Score
0Newport, RI
1 Harbor View Dr
6.8M
4 beds
5 baths
5,225 sqft
4 bd • 5 ba • 5,225 sf
This analysis was generated on 1/27/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$6,750,000
Price/Sq.Ft
$1,292
Year Built
1984
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Exceptional Location: Perched above Newport Harbor, the property offers breathtaking panoramic views of downtown, Narragansett Bay, Ida Lewis, Fort Adams, and the iconic Newport Bridge. The proximity to the New York Yacht Club adds prestige and desirability. The 180-degree water views are a major selling point.
• Recent Renovations: The property has undergone recent renovations, including a custom entertainment kitchen with quartz countertops, a gas stove, Sub-Zero refrigerator, wet bar, and dedicated coffee area. The bathrooms have been remodeled, new paint has been applied on the first and second floors, and the hardwoods have been refinished. These upgrades reduce immediate renovation costs and enhance the property's appeal.
• Luxury Amenities: The property boasts a heated pool, jacuzzi, pool house, a primary suite with a sitting room, wet bar, spa-like bathroom with a soaking tub, dual sinks, and a private sauna. These amenities provide a luxurious living experience and are attractive to high-end buyers.
• Ample Space: The 5,225 square feet of living space, along with 4 bedrooms and 4.5 bathrooms, provide ample room for a large family or for entertaining guests. The finished basement offers additional space for recreation or storage.
• Outdoor Oasis: The outdoor space is designed for enjoyment with a heated pool, jacuzzi, and pool house. The exterior of the house and pool house were freshly painted in 2024, enhancing the property's curb appeal. The ample parking with a gracefully curved driveway and 2-car garage add to the property's functionality and convenience.
The Bad
• High Price Point: At $6,750,000, the property is positioned at the high end of the market, potentially limiting its appeal to a smaller pool of buyers. The price per square foot ($1291.87) is significantly above average for the area, though the unique location and features justify a premium.
• Older Construction: Built in 1984, the property may require more maintenance and repairs compared to newer homes. Older systems (plumbing, electrical, and HVAC) could need upgrades or replacements, adding to the overall cost of ownership.
• Below-Average School Ratings: The local public schools have low ratings (3/10 for middle and high school, 4/10 for elementary), which is a drawback for families with school-aged children. This could impact the property's resale value and demand.
• Long Days on Market: The property has been on the market for 181 days, which is longer than the average for desirable properties in the area. This could indicate the price is too high, or that there are specific concerns deterring buyers.
• Potential for High Carrying Costs: Besides the high price, the estimated annual insurance cost is $24,300, and property taxes in Rhode Island are known to be high. These costs will significantly impact the monthly carrying costs, potentially making it less affordable for some buyers.
The Ugly
• Severe Wind Risk: The property faces a severe wind risk (8/10), which requires critical wind insurance. This can lead to higher insurance premiums and potential damage from high winds and storms. The coastal location makes it particularly vulnerable to these risks.
• High Insurance Costs: The estimated annual insurance cost is $24,300, which is a significant expense. This high cost is due to the moderate flood risk (3/10) and severe wind risk (8/10). The high insurance premium will affect the total cost of ownership.
• Potential for Flood Damage: Although the flood risk is moderate (3/10), the property is located in a coastal area, which exposes it to potential flood damage from storm surges and sea level rise. This risk should be considered, especially given the predicted climate change impacts on the region.
• Older Home Issues: As a home built in 1984, there could be potential issues with aging infrastructure and systems. This could lead to unexpected maintenance costs and potential repairs. Older plumbing, electrical, and HVAC systems may need upgrades or replacements.
• Potential for High Utility Costs: The property uses natural gas, wood, and central heating, which could lead to higher utility costs, especially during the winter months. The cost to heat and cool the large 5,225 square-foot home could be significant.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• High-Net-Worth Individuals seeking a primary residence or vacation home with exceptional water views and luxury amenities. The property's location near the New York Yacht Club and downtown Newport caters to those seeking an exclusive lifestyle.
• Buyers valuing privacy and ample space for entertaining, with multiple indoor and outdoor areas designed for gatherings and relaxation. The heated pool, jacuzzi, and pool house, along with the spacious living areas, make this property ideal for hosting.
• Those willing to invest in a property with potential for further customization and expansion, allowing for personal touches and future enhancements. The property description mentions the potential for expansion, which is attractive to buyers seeking to create their dream home.
• Buyers who appreciate recent renovations and high-end finishes, such as the custom entertainment kitchen, remodeled bathrooms, and refinished hardwoods. The property is well-maintained, reducing immediate renovation costs and efforts.
• Buyers comfortable with the higher costs associated with coastal living, including elevated insurance premiums and property taxes. This is a premium property in a desirable area, so it comes with corresponding expenses.
Not For
• Buyers on a strict budget or those looking for an affordable home. The high price tag and associated insurance costs make this property unsuitable for those with limited financial resources.
• Buyers seeking a low-maintenance property. While the property has been recently renovated, its size and location require ongoing maintenance and upkeep, especially with the pool, jacuzzi, and pool house.
• Those sensitive to noise or traffic. The property's proximity to downtown and the harbor may lead to increased noise and traffic during peak tourist season.
• Buyers seeking a family-friendly neighborhood with highly-rated schools. While there are schools nearby, the ratings are below average (3/10 for middle and high school and 4/10 for elementary school), which may deter families with school-aged children.
• Buyers with mobility issues. The property's multiple levels and outdoor amenities, including the pool area, may pose challenges for those with mobility limitations.
Demographics
Area Median Income
$77,042
Property History
Price History
Ownership Timeline
$3,275,000Financed
Jan 1, 1970Linda R JonesWelovenewport Llc
Warranty Deed
Standard Sale (Purchase/Resales)
$188,000Financed
Jan 1, 1970Herman L Mcgee, Vanessa McgeePeter Kittredge
Deed
Standard Sale (Purchase/Resales)
$1,100,000Financed
Jan 1, 1970John G HoytBrian E Moore
Warranty Deed
Standard Sale (Purchase/Resales)
Property Taxes
$50,265
2024 Tax Assessment
28.7%from previous year
Assessed Value$6,115,000
Tax Rate0.82%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
4.0/10
AverageHigh
3.0/10
Below AverageFinancials
Monthly Costs
Market Rent (4 bed)
Get a detailed estimate on Zillow$1,530
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