A Rare Chance for Value and Choice

Wall Street Journal, February 24, 2010 by Joseph Dobrian, Journal Staff Writer

TWO STATES OFFER OPTIONS GALORE

RHODE ISLAND and Connecticut, sometimes less known for luxury housing than other parts of New England, also offer urban, suburban, and bucolic options. Rhode Island offers a wide choice of beachfront properties.

"We have beachfront condos, bungalows, houses with docks," says Judy Chace, broker at Residential Properties, Ltd. in Narragansett, R.I. "I was showing a beachfront property today when a seal came to the surface and sat on a rock looking at us, and I had to tell the buyer, 'Honest, that's not a little man in a seal suit!' We're not selling houses: We're selling lifestyles."

"The market's heating up," notes Melanie Delman, president of Lila Delman Real Estate in Newport, R.I. "Buyers are ready to seize the moment if they perceive value. I suspect that we may soon be seeking inventory."

Candace Adams, president of Prudential Connecticut Realty in Rocky Hill, Conn., says that a boom in luxury construction has driven prices down--but that situation may not last.

"Very few permits are being issued for new construction now," she says. Builders continue to work through their existing inventory. The luxury buyer will wait only so long before reacting to the values in the market today.

Wall Street Journal, February 25, 2010 by Joseph Dobrian, Journal Staff Writer