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Listen Up, Newport Area College Students!

We know – your school year is just getting started, but there’s been two major market trends here in Newport that will make it more challenging than ever to find off campus housing:

  1. Taking advantage of the red hot Newport real estate market, local homes including multi-unit homes that have traditionally been rentals are being sold with new owners turning these properties into primary or second homes. 
  2. Many local homes and multi-unit homes that were long-term/academic rentals have transitioned into AirBnB and VBRO units, fetching in just one week what would be a full month’s rent. 

What does this mean? Considerably less inventory. Many real estate agents are saying Newport is experiencing the lowest rental inventory in recent memory. Competition for the best college rentals in Newport, especially the nicest properties in the best locations, is very high. As a result, it’s important for students to form their housing groups for the next academic year early to lock in great housing.

At Teri Degnan Real Estate & Consulting, we have the LARGEST database of college rental listings in Newport, and a team of great realtors who are ready to help you find a terrific place to live next year.  

Below are some tips for securing your housing for the 2022-2023 academic year, as well as a collection of listings that are still available. To browse our database, visit www.TDrents.com

TIPS FOR STUDENT RENTERS:

- Start early - Properties with 4 - 5 bedrooms are typically already leased by the third week of the semester. Nobody likes to be searching for housing while trying to study for mid-terms in October!

- Designate a coordinator - Start a group text with friends you plan to live with to efficiently share and discuss properties, and coordinate showings with each other and your realtor. Tip: create two separate group text threads, one that includes your realtor and one that does not. 

- Use the best resource you have available to find a great property - your realtor! Looking at listings is fun but your realtor is the best resource for FINDING a great property, including properties that have not yet posted online. He or she can answer questions you, your parents, and your roommates may have throughout the leasing process.

- Complete applications BEFORE you find a property - Completing your application NOW, instead of when you find a property, will save you a lot of hassle when the semester starts to get busy. Your realtor can email you an application to complete online so they can have it ready-to-go when your group agrees on a property to rent.

- Talk to your parents about co-signing - College landlords require a co-signer (one per student) to guarantee that rent will be paid. Talk to your parents about this and begin gathering the following documents to attach to your application:

  1. Your co-signer's proof of income (pay stubs, or for parents who are self-employed, tax returns).
  2. Your co-signer's credit report. Entering a lease contract is essentially asking for credit. Some credit reports can affect your parent's credit rating when obtained, but your realtor can show you how to obtain a free credit report that will not affect their credit
  3. A copy of your co-signer's driver’s license or ID.

- Be prepared to pay the first month's rent and security deposit upon signing - The first month's rent and security deposit are typically due at time of lease signing. These funds may come from your student loan refund or your family, but you should have these funds available to secure your 2022-2023 housing.

- Be a good neighbor - If you are already living off-campus, make efforts to be the type of tenant that your landlord would recommend. Pay your rent on time, take care of the property, keep it clean and don't have large gatherings that will draw attention from neighbors.

Finding your housing for next year can be a challenging process, but a professional realtor from Teri Degnan Real Estate & Consulting can help you every step of the way.

Welcome back to Newport, and good luck with your studies! 

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    The Fifth Element in Newport Sells for $4.5 Million

    Teri Degnan Logo

    Teri Degnan Real Estate & Consulting announced the sale of The Fifth Element, in Newport, Rhode Island, for $4.5 million.

    The commercial retail property at 105-11 Broadway, is currently the location of The Fifth Element bar and grill and its outdoor dining space, The Outer Element, as well as the adjacent property, formerly the home of Foley’s Garage. Also included in the sale were The Fifth Element’s inventory, equipment, trademarks, etc., and its liquor license. The property was originally listed for $5.1 million in February.

    The buyers were represented by Lea Savas of Hawks and Company of Edge Realty RI.

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      The Eastover Estate in Portsmouth Sells for $3.2 Million

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      Teri Degnan Real Estate & Consulting announced last Tuesday the sale of 50 Eastover Road in Portsmouth, Rhode Island, for $3.2 million. 

      The Eastover Estate, originally built in 1880, is a shingle-style single family home perched on 4.6 acres with panoramic water views. It features six spacious bedrooms, seven baths, and six fireplaces amid a sprawling floorplan, original hardwoods, distinctive period details, and a state of the art kitchen with a butler’s pantry. New features include a two-car garage with bonus studio space above, an extensive patio, and luxury pool. Manicured lawns and mature gardens offer serene privacy throughout the estate. 

      The buyer of the home was represented by Michelle Kirby Gustave White Sotheby's International Realty.

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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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