Jamestown Local & Real Estate News

Spring 2015

Local Expertise. World Class Results.

Island Realty

4 East Ferry Wharf, Jamestown, RI401.423.2200 • islandrealtyri.com

STATE NEWS AND FEATURESORIGINAL ARTICLE FROM PROVIDENCE, RHODE ISLAND, FEBRUARY 1, 1959

Sandy with his owners Island Realty Broker, Carol Hopkins (Clendenning), and brother, Ron

THANK YOU!We had a fantastic 2014 and this year is already

shaping up to be very successful! We entered 2015 with a Beavertail Waterfront land sale at

$3,250,000; a Village Victorian at $959,000; a Jamestown Place condo at $720,000; an adorable Cape by the golf course at $352,500; and a South

Shores Passive Solar Cape at $295,000.

Photo Taken at the Jamestown Town Hall(Bottom Row): Ginny Prichett, Carol Hopkins, Dianne Grippi, Elaine Infantolino; (Middle Row): Joan McCauley, Michael Dym, Petra Laurie,

Sonya Morton-Ranney (Top Row): Robin Tregenza, Mary Beth Murphy, Becca Nordstrom (absent: Dinny Burgin, Joyce Antoniello, Dan Shapiro)

Cocker Spaniel Regular Ferry PassengerA couple of weeks ago, a regular passenger on the Newport to Jamestown ferry had his breakfast in Newport, lunch in Jamestown, tea in Newport and finally dinner back in Jamestown. Now there’s nothing particularly unusual about this. Many passengers use the ferry more than once in a day. But this passenger is a cocker spaniel. His name is Sandy. So’s his color. Like many spaniels, he’s small, appealing and has an impres-sive pedigree. But there Sandy’s resemblance to other spaniels ceases. For Sandy

thinks he’s a homing pigeon. A few months ago, Mrs. Margaret Clendenning moved from Jamestown to Newport. She took Sandy along. A short time after, he wound up back at the home of William E. Dailey, Mrs. Clendenning’s father, where Sandy and his mistress had lived. Puzzled as to how he got there, they began to watch Sandy. It was something to watch. First of all, he had to leave the house, no trouble for any dog. Once outside he made for downtown Newport, ignoring people and traffic.

He threaded his way through the busy streets and went unerringly to the ferry landing. Without so much as a conde-scending glance at the ticket taker, he went aboard the ferry, found himself an unobstructed view, and settled calmly down to enjoy the ride. At Jamestown he disem-barked, paid a call to Mrs. Dailey at the Harbor View Nursing Home, and returned to the ferry. After another trip on the ferry, he made his way back to his home in Newport. He has been taking this trip for months now, not everyday, but whenever the urge hits him.

Sometimes he makes more than one trip a day. No one knows how Sandy discovered that he could get to Jamestown by ferry. Or how he can navigate through heavy downtown traffic. The family says they don’t recall ever having taken him on the ferry. M e a n t i m e , Sandy, oblivi-ous to the ferry commiss ion ’s latest revocation of passes, continues as the ferry’s most unusual and most indifferent passengert on the line.

MICHAEL DYMBefore falling in love with magical Jamestown, I practiced real estate law in Manha�an. I have helped purchasers and sellers close thousands of homes. My professional career has been dedicated to real estate with one notable excep-tion as an art auctioneer and appraiser, �ne art being my other passion. I have a BA from Bucknell University and a JD from New York Law. I have served on the adjunct faculty of NYU’s

Real Estate Institute, Pra� Institute and the New York Real Estate Institute, where I lectured and taught real estate licensing courses, business law and real estate broker continuing education.

Contemporary art and artist book collecting are some of my longtime passions. I support small-scale local farming and there’s nothing more enjoyable for me than being in and among the enchanting seascapes of Jamestown.

Welcome Our New Sales Associate

Island Realty37%37 Other

Companies

Lila DelmanJamestown

23%

Do You Want To Just List Your Property,Or Do You Want To Have It Sold?

2014 Market Shareof Jamestown

*Included in the 37 Other Companies:Mansions & Manors - 9% Keller Williams (3 offices) - 4%RE/Max (2 offices) - 3% Gustave White - 2%

There were a total of 88 transactions and 176 sides. This includes single family, condominiums, vacant land and multi-family units. For each

closed transaction, there was a Listing Side and a Selling side.All information gathered from the Statewide Multiple Listing Service.

Island Realty participated in 37% of all sold properties AND sold the highest

volume in dollars!

