Activity Report • Blog • July 17, 2020

Rhode Island Real Estate Activity Numbers | July 5 to 11, 2020

by Mott & Chace Sotheby's International Realty

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Please find the latest weekly comparisons for the state of Rhode Island.

The new listings taken in the market did trend up from the prior week as expected due to the impact of the 4th of July holiday on the prior weeks numbers.

The properties under agreement did trend up as well but the market is still significantly below 2019 levels due to inventory shortages.

The number of sold properties which did show a dip from the prior week but were only 7 units away from 2019 levels for the comparable week. We expect that the market is approaching a period where the 2020 sold numbers may eclipse the 2019 numbers on a weekly basis based on the under agreement information we are seeing.

On a national level, Fannie Mae updated its forecast for home price growth to 4.4% this year. Home prices nationally are rising at the fastest pace since November 2018. However, Fannie Mae also predicted that home price appreciation nationally would slow in 2021 due the elevated levels of unemployment resulting from the pandemic. The Case Schiller data is suggesting a decline in prices in urban areas due to the impacts of Covid-19 and the Work From Home movement.

What does this all mean for Rhode Island? We are experiencing unprecedented buyer demand as people look to move from urban areas. It could be a place near the shore, a great suburban property with a yard or a condo that has private entrances. For sellers, it is an opportune time to list and for buyers looking for alternative lifestyles the low interest mortgage environment is compelling them to act now. To learn what this may mean for you, please contact one of our talented real estate specialists. www.mottandchace.com/agents

Blog • Featured • News • Press • July 16, 2020

Mott & Chace Sotheby’s International Realty Announces Significant Sale in Watch Hill by Donna Simmons

by Mott & Chace Sotheby's International Realty

Mott & Chace Sotheby’s International Realty is pleased to announce the sale of 20 Westerly Road, a historic cottage located in the seaside village of Watch Hill, for $1,950,000. The sale was facilitated by Donna Simmons, Sales Associate with Mott & Chace Sotheby’s International Realty.

The property was originally used as a schoolhouse in Watch Hill from 1852-1901, then later Miss Stevenson’s Little Shop which remained in business for 34 summers until the Great Hurricane of 1938. A decade later, an addition was built onto the house and it became a residential dwelling.

At over $2,000/square foot, this is the highest single family sale price per square foot in the state since September 2018, according to data from the Rhode Island Statewide Multiple Listing Service.

Donna Simmons, who has sold over $35M in real estate over the last year in the Watch Hill and Westerly marketplace says, “Often referred to as the old schoolhouse, this property is very special to the residents of Watch Hill and Westerly. I am thrilled that this historic cottage will continue to have a great steward in the new buyer”.

“We continue to have a strong presence in the high-end market of Watch Hill with both buyers and sellers,” adds Judy Chace, Broker/Co-Owner of Mott & Chace Sotheby’s International Realty.

Ray Mott, Broker/Co-Owner of Mott & Chace Sotheby’s International Realty affirms, “We are impressed by the tireless efforts of our associates in the Watch Hill office.”

This information is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. These properties may have been sold by other real estate companies. Data maintained by the MLS may not reflect all real estate activity in the market. Data is based on information from Rhode Island Statewide Multiple Listing Service for SFM listings for the period of 09/29/2018 through 07/16/2020.

Blog • Featured • July 14, 2020

PBN: Success Starts With A Clear Mission by Raymond Mott

by Mott & Chace Sotheby's International Realty

Success starts with a clear mission

By Raymond Mott | July 10, 2020 3:35 am

Raymond Mott co-founded Mott & Chace Sotheby’s International Realty in 2013 to fill what he and co-owner Judy Chace saw as a gap in the Rhode Island luxury real estate market. The firm has offices in Barrington, Charlestown, East Greenwich, Narragansett, Providence and Westerly.

Source: https://pbn.com/success-starts-with-a-clear-mission/

Blog • Featured • News • Press • Sotheby's International Realty • July 9, 2020

Mott & Chace Sotheby’s International Realty Announces Significant Sale in Narragansett by Erin Marsh and Judy Chace

by Mott & Chace Sotheby's International Realty

Mott & Chace Sotheby’s International Realty is pleased to announce the sale of 12 Sea Gate Drive for $3,400,000. Judy Chace, Co-Owner/Broker of Mott & Chace Sotheby’s International Realty represented the seller. Erin Marsh, Sales Associate of Mott & Chace Sotheby’s International Realty represented the buyer.

