<![CDATA[Coastal Newport Real Estate - Coastal Newport Blog]]>Mon, 05 Feb 2018 11:56:22 -0800Weebly<![CDATA[Buying Waterfront]]>Fri, 24 Jul 2015 18:16:00 GMThttp://coastalnewport.com/coastal-newport-blog/buying-waterfrontOcean Waves
When looking for ocean front, beach front and water view properties for sale, special considerations apply. In addition to performing a standard home inspection, appraisal and competitive market analysis, there are several extra factors you will need to analyze to make a proper, long term real estate investment decision.

1. Flood Insurance - FEMA is in the process of re-drawing the flood-zone boundaries for owners of homes built in high-risk areas before the original federal flood zone maps were created in the 1970’s. Insurance subsidies that have been in place for decades are also being revisited. You will need to verify whether a proposed property will be subject to review.

2. Deep Water Access - In terms of property value, waterfront homes are obviously worth more than those with water view, but having deep water access to a dock, boat launching area or private beach adds significant value to homes that are adjacent and not directly facing the waterfront.   Being near a protected Inlet, Bay or River can offer as much or even more value than a direct ocean front property, by making activities like swimming, boating and fishing more accessible. A rocky coastline with no beach areas, restricted nature conservancy rules or zoning laws prohibiting the installation of a dock for example, will affect current and long term property value.

3. Restrictive Covenants - Having legal assistance to carefully review deeded water access rights, neighborhood association bylaws or other legal oddities like a right of way easement will require careful analysis by a qualified real estate attorney.

4. Environmental Laws - There are many Federal laws in place that supersede state and local authority in regard to wildlife protection, land use development and  construction restrictions.

5. Mortgage Considerations - Obtaining a mortgage on waterfront property may require a larger down payment. Why? Waterfront homes tend to have a longer marketing time, so a lack of available comparable sales may cause the lender to ask for a slightly higher equity position on your part. Or, if the property will be a second home and not your primary residence, different qualifications will affect what loan programs are available.

6. Work with an expert - Buyers Agent Representation is highly recommended for a waterfront home purchase. Intelligent and prudent analysis will require you to assemble a team of qualified professionals. A professional buyer’s agent will provide a selection of choices for real estate attorneys, home inspectors, land use planning consultants, appraisers, builders and other trade professionals. And unlike a seller’s agent, agency law requires a buyer’s agent to dissuade you from buying a property that does not meet your long term goals for investment or resale.

Coastal Newport Real Estate provides a high level of concierge service to locate, negotiate, evaluate and facilitate the right waterfront property purchase.

Coastal Newport’s agents are trained to:

-Provide all the expertise needed to evaluate a property to determine if it fits your expectations.

-Handle the ins and outs of the negotiating process to secure the best financial outcome for you, the buyer.

-Be present at the closing to insure that all of your interests are protected.

-Work with you after you move in to connect with resources in the community and surrounding area.

To learn more, call 401-849-7000 or visit: www.CoastalNewport.com.

<![CDATA[Buyer's Agency-Not Only For Millionaires]]>Wed, 15 Jul 2015 00:44:58 GMThttp://coastalnewport.com/coastal-newport-blog/buyers-agency-not-only-for-millionaires    One of the millionaire's secrets to successful real estate investing is that they work with a buyer’s agent. Whether you are a trade up buyer, looking for a second home, investment property or even if you are a first time home buyer, you, also, can take advantage of buyer’s agent representation services. Successful real estate investors, especially those with experience and a higher net worth, prefer to work with a buyer’s agent. This partnership decreases their chances of incurring unnecessary expenses due to “lemon” properties with excessive deferred maintenance, or other long term investment negatives like
poor location and/or other undesirable future resale influences.
    The prevailing logic for using a buyer’s agent is that most real estate transactions feature a 6%
real estate commission which is paid out of the listed property seller’s proceeds. A typical co-brokered
deal has the listing agency getting 3% and a “selling agency” getting the other 3%. The problem with traditional seller’s agency is that agency law provides that both the listing and selling agent legally represent the interests of the seller and not those of the buyer.
    With buyer’s agent representation, the typical 6% commission that is paid out is also the source
of the buyer agent’s commission, with the listing agency still representing the seller and keeping 3%. However, in this example, if a buyer’s agent presents an offer to the selling agency they generally pay out 3% to that buyer’s agent, who has created a contractual, fiduciary relationship with the buyer to exclusively protect and defend their interests in the transaction.
    Successful investors know that the total 6% commission will generally get paid out no matter what, so why not have a buyer’s agent assist with all the details, time and effort and pro-active advocacy required to buy the house? As mentioned, agency law provides that a buyer’s agent must dissuade you from making a bad investment, while also spending considerable time and effort to research the market to find the best investment value. On the contrary, a selling agent, due to their requirement to work for the seller, is not necessarily motivated to say no to any given property or work exhaustively to investigate all options.
    A research article published by the U CONN Economics department on March 11, 2010, entitled
“Caveat Procurator” revealed that:

