Market Conditions in Newport>Question Details

Janice Lesni…, Home Buyer in Newport, RI

How is the condo market in Newport at this moment ....spring of 2012? Is it a buyers market and if so....How much would YOU pay for a nice condo ?

Asked by Janice Lesniak, Newport, RI Sat Jun 2, 2012

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Hi Janice,

I was just looking at the 2012 sales numbers for Newport and the current inventory as I prepare my annual sales report newsletter.

Condos are still a fairly strong buyers' market. There are 71 condo units for sale in Newport, which is about an 11-month inventory. Condo prices dropped nearly 12% last year from 2011 levels. The median sales price was $222,000. There are still lots of good condo buys in all price ranges. While financing a condo can be more difficult than a single-family, there are many good programs available locally.

If you'd like a copy of my 2012 sales report when it comes out in a few days, drop me a line at herb@prudentialprime.com.

Good luck!

Herb Armstrong
Prudential Prime Properties
0 votes Thank Flag Link Wed Feb 6, 2013
I always love buying in off season. The people who really have to sell are on the market.
0 votes Thank Flag Link Wed Feb 6, 2013
Hi Janice,
The condo market is still a buyer's market. There is a large inventory of condos currently on the market and due to current mortgage rules, condos can be difficult to finance. There needs to be a strong association with owners' dues being current and no litigation. A buyer typically has to put down 20-25% for a condo purchase. Due to the number of short sales in the condo market a nice condo can be found for under $250,000. If you'd like to contact me directly for a consultation, I can be reached at Amy@AmyHoag.com. Thanks for your question.
0 votes Thank Flag Link Sat Jun 2, 2012
Janice,

The Condo market lags behind that of the single family market due to financing and the inventory available. Depending on your price point a single family purchase could very well be a better option for you. Depending on your use, vacation home or primary residence, you can find some great condos right downtown for little money, the main issue being financing.

When looking for a condo you need to pay attention to a few things; Be sure your condo association qualifies for FHA financing, The capital reserve budget is adequate, other association members are up to date on their dues and if rate increases have been mentioned in previous condo meetings. If all these items check out you can find some great deals for less than $250,000. But if your price point is closer to $300-$400k I would recommend looking into single family homes and small cottages to avoid condo fees and to benefit form greater appreciation in the long term.

It is absolutely a buyers market out there, but the activity is up tremendously from years past. Homes/condos that are priced aggressively end up moving very fast and often times go "multiple offer situation". So if you are hunting for a great deal be ready to pull the trigger at a moment's notice.

Best of luck with your home search. Any questions at all please feel free to call or e-mail me at anytime.
0 votes Thank Flag Link Sat Jun 2, 2012
The Newport condo market is still a very strong buyers' market. Single family homes are beginning to recover in Newport with strong sales, especially below $350,000. Prices are still down, but the number of sales is starting to climb.

Condo sales, on the other hand, are still very slow. There are some excellent buys available in condos right now with many 2 bedroom units under $250,000. Financing can be tricky for some condos, but we have several local lenders with good condo mortgage programs.

I'd be happy to help you find the right condo at a good price. Let me know how to contact you directly if you'd like to discuss it further. (401-841-0169)
0 votes Thank Flag Link Sat Jun 2, 2012
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