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Market Conditions in Newport : Real Estate Advice

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  • Local Info4
  • Home Buying8
  • Home Selling4
  • Market Conditions7

Activity 7
Wed Feb 6, 2013
Herb Armstrong answered:
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
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Sat Jun 2, 2012
Jeff Brooks answered:
This year, now that most construction has been completed on the base, the incoming America's Cup is generating a lot of service industry type jobs and will attract much more work with the sailing industry which includes everything from manufacturing to engineering and servicing. Unfortunately if the Federal Government cuts defense spending by much more we could see a contraction in our large defense industry here on the island. But the university is an excellent hedge that gives us an advantage over other navy driven economies in the country.

I hope by now you've found work! be it here or in MA. Best of luck with everything and if there's anything I can do to help you with your real estate needs please feel free to contact me.
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Sat Jun 2, 2012
Herb Armstrong answered:
If I knew which condo, I could give you more information, but generally, the condo complex has to be approved for FHA related loans. There are alternatives for financing even if not approved and several local lenders have programs specifically for condo purchases. Let me know how to contact you and I'll give you some contacts to call. ... more
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Mon May 9, 2011
Diane Jacobson answered:
Real Estate Professionals are significantly effected by the MARS Rule (Mortgage Assistance Relief Services). It is primarily targeted at Loan Mod companies and Realtors advertising themselves as 'Short Sale Experts' but it also effects Realtors representing a seller in short sale, if it is even just one sale. Significant fines may be accessed by the FTC and there are even new record keeping requirements. All realtors should check with their state board to learn about compliance methods.

Attached is a web reference to give you a more clear understanding.
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Mon Mar 21, 2011
Tom answered:
Thu Nov 5, 2009
Michelle Drum answered:
Dear Laura: Arthur Chapman's response is totally accurate and Raveis certainly has a great web site. Interestingly enough, in the past ( and I have been an agent since 1986) the condominium prices were the last to rise and the first to drop. We have not seen this cycle during this downturn. My educated guess is that the second home buyer often likes a condominium and this trend has stabilized prices for condominiums. The most important rule other than location is the better the condtion the higher the price and or/ speed of sale. ... more
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Tue Jan 1, 2008
Hi answered:
everything going down across the country. wait, be patient. what do you think recession does to housing prices? now factor in that there are way too many houses. yep, going way down.

good luck

2010, maybe time to buy
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Market Conditions in Newport Zip Codes

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