        ”With increasing popularity of buyer brokerage, duties that buyer agents owe buyer clients are
         being more fully discussed and judicially defined. Sellers, seller agents, and buyer agents must
         all disclose known material facts to buyers based on state disclosure statutes and on common
         law theories of negligence and fraud. Recent court decisions have expanded those disclosure
         duties, finding that a buyer agent may also have a common law fiduciary duty to a buyer client
         to investigate for and discover unknown property defects”.
         Real Estate Publications UConn

    This research suggests that buyer’s agents are legally required and therefore motivated to assist in delivering a sound investment, while also offering other practical assistance like conducting all necessary research and analysis on which potential properties are the best fit for the exact needs of the buyer. This service feature is an ideal arrangement if you are a buyer looking to purchase property in another state or geographic region that you are unfamiliar with, or if you are looking to save time and reduce your travel expense. Don’t get “sold” on your next house, buy it carefully, proficiently and professionally with the assistance of a buyer’s agent.
    To summarize, if you are a buyer of real estate, your best choice is to have a buyer’s agent help you throughout your home buying experience. Let me assist you in doing just that!

<![CDATA[7 Great Rhode Island Beaches]]>Fri, 22 Aug 2014 19:58:11 GMThttp://coastalnewport.com/coastal-newport-blog/7-great-rhode-island-beaches

Easton's BeachEaston's Beach/ First Beach-Newport
Easton’s Beach is the town of Newport’s only ocean beach, and it’s ideal for sun-seeking day-trippers. It features all the makings of a perfect New England shore escape, with easy and convenient parking nearby and all amenities readily available – such as rentals for cabanas, beach chairs, umbrellas, boogie boards and more. Younger beachgoers always have a blast at this guarded beach, and love the adjacent playground, carousel and the Save the Bay Exploration Center.The hands - on aquarium is chock full of educational and interesting marine life! The shark petting tank alone, is well worth the price of admission. Also the famous Cliff Walk is just up the hill with panoramic views of the beach.

Sachuest Town BeachSachuest Town Beach/ Second Beach-Middletown
This nature beach in Rhode Island is one-and-a-quarter miles long with beautiful soft clean sand, an (usually) quiet crowd, and waves ideal for body surfing. Plenty of room to spread out and lots of parking spots.
Amenities include restrooms, showers, snack bars, picnic site, and changing station.
During peak season, which is Memorial Day to Labor Day, you can take dogs to the beach from 5:00 a.m. to 7:45 a.m. During off season, you can take them any time.

Third BeachNavy Beach/Third Beach-Middletown
Third Beach is down the road from Second Beach in Middletown, and includes 4 beaches, 2 of which are semi-private.
This small, peaceful stretch of beach has calm water since it's on the cove side, but the view is stunning, water is warm, and there's always a Del's truck :)  Same deal with the outhouses that are always clean as you would find at Second.  Noticeably much less congested.  Since it's smaller and there are no waves, it's filled to the brim with children.  If you want to take your little ones somewhere, this is a great option.  Or if you want your own nook of the sand with views of Little Compton...you've found your place.
Amenities include public boat ramp, restrooms, paddleboard and kayak rentals.

