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Property Listed for $5.1 Million Is Under Contract

The popular restaurant, The Fifth Element, listed by Teri Degnan is now under contract to be sold. The property was first listed in February 2021 and is located on restaurant row in Newport. 

The Fifth Element on Broadway

The news of the sale was first reported by the Newport Buzz. For more information about the sale and future plans for the restaurant, property, and the prospective buyers check out the article on the Newport Buzz here

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    Female Founder Spotlight: Teri Degnan

    Teri Degnan was recently featured in Union Street Media’s Female Founder Series, which highlights and celebrates the stories of successful female entrepreneurs and leaders in the real estate industry, inspiring women. 

    Degnan launched her Newport, Rhode Island real estate firm in 2012. She loves working in real estate because it gives her the opportunity to combine her passions for connecting and negotiating with people. Teri Degnan Real Estate & Consulting has built an excellent reputation and gets most of its business from referrals, demonstrating how much clients trust Degnan and her firm. Read the full spotlight on Teri Degnan.

    Teri Degnan

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      The Fifth Element Listed for $5.1 Million By Teri Degnan

      The Fifth Element on Broadway  The Fifth Element Aerial

      Teri Degnan has listed The Fifth Element, a popular bar and restaurant, and its adjacent property in Newport, Rhode Island. Not only is this commercial property located on Newport's restaurant row, but it has already been approved for construction of a 40-room luxury boutique hotel. The permits include demo, foundation, building and utilities, which have been secured over the past three years and remain in place. Preliminary design and development plans are also available. 

      More information about this unique opportunity and an interview with the current owners can be found here. If you're interested in learning more about this commercial listing click here or contact Teri Degnan

       

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        Teri Degnan Real Estate & Consulting Announces Narragansett's Highest Residential Sale and Largest Property Sale of 2021

        695 Ocean Road
        Teri Degnan Real Estate & Consulting LTD announces the sale of 695 Ocean Road in Narragansett for $1.4 million. 
         
        Set on 12 private acres, this is the largest property transaction and highest residential sale in Narragansett this year according to data available from Rhode Island Statewide Multiple Listing Service. The sellers were represented by Teri Degnan, owner/broker of Teri Degnan Real Estate & Consulting LTD in Newport.
         
        The sprawling family compound consists of the main home dating back to 1890 which offers 4177 square feet of combined living space featuring four bedrooms, two and a half bathrooms, original architectural details throughout, an in-ground swimming pool and a large, two-level detached garage. The property also boasts a five bedroom, two bathroom log cabin anchored by a two-story fieldstone fireplace – all just steps from Scarborough Beach.
         
        “This property is truly unique, offering the rare opportunity to breathe new life into a 131-year-old home surrounded by acres of green space but in the heart of Narragansett,” said Teri Degnan. “It’s been a pleasure to represent the sellers and see this property begin its new chapter while starting off the new sales year in a positive way.”
         
        The buyers were represented by Jim Durkin of Durkin Cottage Realty.

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          A Sale For Good: 8-10 Willow Street

          Teri Degnan Real Estate & Consulting Pleased to Play Pivotal Role in Sale of Historic Home to Benefit the Dr. Martin Luther King, Jr. Community Center

          Sale of the ca. 1740 John Rogers House in Newport to fund new endowment at the center.

          8-10 Willow Street

          Recently sold and listed by Teri Degnan, 8-10 Willow Street was donated to the Dr. Martin Luther King, Jr. Community Center. The property was donated to the MLK Community Center in November and sold for $1.7 million shortly after - truly a notable sale! To read more about the sale, learn about the endowment, and about how this will benefit the MLK Community Center click here

           

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            The Year Ahead

            Like most people, I welcome this new year with a sense of optimism and enthusiasm, and our local real estate market gives me much reason for this sunny outlook. 
             
