Rhode Island has over 400 miles of coastline. It is aptly nicknamed the “Ocean State”. You will never be far from the perfect ocean adventure when you find your perfect home in the Newport Rhode Island area. In addition to the excellent sailing and oceanic opportunities, there are world class music festivals, educational opportunities, and wildlife habitats to appreciate in this beautiful part of the country. Here are some of the top reasons to move to the Newport Rhode Island Area. 

Natural Beauty: There are many miles of the Atlantic Ocean coastline to explore and enjoy in Rhode Island, with many excellent beaches in Newport and neighboring towns. You can explore the natural wonders of Rhode Island by visiting the beaches, state parks, wildlife refuge, and bird sanctuary. The Norman Bird Sanctuary in Middletown has a seven mile network of trails winding through 325 acres for people of all abilities. 

A Sailing Capital of the World: If you like sailing you will be right at home in Newport Rhode Island. The city was host to the America’s Cup for over 50 years (1930-1983). The city’s sailing history dates back to the 18th century and the U.S. Navy continues to use Newport as a training center. Learning to sail, or joining a sailing club, is a great way to meet your neighbors and become part of the community in Newport. Helms a lee! 

Quality Education: There are some excellent educational opportunities in Rhode Island, including Brown University, the University of Rhode Island, and Providence College. New England public schools consistently rank very high in the nation, including schools in Rhode Island. Portsmouth High School recently ranked #5 in the state and #1,204 in the country (among 17,843 nationally ranked schools) by U.S. News & World Report. The school received an overall score of 93.25/100. 

Music Festivals: Some of your favorite Jazz recordings may very well come from Newport. The Newport Jazz Festival was established in 1954 and has hosted an abundance of noteworthy performances and recordings. Jazz greats have included Miles Davis, Duke Ellington, Billie Holiday, Ella Fitzgerald, and Count Basie. Muddy Waters and Nina Simone released their 1960 Newport performances on vinyl (along with a host of other artists over the years). Music is alive and well in the city at Fort Adams State Park (home to the Newport Jazz Festival) and other venues throughout the city all year long. 

We look forward to helping you find the perfect home in Newport and the surrounding areas of Rhode Island. We will make your home-buying experience fun, exciting and simple. Contact Teri Degnan Real Estate & Consulting today!

There are a number of excellent beaches to enjoy in Newport, Rhode Island, and neighboring towns. These include public beaches and private beaches that have public swimming areas. Easton’s Beach and Sachuest Beach attract many of those looking for bigger surf for surfing, kitesurfing, boogie boarding, bodysurfing, and swimming. There are other area beaches that offer calmer waters for families with small children or those simply looking to unwind on a hot summer day in relative peace on the water. Here are some of the best beaches in the Newport, Rhode Island area to enjoy and explore. 

Easton’s Beach: This is a Newport local favorite. It is often called First Beach. There’s plenty of sand and waves for you to enjoy a day of swimming, boogie boarding, and surfing. There is a 1950’s era carousel for the kids to enjoy. The beach is at the beginning of Cliff Walk. Everyone can stretch out their legs on the three and a half mile walk along the coast after a day on the beach. The walk will treat you to beautiful views of the Atlantic Ocean and the Gilded Age mansions. Lifeguards are on duty during the season on the beach. 

Sachuest Beach: This beach, in neighboring Middletown, is another local favorite. It is often called Second Beach. It has a mile and a half of sandy beach for you, your friends, and your family to enjoy. Surfer’s End is at the head of the beach and is a great place for surfing, kayaking, and kitesurfing (surfing lessons and rentals are available). The beach rolls into Sachuest Point National Wildlife Refuge to the southeast. Here you can do a little bird watching and enjoy a walk through the nature trails. The refuge has the second largest population of wintering harlequin ducks on the Atlantic coast. Anglers also frequent the refuge, as it has a reputation for excellent saltwater fishing. Lifeguards are on duty 8:00am-5:00pm during the season on the beach. 

Gooseberry Beach: If you’re looking for a quieter day on the beach, this Newport beach will fit the bill. Visitors must arrive by bike or scooter (or purchase a daily pass when arriving by car). Walk-on access is not allowed. You can enjoy a day on the public section of this private beach, amidst the mansions (it is known as “the beach among the mansions”). There are basic facilities at the public beach, the upper tier facilities are for members only. Gooseberry Beach is a family favorite, with calmer waters set back in a cove. Lifeguards are on duty 9:00am-5:00pm during the season. 

