Fall River, New Bedford and Prov Rank Among Worst for Real Estate
GoLocalProv News Team
Fall River, New Bedford and Prov Rank Among Worst for Real Estate
"Citing U.S. Census Bureau data, the New York Times recently reported that sales of new single-family homes were higher this past July than in nearly 10 years. Nationwide, which tracks the health of U.S. real estate, reported at the end of quarter two that “the overall U.S. housing market is sustainable,” adding that “few regional housing markets are vulnerable to a housing downturn," said WalletHub.
According to the study, Fall River ranks as the worst of the three at 294th, New Bedford ranks 289th and Providence ranks as the best of the three cities at 266th.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTFall River ranks 291st in real estate market and 299th in affordability and economic environment, New Bedford ranks 284th in real estate market and 288th in affordability and economic environment.
Providence ranks 250th in real estate market and 267th in affordability and economic environment.
The Rankings
Providence ranks 266th behind North Las Vegas, Nevada and Albuquerque, New Mexico and 264 and 265, while ranking ahead of West Palm Beach, Florida and Lakeland, Florida at 267 and 268 respectively.
New Bedford ranks 289th behind Dayton, Ohio and Bridgeport, Connecticut at 287 and 288, while ranking ahead of Rockford, Illinois and Baltimore, Maryland at 290 and 291 respectively.
Fall River ranks 294th behind Warterbury, Connecticut and Hartford, Connecticut at 292 and 293, while ranking ahead of Flint, Michigan and Cleveland, Ohio at 295 and 296.
Newark, New Jersey is listed as the worst city for real estate, while Frisco, Texas is listed as the best city.
For complete rankings, see the map below.
The Method
WalletHub’s analysts compared 300 cities across two dimensions, “Real-Estate Market” and “Affordability & Economic Environment.” They evaluated the categories using 16 relevant metrics. Each metric was graded on a 100-point scale, with 100 representing the healthiest housing market.
WalletHub then calculated overall scores for each city using the weighted average across all metrics, which they used to construct the final ranking.
WalletHub categorized the cities based on the following population sizes:
- Large cities: More than 300,000 people
- Midsize cities: 150,000 to 300,000 people
- Small cities: Fewer than 150,000 people
Real-Estate Market – Total Points: 80
- Percentage of Homes Underwater: Full Weight (~7.27 Points)
- Note: This metric measures the percentage of homes with negative equity.
- Average Number of Days Until a House Is Sold: Full Weight (~7.27 Points)
- Percentage of Homes Selling for a Gain: Full Weight (~7.27 Points)
- Median Home-Price Appreciation: Full Weight (~7.27 Points)
- Home Sales Turnover Rate: Full Weight (~7.27 Points)
- Rent-to-Sale Price Ratio: Full Weight (~7.27 Points)
- Foreclosure Rate: Full Weight (~7.27 Points)
- Mortgage Delinquency Rate: Full Weight (~7.27 Points)
- Note: This metric measures the percentage of home owners who are delinquent on their mortgages.
- Number of Bank-Held Homes: Full Weight (~7.27 Points)
- Note: This metric refers to unsold Real Estate Owned, or REO, housing units.
- Vacancy Rate: Full Weight (~7.27 Points)
- Note: This metric was calculated by dividing the number of vacant housing units by the total number of housing units.
- Building-Permit Activity: Full Weight (~7.27 Points)
- Note: This metric measures the number of unit permits pulled per 1,000 residents.
Affordability & Economic Environment – Total Points: 20
- Housing Affordability: Double Weight (~6.67 Points)
- Note: This metric measures home price as a percentage of income.
- Maintenance Affordability: Full Weight (~3.33 Points)
- Note: This metric measures maintenance costs as a percentage of income.
- Population Growth Rate: Full Weight (~3.33 Points)
- Job Growth Rate: Full Weight (~3.33 Points)
- Unemployment Rate: Full Weight (~3.33 Points)
Power List - Business
Big Bankers
Kevin Tracy and Oliver Bennett— There are deals and there are BIG DEALS. In Rhode Island, with all of the changing players and banking relationships, one reality is pretty much the same. If you have a big deal that needs sophisticated financing, the community banks may not be able to handle it.
