real estate

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for our weekly business segment, The Bottom Line. 

This week, Mark and Dave sit down with Alden Anderson, Jr., senior vice president-partner at CBRE New England, a real estate advisory firm in Providence.

The Bottom Line: Real Estate Comeback

Feb 5, 2016

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for our weekly business segment, The Bottom Line.

This week Mark and Dave chat with Arthur Yatsko, president of the Rhode Island Association of Realtors, about the rising home prices and what millennials want from a home.


RIPR file photo

In an effort to retain a young, educated workforce, the state has announced a program to help recent graduates buy homes in the state. The “Ocean State Grad Grant,” as its being called, is being offered to people buying a home in-state within three years of graduating from college or graduate school.

Grants, of up to seven thousand dollars will be awarded to help with a mortgage down payment. The program is being run by the quasi-government agency, Rhode Island Housing, which has set aside 350-thousand dollars for the program.

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for our weekly business segment The Bottom Line.

This week Mark and Dave chat with Sally Lapides, president and CEO of Residential Properties Limited of Providence. Lapides says the high-end real estate market is picking back up after the Great Recession, but there are new trends among buyers, and the internet is changing the relationship between realtors and their clients.

The Rhode Island Association of Realtors says home sales dropped again in August. 

The average price for a single family home was $218,ooo, down 3 percent from last year.  Condominium sales also slowed, but multi-family homes were a bright spot.  Prices have climbed 25 percent from last August.  Realtors Association President Robert Martin says foreclosures, and short sales have dropped significantly from a year ago.  He says that's likely to drive home prices higher in the long term.

The median price of a house in Rhode Island went up in the first quarter of this year. The latest numbers out of the Rhode Island Association of Realtors find the median price rose 5 percent to $195,000.

Meanwhile, foreclosures and short sales on single family homes dropped by ten percent from the same time last year.

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment The Bottom Line.

This week Dave and Mark talk with Bruce Lane, president-elect of the Rhode Island Association of Realtors. They discuss rising home prices in the state, the impact this bad winter has had on home sales and how the housing market affects the local economy.

 

 

When to Listen

You can hear The Bottom Line each Friday at 5:50pm.

Ian Donnis / RIPR

Former Providence mayor Joseph R. Paolino Jr. sat down at his Dorrance Street real estate office earlier this week to talk about his recent property acquisitions; downtown Providence; the city's economic challenges; the Superman Building; a possible mayoral run by Buddy Cianci; and the future of the Providence Journal.

The Rhode Island Association of Realtors says home sales were down eleven percent in the state during during November as compared to 2012.

The Realtors' Association says the decline in sales was the most significant lull in the past thirty months.

They say sales were likely down thanks in part to the federal government shutdown in October, and rising interest rates.

However, the median home price in Rhode Island was up three percent at $201,000.