$64,135,943 worth of real estate sold this year in Jamestown

$29,004,443 sold by Island Realty $22,491,000 sold by Lila Delman Jamestown

$16,230,000 sold by Mansions & Manors

We sold $19,111,043 of our own listings and participated in$20,225,943 of the selling side of properties closed!

It’s a new year and the outlook on the housing

market is definitely brighter. After all, 2014 was the best year in the U.S. economic

recovery since the recession of 2008-2009.

With an accelerating economic recovery fueling

job and income growth, prospects are good for

homeowners and would-be home buyers.-Realtor.com

Jamestown Recent Home SalesSold date Address

Days On Market

10/17/14 85 Cole Street* 16710/24/14 140 Hamilton Avenue* 56810/24/14 23 Bryer Avenue* 5510/27/14 159 High Street* 12511/6/14 111 Southwest Avenue* 12711/13/14 7 Bow Street 14911/14/14 516 Seaside Drive* 17311/17/14 139 Beavertail Road* 11711/21/14 85 Sloop Street* 3111/26/14 215 Walcott Avenue 77112/1/14 53 Steamboat Street 36112/4/14 27 Norman Road* 9612/17/14 383 Davit Avenue* 5512/19/14 14 Boom Street* 3312/19/14 726 East Shore Road* 36412/23/14 908 East Shore Road 4112/23/14 150 East Shore Road* 12412/29/14 318 Seaside Drive 471/7/15 216 Conanicus Avenue* 1661/22/15 64 Walcott Avenue* 111/23/15 10 Cedar Ridge Trail 4412/3/15 52 Hull Street* 222

*Island Realty participation in the sale.

March14 59th Annual St. Patrick’s Day Parade - Newport19 Jamestown Arts Center: Film - RIIFF, UK & Irish Shorts30 Jamestown Comm. Piano Concert - Daniela Roma

April3 No School - Good Friday3 Jamestown Arts Center: Senior Project - Student Documentaries4 Easter Egg Hunt & Brunch - Rosecli� Newport4-26 Da�odil Days at Blithewold - Bristol12 Jamestown Arts Center: Outloud - Kevin Holden, Poet12 Friends of the Jamestown Library - Alley Cats & Notescape, a Capella12 Jamestown Comm. Piano Concert - Nadejda Vlaeva16 Jamestown Arts Center: Film - RIIFF, Shorts w/a Twist17-24 No School - Spring Recess20-24 Jamestown Arts Center April Vacation Camp22 Jamestown Arts Center: Film - Earth Day evening & �lm28 Norwegian at Night, A Reading Across RI program May9 Jamestown Arts Center: Concert - Heifetz10 Jamestown Comm. Piano Concert - Manabu Takasawa16 Jamestown Arts Center: Spring Friendraiser17 4th Annual Payton’s Pace 5k - Fort Getty21 Jamestown Arts Center: Film - RIIFF, French Shorts23 Jamestown-Newport Ferry resumes service25 No School - Memorial Day

June6 Jamestown Arts Center: Music - Accidental Sisters Concert7 Newport 10 Miler - Fort Adams18 Jamestown Arts Center: Film - RIIFF, Cultural Collection Shorts19-21 Newport Flower Show

upcoming events

Loan Changes that Could Affect You

1

There are 4 total changes, 3 of which have already been implemented. The 4th change happens on April 1st, affecting how an underwriter will calculate the monthly payment for education loans going forward. Information provided by:Ed Collins of Province Mortgage Associates Inc. • 1050 Main Street Unit 26, East Greenwich • ECollins@provincemai.com

FHA Reduced MonthlyPrivate Mortgage Insurance

Previously, monthly insurance was calculated at 1.35%. As of

January 26th, though, the monthly PMI was reduced to .85% which is .50% lower. So

the benefit is a cheaper monthly mortgage payment.

4

New Fannie Mae First TimeHomebuyer Program

To be more competitive with FHA, Fannie Mae came up with a new first time homeowner program where the

client only needs 3% down, which can be a gift from a family member, and borrowers have to take a home

buyers counseling class.

New Appraisal Requirementsfor Fannie Mae Loans

Fannie Mae now requires that all appraisals be run through their Collateral Underwriter™ (CU™) program. This provides an automated risk assessment

of an appraisal report.

2 3

All Education Loans Will Be Calculated DifferentlyCurrently the monthly payment recorded on the credit report is added into a buyers debt ratio. As of April 1st an underwriter will take 1% of the balance and compare it to the monthly payment recorded on the credit report. Whichever payment is higher is the one the underwriter will add into the buyers debt ratio. For example, take a

client that has a balance on his education loan of $197,000. The current monthly payment is $75.00. However, with the new requirement the payment would be based on $1,970 a month. This new payment would cause the debt

ratio to exceed the federal guidelines and he wouldn’t qualify to buy the property he is interested in.

