I have been in Real Estate for many years in Rhode Island, Massachusetts and New York. My career started in earnest with an investment property in Newport Rhode Island.
19 West Narragansett circa 2005 - driveway since redone
It was what they call a three decker. My wife Nancy and I lived on the top floor and rented out the bottom two. We bought it for $55,000 back in the early eighties and sold it ten years later for $150,000 having actually seen the market take it to $225,000 at one overheated point in time. Of course it sold for $400,000 + in 2006 and is now worth even more.
We finally moved out to raise our two sons in Middletown Rhode Island where we bought almost two acres overlooking the Sakonnet River. We built a huge rambling house with an upside down floor plan inspired by the houses in Cape Hatteras. Better views are the main reason for this.
During that same time I purchased a commercial space in 1986 at 86 Aquidneck Avenue where my store, Island Sports, was located.
We renovated it in 1989 to the tune of doubling our original $200,000 investment. We added huge glass panes in front to provide light and a noticeable storefront. Believe it or not this is the same store as above behind me and Nancy.
Island Sports was the country's oldest and largest windsurfing shop with over 7,000 sq. ft. of space. We carried everything for winter and summer fun including bicycles, snowboards, hockey gear, skateboards, kitesurfing and paddleboards. We sold clothing from Quiksilver, Patagonia, North Face, Burton, Nike, Billabong, Hurley, Volcom etc.. Island Sports was sold in 2007 and is still running today.
The challenging part of these was that we did both of them just as the economy tanked and found ourselves overextended. We sold the house first in but they were fun doing.
The home built in 1990 comprised of 5 bedrooms and 4 baths. We sold it for $440,000 for a modest profit in 1993 as interest rates ran up to 13.5%. With this experience it is hard for me to feel much additional sympathy for those who could handle our recent 6% rates. Where was my bailout?
Anyway the home is currently for sale for $1,395,000. It would certainly have been nice to stay there but we decided to sell before we had to and that ended up being a smart idea.
After we sold Vaucluse Avenue we started a series of rentals and lived in Jamestown RI in a big drafty Victorian on the water and then a cute bungalow on Bliss Mine Road in Newport RI and finally a small single family with some land around it in Middletown near where we bought 10 Serenity. 10 Serenity was another "project" where the foundation was poured but we had to oversee the balance of the construction in between a rather difficult developer and an impossible contractor. Needless to say we escape without to much anguish. We still own the home but rent it out as we now live in Florida year round.
We purchase our condominium in the Seagate Towers in 2010 and completely renovated it during the summer of 2012. The work was completed on time and under budget and with a minimum of fuss. This project has given me additional experience in the renovation field as I had never done a condominium project before.
Two additional purchase and renovation projects I have been involved in are a home in New York City and one in Edgartown Massachusetts on Martha's Vineyard. These are owned and managed through VCJ Property, LLC
The Vineyard home was originally built in 1830 by Captain John O. Morse. Captain Morse has a colorful history that you can read on the website. I oversaw numerous upgrades starting in 1997. In 2008 I did a major renovation that is all detailed on the website. I manage the property in all aspects. The home is currently available as a vacation rental and sells out each year well in advance.
38 East 70th Street - New York, NY 10021
38 East 70 is one of the finest examples in New York of the classic Brownstone. The home was was built in 1884 and designed by Charles Graham. 38 East 70th features a high stoop, large bay windows with full entrapments and cornice slab lentils. It is the only house of the original row to retain it’s original appearance.
Starting in 2007 I have managed the property. At that time I managed a complete renovation of the property to prepare it for the high end rental market. Since then we have had a perfect rental history without vacancy. Our current tenant uses the home as a city residence as well as a private art gallery. The home will next be available for lease in 2015.
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