Despite all of the doom and gloom, 278 single family homes closed last week in Rhode Island. No matter what is happening in the market,  there will always be the  “have to’s”, those people  who have to buy a house, so what is it about those 278 out of the 7,062 homes that made them choose those particular houses?; they are perceived to be the best value. Some  of the greatest values that I see in the Rhode Island Market today are at the M Residential lofts in Central Falls.  
The project is 90% finished, and Temporary Certificates of Occupancy will be delivered at the end of the month.  Currently, 12 of the 39 units are under contract, and there are 17 other unique units available, from a 692 sq ft 1 bedroom unit for $149k to a $279k 1200 sq ft end unit with windows on three sides overlooking the waterfall to 2000 sq ft plus penthouse units in the $400s for those looking for something really special.  All units have a riverview of some sort. 
 
This project is especially attractive for a number of reasons.  First and foremost, unlike most mill-living properties, the multi-acre campus surrounding the building offers an observation deck over the waterfall, a dock for canoe/kayak launching, wide stretches of green grass, pathways and benches along the river and several water’s edge grilling patios.  Others include: keyless fingerprint entry technology; European single-machine wash/dry laundry systems; and energy efficient individually controlled ductless heating and airconditioning units in every room.
 
Buyers are being offered incredible incentives to buy at M Residential; $1000 gas cards, no condo fees until December 2009, a tax abatement program (25% of bill for first 2 years and 50% of bill for next 3 years), special closing cost incentives from preferred title attorneys and lenders, not to mention that most of the utility costs are paid through the monthly condo fee.  M Residential will not only be a wonderful place to live, but in these  times, an affordable home ownership option.

 

 Listen to Rich and Steve here [46:08m]: Play Now | Play in Popup | Download

The National Association of Realtors revealed August sales of existing homes were down 10.7 % from last year  while the median home price fell 9.5 %.  In the Northeast,  sales dropped  15.0 % below a year ago, with the median price  $271,000, down 3.8 % from August 2007.
So with everyone scared about the value of their homes, why is National Grid trying to devalue them  even more?  They are  laying  high-pressure gas lines to to replace the existing pipes that date to the 1860’s. For safety reasons and to make inspections and shutdowns easier, they  want to move meters from the basement to the exterior of the house, and in several neighborhoods have placed them right on the front of the house! There have been well attended meetings at The West Broadway Neighborhood Association to  address the situation not just for themselves , but for the whole state. National Grid has been laying about seven miles of high-pressure line a year for the last six years, and  plans to increase that to 25 miles a year.  

 I spoke at the Public Utilities Commission hearing last week.  I feel that while  special consideration in regards to Historic Homes is a positive development, the exclusion of other housing stock is short-sighted. Eventually, every home will reflect some type of historic significance. What was once sold for tear-down just a few years ago,  a pristine home from the 1950s or 1960s has become a “mid century masterpiece”,  and  is now considered a candidate for historic preservation. If this home has an unsightly gas meter on the façade, it makes for at least aesthetic devaluation if not lower resale value. I urged National Grid to take all homeowner’s concerns into consideration as they move forward.

This Week’s Real Estate Insight:

Contact the WBNA at wbna@wbna.org if you would like to help in the fight to keep  gas meters from the front of homes in Rhode Island.

 

 Listen to this week's show here: [47:17m]: Play Now | Play in Popup | Download