            While many industries continue to endure or recover from the pandemic, real estate is holding strong, even more so here on Aquidneck Island. Our City by the Sea and surrounding coastal communities have long been a destination people want to call home, and as nearby cities like Boston and New York continue to experience urban flight, our idyllic island community is in demand. Other factors, like the
            increased ability to work from home and mortgage rates near all-time lows, have contributed to what I would describe as one of the busiest years in local real estate I’ve witnessed (and I’ve been in the biz for 18 years)!
             
            This trend parallels what’s been reported nationwide. According to the National Association of Realtors, existing home sales hit a 14-year high this past August and we’re on track to experience the ninth straight year of increasing home values since 2010. Looking ahead locally, I suspect that we’ll see this boon continue for the foreseeable future. 
             
            Though a robust real estate market is a positive indicator of community ripe with consumer confidence – an enviable spot to be in – we are presented with a significant, reoccurring challenge here in Newport County: inventory. Generally speaking, homes and condominiums new to market garner offers right away. For buyers, this means a few things. First, you need to act swiftly. There are countless reasons to work with a realtor but this is one that rises to the top. With access to the MLS, a proven marketing strategy that creates demand and longstanding relationships with industry colleagues, a realtor can schedule a showing exponentially quicker than a cold call from an unrepresented buyer (and oftentimes before a property is listed).
             
            While trying to do-it-yourself might seem easy enough, there are multiple disadvantages to navigating the real estate market without an agent, especially in a hot market. Making an offer without an agent is risky – if you haven’t covered all your bases, you make a mistake or you leave something out. If the seller accepts and signs your contract, you’re legally bound to that contract. So, making an offer isn’t something you’ll want to do without the guidance of a professional.
             
            Another common issue for buyers in a low inventory market, and equally recurrent on Aquidneck Island right now, is bidding wars. When multiple buyers are competing for the same property, typically driving up the price of the property, an experienced real estate agent is imperative to lead delicate negotiations on your behalf. Market knowledge and industry relationships are invaluable in these situations. 
             
            A real estate agent is equally critical from a seller’s vantage point as well and can tee up your listing to garner multiple offers so that the ball is in your court. Typically, after running a comparative market analysis, your agent can determine a fair market value of your property to attract buyers quickly and motivate them to submit a smart offer. The benefit of working with buyers represented by agents means they’ve been vetted and are qualified, serious and eager to move forward as opposed to real estate rubberneckers.
              
            Though a bidding war is desirable, each offer comes with its own set of terms, so the best offer isn’t necessarily the offer for the most money. Caveats like an escalation clause – when an offer comes with instructions to automatically increase by a predetermined amount each time another party makes a higher offer in order to outbid the top offer – need to be considered to get a comprehensive evaluation
            of every offer on the table. In addition to legal guidance, logistical assistance and regulatory requirements, bottom line, real estate agents statistically garner substantially higher offers. If you’ve been considering selling, I can help you navigate this frenzied market.
             
            Our philosophy at Teri Degnan Real Estate & Consulting, LTD has long been to work alongside our clients by making fact-based, well researched decisions that make your buying, selling or renting experience one you can feel confident about. We look forward to working for you.
             

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              Eight Things to Know Before Moving to Rhode Island

              1. Country, City, or Coastal, You Can Have it All: The smallest state in the U.S. packs a lot of different living within its 1,212 square miles. Live in a cottage by the sea, on a working farm, on a pastoral expanse surrounded by ample private acres, in a Gilded Age mansion, in a Colonial Era home on the National Register of Historic Places chock full of centuries-old character, in a city, on a river overlooking a 19th century lighthouse, in a family-friendly neighborhood or in a luxurious high-rise condominium set within a private gated estate. Just about any setting can be found in Rhode Island. 

              2. Getting Anywhere Within Rhode Island Takes “About 45 Minutes:” At roughly 50 miles long and and 40 miles wide, getting from one corner of the state to the other can be done in under an hour’s time. 

              3. County Government Isn’t Here: Rhode Island has no county governing bodies. Instead, the state is divided into 39 municipalities, each having its own form of local government, which can make accessing property records, registering to vote, permitting, waste management, obtaining various licenses, recreational opportunities and other necessary pursuits a streamlined process. 

