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Monday, February 8th, 2010

Rhode Island leads worldwide luxury property revival

Rhode Island propertyRhode Island, long established as the home of some of the finest real estate in the world, seems to be in the vanguard of the revival of the luxury property market. Its otherwise buoyant market dropped off in the immediate aftermath of the financial crisis of late 2008, but the early signs point to 2010 as the year in which this region regained its dynamism.

The reason for much of the optimism is the fact that no fewer than two of the region’s top listed properties changed hands within the space of a couple of months. As 2009 drew to a close English entrepreneur and philanthropist Peter de Savary returned to Rhode Island, purchasing the iconic Vanderbilt Hall right in the heart of Newport. He plans to convert this gorgeous classical property into a private international club.

Members staying here will not only enjoy the golf at Carnegie Abbey (also founded by Mr. de Savary), polo at Glen Field and the famous Newport yachting scene that includes the illustrious New York Yacht Club – undoubtedly one of the factors that drew renowned yachtsman de Savary back to these parts – but also reciprocal facilities at his other clubs in locations such as London, Paris, New York, South Carolina and the Bahamas.

Back in America’s Cup territory, the man who led the British challenge for the competition in 1983 is adding to an existing portfolio in Newport, where news of the transaction was greeted with enthusiasm. Spirits were even further bolstered when a second important sale was registered in Newport shortly afterwards. It appears this one concerned the $10.5 million purchase of the Astors’ Beechwood Mansion on Bellevue Avenue.

Imposing interiorsLocal newspapers reported the buyer  of the property as being none other than Larry Ellison, the founder of Oracle and co-owner of America’s Cup challenger BMW Oracle. The fact that two such prominent yachtsmen have just invested in Rhode Island is not only a testament to this region’s  position in the world of yachting, but once again confirms its desirability as a genteel haven.

As the partners of prestigious real estate agents Lila Delman (www.liladelman.com) for Spain, Rimontgó are very pleased for their New England colleagues. “I believe Rhode Island is at the forefront of the revival of the luxury property market,” says Rimontgó CEO José Ribes Bas. “The history, pedigree and stunning setting of the Newport area endow it with natural desirability, while the quality of the properties and the very good investment opportunities that exist at the current moment make it of particular interest to top-end buyers and investors. In other words, price and quality are combining here to mark this out as an international hotspot.”

Country estates“I’m happy to say it confirms my own impressions when I visited Rhode Island last October. As guests of Lila Delman, colleagues from EREN and I were shown around the area by Catherine Gazder and Melanie Delman. The natural beauty and perfect sailing conditions of Narragansett Bay and Rhode Island Sound were impressive to see, as was the quality and diversity of the real estate on offer – and the unbelievable value available. This is why, on my return to Rimontgó, we initiated a marketed campaign for the region and the amazing properties represented by our colleagues at Lila Delman. I hope it helps to focus wider attention and draw in a broader clientele for what I believe to be one of the most desirable of all luxury markets.”

Link to Carnegie Abbey property for sale

Link to other property for sale in Bellevue Avenue

Link to Harbour Court, the NYYC’s on-the-water clubhouse

The reason for much of the optimism is the fact that no fewer than two of the region’s top listed properties changed hands within the space of a couple of months. As 2009 drew to a close English entrepreneur and philanthropist Peter de Savary returned to Rhode Island, purchasing the iconic Vanderbilt Hall right in the heart of Newport. He plans to convert this gorgeous classical property into a private international club.

Members staying here will not only enjoy the golf at Carnegie Abbey (also founded by Mr. de Savary), polo at Glen Field and the famous Newport yachting scene that includes the illustrious New York Yacht Club – undoubtedly one of the factors that drew renowned yachtsman de Savary back to these parts – but also reciprocal facilities at his other clubs in locations such as London, Paris, New York, South Carolina and the Bahamas.

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