I recently came to a decision to remove three 100+ year old trees from my home when the safety of my family became an issue. During the process, I learned about the James-town Residential Tree Program and was immensely impressed with the Town of Jamestown Tree Warden, Steven Saracino; the Jamestown Department of Public Works Town Engineer, Mike Gray; and Jim Rugh from the Jamestown Tree Committee.

Four years ago, the town’s Tree Preservation and Protection committee, Steve Saracino and Mike Gray, turned a long time plan of a town nursery into a reality. Taking over a 100x75 foot plot of town owned land off Eldred Avenue, they created five root-tilled rows consisting of ten trees per row, surrounded by deer protective fencing. A shed houses a computerized solar powered irrigation system run by a 12V rechargeable battery. As the trees mature, and are moved to their forever home, a new row of 10 to 12 trees get planted.

Trees are available to homeowners by mailing a form to the Tree Warden, along with a fee. Trees are planted within the Town’s right of way and typically in the fall.

Steve and Jim both state that one of their biggest challenges is finding open space to plant trees. They encourage residents to reach out to them to plant a tree on their property, or to discuss the right species for the space that is available.

For more information, visit: www.jamestownri.gov/town-departments/public-works/tree-preservation-and-protection-committee

Three grants, applied for on a yearly basis, allow the town to assist in the removal and planting of new trees at no cost to the town.

by Robin Tregenza

A Tree Grows in Jamestown

Island Realty Properties for Sale

If you would like to see more of our properties, find a rental, or search the mls, please visit our

website at islandrealtyri.com.

Jamestown - Reservoir Circle. Opportunity knocks! New septic,

upated kitchen, & sunroom. $329,000

Narragansett - Bonnet Shores. Custom home with ocean views throughout &

steps to a sandy beach. $2,450,000

Jamestown- Beavertail. Waterfront home with 5.3 acres of land overlooking Mackerel Cove. Terrace for entertaining. $2,750,000

Jamestown - West Passage. Waterfront with dock, pool, boathouse, studio, beach access & more. $2,599,000

Jamestown - Dutch Harbor. Secluded waterfront. Six bedrooms, 4 fireplaces,

and expansive porches. $2,750,000

Jamestown - East Passage. Gorgeous waterfront near town with expansivebay views. Dock potential. $1,575,000

Jamestown - East Passage. Priced below assessed value! Waterfront

with sandy beach & dock. $1,195,000

Jamestown - Lower Shoreby Hill. Custom designed. Two masters, two-story fireplace,

home theatre and more. $1,625,000

Jamestown - Beavertail. Water view cottage with great outdoor space &

neighborhood water access. $769,000

Jamestown - Sunset Farm. Exceptional Cape with open & airy living, fabulous

kitchen, and flexible second floor. $699,000

Jamestown - East Ferry. Inviting water view condo. Expansive bay views, fireplace, two

bedrooms, and two baths. $699,000

Jamestown - East Passage Estates.Four bedrooms, four fireplaces, new

kitchen, many porches & decks. $749,000

Jamestown - Village. Rare two family. Main apartment has 3bd/2ba; second

apartment has 1bd/1ba. $675,000

Jamestown - West Reach. Privacy on nearly 2 acres. Four bedrooms, cook’s kitchen, fireplace, sunroom. $619,000

Jamestown - Village. Situated on a 30,600 sq. ft. lot. Updated kitchen, oversized

garage, and detached building. $589,000

Jamestown - Shores. Three bedrooms, main floor master, flexible 2nd floor,

and large yard. $450,000

Jamestown - Southern Shores. Two bedroom cottage near water access.

Fenced in yard. $295,000

Richmond - Hillsdale. Renovated home with open floor plan, custom kitchen,

Fieldstone fireplace, & more! $274,000

Jamestown - Village. One block to town. Updated kitchen, main floor

master, huge fenced yard. $599,000

DUTCH HARBOR WATERFRONT LANDJamestown. Rare 1.49 acre lot with dock and 150’ of

harbor frontage. Gorgeous sunsets. $1,600,000

WICKFORD HARBOR WATERFRONT LANDNorth Kingstown. 0.21 acre lot with 4 bedroom ISDS. Comes

with 95 foot dock plus additional tie off pilings. $499,000

Jamestown - West Ferry. Waterfront with architectural details & custom

woodwork. Beach access. $2,895,000