Live off the grid as the only home on Rhode Island's Narragansett Bay
With a little patience and plenty of persistence, you too can have your own private island. A recent listing for a small house on a small island in Rhode Island’s Narragansett Bay has been listed for the asking price of $399,900.
The unique address of the equally unique home is is 0 Patience Way. The home is the only one on the island, offering privacy and seclusion - if that's what the purchaser is looking for.
“This seasonal cottage is the only dwelling on Patience Island,” says the description of the property on the Rhode Island Real Estate Services website. The island is officially part of the town of Portsmouth and measures about one-third of a square mile. Built in 1972, the home has been owned by the same family since that time. The owners are listed as John E. Clarkin Jr. and Alice Clarkin Trustees.
Narragansett Bay, which is a northern extension of the Atlantic Ocean, is one of Rhode Island's most distinctive features. The popular destination, the bay contains more than 30 islands with Aquidneck Island (or Newport) as the bay’s largest.
The quaint Patience Island home for sale is off the electrical grid, for those who are considering a change of lifestyle. A single solar panel exists on the property, however, and does provide some electrical services. In terms of size, the property comes with just shy of a half-acre of land and approximately 600 square feet (55 square meters) of living area. This includes two bedrooms, a kitchenette, a half bath and what is the real estate listing has described as a “picturesque front porch.”
The listing goes on to explain the options of what the unique address can provide for the right buyers.
“Perfect for comfortable camping, getaways, amazing Airbnb potential & more,” the listing from Rhode Island Real Estate Services explains.
For those considering the home for purchase, be prepared to have money ready - literally. The home is listed as a cash only purchase.
This is a cash-only purchase
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COVID-19 has positively affected the Rhode Island real estate market
Since the coronavirus pandemic became a reality in March, 2020, the real estate market in Rhode Island has seen a dramatic surge in prospective buyers. As lockdowns became more frequent in a growing number of cities and towns, people were looking to move away from larger cities to more rural and seaside locales.
"We thought earlier in the spring when things got shut down that it would adversely affect real estate and in fact just the opposite. It's been kind of like a wild ride this year," said Gladys Barbosa of Edge Realty Sales Associate
When the pandemic hit, the Rhode Island Association of Realtors noticed an unexpected trend. Many out-of-state buyers were suddenly interested in buying property in Rhode Island. According to real estate data from the Rhode Island Association of Realtors (RIAR), almost a quarter - 23% of sales - during the pandemic were from out-of-state residents.Newport and other coastal communities are particularly popular among home buyers.
More information from RIAR revealed that, during the pandemic, out-of-state buyers in Newport County were up 158% from the previous year. 489 buyers in Newport County, 613 buyers in Washington County, 167 in Bristol County and 1336 buyers in Providence have been revealed to have come from outside the state.
New York residents have been show to comprise a 61% year-to-year increase over the previous year, according to RIAR data.
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Property value information about Rhode Island
According to Data USA, the median property value in Rhode Island grew to to $273,800 from the previous year's value of $257,800. In Rhode Island the largest share of households have a property value in the $300k - $400k range. In 2018, the median household income of the 407k households in Rhode Island grew to $64,340 from the previous year's value of $63,870.