According to data available from Rhode Island Statewide Multiple Listing Service, the sale of 12 Sea Gate Drive is the third highest single-family sale in Narragansett this year.

The exceptional oceanfront setting features sweeping and unobstructed views of the Atlantic Ocean. Available for the first time in generations, the classic Cape Cod style home sits on nearly three acres of direct ocean frontage on a private laneway off of Ocean Road.

“Come and enjoy the wide expanse of rocky coast ocean frontage while listening to the crashing waves along the shore,” says Erin Marsh. “This is the perfect family summer retreat to be loved for years to come.”

Judy Chace adds, “Narragansett has been a coveted summer destination since the Gilded Age and the coast remains lined with shingle-style architectural treasures.”

This information is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. These properties may have been sold by other real estate companies. Data maintained by the MLS may not reflect all real estate activity in the market. Data is based on information from Rhode Island Statewide Multiple Listing Service for SFM listings for the period of 01/01/2020 through 07/09/2020.

Blog • Featured • News • Press • Sotheby's International Realty • July 9, 2020

Mott & Chace Sotheby’s International Realty Announces Significant Sale in Narragansett by Erin Marsh and Judy Chace

by Mott & Chace Sotheby's International Realty

According to data available from Rhode Island Statewide Multiple Listing Service, the sale of 12 Sea Gate Drive is the third highest single-family sale in Narragansett this year.

Judy Chace adds, “Narragansett has been a coveted summer destination since the Gilded Age and the coast remains lined with shingle-style architectural treasures.”

This information is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. These properties may have been sold by other real estate companies. Data maintained by the MLS may not reflect all real estate activity in the market. Data is based on information from Rhode Island Statewide Multiple Listing Service for SFM listings for the period of 01/01/2020 through 07/09/2020.

Blog • Featured • News • Press • Sotheby's International Realty • July 7, 2020

Mott & Chace Sotheby’s International Realty Announces Significant Sale in Jamestown by Nicole Carstensen

by Mott & Chace Sotheby's International Realty

Mott & Chace Sotheby’s International Realty is proud to announce the sale of 648 East Shore Road for $6,950,000 by Nicole Carstensen, Sales Associate of Mott & Chace Sotheby’s International Realty.

According to data available from Rhode Island Statewide Multiple Listing Service, the sale of 648 East Shore Road is the highest sale in Jamestown so far this year. This is also the fifth highest sale statewide sale in 2020.

The property sits upon just over three acres of waterfront land featuring 180-degree views from nearly every room. With over 7,000 square feet, the home boasts four bedrooms, five- and one-half bathrooms, and a dock and mooring.

“The luxury market remains strong here in coastal Rhode Island,” says Nicole Carstensen. “The draw of waterfront real estate and the privacy of a small island like Jamestown has been incredibly appealing to those looking for a retreat.”

This information is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. These properties may have been sold by other real estate companies. Data maintained by the MLS may not reflect all real estate activity in the market. Data is based on information from Rhode Island Statewide Multiple Listing Service for SFM listings for the period of 01/01/2020 through 07/07/2020.

Blog • Featured • General • News • Press • July 3, 2020

Mott & Chace Sotheby’s International Realty Announces Significant Sale in North Smithfield by The Blackstone Team

by Mott & Chace Sotheby's International Realty

Mott & Chace Sotheby’s International Realty is happy to announce the sale of 809 Pound Hill Road for $725,000. The Blackstone Team of Mott & Chace Sotheby’s International Realty represented the seller. Jacob Rochefort of Residential Properties, Ltd. represented the buyer.

According to data available from Rhode Island Statewide Multiple Listing Service, the sale of 809 Pound Hill Road is the highest sale in North Smithfield since March 2019.

The classic colonial home, c. 1779, has been meticulously maintained and improved upon to offer old world charm and refined modern living. Original features include Douglas fir floors and ornate woodworking, while enhancements include a Viking range in the kitchen and an outdoor fieldstone fireplace. On just over two and a half acres, this four-bedroom, three-bathroom home also features a lighted basketball court and a custom-built shed with a second-floor workshop.

“The sellers’ love of this property is evident throughout”, says Karen Wilder, Sales Associate. “As they move on to their next chapter, they leave a truly exceptional home to be enjoyed by the new owners.”

This information is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. These properties may have been sold by other real estate companies. Data maintained by the MLS may not reflect all real estate activity in the market. Data is based on information from Rhode Island Statewide Multiple Listing Service for SFM listings for the period of 01/01/2020 through 07/03/2020.