              4. Public Transportation is Rad: Don’t have your own vehicle or looking to reduce your carbon footprint? The Rhode Island Public Transit Authority provides public transportation, primarily via buses, around the entire state. Headed to Boston for business or pleasure? The MBTA Providence/Stoughton line has three stops in RI: Providence, T.F. Green Airport and Wickford Junction in North Kingston.

              5. Rhode Island Has Official (and Unofficial) Foods: The official state appetizer is calamari. The official drink is coffee milk. We also have stuffies -- a stuffing mixture packed with chopped clams, fresh herbs, onion, celery,  peppers and usually Portuguese linguiça -- packed into a quahog shell (the official state shell) and baked until golden brown. Del’s frozen lemonade, coffee cabinets (milkshakes made from coffee syrup, ice cream and milk), clam cakes, lobster rolls and Johnny cakes (thin cornmeal pancakes with crispy edges) are also our jam. And our “chowdah” is white, thick and creamy. Get used to it. 

              6. Residents Embrace a 58-Foot Long Termite on I-95: The Big Blue Bug, also known as Nibbles Woodaway, is a giant termite that sits atop the roof of New England Pest Control in Providence. They put illuminated antlers on him during the holiday season. It’s a thing. Don’t ask. 

              7. You Can Get a Lot of DMV Services Done at a AAA Office: A visit to the DMV in any state can be time consuming and frustrating. In Rhode Island though, new licenses and state IDs (and state conversions of either) require a visit to the DMV, but other services like license renewals and address changes, registration renewals, vanity plate orders and more can be done at a local AAA branch. 

              8. There’s Only One Area Code: Welcome to the 401. 

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                Best Places to Watch the Sunset in Rhode Island

                The country’s smallest state is big on extraordinary sunsets – ask any Rhode Islander and they’ll agree that the painted skies at day’s end are usually nothing short of magical. While most locals have their secret spots to watch the sun’s final salute, we’re going to let you in on some of our favorites:

                Van Zandt Pier at sunset

                Van Zandt Pier, Newport: This wooden pier that juts out into Newport Harbor lies in the shadow of the Newport Pell Bridge and overlooks a mooring field peppered with vessels big and small, offering a stunning milieu as the sun dips behind Jamestown. 

                Brenton Point State Park, Newport: You’ll have plenty of room to roam as all 89 acres of this southernmost tip of Aquidneck Island share sweeping views of the place where the Atlantic Ocean meets Narragansett Bay. 

                Rooftops of Newport: What’s better than a stunning sunset paired with a refreshing cocktail? Three rooftop decks in Newport are ideal for champagne under the stars: The Roof Deck at The Vanderbilt is a local favorite with comfy Adirondack chairs and a panoramic harbor vista, the newly renovated Top of Newport Bar + Kitchen at the Hotel Viking boasts loungy nooks for a chill but chic vibe, and the new rooftop patio at Stoneacre Garden captures the twinkling lights of downtown. (Insider’s scoop: the Rooftop at The Brenton Hotel will unveil its enviable view six stories above the harbor.)

                Beavertail State Park, Jamestown: Perched on the southern point of Conanicut Island, the second-largest island in Narragansett Bay, the rocky coastline and crashing waves only enhance the moment the sun dips into the horizon. 

                North Kingstown Town Beach, North Kingstown: Though east facing, the serene vista from this peaceful beach can be one of the best to soak in a colorful sky. 

                Wickford Harbor, North Kingstown: A quintessentially quaint coastal New England town (complete with Main Street), Wickford is home to The Kayak Centre which offers guided sunset paddles through the harbor – what a way to end the day! 

                Napatree Point Conservation Area, Westerly: This long sandy spit is home to an important bird nesting and migratory resting area, so bring the binoculars. Napatree Point extends 1.3 miles west into Little Narragansett Bay from Watch Hill with a stunning trail that’s accessible year-round. 

