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September 18, 2017

Does $2 Million+ Buy a Better Home in Florida or Rhode Island?

home

A recent article in the New York Times compared how much house you could get for around $2.4 million in several different states. Two of the states it compared were Florida and Rhode Island. Since these are states we serve, we thought it would be interesting to share some of the information from the article with you. We invite you to check out the article and photos of the homes as well. It’s fun to look!

The Featured Home in Florida

The home featured in Florida was a concrete and stucco townhouse listed at $2.35 million, amounting to a whopping $521 per square foot. However, the 4,610-square-foot home was located on the beachfront in Sarasota in a gated community chock full of amenities.

It featured an open floor plan, high 16-foot ceilings, five bedrooms, four full and two half baths, a two-car garage, an indoor-outdoor fireplace, a guest room with private entrance, game room, a small yard, outdoor kitchen and seating area for entertaining, and a heated pool.

Taxes on the property were listed at $28,751 annually, with another $6,500 due each year in homeowners’ association dues that also covered flood insurance. The home was built in 2005 and the sales price included the furnishings.

The Featured Home in Rhode Island

The home featured in Rhode Island had a slightly higher price tag at $2.395 million, although it was almost 2,000-square-foot larger at 6,520 square feet. It came out to a much lower price per square foot– $367.

The home was located in Bristol within walking distance to the Narragansett Bay, and featured water views in some rooms, but could not be identified as “beachfront” like its Florida rival. It was also older, built in 1991.

It featured four bedrooms, three and a half bathrooms, a formal dining room, living room with cathedral ceilings, a family room with a floor-to-ceiling fireplace, hardwood floors, oversized windows, a large kitchen, a gym, plenty of storage space, a pool, and a three-car garage.

Unlike the Florida townhome, the Rhode Island house came with a large – 2+-acre landscaped and wooded yard with patios, porches and decks.

Annual taxes are about the same as those for the Florida home, coming in at $28,708, while annual homeowners’ fees were much lower at $1,375.

About Topouzis & Associates, P.C.

Topouzis & Associates, P.C. provides title, search, and settlement solutions that help streamline transactions and reduce the risk of noncompliance. We have several attorneys on the ground in the states where we practice. We work with realtors, lenders and real estate investors in Florida, Rhode Island, Massachusetts, and Washington, D.C. To learn more about our array of services, contact us today!