Bank of America may have abandoned the Superman Building, but they are still in Rhode Island and still doing big deals. Kevin Tracy, the former Brown golfer and Oliver Bennett — long ago Fleet Bank trainees — are now the guys you bring in for a $50 million deal. The more things change - the more they stay the same.
Lookout
John Hazen White, Jr. — White has taken Taco to new levels as he has made a series of strategic acquisitions to bolster the Rhode Island manufacturing company into a global firm.
He continues to be a leader in American manufacturing investing in worker retention and employee training.
Behind the scenes, White is a combination of an adviser and moral compass to many in Rhode Island. Despite taking a lower profile than his Lookout RI days, White is still a force pushing for ethics reform.
Ambassador
Joe Paolino — Once the young Mayor who took over in the 1980s when Buddy Cianci was forced to resign (the first time), now the leading corporate voice in Providence if not Rhode Island.
While others complain at lunches at the Hope Club and University Club about the plight of the Capital City, Paolino has rolled up his sleeves and taken on issues like panhandling and homelessness.
With a real estate empire that includes much of downtown, some of the top properties in Newport and Hasbro’s campus in Pawtucket to name a few, Paolino has close ties to Governor Gina Raimondo and even closer ties to the Clintons - could a federal appointment be in the works in 2017?
Dominant
Steve Kirby — No one dominates commercial real estate in Rhode Island like Kirby does on Aquidneck Island. His red “Kirby Commercial” signs are literally everywhere across the island and in Newport proper -- they are more frequent than street signs.
Want to open a clothing store in Newport? Go see Steve Kirby. Looking to launch a startup tech firm? Call Kirby. Developed cool technology and want to start producing for the Navy? Email Kirby.
Kirby maybe the most influential in business on Aquidniick Island. (PS He will tell you which bankers to talk to).
Labor Boss
George Nee — President of the AFL-CIO, Nee is one of the most influential players in business in Rhode Island.
He is Vice Chair of the Convention Center Authority Board, on the Commerce Corp board, the most influential voice for labor at the State House, and involved one way or another in just about every negotiation on constructing public buildings or issuing a tax stabilization agreement in Providence.
For the most part his public persona has been more muted recently, but that has not impacted his private influence. If it happens in Rhode Island, Nee has probably touched it.
Monopoly
Sally Lapides — If Teddy Roosevelt were alive today and saw the number of Residential Properties’ real estate signs on the East Side he would call it a monopoly and want to break up the company. Lapides not only dominates one of the most affluent sections of Rhode Island, but she also delves into the arts, education and politics.
When you sell the wealthiest and most influential their homes, you make a lot of friends.
Lapides is a force in residential real estate and it will be interesting to see what she does next.
Transformative
Helena Foulkes — Two of the biggest decisions CVS ever made were the brain children of Foulkes. The Extracare card and the removal of tobacco from its stores were both influenced by Foulkes.
She has emerged as a national power in business and makes all the business lists for top women, but make no mistake - she is wildly influential in Rhode Island.
She is close to Raimondo and she may decide to jump into political waters in the future - or may decide if she can snag the CEO spot at CVS.
Visionary or Free Rider
Buff Chace — One of downtown Providence's biggest real estate magnates is a lightning rod in the Capital City. Widely considered to be one of the prime catalysts of Downcity's resurgence, Chace's accumulation of properties on Westminster Street is straight out of a Monopoly playbook.
His recent acquisition of the ProJo building has further solidified his dominance, which has not been without intense scrutiny, given his ability to continually secure -- and extend -- tax stabilization agreements at a time when the city's dire financial straits are close to reaching a head.
Wealthy, influential, and active in the community, Chace has chaired the Downtown Providence Parks Conservancy and has been a member of the Executive Committee of the Providence Foundation, and is a director emeritus for GrowSmart RI and a trustee emeritus of Trinity Repertory Theatre.
Big Time
Richard Baccari — One of the biggest real estate developers in New England. For decades he has been a major player in Providence, Rhode Island and the northeast.
During that span, he has been the driving and innovative force behind some of the region's most significant residential and commercial development endeavors.
See a Stop and Shop development and Baccari probably built it. Has fought back business challenges and much more.
