Joe Botelho.com

Rhode Island Open Houses This Weekend

The good weather and a surge of new listings may be the reason there are 520 open house postings this weekend in Rhode Island.   That's the most by a long shot so for this year and 68 of them are brand new to the market, which is also a yearly high.

The weather is predicted to be ideal this weekend and with the NFL taking the weekend off (unless you count the Pro Bowl) I expect most Realtors to have a busy weekend.  The warms weather has pretty much melted most, if not all the snow so you should also be able to get a good look at landscaping and roof conditions, which can be difficult to do this time of year.   

There are deals out there to be sure so happy house hunting!

(The house shown here is located at 60 Fourth Street in East Providence and listed for $192,900 by Keller Williams. It is open on Sunday from 11am to 12:30 pm.  For more info click here.)

Download Rhode Island Open House This Weekend - 520 - 012912

Download Rhode Island Open Houses This Weekend - New to Market - 68 - 012912

How To Find the Best Real Estate For Investment In East Providence

No matter where I am, be it the local Cumberland Farms or Dunkin Donut's I always get the same question, "Hey Joe, any good deals out there?"  Of course one man's treasure is another man's chore , so it's all relative but there are some excellent ways to figure out if the real estate you want to buy is a good deal, a fair deal or maybe not so good.

One system I utilize, assessment ratios,  can not only indicate whether a property is a good deal to probable buyer but also help a seller pinpoint a price to market their property.  For example in 2011, the 275 single family homes that moved in East Providence, sold for 85.3% of their assessed value.  Since the assessment is a constant variable issued by the city, its an excellent way to utilize the sample base of sold properties to develop a projected sale price.   Another interesting fact is that these homes were already listed at 90.8% of their assessed value prior to being sold. You can view the 2011 data here.   Download Assessment Ratio Study - Single Family Homes - East Providence - 2011

If we look at the 186 homes that are currently on the market they range from a low list price to assessment ratio of 30.34%, which may represent an excellent deal, to a high of 154%.   There are 57 properties listed at 85% of there assessment or lower and there are 6 listed at 50% of their assessment or lower.

Some of these properties on the lower end of scale may be distressed in some way and require an additional after purchase investment.  Again we can use this formula to gauge the list price to the additional investment needed, to see if it makes sense  So for  example, if a property has an assessment of $100,000 and it is listed for $40,000, and is bought for that amount, an additional $40,000 could be properly invested in the property for a total of $80,000.   That still keeps the investment below the 85% assessment ratio given its current status and may even elevate its value creating more equity.

You can view the current crop of listed properties and their assessment ratios here.   Download Esat Providence Listed Homes - Assessment Ratio Study

I'm sure you will find some great buys.  Of course there is always a certain amount of horse sense one should utilize when looking at the numbers, so keep that in mind.   

(the property shown here is located at 77 Dorr Avenue and is listed for $55,000 by Westcott Realty which is 30.3% of its assessed value.  For more information on this property click here.)

Rhode Island Open Houses This Weekend - (Bring Ski's)

New Englanders are noted for being hearty souls and no less so are its real estate agents.  There are 381 open houses posted for this snowy weekend with 50 of those being new to the market.  That number is significantly down from last weekend but that's to be expected as most Realtors watch weather reports like investors watch CNBC.

 They are also keenly aware of major sporting events in which local teams are playing on any given Sunday, such as the Patriots are at 3pm.  The caveat is that if we know you're out their looking on a day like tomorrow, you must be a serious buyer and you will get plenty of extra attention.   I think most of you will like that.

The property pictured above is located at 16 Plymouth Road in East Providence for $219,900 and is listed by Century21.  For more information, click here

Download Rhode Island Open Houses - 381 - 012212

Download Rhode Island Open Houses - New To Market - 50 - 012212

Just Listed! 54 Harrison Stree, Pawtucket RI 3 Family- $149,000

RE/MAX River's Edge Joseph Botelho Home Office: 401-438-0100 Mobile Phone: 401-864-1960 Website or Mobile: http://www.joebotelho.remax-newengland.com/RNH1008003 E-mail: joebotelho@cox.net

54 HARRISON ST Pawtucket, RI 02860 MLS#: 1008003 Price: $149,000 STRONG RENTS! HARD WIRED SMOKE/CO DETECTORS IN COMPLIANCE W/NEW LAWS. 3 FAM LOCATED IN WOODLAND! ALL UNITS ARE COMPLETELY NEW! HEATING SYSTEM, HOT WATER TANKS, TILE KITCHENS, WINDOWS-ALL NEW.

The information being provided is deemed reliable but not guaranteed. All information must be verified by the purchaser. Listing information courtesy of: RE/MAX RIVER'S EDGE The data relating to real estate for sale on this web site comes in part from the IDX Program of the State-Wide Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than RE/MAX of New England are marked with the MLS logo and detailed information about them includes the name of the listing brokers. Information deemed reliable but not guaranteed. Copyright © 2011 State-Wide MLS, Inc. All rights reserved. Last Updated Date: 1/18/2012 Listing data is derived in whole or in part from the Maine IDX & is for consumers' personal, non-commercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified.© 2012 Maine Real Estate Information System, Inc. All Rights Reserved. Each RE/MAX Office is Independently Owned and Operated. © 2001-2012 Reliance Network and RE/MAX of New England. All rights reserved. US Reg. Copyright TX-5-910-991, TX-5-910-992, TX-5-910-993, and TX-5-910-994. Equal Housing Opportunity. RE/MAX of New England agents are licensed in the state of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. www.remax.com RE/MAX of New England | Contact Us RE/MAX received the highest numerical score among full service real estate firms for home sellers and home buyers in the proprietary J.D. Power and Associates 2011 Home Buyer/Seller StudySM. Study based on 3,861 total evaluations measuring 8 firms and measures opinions of individuals who bought a home between March 2010 and April 2011. Proprietary study results are based on experiences and perceptions of consumers surveyed March-May 2011. Your experiences may vary. Visit jdpower.com

