Thursday, August 12, 2010

RI Real Estate for Sale

Scotti and Associates RI Real Estate Agents present one of their single family home listings in Providence and vicinity.



Listing # 961346


Property Location:


47 Wyndham Ave 40a
Providence, RI 02908


Price: $185,900


2 bedrooms, 2 bathrooms, 1576 Square Ft.

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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.
Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com

RI Foreclosures Down Over 25%

The RI housing market starts to climb from the ashes of the housing slump just in time for fall and winter first time home buyer sales to rise. A decrease in foreclosures may prompt lenders to process more mortgage approvals for first and second time home buyers in RI.


Foreclosures in Rhode Island fall 25.2%

By Chris Barrett
PBN Staff Writer

RHODE ISLAND saw a year-over-year decline in foreclosure notices in July, even as the number increased from June.

PROVIDENCE – The number of foreclosure notices in Rhode Island dropped 25.2 percent in July compared with the same month last year, RealtyTrac Inc. said Thursday.

The Irvine, Calif.-based real-estate tracking firm said 378 properties in Rhode Island, or one in every 1,195 homes, received a foreclosure notice in July. The state’s foreclosure rate ranked 36th-highest among the 50 states.

The number of notices filed in Rhode Island in July increased 15.6 percent compared with the previous month, RealtyTrac said.

Nationally, RealtyTrac said one in every 397 homes received a foreclosure notice in July, down 9.7 percent from a year earlier but up 3.6 percent from June 2010.

“July marked the 17th-consecutive month with a foreclosure activity total exceeding 300,000,” said James J. Saccacio, CEO of RealtyTrac. “Declines in new default notices, which were down on a year-over-year basis for the sixth-straight month in July, have been offset by near-record levels of bank repossessions, which increased on a year-over-year basis for the eighth-straight month.”

Nevada’s foreclosure rate remained highest among the states for the 43rd month in a row. One in every 82 housing units there received a foreclosure filing during the month – almost five times the national average. Other hard-hit states were Arizona, California and Florida.



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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.
Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com

Friday, July 16, 2010

New Lead Paint Law ~ Who is affected by it?

The new lead paint law went into effect on April 22, 2010. The law does not have a direct impact on real estate professionals, however, it does affect contractors and renovators by requiring that renovations done on homes 30 years or older be done by a certified contractor. Contractors who continue to perform these renovations without the necessary certification face fines of up to $37,500 per day.

The law does not apply to “do-it-yourselfers” and has minimal impact for realtors. There are no new forms, or revisions to existing forms necessary. Realtors who are also property managers or owners will need to be trained in new lead safe work practices, and be certain that any contractors hired are certified. And realtors need to be aware of the qualifications of any contractors that they refer to clients, especially those with older homes.

The exceptions to the lead paint law as of the current time include the house being built after 1978, the work involved is not extensive and will disturb less than six square feet for an interior or 20 square feet for an exterior, or if the home tests lead free by a Certified Lead Paint Risk Assessor.

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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.

Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com

Thursday, July 15, 2010

Residential Private Home Sellers Lower Prices

In the wake of dwindling tax credits of up to $8,000 that ended on April 30 and an end to Federal Reserve bond purchases aimed at lowering home loan rates in March, private sellers of homes are cutting their asking prices again.

Over 20% of the homes on the market by private sellers had their prices cut by a total of $25 billion in April, which was a 1.2 billion increase from March. The discount on the reduced homes averages 10 percent from the original asking price.

The overage of foreclosed properties that have yet to hit the market could further restrict any increases in selling prices, when taken in combination with unemployment rates and the slowly emerging economy in the housing sector.

The average tax credit of $8,000 for first time home buyers, and $6,500 for repeat home buyers, is still in effect for buyers who signed contracts by the April 30 deadline and who will also close by June 30. Though the effect of the ending credit will force home owners to lower their prices in efforts to sell their property, the results of the tax credit expiration won't be visible until the peak home buying season draws to a close in the summer months.