Sandy Point BeachSandy Point Beach-Portsmouth
This shallow, sandy beach is located on the Sakonnet River at the end of Sandy Point Avenue and is great for families. Lifeguards are on duty Memorial Day - Labor Day, 9 a.m. - 5 p.m. every weekend and on weekdays from mid-June to mid-August.
Amenities include changing rooms, restrooms and a picnic site. From Sandy Point you look across the water to Fogland Point in Tiverton, RI.

Goosewing Preserve BeachGoosewing Beach Preserve/ South Shore Beach-Little Compton
South Shore Beach is a beautiful ocean front pebble beach with great surfing. There is a parking fee for non-residents, but well worth it. There are lifeguards and restrooms, but no snack bar. Sometimes a food cart is available. Continue walking down the beach from the parking area to the more secluded Goosewing Beach Preserve. Parking at South Shore is very close to the water, so it's great for those who can't walk through yards of loose sand.

Narragansett Town BeachNarragansett Town Beach-Narragansett
This half-mile beach, located in the center of Narragansett, has calm waves and plenty of family-friendly events such as surfing lessons and leagues, aerobics classes, junior lifeguard program, musical concerts, sand castle contests, and volleyball leagues.
Amenities include rental cabanas, lockers, showers, restrooms, snack bar, picnic site, first aid, handicap access, pavilions, picnic areas, changing rooms, and a boardwalk for beach access.

Scarborough State BeachScarborough State Beach-Narragansett
As one of the largest and most popular beaches in Rhode Island, Scarborough State Beach has been a long-time favorite among tourists and locals throughout the years, as it features over 25 acres of fun in Narragansett. Featuring a newly expanded beach area and a recently renovated pavilion, Scarborough is perfect for beach-loving families, as it has on-duty lifeguards throughout the summer, and offers a wide range of amenities and activities, including food concessions, a lively seaside boardwalk and an observation tower with panoramic views of the seascape. The beach also has hassle-free parking, picnicking facilities, with 75 tables and lots of shade, along with changing facilities, hot and cold showers and restrooms as well.

<![CDATA[The Millionaire's Secret to Real Estate Investing]]>Tue, 15 Jul 2014 23:38:16 GMThttp://coastalnewport.com/coastal-newport-blog/july-15th-2014View our latest Press Release, "Millionaire's Secret" here:

<![CDATA[Why use a Buyer's Agent?]]>Thu, 03 Jul 2014 12:51:17 GMThttp://coastalnewport.com/coastal-newport-blog/why-use-a-buyers-agent
You are our single focus.

You will not be put off due to distractions or conflicts.
You only see homes that fit your needs.

Our single goal is to help you find the best home at the best price.
You save money.

A Buyer's Agent always has your financial interest at heart, and has a reputation for saving home buyers just like you thousands of dollars. Representing only the buyer, we can take you behind the scenes to protect your best interest in the real estate transaction. With the flexibility to share detailed information that a traditional realtor can't provide, you get access to accurate information like:

  •     Neighborhood Values
  •     Property and Location Drawbacks
  •     Personal circumstances of the seller that may influence the purchase
  •     Property tax and area school information

**Here's the truth, agencies that represent sellers must get the highest terms and prices for their listing, otherwise sellers won't use them.**

At the end of the day, your address is the place you call home. Your home should represent your style and be a place you are proud of. The Team at Coastal Newport Real Estate thrives on finding your perfect address and helping you through the entire process.

<![CDATA[Real Estate Newport RI - New firm offers Buyers Agent Concierge Service]]>Thu, 19 Jun 2014 20:45:29 GMThttp://coastalnewport.com/coastal-newport-blog/june-19th-2014Click link below to view our latest Press Release:

<![CDATA[Fabulous flip, make millions in Newport RI Real Estate]]>Thu, 22 May 2014 18:29:01 GMThttp://coastalnewport.com/coastal-newport-blog/fabulous-flip-make-millions-in-newport-ri-real-estatePicture
Merrillton Mansion, built by Samuel Powel in 1853, has been sold for $8.6 million.

