approve the loan. If there’s anxiety about this, some of these buyers are consecrating their deals with significant cash at closing. If it’s a $1 million property, they might bring $500,000 to the closing and finance the remaining $500,000. The significant infusion of cash can help the bank sign off on the loan, even if the appraisal is a little shaky.
Inspections before listing The pace of the market is frenetic right now, with properties listing, showing and closing within days. To help these deals happen at that pace, agents
“Even though buyers could pay in cash, because rates are so low, it seems silly to do that.” ELIZABETH KIRK
and sellers are doing a lot work before a property even hits the market. Ms. Kirk said that in many instances, they advise their clients to hire a reputable inspector to go through the house top to bottom. Some issues they may address before listing the property; others they share with potential buyers so everything is known ahead of time. “We all know no house is perfect. So we address a lot of those issues up front,” Ms. Kirk said. “It takes the onus off the sellers, off of us, and it delivers a cleaner package … People feel better when they’re making an offer that the house is the house, and there are no surprises … It’s all very ethical and it feels good to both sides.” Ms. Arnold said inspections contingencies can be dealt with in a number of ways, and in the preponderance of deals happening today, inspections are not a stumbling block. Sometimes buyers will agree to inspect only something essential, like a well or septic system. In other cases, they might waive an inspection altogether, knowing that beautiful properties selling for millions of dollars have been meticulously maintained for many years. With deep pockets and the willingness to waive things like mortgage and inspection contingencies, many of buyers are locking up these properties in record time. And though they don’t typically bring a suitcase of cash to the closing, they could.
East Bay Homes - Summer 2021 Page 5
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#1 Rankings based in whole or in part on data supplied by the State-Wide Listings Service. The MLS does not guarantee and is not responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. as of April 2021.
RI SALES VOLUME (2020)
#1
RI LISTINGS SOLD (2020)
#1
RI MARKET SHARE (2020)
Page 6 East Bay Homes - Summer 2021
Record-low inventory shrinks even further in spring market The Rhode Island Association of Realtors announced that in terms of supply, the start of the 2021 home selling season has been the leanest on record. With just 1,192 single-family homes on the market in Rhode Island last month, the inventory was approximately 25 percent less than the previous monthly record low of 1,594 in the spring of 2002. Not only has the number of single-family homes for sale averaged roughly half of that recorded during the first quarter of 2020, there seems to be no letup in sight. As of the second week in April, Rhode Island’s supply was slightly less than it was the same time last month, when typically more homes are put on the market as the spring unfolds. At the current rate of sales, if no more listings were added to the supply, no singlefamily homes would be available for purchase within 1.2 months, continuing a record low set in February.
“Right now, we have the perfect storm of high demand and low supply. We’ve seen renewed interest in moving to homes that better suit the remote lifestyle add to the demand side, as well as enhanced investor interest sparked by rising rents and prices. Unfortunately, our supply has been constricted by a history of constrained housing construction, especially at the low end. Builders have faced too many costly zoning regulations and now they’re also facing unprecedented prices for materials. “When you think about how many purchases you make for your home, it’s easy to understand how housing drives the economy. It’s critical that we develop a plan that helps get homes built and gives more options to first-time homeowners,” said Leann D’Ettore, president of the Rhode Island Association of Realtors.
HOME SALES From the supply side, the start of the 2021 home selling season has been the leanest on record. With just 1192 single-family homes on the market in Rhode Island, the current inventory is approximately 25 percent less than the previous monthly record low of 1594 in the Spring of 2002.
$335,000 11.7%
Current Market
1.2 12 mo.
Seller's Market
1.2
Buyer's Market
MONTH SUPPLY
1372
813
6%
Percent change reflects a year-over-year comparison between 2020 and 2021. Information is provided by State-Wide MLS, Inc., a subsidiary of the Rhode Island Association of REALTORS®. Information deemed reliable but not guaranteed.
Balanced Market 6 mo.
0 mo.
This graphic produced by the R.I. Association of Realtors shows the ongoing trends in the market — rising prices and historically low inventory.
