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Sure does! Well maintained, but dated. My hunches are: 1) Out of state buyer. 2) It's probably under agreement in a week. 3) May go for over asking price. 4) Has a dumpster & porta john in the front yard the day after closing (if the buyer can find a contractor).
Sure does! Well maintained, but dated. My hunches are: 1) Out of state buyer. 2) It's probably under agreement in a week. 3) May go for over asking price. 4) Has a dumpster & porta john in the front yard the day after closing (if the buyer can find a contractor).
The rate may only be only $10, but can you find a house that's cheap enough that it's still not a tax burden? Those "cheap" tax rate towns can be cheap because their appraisals are high. Paying $10 per thousand on a 700k house is the same as paying a $20 tax rate on a 350k house elsewhere, so I think it's a misnomer when people talk about low tax towns without looking at the larger picture.
You’re missing the point. You can’t just take the headline “high tax state” stuff as gospel. You have to actually look at your income tax, property tax, and overall home ownership cost numbers and see where you really stand. Like anywhere else, you also have to pay attention to the housing market to avoid buying at the peak. I bought my house at 55% of the original listing price at the onset of the Great Recession. The house rotted on the market as prices declined with no buyers. Personally, buying a retirement house paying cash, I wouldn’t be in the market now unless there was something really special about the location.
The thing is, so many factors go into house prices. Few predicted the pandemic would have the kind of effect it has on RE. The latest news is that many people have seen a big rise in their net worth.
Who knows what effects climate change will have on RI RE? Climate change in RI obviously will have people only buying coastal property if the elevation is high enough. Climate change in other states will probably have a bigger effect on us since others will flee from affected areas.
Then there are aging demographics, lack of new builds, working from home, and so on.....
It will be hard to predict and interesting to find out!
That’s about the same price level as my town. A habitable small house on a small lot that distance from salt water is $400-ish. It’s hip roof so the addition would be a bit more since you’d have to replace half the roof framing. I’d think most out of town buyers would camp in it for 14 months and do the remodel the winter of 2022-2023. You’re not going to be able to get a contractor for this winter.
That’s about the same price level as my town. A habitable small house on a small lot that distance from salt water is $400-ish. It’s hip roof so the addition would be a bit more since you’d have to replace half the roof framing. I’d think most out of town buyers would camp in it for 14 months and do the remodel the winter of 2022-2023. You’re not going to be able to get a contractor for this winter.
My guess is the buyer plans to live in it for 2 months per year. 4 months tops.
My guess is the buyer plans to live in it for 2 months per year. 4 months tops.
Sure, but I think it’s unlikely the construction crew will be this winter when the house is empty. Personally as a telecommuter, I spent a decade splitting my winter/summer places ~ 50%/50%. I was usually gone mid-November through early May. I sold the Vermont ski place recently and we bought one at Beaver Creek. We won’t be there until the Monday after New Years. Our use there will be more like you’re projecting for a Jamestown buyer. Just at the high season. When it’s a 2,000 mile trip, you use it differently from when it’s a sub-4 hour drive.
The only house on my street that has transacted since COVID was an executive retiring from a San Diego job and moving back home. I speculate that their retirement math works better when they free up $1 million selling their California house and moving to a $600k cape in the less pricey parts of coastal Southern New England. That’s how my math worked or I’d still be in Portsmouth NH.
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