Fort Adams State Park: There is a small 225 foot beach in this state park with a roped-off swimming area suitable for children. This Newport park is the perfect place for families and friends to enjoy a picnic and a quiet swim in the calm waters of Newport Harbor. The park also hosts a number of concerts during the summer: when the relative quiet gives way to the musical wanderings of the highly celebrated annual Jazz Festival and Folk Festival. Lifeguards are on duty 9:00am-6:00pm during the season on the beach. 

Third Beach: This is another family favorite beach located in neighboring Middletown. The waves are relatively calm, as the beach is within a cove (much like Gooseberry Beach in Newport) but you can enjoy a little body surfing when the surf is up. Lemonade is available, thanks to Del’s Lemonade. Lifeguards are on duty 8:00am-5:00pm during the season. 

The team at Teri Degnan Real Estate & Consulting looks forward to helping you find the perfect home in Newport or the surrounding areas of Rhode Island. We will make your home-buying experience fun, exciting and simple so you can get out to the beach and enjoy the water! Contact us today!

Real estate “love letters,” meant to sway sellers, can raise fair housing concerns, according to the National Association of Realtors.

In a red hot buyer’s market marked by low inventory, competing offers, all cash offers, waived contingencies, and days on market typically in the single digits, it’s common for potential buyers to pull out all the stops to get a seller’s attention. “Love letters,” as they’ve been colloquially dubbed, are personal letters from prospective buyers to homeowners that spell out why they are the ideal buyer for their home, and make the case for why they should be considered for reasons far beyond their monetary offer. In most circumstances, the letters are heartfelt – the prospective buyer might have a personal connection to the home or neighborhood, or perhaps they are a first-time buyer pledging to maintain the home’s architectural integrity and curb appeal.

In recent years, love letters, also called "offer letters," have evolved and become more sophisticated, with some would-be buyers including photos and videos in addition to personal details in their plea. Even when written with the best intentions, such specifics can raise fair housing concerns and even put the seller in a position where they are violating the law. Familial status, national origin, race, color, disability, sex and religion are classes protected under the federal Fair Housing Act. In Rhode Island, the law also prohibits housing discrimination on the basis of age, sexual orientation, gender identity or expression, marital status, veteran or military status, status as a victim of domestic violence and source of income. While the practice is neither banned nor illegal in Rhode Island just yet, other states are moving in that direction.

Such letters could create a legal liability for buyers, sellers and brokers. As explained by the National Association of Realtors (NAR), potential buyers revealing characteristics and personal information “could then be used, knowingly or through unconscious bias, as an unlawful basis for a seller’s decision to accept or reject an offer.” Last year, the NAR advised their nearly 1.5 million members to discourage their clients from submitting love letters and sellers from accepting any. The NAR also advises real estate agents to not help a buyer-client draft, read or deliver the letter as they might be liable. Some MLS listings specifically say love letters will not be accepted, so be sure to read the fine print. The best way to avoid legal trouble is to neither write (buyer) nor accept (seller) love letters and for sellers to select an offer exclusively based on objective criteria: the offer itself, down payment/financing, contingencies, proposed closing date, etc.

So, how do prospective buyers get their offer to be considered and stand out among the competition?

• Work with a local realtor who knows the specific market and its players, and who asks the right questions. For example: what is most important to the seller? The financial offer is critical, of course, but other factors including closing date, the deposit, type of loan, and if they will accept any contingencies can play an important role.
• Get the strongest mortgage preapproval you can secure. Using a local lender who is well known and respected is beneficial and can give the seller a sense of confidence.
• While VA and FHA loans are great for buyers, sellers may steer away from them. The appraisal process for VA and FHA has more scrutiny and if a seller just wants to get the house sold, these offers may not rise to the top.
• Be flexible. Many homeowners are currently taking advantage of the feeding frenzy and putting their home on the market without a backup plan. If you can be flexible with the closing date, or perhaps, can rent the home back to the homeowners while they put a plan in place, a seller might find your accommodating disposition best suited for their needs.

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! 

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.

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.

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 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. 

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 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.