SOLD
28.6%
For more information: www.rhodeislandliving.com/pressreleases
See FACING PAGE
ABOVE and BEYOND
KIRK|SCHRYVER
TEAM
After a year filled with so many challenges and uncertainty, we realize how important it is to love where you live – because home is where the heart is. Strong work ethic, attention to every detail, and enthusiasm enables this team to make this often emotional process of buying or selling a home seamless – all while delivering the best outcomes possible. Let the KIRK | SCHRYVER team go
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kirk-schryver.com #1 IN BARRINGTON AND THE EAST BAY OVER $50 MILLION IN SALES • OVER 60 PROPERTIES SOLD
*Ranking based in whole or in part on data supplied by Statewide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide MLS for 2020 as of September 2020.
East Bay Homes - Summer 2021 Page 7
Inventory this spring was the lowest in R.I. history From FACING PAGE First quarter statistics released recently by RI Realtors show that the median sales price of singlefamily homes rose to $330,000, a 13.8 percent year-over-year increase. Sales rose 4.5 percent year-over-year. The investor-driven, multifamily home market saw even greater gains. The first quarter median sales price of multifamily homes was $335,000, a 16.9 percent increase from January through March of last year. Sales activity also flourished, rising 19.8 percent. Homes closed within 41 days, the shortest time frame of all property types, indicating a prevalence of cash sales not held up by the mortgage process. “Not only do first-time buyers have a lot of competition in the market overall, but purchasing a home is also made harder by having to compete with investors who have easy access to cash. Typically, the rents gained by those who own and reside in mul-
tifamily properties are a big help to homeowners just starting out, but unfortunately, those potential buyers are at an even greater disadvantage in the multifamily home market right now,” said D’Ettore. Condominiums proved to be a good alternative in the first quarter. Sales activity rose 23.2 percent from a year ago while the median price of $282,500, though 7.1 percent higher that first quarter last year, offered affordable options for many buyers.
Multifamily home market sees sharpest gains Single-family home sales have begun to moderate, falling from double-digit, year-over-year increases in the last four months of 2020 to single-digit increases this year. In March, the rate of single-family home sales rose just six percent while the median price increased 11.7 percent. In contrast, March sales rose 34.7 percent in the multifamily
“Right now, we have the perfect storm of high demand and low supply.” LEANN D’ETTORE, RI ASSOC. . OF REALTORS PRESIDENT
home market, while the median price increased 19.3 percent. The March median price of $340,000 is the highest multifamily home median price since record keeping began in 1988 and was nearly 400 percent above the record monthly low of $69,000 set in April of 2009. No other type of housing has seen gains to that extent. After seeing sales fall year-overyear for several months in 2020, the condominium market picked up in the last quarter of the year and has maintained a double-digit hike in closing activity each month since. The first quarter closed with the median price of condominiums rising 7.1 percent to $250,000 in March and sales increasing 28.6 percent.
