This week on my radio show, besides talking about specialty insurance with Andrew Lefebre of Richard H Lefebvre Insurance Agency, we highlight a redevelopment project in Edgewood called The Rosedale Landing.  Nancy Markham of Residential Properties describes the benefits of living in the Rosedale.

What’s happening at the Rosedale Landing?

This location was resurrected over the past five years by Belvoir Properties and they have preserved and restored this 1939 streamline art deco building into a magnificent complex of 33 individual condominiums.  The glory of the place is its location in Edgewood, fantastic view of the bay, and the attention to detail in the construction phase.  With that combination, the property is ideal for anyone working in the Providence area.

Why is now a good time to be buying into such a development?

Besides what you get for the prices of these units, the key buying feature is the feeling of being in the city, yet in a remote location.  The property was originally constructed for the residents of Providence to get away from the city during the summer months.  Having an apartment down on the water with boating access was a desirable option back then and it still is today.  There is a great dock and several mooring for boats.  The excitement of the property is evident, since in the past year over 30% of the units have been purchased.  The initial viewing usually brings the active buyers back to the property and when they compare it to other quality condominium complexes in the area, they can see the added value of these units.

Are all the good units taken?

Absolutely not.  each unit has a great view of the water and the beautifully landscaped grounds. So, even now, you can get a desirable unit meeting your criteria.

How are the properties configured?

The units are 1, 2 or 3 bedrooms and each is outfitted with top of the line appliances. We have a video that gives an overview and you can get more details at TheRosedaleLanding.com

When can someone see the properties?

During September we are holding open houses from 1:00 to 3:00 pm on Sunday afternoons and, on Thursday evenings, we are open from 5:00 to 6:30pm.  We are also conducting private showings if you cannot make those times.

Nancy Markham has for over 20 years specialized in the unique East Side of Providence and the Edgewood section of Cranston. Residing on the East Side, adjacent to Brown University and close to Rhode Island School of Design has provided her with market knowledge and insight into this great “Renaissance” city of Providence.  She now lives at the Rosedale Landing.

Here are some interesting news items for boaters in the East Bay area. From the top to the bottom of the bay, towns are investing in their nautical appeal and making strides to improve their waterfronts.

On Aug 11, around 315 linear feet of waterfront property outside of the Robin Rug Factory was deeded to the town of Bristol. Located near the Elks Lodge and Rockwell Park this deed grants the town the right to build docks, slips and piers on the shore and will give the public new area to walk along the water. A public gazebo and boardwalk have been proposed, directly connecting this area to Rockwell Park. The project will greatly expand the Church Street pier, adding around 95 slips and will no doubt make the large number of boaters on the waiting list for slips very happy. The town is not planning to build this year but hopes to find a grant to aid in construction.  This transformation will open up the Bristol Harbor waterfront to more Ocean State boaters, allowing them to experience all of the charm of a quintessential New England shore.

In Little Compton, this nautical appeal is also improving as the 66-foot, 7-story Sakonnet Point Lighthouse undergoes $1.45 million in restoration.  The lighthouse has endured 125 years of ocean waves, including two in 1938 that topped the structure, and is a beloved landmark in the town. The tower, which contains a light seen from up to seven miles out at sea, will be revamped from the top floor down as rust is hydro-blasted and bolts replaced. All of the plates will be newly primed and painted. This project, which began mid-June, is expected to be completed at the end of next summer and will restore the lighthouse to its former beauty. When completed, both boaters and beach-goers in the area will enjoy this spectacular ocean view.

Both endeavors add to the long list of why it’s great to be a boater in the Ocean State.

This past July was recorded as the hottest on record for the Ocean State. That is according to the National Oceanic and Atmospheric Administration. It was also the second hottest July for the entire globe. However, that is not the only hot news in Rhode Island.

The sizzling Cumberland Little League National team is one game away from going to Williamsport, PA for the Little League World Series.  They play Fairfield, CT in the regional final tomorrow night at 7:00 pm in Bristol, CT. The game will be broadcast live on ESPN.

This is all possible because of a come from behind victory last night in a game against the team from Vermont. Jack Edwards made the call of the winning homer for NESN. (I apologize for the advertisement in the front of the call, but I couldn’t find a version without the branding.)

Let’s hope we see these youngsters continue to the World Series.

The twelfth annual Pawtucket Arts Festival kicks off tomorrow evening with a presentation of William Shakespeare’s classic “A Midsummer Night’s Dream”. The event is being held at the Amphitheater at Town Landing. This is a Pay-What-You-Can event.

The Arts Festival features a citywide showcase of music, dance, theater, interactive workshops and more! The festival is extensive and runs from August 5th through September 26th. Click to here for a list of events and locations.

One of the highlights of this year’s festival is the 125th anniversary Boston Pops concert featuring Conductor Keith Lockhart and very special guest Kenny Loggins.

For up-to-date information, you can follow The Pawtucket Arts Festival on both Twitter and Facebook:

When is the best time to raise taxes?

Doing so at the start of a recovery from a painful and long recession would not get my vote as an appropriate junction.  And raising rates at a number nearing 90% (almost doubling) is a stifling policy even in good times. But the bigger question is: what will it mean to the constituents of a city that has seen more properties going into foreclosure and businesses closing or leaving?

Providence’s city council is considering making the economic experiment now. The Finance Committee is proposing a residential property tax rate increase from $24.21 per $1,000 of assessed value to $30.38. And at the same time, they are proposing to take away a decade old exemption for some property owners who provide housing to the rental segment of the population. In the first case, all residential owners of property will see the rate increase by 25.5% from the previous level. That is going to have an impact on home owners, especially people suffering from financial hardship over the last couple of years.

In addition, the Council will vote on July 26th to repeal a homestead exemption for non-owner occupied rental properties of 1 – 5 units.  If approved, this will result in an 88% increase in the property tax rate for owners of these properties. How does this happen?  The rate is currently discounted by 33% for these owners. That would effectively make the current rate $16.14 per Thousand Dollars of assessed value on the home. Taking away the exemption raises the rate from that $16.14 to $30.38 per thousand – or 88% increase.

Commercial Property owners are not exempt from rate inflation either. They will see their rates go from $28.60 to $33.70 or 17.8%.

These are not the best policy decisions during the time of a fledgling recovery, but add it to a state economic environment, which is considered 49th in the nation for business friendliness, and you run the risk of pushing people to the brink of relocation. Our housing market does not need more foreclosures or failures.

The response from the council’s Finance Committee Chair, John Igliozzi, to the concerns of the non-owner occupied multi-family landlords echoes this unfriendliness with his comment in the Providence Journal – “They are business people, and they will probably not make as much profit as they are used to, and they are unhappy.”  First of all, not all landlords are making money right now, and even those who are making money are not in the service business to lose money. On last check, this is a free-market economy and profit is a good thing for tax revenue. However, the glaring miscalculation is who pays for the tax hike. Renters do. So again, the tax burden will go onto the people who are probably in the worst position to absorb it.

I encourage you to ask our city council to rethink this proposed rate structure and exemptions. Call your rep today. Numbers are found at providenceri.com.

Oh, and for the argument that values have decreased, there are some out there who have actually seen an increase in their property values. No one can figure that out, but it is happening.