This could be the absolute best time to get into the real estate market in the Newport area.  Our supply is high, prices have come down by nearly 30% from peak in 2005 and interest rates will be in the mid 5% range by end of year.  Our employment is growing as the US Naval Base in Newport is adding 800 jobs!!  Student population on the base is scheduled to nearly triple - going from a current 6,000 students to over 16,000!!  There is over $200,000,000 in construction slated for the base as well. Rental properties will see vacancy rates drop and average rents increase over the next 12 months.  I have a tremendous amount of statistics and have been in real estate for 18 years.  Now is the time to buy!! I told my clients to sell in 2005.  I sold all of my personal real estate investments in the spring of 2005.  This was not luck.  By keeping an eye on the statistics, one can predict the future! Please let me know how I may be of service.' Arthur Chapman Broker/Owner chapmana@raveisre.com www.arthurchapman.raveis.com ...read more

We had a very busy weekend with our Open Houses and this week has been crazy!  Buyers are out, offers coming in, second showings are being arranged!  All of this I expected when we had such a slowdown in the March/April timeframe.  I’ve been doing this for a while now and have developed a “nose” for the business.  June will be a very good month and I believe the summer will be good.  Fall may be slow as the second home buyers may wait a bit longer before jumping in, however, the high end second home buyer is out in full force. High end activity is very strong.  There are currently 18 Pending contracts in the county with a Listing Price over $1,000,000.  This realates to an average of $756 per square foot.  Closed transactions versus last year are slightly down from 17 closed to this year of 15.  However, the average price per square foot is up to $679 from $640 in 2006.The bonus money from the record year on Wall Street is heading this way! ...read more