Leann D’Ettore
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Page 8 East Bay Homes - Summer 2021
The buying frenzy — and frustration Interested buyers are getting creative, sweetening their offers with escalator clauses, no inspections and even personal notes BY JOSH BICKFORD
jbickford@eastbaymediagroup.com
Your company just announced that your division is being relocated from the Midwest headquarters to the East Coast. In fact, your new office is situated in Rhode Island — home to beautiful beaches, the Newport mansions, and something called Del’s. But before you begin figuring out your new commute, you need to find a home. This is where things get tricky. For the last year, real estate agents all across Rhode Island have been working overtime as interested buyers scramble to find homes in the Ocean State. Often, the buyers are relocating for work — sometimes they work for companies that are established in Rhode Island and nearby Massachusetts; other times they’ve figured out they can work comfortably from the confines of their home office, and no longer need to live
“I’ve had many offers accepted sight-unseen, and some of those clients are waiving inspections.” KATHLEEN FLAHERTY
in a major metropolitan area. That scenario has created a real estate market that’s been a blessing for local residents who want to sell their homes. Houses move quickly — “days on the market” has turned into “hours on the
market,” and buyers are pulling out all the stops to lock in their dream homes. Cash offers, escalator clauses, and waived contingencies have become commonplace. Kathleen Flaherty is an agent with Chart House Realtors (Keller Williams), which has an office in Barrington. Ms. Flaherty said the unprecedented sellers market has forced buyers to become more creative when trying to purchase a home. Some buyers have made offers that allow for a sale 20 percent over the listing price. Others, she said, have waived the home inspection requirement or other contingencies, such as making the sale subject to an appraisal. “When you are a buyers agent, you’re there to protect your buyer,” she said, adding that people are willing to sacrifice some of that protection to give themselves an edge. Ms. Flaherty said she has worked with families who have made offers on multiple homes only to miss out time after time. She said she had a client who was relocating to Rhode Island for work — the family put in offers that included an escalator clause for 20 percent over asking price, and also waived the contin-
gencies. “They still came up empty,” she said. Cash offers have changed the real estate landscape. Ms. Flaherty and other agents have seen an influx of interested buyers from New York, Connecticut and Boston during the pandemic — cash buyers whose offers are hard to ignore. “I have probably had five or six clients this year, from Boston or New York … it’s the same scenario, and the same mentality,” she said. They know they can work from a home office that overlooks beautiful Narragansett Bay. “And they can hop on the train if they need to go into the city,” she added. “For them, it’s a win-win.”
Feeding frenzy Agents across the East Bay recognized the sellers market months ago. As the pandemic set in last spring, interest in the real estate market grew, and as people re-emerged from the lockdown, the market exploded. By the fall, it had become a “feeding frenzy.” “I’ve never seen anything like it,” longtime agent Beth Davis off Mott & Chace Sotheby’s said during an interview last
See FACING PAGE
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East Bay Homes - Summer 2021 Page 9
BUYERS: The frenzy continues From FACING PAGE October. She said she had seen homes receive upwards of 13 offers — bidding wars ensued. A limited number of available homes for sale has continued to fuel the sellers market, coupled with buyers who are willing to go above and beyond to secure a home. “It’s been a feeding frenzy, especially in Barrington,” Residential Properties Barrington office manager Ian Barnacle said last fall. “There are more buyers than there are listings.” That continues to be the case now, said Ms. Flaherty. “There is such little inventory to choose from,” she said, adding that interest rates are also low, encouraging more activity in the real estate market. Buyers, she said, have even purchased homes without ever stepping foot into the house. They will take a virtual tour of the home online, and Ms. Flaherty will share a FaceTime walk-through. “I’ve had many offers accepted sightunseen, and some of those clients are waiving inspections,” she said. Some of the buyers are pressed for
time, as they have been relocated for work and just need to secure a place to live. “They don’t have the luxury of making multiple trips to see the home,” Ms. Flaherty said. Real estate agents have said that the activity is across the board — for homes that cost $300,000 or $400,000, as well as those that are listed at more than $1 million. Ms. Flaherty said she currently has six houses under contract, but many more buyers still looking. Often, she has to share difficult news with her clients. “For me to call them and break their heart, it’s really hard,” she said. “This market is not fun for us… “It’s just heart-wrenching. People who have young kids, and they’re in a rental. The rental owner is selling. So this family is now looking for a home. It’s hard because I want to have them in a home where they’re safe and feeling settled.” Ms. Flaherty she has been working very hard to help people in all types of circumstances, and she’s also reminding current residents that this is a great time to sell your home. She said people will get “top dollar” for their house in the current market.
THANK YOU TO MY REAL ESTATE CLIENTS & FRIENDS! RE/MAX Hall of Fame RE/MAX Platinum Club RE/MAX #6 in RI GPBOR Platinum Sales Voted 5 Star Professional
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House Prices increasing in the East Bay at the speed of light! If you’re a homeowner thinking about selling your house, you may want to be advised as to the very latest sale price the real estate market would bring you in the fastest accelerating market ever seen locally Don’t undersell your home! You have put thousands of dollars into your home over the decades as well as all the sweat equity you have contributed and now is the very best time to sell and cash in on your years of investing in your home. We are located in Bristol and have been providing professional real estate valuation services for the last 25 years and know the East Bay Market better than any other professional real estate valuation services locally. If you are thinking of selling, call us today for an up to the date value of your real estate. For hundreds of dollars, make yourself thousands more! Call today!
