Bob Black

The latest numbers have hit the streets for the housing market in Rhode Island. The Rhode Island Association of Realtors has released sales figures for September 2009.  Compared to September 2008 with single family home sales leading the way, the report shows an increase of 27.9% while the days on market for those homes has come down significantly from a high of 109 earlier this year to 87. This is great news for both sellers and buyers alike, spurred predominantly by the governments $8000 first time home buyer tax credit.

Median single family home prices have come down slightly, widely based on the bank owned properties that made up more than 25% of sales for September. Non bank owned single families had a median price of $230,000 for the same period. It's my feeling that the single family sales market is going to continue to stabilize while multi-family and condominium sales are closely going to follow the single family trend. For more information and to see current sales statistics go to the Rhode Island Association of Realtors website.

Bob Black REALTOR Williams & Stuart Real Estate 870 Oaklawn Ave Cranston, RI, 02920	Work: 401.942.0200 ext 28 Mobile: 401.261.1599 Bob@BobBlackOnline.com www.BobBlackOnline.com
Your Friend in Rhode Island Real Estate

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'Tis is the season to make apple pies and what better way to do so than with fresh picked apples? Feeling very seasonal, Melissa and I headed down to one of our favorite  places, Sweet Berry Farm, in Middletown. With the weather cooperating and thoughts of great pictures and even better food in our future we took a very leisurely Sunday drive. Sweet Berry Farm offers seasonal “pick your own” everything but today picking apples that would later be turned into delicious warm apple pie was the driving force in my morning. 

Macintosh, Gala, Macoun, Red Delicious, Golden Supreme, Cortland, Honey Crisp... the list goes on.   Sweet Berry has no shortage of apples,  and we quickly filled our pre-paid apple bag. For four years Melissa and I tried to get to any orchard before the season ended. One year we arrived on a Sunday only to find out that this one particular orchard was picked clean the day before. This wasn’t the case at Sweet Berry Farm; with rows of fragrant fruit surrounding us, we had a field day. 

Typically we spend a fair amount of time in the post and beam farmhouse that has been transformed into a gorgeous farmstand... and who wouldn’t,  when you see what’s inside. You’ll find scrumptious desserts as well as produce picked fresh from the fields and numerous other tasty offerings.  We’ve always encountered friendly smiles and great service. That's why Sweet Berry Farm should be a “Rhode Island Must” on your list. Enjoy!     

Bob Black REALTOR Williams & Stuart Real Estate 870 Oaklawn Ave Cranston, RI, 02920	Work: 401.942.0200 ext 28 Mobile: 401.261.1599 Bob@BobBlackOnline.com www.BobBlackOnline.com
Your Friend in Rhode Island Real Estate

I started writing a post on short sales, and as I began typing, I realized it might be better coming from the perspective of a Rhode Island lender.

Nancy Rosedale of Shamrock Financial was kind enough to put together this great guest post. I think you'll find it useful.

For most of us, the concept of a "short sale" is relatively new. However, in the aftermath of the recent Credit Crunch and Mortgage Crisis, short sales are exceptionally common in all markets. By definition, when a lender agrees to accept less than what is owed on a property by the mortgagor, the lender has effectively completed a ‘short sale’.

In Rhode Island and other pockets of the United States, we are beginning to see a hint of recovery in real estate sales! Short sales and the purchase of foreclosed properties are almost certainly a contributing factor, as there are endless opportunities for buyers to purchase bigger, more valuable, desirable homes for less! It is important when considering purchasing a short sale to educate yourself as to the process and to work with an experienced real estate agent and attorney who can help navigate through what can sometimes be murky waters.

Why are banks doing so many short sales? Statistics prove that Lenders would rather choose partial recovery than to foreclose. On average, it has been shown that a foreclosed property costs a lender anywhere between $50-100K. It is often mentioned that lenders are not in the real estate sales industry and truly do not want another property in their portfolio. Each foreclosed/abandoned property needs to be secured and boarded, insured, taxes paid current, landscaping maintained, winterized, and ultimately listed with a realtor for sale. These are all expenses that the lender must incur in addition to taking a loss on the unpaid mortgage. Abandoned properties are also commonly broken into and vandalized, costing the lender additional funds or reducing the value even further.