                 

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                  Navigating a Storm

                  Below is an article Teri Degnan wrote for the May 2020 issue of Newport Neighbors

                  Boats on the Ocean with a Grey Sky and Sunrays Poking Through

                  Right now, we are navigating a storm that presents significant challenges, but we are doing it together. Teri Degnan Real Estate & Consulting, LTD is here to help you.  

                   During this pandemic, we’ve been regularly asked:

                  “How do I sell my home at this time?” 

                  “I was waiting until the spring to buy a home. Is it still a good time?”

                  Let’s take things one at a time. First: yes, homes are still selling. Whether for personal or professional reasons, people still need to relocate, even in this uncertain climate. When needed, our team has been using alternatives to the traditional in-home selling consultation by “meeting” with potential sellers via video conferencing. With the simple use of your phone, tablet or laptop, we can discuss your needs “face to face.” Moving forward, we’ll introduce your property to our network of trusted real estate colleagues.  We have an established vetting process that will bring only serious potential buyers to the table. As for showings, we can do these on an individualized by-appointment-only basis and will do so compliant with CDC recommended protocols. We can also use video conferencing to conduct live virtual tours so we can answer questions in real-time. With a tried and true digital marketing strategy in place, we are able to showcase your home to potential buyers as beautifully and safely as possible. We are ready and experienced at this approach, and we’ve deployed these strategies before, mostly with military buyers who may be overseas and planning for their next assignment in our area.

                  Next, whether you’re currently looking to buy a home or if you have been considering it, we know it has been a challenging time as we have all watched mortgage rates rollercoaster amid the coronavirus emergency. We are seeing disruptions across all financial markets including real estate, and we understand volatility can be unsettling. In March, the Federal Reserve sought to bring some stability to the market by introducing low-interest rates. We monitor these influencers every day. It is still a good time to buy! We’re here to guide you through the home buying process whether you need to make a decision sight unseen or if you just prefer to do your site tour virtually. Again, by implementing our digital tools, we can help bring a home to you.

                  Finally, when looking to buy, empower yourself. Research federal and state down payment assistance programs and identity what kind of loan works best for your budget and goals – there are more mortgage products out there than ever before. If you know what is going to work for your specific situation, Teri Degnan Real Estate & Consulting, LTD can cut through the clutter and lead you to the best resources. 

                  When it comes to logistics, we can use electronic signatures more often than not. On documents that require original notarized signatures, we can help facilitate this with your closing attorney or by a local notary and overnight mail. Several of us here at Teri Degnan Real Estate & Consulting, LTD are, in fact, notaries too.  

                  Our philosophy at Teri Degnan Real Estate & Consulting, LTD has long been to work alongside our clients by making fact-based, well-researched decisions that make your buying, selling or renting experience one you can feel confident about. We look forward to working with you.   

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                  Oceanfront home in Little Compton sells for $2.79 million

                  It marks the highest single-family transaction in Little Compton this year.

                  Teri Degnan Real Estate & Consulting LTD announced Thursday the sale of 101 Round Pond Road in Little Compton for $2.79 million.

                  It marks the highest single-family transaction in Little Compton this year, according to data available from Rhode Island Statewide Multiple Listing Service. The sellers were represented by Tim Dargan, sales associate at Teri Degnan.

                  The seven-bedroom oceanfront cottage is situated on just over an acre of land and offers unobstructed panoramic water views. Just steps from private Tappens Beach and enveloped by saltwater breezes with captivating vistas from every room, the nearly century-old cottage is ready to be restored and reinvented.

                  “This property is truly one of a kind, offering 458 feet of ocean frontage, ample privacy and unparalleled views,” said Teri Degnan, owner of the brokerage. “Its sale demonstrates the continuing demand for premier waterfront property in Rhode Island and specifically, Newport County.”

                  The buyer of the home was represented by Victor Pereira of Residential Properties, Ltd., in Providence.

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