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Page 10 East Bay Homes - Summer 2021
The cost and value of outdoor living spaces Outdoor spaces are more popular than ever, so is now the time to invest in one? Home trends come and go. What was popular as recently as a decade ago may have lost some luster in the eyes of today’s home buyers. Though that’s historically been the case in regard to real estate, outdoor living rooms are one relatively recent home trend that figures to have a longer shelf life, especially in the aftermath of a global pandemic during which people were encouraged to stay home as much as possible. Real estate professionals and organizations like the National Association of Home Builders note the popularity of outdoor living spaces among prospective home buyers, and how that popularity has grown in recent years. Outdoor living rooms not only appeal to potential buyers, they also serve as a means for current homeowners to get more out of their properties. Homeowners mulling outdoor living space projects should consider various factors before deciding to go ahead with a project.
The “return on investment” of an outdoor living space may be less about the dollars, and more about the finished product. A serene, private space away from the neighbors may be considered priceless in 2021.
Architects indicates that outdoor kitchens are routinely ranked among the least desirable home features, which means homeowners should not expect substantial ROI when selling their homes. But that built-in fire pit? Estimates from the National Association of Realtors suggest fire features recover around 67 percent of homeowners’ initial investment. In addition, 83 percent of homeowners surveyed by the NAR who had installed fire features said they had a greater desire to be home after completing the project.
Space Cost The home renovation resource HomeAdvisor estimates that the average cost of an outdoor living space is around $7,600. That cost can easily go up depending on where homeowners live and the features they want to have in their outdoor living spaces. For example, including a built-in fire pit in an outdoor living space will cost more than purchasing a stand-alone fire pit that can be picked up and moved. But many homeowners feel a built-in fire pit makes an outdoor living space even
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more special.
Return on investment Return on investment is another factor for homeowners to consider as they try to decide if they should install outdoor living spaces and how to design those areas. Much conflicting data about the ROI on outdoor kitchens can be found online, but many trusted real estate organizations report that such additions do not mesmerize prospective buyers. Data from the American Institute of
An outdoor living space may only be as relaxing as the space allows. The proximity of neighbors may affect privacy levels, which can make it hard to enjoy movie night outdoors or curl up to quietly read a good book. In addition, landscaping also may need to be addressed if drainage is an issue in the backyard. That can add to the cost, and drainage concerns may limit the materials homeowners can work with. Outdoor living spaces are popular. Homeowners must consider various factors before deciding if such spaces are for them.
East Bay Homes - Summer 2021 Page 11
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Page 12 East Bay Homes - Summer 2021
Here’s why you stage, even in a sellers market BY KERRI PAYNE In such a lopsided sellers market, do you really need to stage your home? The answer is yes, definitely! While this is a sellers market and even the “ugly ducklings” are selling, foregoing the staging process will still result in leaving money on the table. Buyers are surely overlooking many of the flaws they previously would have objected to, however minimizing these flaws, decluttering, de-personalizing and transforming empty or outdated spaces will still put more money in a seller’s pocket. The process of staging is used to allow buyers to visualize themselves, their families and their belongings in the home, and they can do that more easily when they are not distracted by the current homeowners’ personal items or style, especially if it’s not exactly mainstream. In the case of an empty home, staging helps buyers visualize how the spaces could work for them and allows them to see the home in its very best capacity. By using color pallets and furnishings
See FACING PAGE
By adding a few pieces of furniture and artwork, a seller can turn an empty space into something buyers can picture themselves living in.