Blog • Featured • News • Press • Sotheby's International Realty • July 2, 2020

Mott & Chace Sotheby’s International Realty Announces Significant Sale in Barrington by Stephen Antoni

by Mott & Chace Sotheby's International Realty

Mott & Chace Sotheby’s International Realty is pleased to announce the sale of 9 Starboard Lane for $1,750,000, after just one day on the market. Stephen Antoni, Broker Associate of Mott & Chace Sotheby’s International Realty represented the seller. The Friedman Group of Residential Properties, Ltd. represented the buyer.

According to data available from Rhode Island Statewide Multiple Listing Service, the sale of 9 Starboard Lane is the third highest single-family sale in Barrington this year. Agents of Mott & Chace Sotheby’s International Realty have represented clients in two of the top three sales in the municipality in 2020.

The contemporary waterfront features views of Narragansett Bay and Nayatt Beach. Custom built in the 1980s, the home offers five bedrooms, four- and one-half bathrooms, an in-ground gunite pool, indoor hot tub, and a game room. With five exterior decks, the nearly 5,800 square foot property boasts dramatic water views from nearly every room.

“This house truly has everything, including the picture-perfect Barrington view”, says Stephen Antoni.

This information is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. These properties may have been sold by other real estate companies. Data maintained by the MLS may not reflect all real estate activity in the market. Data is based on information from Rhode Island Statewide Multiple Listing Service for SFM listings for the period of 01/01/2020 through 07/02/2020.

News • June 29, 2020

WSJ: Rhode Island | Big Variety in a Small Market

by Mott & Chace Sotheby's International Realty

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AN EXPERT FROM The Wall Street Journal

Virtual Tours Boost Sales

Bridgette Soby, broker and manager of the Narragansett office of Sotheby’s Mott and Chace, reports “a tremendous uptick” in real estate activity in Rhode Island, mostly drive by people from greater New York City, Boston and Connecticut looking for a lifestyle change and more social distance. “Virtual open houses have kept sales going; so has the realization that it’s easier and easier to work remotely,” she says.

“The upper end o the market has properties available; people are surprised at what they can get or the money,” she notes. “It’s desirable now to have more acreage, more space. Many buyers are keeping their homes in New York or Boston, but are making Rhode Island their permanent residence because they find it easy to work from home and pop into Manhattan for a day, if they need to.”

Soby points out that the town of Bristol is home to the country’s oldest Fourth of July parade. Bristol is a waterfront town where yachting is a popular sport. Nearby Narragansett is famous for its beach, and Jamestown is an island community easily accessible by highway.

“We’re offering a one-of-a-kind double condo unit and 341 Thames Street in Bristol,” she says. It has a 180-degree sunset/water view in the heart of the scenic town.”

Read the full article here: https://online.flippingbook.com/view/14239/2/

Blog • Featured • News • Press • June 29, 2020

Mott & Chace Sotheby’s International Realty Announces Significant Sale in Westerly by Geb Masterson

by Mott & Chace Sotheby's International Realty

Mott & Chace Sotheby’s International Realty is pleased to announce the sale of 57 Atlantic Avenue for $2,300,000. Geb Masterson, Sales Associate of Mott & Chace Sotheby’s International Realty represented the seller. Nick Felicetti of Randall Realtors represented the buyer.

According to data available from Rhode Island Statewide Multiple Listing Service, the sale of 57 Atlantic Avenue is the fourth highest single-family sale in Westerly this year. Agents of Mott & Chace Sotheby’s International Realty have represented clients all top five sales in the municipality in 2020. Geb Masterson has represented clients in three of the five sales.

This Misquamicut beachfront home sited on the Atlantic Ocean features four bedrooms, four full bathrooms and two half bathrooms. From over 3,000 square feet of living space are views of Block Island, Montauk, & the Watch Hill Lighthouse. ⁠⠀

“Simply a breath-taking site,” says Geb Masterson. “The home was created through a collaboration of top engineers and designers with the goal of maximizing views and creating a structure that is overbuilt the best materials and systems. A high-quality home with low maintenance materials means more time enjoying the small beach community in beautiful Westerly.”

This information is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. These properties may have been sold by other real estate companies. Data maintained by the MLS may not reflect all real estate activity in the market. Data is based on information from Rhode Island Statewide Multiple Listing Service for SFM listings for the period of 01/01/2020 through 06/29/2020.