Homes in Coastal RI February 4, 2022

The New Gilded Age

115 Narragansett Avenue, Newport RI; sold for $8.99m

The Gilded Age is having another moment.  And Rhode Island is once again the “playground” for wealthy New Yorkers.

The new HBO soap opera, The Gilded Age, is providing lots of eye candy for those of us who are interested in history, society … and real estate.  Certainly, legacy fortunes and generational estates still abound in Newport, but one needn’t be on the social register — or even be a New Yorker — to claim a place in today’s uber-luxury enclaves.

In the late 19th century, the economic growth was driven by railroads.  Today it’s more likely to be tech, wealth management and real estate development. Wherever the money is coming from, it’s definitely coming in droves to coastal Rhode Island, where luxury buyers are scooping up second and third homes.

In 2021, in Washington and Newport counties alone, 24 homes sold for over $5 million for total volume of $263 million – more than a quarter of a billion dollars.  And those numbers topped an impressive 2020 when 23 homes sold for a total volume of $175 million.  Driving the growth were the number of homes sold over $10 million – more than double, from four to nine – from 2020 to 2021. (source: RI MLS)

Sotheby’s International Realty continues to dominate the luxury market, with seven of those top 10 Washington/Newport County sales in 2021 listed with our brand.  And if you’re into real estate eye candy, feast on a few of Mott & Chace Sotheby’s International Realty’s significant sales from last year. (source: RI MLS)

Michael Mosca is a real estate agent with Mott & Chace Sotheby’s International Realty in Narragansett, Rhode Island.

Michael specializes in properties in coastal RI and he is a member of Our Trusted Network of Sotheby’s International Realty agents around the U.S. and across the globe

200 Sand Hill Cove Road, Narragansett RI; sold for $5.5M

256 East Shore Road, Jamestown RI; sold for $6.97M