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Sales & Rental Associate SARAH PRINCIPE, 423 Hope Street | Bristol,GRI/SRS RI Sales & Rental Associate
| 401.396.9849 423401.374.7064 Hope Street | Bristol, RI 423 Hope Street | Bristol, RI 401.374.7064 | 401.396.9849 sarah.principe@raveis.com 401.374.7064 | 401.396.9849 sarah.principe@raveis.com sarahprincipe.raveis.com sarah.principe@raveis.com
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East Bay Homes - Summer 2021 Page 13
Staging helps buyers see themselves in that space From FACING PAGE that are neutral and current, you can appeal to a much larger audience. While you might love that bright orange wall as a focal point, not everyone else will appreciate it. Removing as many items as possible on the future buyer to-do list will translate into a higher value for the seller, regardless of the market conditions. Painting and small repairs are an easy, inexpensive way to remove hurdles for the buyer, which adds value. Just giving a house a good solid cleaning can translate into thousands of dollars added to your offer price. So while it may be tempting to leave your home “as-is” in this sellers market, even a small amount of effort and investment will translate into a far greater gain when it comes to staging and preparing your home prior to listing.
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© 2018 Century 21 Real Estate LLC. All rights reserved. CENTURY 21® and the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. It is your responsibility to ensure that the marketing materials you choose or create are compliant with real estate and other local laws in your area.
LEFT Kerri Payne is a realtor and staging specialist for Residential Properties and owner of Resourceful Staging & Décor. You can contact her at 401-837-0325.
ARK + DBA
NG
TYPOGRAPHY
The same empty kitchen, with the addition of a few pieces of furniture.
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Page 14 East Bay Homes - Summer 2021
It’s not just you: Contractors are hard to come by Despite the pandemic, business is booming for home improvement companies — and their wait lists are long BY JIM MCGAW
jmcgaw@eastbaymediagroup.com
John Marcantonio said no one saw it coming. The executive director of the Rhode Island Builders Association, Mr. Marcantonio said when the COVID-19 pandemic started shutting down businesses in April 2020, he expected the construction and home improvement industry would take a beating. That never happened. In fact, with more people staying home and saving money because they’re not traveling or going out to restaurants, they’ve been investing in fixing up their own little corner of the world. As a result, the home improvement business is booming, and there’s no end in sight. “It was certainly unexpected going into the pandemic. The expectation was we’d be back to 2008, with the
Whether they’re installing new windows, laying out patios, digging pools, building home offices, renovating kitchens or constructing new additions, contractors of all kinds are in high demand. housing crisis. But as with something that hasn’t happened in 100 years,” Mr. Marcantonio said, referring to the pandemic, “it was hard to predict how people were going to behave.” One of the first things that fell in the industry’s favor was the very nature of the business. “Back in April (2020), our industry was allowed to stay open, primarily because we usually work outside. It was easier for us to manage the safety protocols. That’s a small part of the story,” he said. The bigger part is that many homeowners were suddenly telecommuting to work. They were home most of the time, many of them with more cash in their pockets and looking to spruce things up. “They needed an addition to the office, or maybe granddad needed a space because he’s not going to a nursing home,” he said.
The ‘perfect storm’
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At the same time, interest rates are very low, more people are refinancing their homes, and they’re investing in DIY projects to a greater degree than before. “All this led to the perfect storm for the construction industry,” Mr. Marcantonio said. More people who are “locked up in
the city with a lot of people” are also choosing to move to more suburban areas in Rhode Island, he said. “They’ve got a big income and they work from home. Now we’ve got people moving to this state, looking to build,” Mr. Marcantonio said. His comments are backed up by local municipal building officials, who have seen just as many or more building permits being pulled since April 2020. “It certainly is a fact that across the board. With the possible exception of business or commercial development, there is no drop in the number of permits, and probably an increase,” said Gareth Eames, building official for the Town of Portsmouth. The numbers bear that out when you look at permits issued in Portsmouth for building, plumbing, mechanical and electrical projects. In the first four months of 2020, 734 permits were issued, he said. In the same four months of this year, that number had risen to 798 permits. “That’s not a huge increase, but still. It was totally counterintuitive,” Mr. Eames said. “I expected that when the epidemic hit, things would shut down. But all the unexpected conse-
See CONTRACTORS Page 16
East Bay Homes - Summer 2021 Page 15
Don’t just look for a place, discover a home. BARRINGTON
BRISTOL
BARRINGTON
WATERFRONT
91 Nayatt Road Allison Dessel
CONDO
$3,650,000 401.339.6316
SWANSEA, MA
341 Thames Street, #303S Morgan Hollenbeck JAMESTOWN
WATERFRONT
222 Bay Point Road Lindsey Duckworth
$3,295,000 508.284.0158
256 East Shore Road Nicole Carstensen
$6,995,000 401.633.5968
190 Round Pond Road Phyllis Ibbotson
$1,290,000 401.297.8450
PORTSMOUTH WATER VIEWS
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$1,998,000 917.673.6208
VACANT LAND
BRISTOL SOLD
298 Rumstick Road Beth Anderson LITTLE COMPTON
WATERFRONT
BARRINGTON
85 Nayatt Road Ray Mott
$4,300,000 401.212.6313
10 Courageous Circle The Blackstone Team
SOLD
$2,850,000 401.214.1524
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Page 16 East Bay Homes - Summer 2021
CONTRACTORS: The pandemic kicked off a home renovation boom From Page 14 quences of that, including people who had summer houses coming back to occupy them all year round, took me by surprise.”