Businessman, entrepreneur and philanthropist Peter de Savary announced the sale, saying he took pleasure in restoring the historic property after purchasing it in 2012.

The mansion sold for $8.675 million, which includes some furnishings.

"Having lived in Newport over the past 35 years, I have had the great pleasure of restoring and improving a number of properties in the Newport area, including homes of a special historic nature," de Savary said in a release. "I look forward to my next restoration challenge!” 

The historic Italianate Villa was designed and built by Samuel Powel during the Gilded Age in 1853. Situated on Bowery Street off Bellevue Avenue, it is surrounded by two-and-a-half acres of gardens including specimen trees and a wooded glen.

In 2009, previous owner Marcella Clark McCormack donated a perpetual conservation easement on 2.29 acres of the estate to the Aquidneck Land Trust.

City records show that de Savary paid $2.4 million for the mansion in 2012.

(Photo courtesy: Vanderbilt International Properties, LTD)

<![CDATA[5 Mistakes Home Buyers Make]]>Fri, 16 May 2014 21:17:48 GMThttp://coastalnewport.com/coastal-newport-blog/5-mistakes-home-buyers-makeAs a Buyer's Agent Concierge Real Estate Firm, we at Coastal Newport Real Estate are obligated to represent you, the buyer. by providing our negotiating expertise, complete confidentiality, and above all our advise and counsel in helping you achieve satisfaction and success in your home purchase. As part of that advice, here are 5 common mistakes that we can help you avoid.

1. Going Solo
Locating a house and determining the price of comparable homes on the market – is the easy part. Managing the ins and outs of offers, negotiations, inspections, financing and all the other key steps to buying a home is where many new buyers tend to get bogged down.

Having a buyer’s agent act as your representative obligates the agent to put the buyers' interests first.

2. Estimating what you can afford

Many buyers mistakenly take a do-it-yourself approach to financing. They use online calculators to estimate how much house they can afford, and then get a big surprise when lenders refuse to qualify them for that amount.

We recommend that you meet with one or more mortgage brokers before you get serious about your search. Remember, also, that the costs of buying and owning a home go beyond the purchase price. Although online calculators do account for property tax and insurance, it's up to you to include possible maintenance costs, moving fees and association dues.

3. Letting emotions get in the way of good judgment

You fall in love with a beautiful old Victorian and are swept up by its charm and potential. You can picture yourself drinking mint juleps on the front porch on a summer’s day and descending the sweeping staircase to meet your guests. Reality hits after the closing when problems come to light. Coastal Newport will help you negotiate a due diligence period which gives you extra time to get contractor estimates and back out, if necessary.

4. Focusing on the house, ignoring the neighborhood.

In hindsight, many buyers say they wish they'd taken their due diligence a few steps further to understand all the perks, quirks and hassles of living in a particular neighborhood. You can always fix up the house, but there's no easy remedy for annoying neighbors, oppressive homeowners-association rules and long-distance commutes.

5. Making unreasonable offers

Although the real estate market has picked up since its lows a few years ago, there are still many houses for sale and sellers needing to get out from under them.

It's all the more reason to hold out for the right house and the right price. But when you find that perfect house, don't assume you can lob a lowball offer or make unreasonable demands. Even in hard-hit markets, there are numerous bids being made on nice houses in desirable neighborhoods.

If the house has been on the market for months, you probably don't need to worry about other buyers lining up behind you. Make an offer based on recent sales for comparable homes, foreclosure activity and market trends, and don't be afraid to start the bidding low. If the house is newly listed or recently foreclosed upon, and other buyers are circling the block, put your best foot forward, but don't get pulled into a bidding war.

The advice of a Buyer’s Agent is invaluable in making the right decisions, and there are many, when purchasing your new home. We at Coastal Newport are prepared to lend our time and expertise.