The full article follows below:
http://www.reuters.com/article/idUSTRE64B0MH20100512?type=domesticNews&feedType=RSS&feedName=domesticNews 

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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.

Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com

Monday, July 12, 2010

Homes for Sale in Rhode Island

PETER M. SCOTTI & ASSOCIATES is a full service Real Estate Company providing property brokerage, appraisal, buyer and tenant representation and consulting services to the Rhode Island and New England marketplaces. Since its founding in 1988, the firm has grown to eight brokers and nine appraisers with supporting staff.

Our brokers have an average experience level of twenty years in the real estate business. Our appraisal staff includes two MAI designated appraisers. The eight commercial appraisers on staff have an average experience level of eighteen years.

Given the diversity and depth of experience of our personnel, Scotti & Associates is able to provide its clients with the highest level of professional real estate services.

We are especially well positioned to assist our clients dealing with diverse and complex real estate requirements.

Our real estate brokerage group has handled all forms of real estate transactions, including residential sales commercial sales and leasing, investment sales, office leasing, retail leasing, industrial leasing, land sales and development. In addition to our brokerage services we offer consulting services which include permitting and development, zoning and expert testimony/witness services.

Our appraisal group handles all property types from single family dwellings to large complex properties. Two of our commercial appraisers have earned the prestigious MAI designation from the Appraisal Institute.

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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.

Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com

Friday, June 25, 2010

Green Buyer Trends in Housing Market

In a recent survey by AvidBuilder.com, buyer trends from six diverse groups were studied and analyzed on the basis of 4 criteria ranging from must have to might be nice if included. The groups included, in no particular order, custom (professionals seeking custom homes), empty nester, second home, move-up/growing families, displaced/relocations/downsizing, and first time buyers.

The findings revealed that more than half (60%) listed ‘Green Features’ as a must have, an amazing trend from only a few years ago when green features were not even on the list for most home buyers. In addition, this figure is compared to 38% who listed home design as a must have, and only 9% listing fixtures under the same criteria.

The category of high energy insulation was the only other category with unanimous voting across all six groups in excess of any other category offered.

In the breakdown for which groups voted for specific criteria, over 55% of both first time buyers, and empty-nesters said overall energy efficiency was a must have. Although this is compared to almost 75% of custom buyers, the statistic for this group have less of an impact because of the idea that spending the extra for energy efficiency when you are building a custom home is not as big a factor. The groups of first timers and empty-nesters are typically in lower financial and budget brackets and the understanding of the impact that energy efficiency can make.

Sadly while over 50% of this market of buyers wants this in their home, only 5% of those homes listed actually provide this as an option.

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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.

Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com

Tuesday, June 22, 2010

Relocation Tips for an Easy Transition

You need to relocate. These words are dreaded by almost every person, no matter where they are moving. Moving is stressful enough already, without the added discomfort of learning an entirely new location.

If you have children, the first item you will want to consider, is the school district in the area. Most people will actually base their move upon wherever the best school district is within relationship to the main reason they may be relocating, for instance a job or other career move. Researching the local entertainment and recreational facilities for your children can also help to narrow the home search area, as well as daycare facilities, elderly care or anything else you may need to have nearby. Remember also to have the measurements of your furniture handy so that when you look at new homes you can determine whether your present furniture will ‘fit’.

Find a realtor prior to your arrival who will be ready to assist you immediately. Obtain a list of local lenders from your real estate agent, also prior to arriving, so that you may obtain a pre-approval letter. Having a local lender will make things that much easier should there be an issue at the closing that needs to be addressed.
Do not pack important papers like birth certificates, marriage licenses, stocks, medical and school records or passports, keep them handy, as well as anything that you will need to register children for school. And finally, have a list of everyone you need to contact to either cancel or initiate necessary services, like telephone and electricity, handy in one place.

Being organized is only half the battled when you are in the process of relocating. It is always advisable to have a qualified real estate professional who can easily assist you with locating housing and many other important and varied details during the move.

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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.

Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com