Consumer stress The downside to all of this, of course, is that homeowners are now competing for contractors. While the construction and home improvement boom may be great for the industry, the demand for the services of tradespeople has skyrocketed to the point where it’s difficult to get an electrician or a plumber to return a call about a small job. “If you’re an electrician, and a consumer wants to get a small job done but there’s a luxury house that will take three or four weeks’ time, which one are you going to choose?” Mr. Marcantonio said. “There’s a shortage of tradespeople, and there has been for a long time. We’ve had increased demand for services, and we’ve had a lack of people doing this work. I have
people calling me, ‘Can you get me an HVAC guy?’ It’s like four weeks for them.” Want to install that swimming pool you’ve always dreamed of? Don’t expect it this summer. “It’s not a huge industry, but now all of the sudden, the demand for pools is up 25, 30 percent,” he said. “That’s a huge increase. You may be waiting until 2025. You have the capacity for installing only so many pools. It’s just like in construction; there’s just so many kitchen installers.” The number of people entering the construction industry has increased during the pandemic, however. “During the height of this, especially last summer or fall, we were seeing a 100-percent increase in people doing this business. Waiter? Now painter. Or, ‘I used to pain houses in college, so I’ll paint houses.’ Lots of new companies are being created, although they’re limited to certain skills sets,” he said. That’s yet another reason why it’s important for consumers to be care-
ful when hiring a contractor. “Make sure they’re registered, make sure they’re insured,” Mr. Marcantonio said. Get your references, see what work they’ve done. Make good decisions. Talk to the lumber yards; they generally know if the contractors are paying their bills.”
For the dogs Even some of the niché areas of the home improvement industry are seeing more demand from customers. Moriarty’s Fence Company, which has offices in Portsmouth, Warwick and Stonington, Conn., installs invisible fences, which keep dogs and cats contained in a yard through the use of electrified boundary wires that are buried underground. Now that more people are staying home with their dogs or cats, they’re also spending more money on them. “We were busy over the winter, which is a very rare cyclical event for us,” said Mike Moriarty, owner. “The demand is greater than ever. The contractors are experiencing similar demands — people being home, hav-
ing additional monies because they weren’t traveling or eating out as much. If you talk to anyone in the pet industry, the demand has skyrocketed since everybody became homebound. The Potter League (for Animals in Middletown) has posted record adoption numbers for the month of April.” The wait for having a fence installed — there’s also a few training sessions that pets must go through — is a “little longer” now. “We’re booked out about two or three weeks now,” Mr. Moriarty said. “We’re aware of the reality of when somebody experiences a real scare like a dog blowing through the door and running into the street. They want to do something right away. The right-away option is not always available — it rarely is.” The biggest challenge, he said, is finding enough help — installers or field technicians — to get the jobs done. “With what someone is making on unemployment benefits, a lot of people don’t want to get off the couch,” he said.
