|
Country Life Magazine, Summer 2010 by Arabella Youens
...Newport - Just to the west of Cape Cod, about 50 miles south of Boston, lies America's smallest state, Rhode Island. It was here, former America's Cup host town of Newport on the Narragansett Bay, that Jacqueline Bouvier married Senator John F. Kennedy on September 12, 1953. But Newport had long been on the glamour map for smart northeasterners: it became the resort for wealthy socialites when, in the 18th century, the likes of the Vanderbilts and the Astors built large mansions along Bellevue Avenue, and referred to them nonchalantly as ‘cottages.'
What Newport has over the Vineyard and Nantucket is direct access. ‘We see ourselves more and more competing for the same second home buyers,’ explains Paul Leys, co-owner of Gustave White. ‘But, at the end of the day, it’s more convenient: you don't have to deal with the Cape Cod traffic and there's no ferry.’ Before, those who bought in Newport had a connection already, but today, that's not the case. ‘Whether I'm dealing with a high-net-worth individual or someone with more modest means, everyone is much more geographically flexible today than five years ago. We used to have a primarily Boston market, but today, buyers are coming from all over.’
Newport is more of a year-round destination than the Cape Cod islands, which, in the middle of February, are like ‘ghost towns.' But one downside is that finding a house with a garden that leads onto the beach is hard. ‘If they are on the water's edge, you can swim, but it's often rocky,’ explains Mr. Leys. ‘People tend to go to the public beaches instead.’ The upside is that the market has something for everyone, with houses ranging from classic Portsmouth cottages for $300,000 to opulent estates at $20 million.
The market also seems to be in better shape. ‘We have seen a marked increase in interest and sales activity in the first quarter of 2010,’ reports Melanie Delman of Lila Delman Real Estate. ‘The consumers we encounter are value oriented and properties are trading at great prices.’
Country Life International Magazine, Summer 2010 by Arabella Youens |