Just Listed! 110 Walmer, East Providence RI 02914 $299,000

RE/MAX River's Edge Joseph Botelho Home Office: 401-438-0100 Mobile Phone: 401-864-1960 Website or Mobile: http://www.joebotelho.remax-newengland.com/RNH1008084 E-mail: joebotelho@cox.net

110 WALMER AV East Providence, RI 02914 MLS#: 1008084 Price: $299,000 Bedrooms: 3 Full Bathrooms: 2 Half Bathrooms: 0 THIS METICULOUS, KENT HEIGHTS COLONIAL OFFERS ONE OF THE BEST VIEWS IN THE CITY OVERLOOKING KENT FIELD AND THE NORTH EASTERN PART OF THE NEIGHBORHOOD. WALK TO A PARK, LIBRARY AND SCHOOL,WITHOUT CROSSING A MAIN STREET. TAXES= $5383 WITH HOMESTEAD EX.

General Features Year Built 1999 Total Living Area 1,904 Type Colonial County PROVIDENCE Near Shopping Bus Highway Access Private School Public School Recreational Facility Tennis Neighborhood KENT HEIGHTS Garage Desc Integral REO Bank Owned No Short Sale No Under Construction No Garage Spaces 2 Parking Spaces 8 Building Features Number Of Rooms 6 Rooms Foyer/Hall Dining Room Eat in Kitchen Living Room Basement Full Concrete Partial Finished Walkout Cooling None Heat Fuel Gas Exterior Vinyl Siding Insulated Glass Windows Deck Patio Heat System Forced Water Baseboard Hot Water Gas Tank Equipment Refrigerator Oven/Range Garbage Disposal Dishwasher Hood Exhaust Fan Ceiling Fan Washer Dryer Alarm Owned Cable TV Insulation Walls Ceiling Floors Cap Finished Floor Ceramic Wall to Wall Carpet Fireplace None Property Features Lot Description Paved Driveway Fenced Yard Water Supply Connected

The information being provided is deemed reliable but not guaranteed. All information must be verified by the purchaser. Listing information courtesy of: RE/MAX RIVER'S EDGE The data relating to real estate for sale on this web site comes in part from the IDX Program of the State-Wide Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than RE/MAX of New England are marked with the MLS logo and detailed information about them includes the name of the listing brokers. Information deemed reliable but not guaranteed. Copyright © 2011 State-Wide MLS, Inc. All rights reserved. Last Updated Date: 1/18/2012 Listing data is derived in whole or in part from the Maine IDX & is for consumers' personal, non-commercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified.© 2012 Maine Real Estate Information System, Inc. All Rights Reserved. Each RE/MAX Office is Independently Owned and Operated. © 2001-2012 Reliance Network and RE/MAX of New England. All rights reserved. US Reg. Copyright TX-5-910-991, TX-5-910-992, TX-5-910-993, and TX-5-910-994. Equal Housing Opportunity. RE/MAX of New England agents are licensed in the state of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. www.remax.com RE/MAX of New England | Contact Us RE/MAX received the highest numerical score among full service real estate firms for home sellers and home buyers in the proprietary J.D. Power and Associates 2011 Home Buyer/Seller StudySM. Study based on 3,861 total evaluations measuring 8 firms and measures opinions of individuals who bought a home between March 2010 and April 2011. Proprietary study results are based on experiences and perceptions of consumers surveyed March-May 2011. Your experiences may vary. Visit jdpower.com

Open Houses in Rhode Island This Weekend

There are 420 open houses this weekend in Rhode Island and close by Massachusetts with 64
being new to the market.  Normally the number of open house number approximately between 280 and 340 this time of year so agents are really taking advantage of the superb weather we're having to expose their listing inventory.  

For buyers this is a great chance to preview some great values that usually appear on the market during the winter without having to imagine what the landscape looks like under the snow. So although the weekend is a tad cooler than what we've experienced recently, dress warm, head to your local Dunkin Donut's for a hot cup of Joe and then hit the road!

Download Rhode Island Open Houses This Weekend - 420 - 011412

Download Rhode ISland Open Houses - New to market - 64 - 011412

(The house shown above is located at 96 Brook Avenue in East Providence and is listed for $189,900 by ReMax River's Edge and is open on Sunday from 1-3pm.  Click here for more info.)

Rhode Island - Foreclosure and Short Sale Report

Currently there are 484 foreclosure listings and 804 short sale listings on the market in Rhode Island and nearby Mass. Of the foreclosures, 64 are new to the market and there are 87 new short sales. The numbers are continue to be high by historical standards and have actually edged up since the third quarter of last year.

Download Rhode Island Forclosures - 484 -011112

Download Rhode Island Foreclosures - New to MArket - 64 - 011112

Download Rhode Island Short Sales - 804 - 011112

Download Rhode Island Short Slaes - New To Market - 87 - 011112