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East Bay Homes - Summer 2021 Page 17
PORTSMOUTH: Set on three acres overlooking the Sakonnet offering privacy nestled along the coastline with direct water access and sweeping views. Geothermal heating system and central A/C. $3,900,000
PORTSMOUTH: Thoughtfully designed and built, this luxurious New England custom 5-bedroom is sited to capture glorious sunsets over Narragansett Bay. Dining room with water views and designer kitchen. $3,495,000
MIDDLETOWN: Enjoy spectacular sunsets and water views from Easton’s Point 4-bedroom built in 2019. High ceilings, gourmet kitchen, principal suite with views, and large deck. Walking distance to beaches! $2,295,000
SOLD
SOLD
PORTSMOUTH: Enjoy water views and privacy in this architect-designed custom colonial 4-bedroom overlooking the Sakonnet. Well-appointed kitchen with new luxury stainless steel appliances. $1,450,000
LITTLE COMPTON: Custom home surrounded by open pasture and stone walls. This fabulous 5-bed/4-bath residence on nearly 8 open acres of land offers an incredible open concept plan with floor to ceiling fireplace. $1,250,000
PORTSMOUTH: Classic New England cape offers handsome curb appeal and private yard. Set on three-quarters of an acre, this 3-bedroom has an open kitchen to living concept. Stone fire pit and wrap around deck. $725,000
SOLD
PENDING
PENDING
PENDING
CLUBHOUSE UNIT AT AQUIDNECK CLUB: ‘Vigilant’ 2-bed/3-bath unit fully furnished. Large deck facing golf course and five star club amenities: world class golf, dining, fitness center, pool, equestrian center, tennis, marina, and more. $525,000
TIVERTON: Fabulous, renovated home on . 94 acres with panoramic Mt. Hope Bay views. Brand new kitchen opens to spacious living and dining area. Three bedrooms plus bonus den and new deck. $499,000
VILLAGES ON MT. HOPE BAY: South-facing end-unit with gorgeous bay views. Custom-built with oversized windows, upgraded kitchen, two principal suites – including a first level – and walkout lower level. $1,095,000
VILLAGES ON MT. HOPE BAY: This exquisite ‘Jamestown’ design remains one of the final few new construction units in The Villages. Admire western bay views in this bright and luxurious seaside townhome. $1,050,000
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Page 18 East Bay Homes - Summer 2021
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Seller represented by: Carolyn Nolan, Mott & Chace Sotheby’s Buyer represented by: Christina Ardente, Residential Properties
This 4-bedroom home comes with nearly 3,000 square feet and more than an acre of land. It hit the market on March 20, was under contract within four days and sold a month later.
n Asking price: $779,000 n Sale price: $839,000
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East Bay Homes - Summer 2021 Page 19
Sold! (over asking!) BARRINGTON
47 Appian Way This home underwent a major renovation and enjoys a waterfront spot in Barrington’s beloved Alfred Drowne neighborhood. It has 3 bedrooms and 2,143 square feet. It listed on Feb. 14, was under contract within two weeks and sold in April.
BRISTOL
n Asking price: $1,395,000 n Sale price: $1,445,000
Seller represented by: . Chart House Realtors, Keller Williams Buyer represented by: Friedman Group, Residential Properties
16 Duffield Road This 5-bedrooom Colonial with 2,720 square feet hit the market on March 3. It was under contract in six days and sold two months later.
n Asking price: $659,000 n Sale price: $682,000
Seller represented by: Patti Hunt, . Century 21 Topsail Buyer represented by: Kelly White, Redfin
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Sold! (over asking!) BRISTOL
1 Cedar Drive This 3-bedroom Colonial has 2,732 square feet and an inground pool. It listed on March 8, went under contract a week later and sold April 30.