While these transactions may be time consuming (on average, anywhere from 2-6 months), Short Sales can indeed be a win-win situation for all parties included: buyers, sellers, lenders. Buyers have the ability to purchase real estate often at a deep discount at historically low interest rates. In today’s marketplace, there is a surplus of inventory and plenty of ‘discounts’ to choose from! Short sale properties typically are occupied by the sellers up until the closing date, which is important since it provides some peace of mind that the mechanical/structural systems are fully functioning and the home is habitable. On the other hand, sellers are relieved of a debt that they are unable to pay, for one reason or another, and allowed to move on with their lives. And while the lender is potentially taking a large financial loss, the bad loan is written off their books and the collateral is sold and the loss partially recovered by the new sale. A short sale also relieves the lender from having to maintain, secure, and sell the property down the line, which saves hundreds of thousands of dollars.

It is important to keep in mind that while short sales are quite prevalent in today’s marketplace, there is no guarantee that a mortgage holder or lien holder will approve a proposed short sale. A concise, organized hardship package will undoubtedly go to the top of the pile, however. Short Sale negotiators are inundated across the country with submissions and naturally, will defer requests that are incomplete or inconclusive.

Nancy has some great tips on putting together a short sale quickly and successfully. Contact me if you are interested in receiving these tips by email.

Bob Black REALTOR Williams & Stuart Real Estate 870 Oaklawn Ave Cranston, RI, 02920	Work: 401.942.0200 ext 28 Mobile: 401.261.1599 Bob@BobBlackOnline.com www.BobBlackOnline.com
Your Friend in Rhode Island Real Estate

Giving to charity is a noble endeavor and giving to charity while having fun playing golf is even better. On August 30, 2009 Williams & Stuart Real Estate, the real estate firm to which I belong, will be hosting it's first annual charity golf tournament at Triggs Memorial Golf Course to benefit "A Wish Come True".

A Wish Come True is a local nonprofit organization that grants wishes to medically qualified local children from 3-18 years old who have a life threatening illness. They survive on donations from charitable contributions given by companies like Williams & Stuart Real Estate and dozens of other wonderful businesses across the state of Rhode Island.

I have to say that I'm truly proud of my coworkers for pulling together and making this event happen. I think there's something special to be said for helping others in need. And my Realtor family has continuously answered the call, whether it's a blood drive at 8 am on a Saturday or a walk for the Ronald McDonald House in the rain... we always pull together.

We're coming down the stretch for collecting donations, prizes, gift certificates or whatever anyone will give to our cause. With a goal of $10,000, you might understand how important it is for us to keep working hard to collect everything we can. On top of all  of the charity work, we all have businesses! Come join us for a day of fun in the sun and I guarantee you leave feeling good about yourself knowing you helped a kid in need.

1st Annual Williams & Stuart Golf Tournament

To Benefit A Wish Come True, Inc.

Sunday, August 30, 2009

Triggs Memorial Golf Course

Bob Black REALTOR Williams & Stuart Real Estate 870 Oaklawn Ave Cranston, RI, 02920	Work: 401.942.0200 ext 28 Mobile: 401.261.1599 Bob@BobBlackOnline.com www.BobBlackOnline.com
Your Friend in Rhode Island Real Estate

What does a buyer really know about the home they're buying?  Sure, inspections are done and you learn about any structural or safety issues.  But when you're buying a home you're not just buying the structure and land, but you're also buying the neighbors, the trash collectors, the mail carrier and so on. 

I know you have a lot to think about when selling your home, but after you go into contract, there is usually period of several weeks before you close.  Why not take a moment while your sale is pending to make the transition easier for the people buying it?  It's helpful to leave a list behind for the new owners with neighborhood info.  It will take you 5 minutes, and will make life so much easier for them. 

Here is a list of 10 suggestions:

1. When is trash/recycling day?
2. What is the mail carrier's name?
3. What are the friendly neighbor's names?
4. Where can they find the best pizza/Chinese/Italian food in the area?  It might be nice to leave behind any menus you have hanging around.
5. Where is the nearest grocery store?
6. Location of nearest hospital/fire station/police station and phone numbers
7. If you use a landscaper, what is their name, number and rate?  Or, if a neighborhood kid mows lawns, what is his or her name and number?
8. Local babysitters names and numbers
9. Are there any existing service contracts for pest control/boiler service, electrical service, etc? If so, provide contact information and paperwork.
10. Where are the nearest playgrounds, dog parks and walking trails/bike paths?

Bob Black REALTOR Williams & Stuart Real Estate 870 Oaklawn Ave Cranston, RI, 02920	Work: 401.942.0200 ext 28 Mobile: 401.261.1599 Bob@BobBlackOnline.com www.BobBlackOnline.com
Your Friend in Rhode Island Real Estate