Get Ready for the Ultimate Private Rhode Island Retreat
For those searching for more space without patience for crowds or neighbors, there’s a cottage on an island off of Portsmouth that might be the perfect home. Distinctly named 0 Patience Way, this home on Patience Island is truly off the grid. And the best part? It’s not as expensive as you might think. Listed for just under $400,000, 0 Patience Way will likely warrant competition between hopeful buyers. The average price for a home in Portsmouth is $547,090, but typical homes also come with amenities like water and electricity. So, beyond the promise of solitude, what does 0 Patience Way offer to its future residents?
Patience Island Paradise
Off the northwest coast of Prudence Island near the bustling town of Portsmouth, Patience Island is mysterious and uninhabited. Resting in the Narragansett Bay, the island isn’t out deep in the ocean; it’s nestled in the Bay, tucked away from the ocean’s harsh waves and wind. Recorded at 200 acres, this island is the fourth largest in Narragansett Bay.
Between the forest, salt marsh, and coastal shrub habitats that comprise the landscape, Patience Island does not support much life beyond birds and rabbits.
Patience Island Cottage Compendium
Purchasing this island abode is a once-in-a-lifetime opportunity for those seeking a truly unique escape from the daily grind. Surrounded by nature’s untarnished serenity, the property was built in 1972 and has been owned by the same family ever since. Sitting on half an acre of land, this cozy cottage offers 600 sq. ft. of living area, including two bedrooms (which can sleep at least six people), a kitchenette, half bathroom, and one solar panel. Nothing luxurious or rich about it, but staying on pristine Patience Island is sure to enrich your soul.
The property itself is perfect for camping, seasonal getaways, and promises the potential of lucrative Airbnb experiences.
The pandemic spurred interest in rural retreats among residents of densely populated metropolitan areas like Boston and New York. The housing market in Rhode Island was booming in 2020, and those trends appear to be continuing into 2021. Experts look to various aspects of the housing market to discern where it’s heading:
“We have never seen the value of inventory this low… [and] we have never seen the amount of home sales this high,” said Leann D’Ettore, President of the Rhode Island Association of REALTORS®, in an interview with WPRI.com.
This boom in the real estate market can be attributed to locals spending more time at home and out-of-state buyers capitalizing on low-interest rates alongside Rhode Island’s natural beauty. The median price of a single-family home has grown by nearly 13% just in the last year. Home values are predicted to increase 8% within the next year and will likely continue to rise. One thing is certain: Rhode Island needs to develop more housing to keep up with demand, especially given that just 1,192 single-family homes are on the market — approximately 25% less than the previous monthly record low of 1,594 single-family homes that were available in the spring of 2002.
How Agents Can Enter Rhode Island’s Vacation Market
Whether you’re interested in branching out into a new niche market or buying a vacation home for yourself, there are important decisions you should make before moving forward. Vacations require planning and logistics, and so will buying or selling a vacation home.
If you’re interested in getting into the vacation home market, consider pursuing NAR’s Resort and Second-Home Property Specialist Certification.
Selling a second home that may double as an investment requires a different skill set than selling a typical family home — primarily an in-depth knowledge of the tax implications that second homes carry. Additionally, clients looking to purchase a vacation home are more focused on the resale value, rental income, and taxes owed than they are on school zones and luxury kitchens. So, do your research, explore your local vacation market, and you’re shore to make a splash!