BRISTOL
n Asking price: $749,900 n Sale price: $800,000
Seller represented by: Sarah Principe, William Raveis Buyer represented by: Nancy Lerner, Coldwell Banker
8 Church Cove Road This 5-bedroom home comes with a separate in-law apartment and views of Mt. Hope Bay from one of Bristol’s most special locations. It hit the market Feb. 25, was under contract within four days and sold in April.
n Asking price: $1,075,00 n Sale price: $1,225,000
Seller represented by: Kirk Schryver Team, Residential Properties Buyer represented by: Kirk Schryver Team, Residential Properties
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This updated, 3-bedroom home in Riverside was listed on Feb. 11, was pending less than a week later and sold at the end of March.
n Asking price: $295,000 n Sale price: $335,000
Seller represented by: Patty Bain, . RE/MAX River’s Edge Buyer represented by: Paulo Albano, Keller Williams
East Bay Homes - Summer 2021 Page 21
Sold! (over asking!) LITTLE COMPTON
n Asking price: $579,000
39 Oliver Lane This 2-bedroom home sits close to a sandy beach on the Sakonnet River. It hit the market on Feb. 5, was under contract a week later and sold four weeks later.
n Sale price: $658,000
Seller represented by: James Holland, . T.L. Holland Agency Buyer represented by: Michael Connole, Realty One
PORTSMOUTH
180 Taylor Road The 4-bedroom home in the Sandy Point neighborhood hit the market on March 12. It was under contract in three days and sold a month later.
n Asking price: $789,000 n Sale price: $830,000
Seller represented by: Dina Karousos/ Nicole Lucenti, Gustave White Sotheby's Buyer represented by: Connect . R.E. Group
PORTSMOUTH
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n Asking price: $599,000 n Sale price: $680,000
Seller represented by: Christine Farley, Century 21 Topsail Buyer represented by: Michael . Bogolawski, Century 21 Stachurski
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Page 22 East Bay Homes - Summer 2021
Sold! (over asking!) TIVERTON
430 Nanaquaket Road Overlooking scenic Nanaquaket Pond, this property includes a new swimming pool, an expansive deck and lawn that rolls down to private access to the pond with dock and mooring. It listed March 16, was under contract in three days and sold last week.
TIVERTON
n Asking price: $1,595,000 n Sale price: $1,650,000
Seller represented by: Bridget Torrey, Gustave White Sotheby’s Buyer represented by: Jennifer Hilton, Keller Williams Coastal
1423 Fish Road
n Asking price: $389,000
This early 20th-century farmhouse with 10 acres includes an antique barn and another outbuilding. It hit the market Jan. 20, was under contract a month later and sold earlier this month at 20 percent more than the asking price.
n Sale price: $475,000
Seller represented by: James Holland, . T.L. Holland Agency Buyer represented by: James Holland, T.L. Holland Agency
TIVERTON
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20 Shirley St. This 2-bedroom cottage near Fogland Beach hit the market on Feb. 26, was under contract in 10 days and sold in April.
n Asking price: $649,000 n Sale price: $655,000
Seller represented by: Welchman . R.E. Group, Keller Williams Buyer represented by: Deborah Plant, Harbor & Hearth
East Bay Homes - Summer 2021 Page 23
Sold! (over asking!) WARREN
11 Ridgeway Drive This 3-bedroom ranch hit the market April 1, was under contract in less than a week and sold a month later.
WESTPORT
n Asking price: $320,000 n Sale price: $336,000
Seller represented by: Cathy Sousa, . RE/MAX River’s Edge Buyer represented by: Jessica Andrade, RE/MAX River’s Edge
8 Juniper Road This 3-bedroom Cape in a private neighborhood near Westport beaches hit the market March 14, was pending two days later, and sold last week for more than the asking price.
n Asking price: $585,000 n Sale price: $608,000
Seller represented by: The Onpoint Team, Residential Properties Buyer represented by: James P. Sabra, Equity Real Estate
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Residential & Commercial
Electrical Contractor
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Page 24 East Bay Homes - Summer 2021
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Tiverton $1,349,000 Panoramic water views of Mount Hope Bay and the Sakonnet River from this fabulous, end-unit townhome. Contact Will Milbury 508.525.5200
1980
Tiverton $1,595,000 Magnificent 1754 Colonial set upon 3 1/2 pastoral acres and preserved with attention to detail and superior craftsmanship. Contact Roberta Burke 508.498.3285
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