There has been plenty of recent buzz surrounding the resurgent real estate industry with specific attention to the Providence market. Many were surprised to see the Creative Capital at the top of Realtor.com’s recent list of the “Top 10 Real Estate Markets to Watch in 2016,” but after taking a closer look, you’ll see that there are plenty of reasons to be optimistic regarding the Providence market for the upcoming year. Reason #1 - High Demand: According to Realtor.com, Providence has received at least 60% more listing page views than the average U.S. city, while its inventory is selling 16 days faster than the nation average. In fact, the Rhode Island Association of Realtors reports that homes spent about 103 days on the market in October 2012 compared to just 66 days during October 2015. Reason #2 - Improved Business Climate: Rhode Island’s recent economic incentive programs and tax cuts should spark growth during the upcoming year. In 2015, the state reduced its corporate tax rate from 9% to 7%, while also increasing its exemption on the estate tax from $921,000 to $1.5 million. In the 2016 budget, Rhode Island has eliminated its state tax on utility bills and for Social Security recipients, while also reducing the minimum corporate tax from $500 to $450. These changes will make Rhode Island more attractive to businesses and allow the state to become more competitive with surrounding destinations, such as Massachusetts and Connecticut. Reason #3 - Location, Location, Location: With its close proximity to both Boston and New York, Providence offers a unique location with a wealth of benefits. In addition to its desirable waterfront setting, the city supplies easy accessibility to all the nearby attractions throughout New England, including pristine beaches, ski resorts, amusement parks, and professional sports arenas - just to name a few. Reason #4 - Affordability: The availability of reasonably priced single family homes and apartments is another huge plus for Providence. The Creative Capital offers housing and rental prices that are often less than half that of those found in both New York and Boston. Whether it's a city loft, penthouse condominium, or a historic estate - you'll get more bang for your buck in Providence. Reason #5 - It’s Trendy: Providence has received plenty of national recognition as of late, while also earning several notable titles. After being named "America’s Favorite City” by Travel + Leisure Magazine in October of 2014, Rhode Island’s state capital was selected as “America’s Coolest City” for 2015 by GQ Magazine this past June. Providence’s celebrated restaurant scene, upscale hotel lounges, craft beers, and specialty coffee shops are just some of the attractions gaining national attention. When combining these factors along with a rejuvenated housing industry expected to produce its highest level of total homes sales since 2006, it’s no wonder that many experts are predicting a huge year for the Providence real estate market in 2016. For more information on Providence, visit our dedicated community page. If you are thinking of buying a home or moving your business to the Creative Capital, take a minute to view the city’s current listings.Why Providence Is The Nation’s Hottest Market For 2016
- By Michael McCann
- Posted
There has been plenty of recent buzz surrounding the resurgent real estate industry with specific attention to the Providence market. Many were surprised to see the Creative Capital at the top of Realtor.com’s recent list of the “Top 10 Real Estate Markets to Watch in 2016,” but after taking a closer look, you’ll see that there are plenty of reasons to be optimistic regarding the Providence market for the upcoming year. Reason #1 - High Demand: According to Realtor.com, Providence has received at least 60% more listing page views than the average U.S. city, while its inventory is selling 16 days faster than the nation average. In fact, the Rhode Island Association of Realtors reports that homes spent about 103 days on the market in October 2012 compared to just 66 days during October 2015. Reason #2 - Improved Business Climate: Rhode Island’s recent economic incentive programs and tax cuts should spark growth during the upcoming year. In 2015, the state reduced its corporate tax rate from 9% to 7%, while also increasing its exemption on the estate tax from $921,000 to $1.5 million. In the 2016 budget, Rhode Island has eliminated its state tax on utility bills and for Social Security recipients, while also reducing the minimum corporate tax from $500 to $450. These changes will make Rhode Island more attractive to businesses and allow the state to become more competitive with surrounding destinations, such as Massachusetts and Connecticut. Reason #3 - Location, Location, Location: With its close proximity to both Boston and New York, Providence offers a unique location with a wealth of benefits. In addition to its desirable waterfront setting, the city supplies easy accessibility to all the nearby attractions throughout New England, including pristine beaches, ski resorts, amusement parks, and professional sports arenas - just to name a few. Reason #4 - Affordability: The availability of reasonably priced single family homes and apartments is another huge plus for Providence. The Creative Capital offers housing and rental prices that are often less than half that of those found in both New York and Boston. Whether it's a city loft, penthouse condominium, or a historic estate - you'll get more bang for your buck in Providence. Reason #5 - It’s Trendy: Providence has received plenty of national recognition as of late, while also earning several notable titles. After being named "America’s Favorite City” by Travel + Leisure Magazine in October of 2014, Rhode Island’s state capital was selected as “America’s Coolest City” for 2015 by GQ Magazine this past June. Providence’s celebrated restaurant scene, upscale hotel lounges, craft beers, and specialty coffee shops are just some of the attractions gaining national attention. When combining these factors along with a rejuvenated housing industry expected to produce its highest level of total homes sales since 2006, it’s no wonder that many experts are predicting a huge year for the Providence real estate market in 2016. For more information on Providence, visit our dedicated community page. If you are thinking of buying a home or moving your business to the Creative Capital, take a minute to view the city’s current listings.
