Phipps Realtors Rental Service

One of the real growth areas for Phipps Realty has been that of rentals. In an effort to best serve our customers and clients, we are doind significantly more rentals. We have been representing owners and potential tennants this year. We have done more than double the amount of business in rentals this year over last.
So if you have any real estate needs, including rental, do not hesistate to call us at Phipps Realty.

June House of the Month: 211 Lakedell, Potowomut

Just before the end of Ives Road, 2 blocks from a beach on Greenwich Bay and five blocks from a beach on Narragansett Bay is a special home: 211 Lakedell Drive. You know the Potowomut idiosyncrasy, it is an East Greenwich mailing address, 02818, but it is actually in Warwick.

Potowomut is a peninsula into Greenwich Bay, whose name is a Narragansett Indian word for ‘Land of Fires.” Wikipedia refers to it as an exclave that is an area that is Not connected to the balance of the City of Warwick. It is a special locale with a State Park, beaches, golf courses, riding trails, great scenery and a rich history. Potowomut is also very unusual in the broad range of housing. There are equestrian estates whose value is well into 7 figures, and there are beach cottages. It ranges is extensive in terms of both choice and price.

One of the best options in the exclave is 211 Lakedell Drive. Nestled among the trees, this 12,500 sq. ft home site has great privacy, great landscaping, and extensive stone work. Many house are built on the land, this is one of those rare homes that is ‘of’ the land. It is in harmony with the land and the neighborhood.

The residence was originally constructed in 1940, but was completely rebuilt over the past fifteen years. The front door welcomes one to a huge, cathedral ceilinged Great Room. The fireplace is wood burning. Hardwood floors are used generously in the great room and the dining area. The kitchen enjoys oak cabinets, ample countertop space and a vaulted ceiling. This is a bright open design. The main floor also includes three bedrooms and two full baths. The current owners use one bedroom as a home office.
The master is special with a high degree of privacy, a walk through closet, and separate bath. The decorating and staging are terrific.

The lower level has a finished recreation room, a utility room and workshop. The home also has a detached heated studio and storage shed. The fenced yard makes the home particularly dog friendly.

One of the best attributes of this home is that it is forward thinking. For over fifty years, the average new construction home has gotten larger. Two years ago that trend reversed.
While the Baby Boomers may still believe that larger is better, the results are proving otherwise. 211 Lakedell is one of those reasonably sized homes whose heritage has been Green before it was desirable. It is a home whose scale is appropriate.

Often when we refer to the home of the week, we talk about its metrics. We forget that home is where life’s memories are experienced, collected, celebrated, lamented, enjoyed, endured, and cataloged. A home is not just shelter, not just a building. It is the warm place where families enjoy each other and write life stories. 211 Lakedell is a special home waiting for you to write your life chapters in its warm embrace.

Facts:

211 Lakedell
Potowomut
Warwick, Rhode Island 02818

Land Area: 12,500 sq. ft.
Originally Built: 1940
Total Square footage: 1976 sq. ft.
Bedrooms: 3
Bathrooms: 2
Heat: Hot Water Baseboard Gas Fired
Roof Re-shingled 2009
List Price $310,000

AVAILABLE FOR LEASE AT $1650 month

Summer 2009 Rental Market

Summer 2009 has seen some great rental opportunites. From great opportunities at the Westin, Water Place, to Bellevue Avenue Mansions, to weekly rentals at the beach, the cost of renting 'special' has come down. The increased inventory has resulted in lower rents. This appears to be happening State wide and in all price brakcets. If you are looking for a rental. Give us a call and we would be delighted to find you a new home

October 2008 Update

As the Real Estate Market has cooled significantly, the rental market has been very consistent. There are are good number of people who still are in the rental market. The soft economy has resulted in a reduction in the rents charged, but there the market overall is very healthy and active.

We have more inventory that we have had at any time. You can see the choices from $750.00 to $3700. Additionally, if we do not have it in inventory, we can go out and find it for you. Look forward to working with you.

Summer Of Choices

The summer of 2008 has seen a great selection of well priced rental apartments, homes, and townhouses. If you are in the market give us a call. The choices are
really excellent!

Trends in the Rental Market

2008 is seeing more rental options. Many properties have not sold and as a result some sellers have made their homes available for rent. There is also a counterbalance as some of the people who have lost their homes are now renting. The net result is there are more rentals available and prices of rentals are down a bit.
Some markets like Newport have seen a greater price reduction for annual rentals. It remains to be seen whether the seasons rentals will be better priced this year.
The overall economy has produced some of the softness in the rental market. The loss of jobs and a lack of consumer confidence are causing renters to sit tight.

On the macro level there is one other interesting trend. According to the National Associaiton of Realtors, population is increasing at a rate of 3,000,000 people per year. Over the past several years that has generated 1.5 million new households a year. In 2007, that trend changed. Instead of 1.5 million new households, 900,000 new households were created. Population growth remained constant, but family size has grown. It remain to be seen whether this a short term trend or longer.

If you need help finding a home for rent or to purchase, or if you need to rent or sell your property, please call email or text us to engage our services. We look forward to working with you.

Rental Agreements and Standard Leases

So you have searched and found the perfect home to rent. You have negotiated the terms of your occupancy: how much, what is included, when you take possession and when you leave. You know that you need an agreement, either a rental agreement or a lease. So what is the difference. Very simply rental agreement are basis understandings. Typically they include the address of the property, the amount of the rent and basic elements of the agreement. Often the are month to month, meaning either party can end the agreement with a month's notice.
Leases on the other hand are formal contracts that include start dates and end dates.
Both parties agree to honor the full length of the agreement. Leases are often several pages long and are comprehensive. They typically spell out all of the details from utilities, date rent is due, security deposits, breech of the agreement etc.
One very important note, there is not such thing a 'standard lease.' Typical leases are pretty standard, but you much read the lease very carefully to see what it requires. In Rhode Island it is common for water to be paid by the landlord, but that is not always the case and is changing. Recently, we had as issue between a landlord and a tenant, because the tenant thought the water was paid by the landlord. The agreement was clear, water was the responsibility of the tenant.
As with all agreements, read them carefully, and if they are not clear, a get legal advice.