"Location, location, location". We've all heard this simple, real estate truism. A bit of wisdom, passed down from decade-to-decade, Realtor-to-buyer. How many of us though, have had the courage to follow this doctrine to its inevitable financial reward?
In the early 1970s, my father wanted to build a house on Cape Cod. He had the opportunity to buy a very nice oceanfront lot for $30,000. He really wanted to live on the ocean, but he couldn't get past the extraordinarily high prices! He asked one realtor how the seller could expect to get such a high price. The simple explanation they gave, "Location, Location, Location". By 1985, much of the Cape Cod waterfront had been developed, but one, very small waterfront lot was put up for sale. Although not nearly as nice as the $30,000 lot from fifteen years earlier, my father, still wanting to live on the ocean, enquired about the price. "What, How much? $110,000, ridiculous!" He again asked the realtor why the price was so high. The justification given this time, "They're not making anymore waterfront. Location, Location, Location". Today, a similar oceanfront lot would probably cost well over $1,000,000.
Like oceanfront property, East Side historic homes are very desirable, and their appreciation has been exponential. If you ask this Realtor why East Side old-house prices seem high, I'd have to say, "They're not making any more historic homes." and "Location, Location, Location". My advice is, if you can afford the home; don't be dissuaded by the premium price. An older home on the East Side may be one of the best financial investments you ever make. I"m speaking from personal experience.
The three historic homes pictured on this page have a few things in common. They were all built in the late 1700s. All three can be seen while strolling along Benefit Street, Providence's "Mile of History" and it looks like their owners all like yellow! No, they're not making any more yellow houses like these! . . . Location, Location, Location!
Do you want to live in a fine antique home in the heart of Providence's Historic District? Contact Chris, the "Old-House Realtor". Chris will help you make it happen.