Rhode Island - Real Estate
The best thing you can say about Rhode Island real estate prices is that they're not as bad as Boston. If you want less expensive real estate prices, go to the Midwest as you won't find it here. On the other hand, Rhode Island home prices are projected to stay flat through the second quarter of 2007 so there is no particular reason to wait if you intend to move here. Up until mid-year in 2006, home prices in Rhode Island had been rising in up to double-digit percentages for some years. The growth was unsustainable and, as of June, 2007, there is no evidence of an increase in home prices any time soon. This news isn't too good for sellers but could prove quite attractive to anyone seeking to relocate.
A Rhode Island home with three bedrooms and about 1500 square feet of floor space is going to go for $200,000 to $300,000. Most of the houses lean toward the small side and relatively few of them have air-conditioning. The latter is one of the persnickity aspects of New England in that technology in some ways hasn't advanced significantly beyond that which the original settlers brought with them. The houses here are typically very good at retaining heat and they will stay cozy warm in the Winter but they are consequently quite poor at releasing it and will stay sticky hot in the Summer, even when the temperature is quite reasonable outside.
You will find some technology here that will not see anywhere else. It's very common for houses to be heated by oil burners. The oil is stored in a tank that will hold 200 - 300 gallons and the oil burner is remarkably clean and efficient at converting that to heat. In other areas of the country, heat pumps are quite common but they're useless much below freezing as those systems will then switch to an electrically-powered furnace. Very bad. Down South, many houses are heated exclusively by electricity and that approach would be incredibly expensive here in Rhode Island.
It's not as cold here as you might think. It seems like Winter temperatures are moderated by the oceans as it is not as harsh as Ohio where it could be savagely cold in the Winter. Despite being somewhat less cold, do expect to see snow and you will be highly pleased that you were wise enough to buy a snowblower. New England is ever so proud of it's nor'easters, huge snowstorms that are sometimes accompanied by thunder and even lightning.
Snow plowing is very efficient here. Expect to see snow plows going down residential side streets very soon after the snow has stopped falling and sometimes sooner than that. It is not uncommon to see snow plows running three abreast down the Interstate to clear the entire road at the same time. Also, be aware that it is illegal to block the passage of a snow plow. If you are parked on the street during a parking ban called because of snow, expect a ticket for about $100.
Cape Code style homes, not surprisingly, are quite common here. However, they are much more expensive than they appear as the upstairs of of a Cape Code home has much less available floorspace than appears on paper. This is because of the substantial slope of the roof on the front and back of the house. This can be mitigated by the installation of dormers but that is a huge expense. If dormers are not already installed, you would probably want to avoid these ones.
Something that can be a huge blessing the Summer is a whole-house fan. These devices are mounted in the attic and they draw air from the interior of the home and blow it out through the vents in the attic. They are powerful enough to create a pressure differential and are quite capable of drawing air from the entire house. They are controlled by regulating which windows are open and they are a double benefit in that an attic will retain a great deal of heat but that will be blown out as well. The Summer air temperature in the evening is usually fairly pleasant so the problem is how to dispatch the heat from the house rather than preventing it from reheating from outside.
Tip: If you are looking for real estate anywhere in Rhode Island, ask for Marcel Robert. When last seen, he was working for RE/MAX. He's a great guy, highly-professional, and he gets it done. There is no commercial kickback in this recommendation. I just like the guy and the way he does business.
Last updated: May 10, 2008
