Federal Hill Home — Built As Low Income — Sells for $450,000, Highest Price Since 2019
Monday, June 07, 2021
Up, up, and away.
It is not news that housing prices are still skyrocketing in Rhode Island, but what is news is how high prices are going not just for waterfront estates, but also for the most unexpected.
As GoLocal reported in April, a home located at 124 Depasquale Avenue built for low-income families under Vincent “Buddy” Cianci’s administration originally sold for $40,000 and the family purchasing the home received a $10,000 grant for agreeing to live in the home for 5-years.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTTheir total cost was $30,000.
On Friday, the home closed for $450,000.
The realtor managing the sale, Robert Rutley of Mott & Chace tells GoLocal that the sale represents the fourth highest single-family sale ever recorded in MLS for the Federal Hill neighborhood. It is the highest sale since 2019.
To be able to purchase a $450,000 home an individual needs to have a downpayment of $90,000 and an income of about $70,000 or more, according to the site DollarTimes.com
The Rhode Island Association of Realtors reported an all-time high in Rhode Island’s monthly median sales price of single-family homes. April’s median price was $349,000, an 18.1 percent gain from April of 2020.
Here is the travel of the home's pricing:
By 2007 that home sold for $40,000.
In 2011, the property sold again — this time for $86,500.
By 2012, it was sold again — then the price jumped to $178,000.
In 2014, the present owner purchased for $247,001
Now, at the height of the real estate market — the home is priced at nearly $400,000 — and that is just the asking price.
The City of Providence assesses the value of the property at $303,900 for purposes of taxes.
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