Narragansett Bay Ranked #5 as Best for Boaters in US
Thursday, August 28, 2014
Providence has ranked as the #5 best region for boaters, according to Redfin, a real estate brokerage.
The Ocean State
Redfin stated, "Much like Minnesota, residents in Rhode Island don’t mind braving colder weather to get out on the water. The state has a lot of registered boats and boat dealers, and there’s a lot of waterfront property thanks to the river, ocean and bays. Because boating is so popular, boat slips are often sold for a premium; for example, there’s one that is on the market for $310,000."
On the Redfin blog, Jeremy Krause, a Redfin real estate agent in Providence, said, "Boating is huge in Rhode Island! I think there are 12 or so high schools in the state with sailing programs. Rhode Island is called the Ocean State for a reason; you can basically boat anywhere from Westerly all the way up to Providence and back down to Newport.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe state has an amazing amount of waterfront property with direct access to the water, especially on Aquidneck Island. Other popular communities for boaters include Narragansett, East Greenwich, Warwick, Barrington and Bristol," Krause contiuned.
Methodology
For this study, Redfin data scientists evaluated 35 major metropolitan areas. Redfin calculated the percentage of waterfront property in each region by analyzing home sales from July 2011 through June 2014, and compared the number of waterfront listings with the number of listings not on the water.
Other factors included the median sale price of waterfront homes, boat registrations and dealers, and the mean temperatures per month. Each of these elements was given a score of 1-10 and then the cities were ranked based on an average of that calculation.
Stats
-Portion of Listings on Waterfront: 4.6%
-Median Sale Price of a Waterfront Home: $424,950
-Months with Mean Temperature of 60+: 4
-# of Boat Dealers in State per 100,000 Residents: 5.63
-Recreational Boat Registrations in State per 100,000 Residents: 5,995
-Areas with Most Waterfront Property: Portsmouth, Barrington, Bristol
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