Joe Botelho.com

East Providence Homes- Unit Sales, Prices Identical to 2002

The real estate clock literally turned back ten years as January home sales in East Providence were
nearly identical to that of January 2002. Unit sales increased by 58% and prices dropped 24% from January of last year. There were 19 sales of single family homes this past January as opposed to only 12 a year ago.  The big news, however is that the average price bombed in at an even $150,000 as compared to $196,700 last January. In January of 2002 there 19 sales with the median price being $152,000.

The State fared better in terms of median sales price suffering a drop of 11.4% from $197,500 to $175,000.  The gain in unit sales were up a moderate 10.3 over last year state-wide, up to 438 from 397. (Click on graph to enlarge)

It's interesting to note that despite the fact that there were more units turned out this January as opposed to last, the median price continued to plunge.  This may indicate that any increased demand will not have the usual effect on pricing which speaks to the overwhelming number of available units still for sale.

 Homes Sold in East Providence - January 2012

Homes Sold In Rhode Island - January 2012

FOR LEASE - 217 Taunton Avenue, East Providence RI 02914

SOCIAL MEDIA LINKS Joe Botelho Photo Gallery Exterior Front Street Front Interior facing front Interior Interior Interior Private Office Bath room Closet Basement Stairway Basement Basement Electrical Side Parking Rear Parking Lot Rear Parking Real Parking Rear Access Map of Lot Building Sketch Description Newly remodeled interior features new walls, ceilings, lights, bathroom, entire electrical system and fire fire code compliant.  Terrific spot for retail or high visibility office space.  Near city hall and high traffic count area.  Features basement with same foot print. Features Square Footage: 2100 Zoning: C3 Property Type: Office Retail Year Built: 1950 Broker Name: Joe Botelho Located on FL #: 1 Floors in Bldg: 2 Parking: 15 Location 217 Taunton Avenue East Providence RI 02914 Powered by vFlyer.com vFlyer Id: 129866000

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