Autumn has finally arrived. The cooler weather and changing leaves (the ones left after Irene blew through) are quite refreshing after the summer. What better place to experience it than in our diverse little state of Rhode Island. Besides the cities, like Providence and Newport, there are a number of  rural communities which still have the family farms.  I was reminded of that this past weekend as I visited one of my favorite farm stands in Little Compton. But while I was at the Young Family Farm, I happened upon a brochure for the Rhode Island Fruit Growers Association’s 2011 Farm Scavenger Hunt. Visiting some of the participating twenty-four farms is definitely a whole new way to tour Rhode Island in autumn. The hunt runs through December 31, 2011 and adds a new twist to the traditional fall activities, such as apple picking.

The goal of the contest is to either visit a minimum of twelve participating farms and match the correct picture clue, located on the brochure and website with the farm, or if you’re feeling even more adventurous, visit all of the twenty-four farms and fill out the farm hunt board. The first 100 correct entries from either competition win.

The beauty of this is stepping outside to enjoy the changing weather and scenery in the different areas of Rhode Island. At the same time, you are also supporting the Rhode Island Fruit Growers Association.  This association works with URI and UMass on research to continue the production of healthy, delicious and fresh fruit.

Their website has tons of information on local farmers markets, grower information and even recipes to prepare the great produce grown right here.  Make sure you check that out, even if you are not the “scavenger hunt” type of person.

Locally, we have seen mostly tree damage, which in turn has been the culprit for downed power lines and power outages. We have a few pictures from the around our state, and (except for the power issue) it looks like we really dodged the bullet this time around.

Here’s a pictorial view from around the state submitted by our agents and staff:

We enjoy sharing the winning photos, and publish them across the web on various social media sites such as Facebook and Flickr. The winning photographs are also added to the slide show on our home page. Without further ado, this years winning photo was taken in Greene, Rhode Island by Liz Bodell from our Providence office and captures beautiful fog rolling past a dock. Congratulations Liz!

Liz Bodell – Greene, Rhode Island

Runner-up: Chris Whirlow – Town Beach, Block Island

Wanda Vanier – The Providence River

Holly Applegate – Elephant Rock Beach Club, Westport Harbor

Phil Retamoza – Horse Farm, North Kingstown

But here is something to ponder. Ten years from now, the buyers of properties this year may be seen as the intelligent investors. That makes one big assumption – a return to some normal growth in the economy will occur. There are indicators to make one think this will happen, but the past has made everyone cautious about making predictions of better times.

Why should you believe that statement about the buyers? Prices have started to stabilize and it seems that is partly due to people having a perceived value of what a particular property is worth. The perceived values and the actual prices are converging to the same number. This is not a perfect science or evaluation of prices, but it seems to be occurring.

As the economy in the area (and I include the Massachusetts and Connecticut economies in the “area” label, because so many of our residents work there) recovers to better levels, so will the conviction of buyers to come back into the market. At the same time, sellers will be less likely to move. That will begin the next climbing trend in prices. Then, more people will think about moving and the volumes could rise to past levels. Thus, the start of a new cycle.

Looking into the crystal ball, will this trend start in 2011? I’m still looking for that person with the accurate crystal ball.

Autumn is such a beautiful time of year in Rhode Island. The climate transitions from hot summer days to cool comfortable nights, perfect for wearing a light sweater. Rhode Island is home to some of the most stunning foliage in New England. The classic New England structural design, landscape and coastline make for a fantastic foliage drive.

There are fun activities to be had across the entire state. There is apple picking, pumpkin carving, festivals and more!

So, we’re taking a Poll. What is your favorite Fall activity?

The Committee also reported, “[they] will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.”

Realtor®Mag published news, by Freddie Mac, reporting the average interest rate for 30-year fixed mortgages at 5 percent last week, down from 5.06 the previous week. For a 15-year fixed loan the average was 4.36 percent, down from 4.39 percent. Five-year, adjustable-rate mortgages and one-year ARMs also were down.

Locally, Homestar Mortgage was recognized in an article by Providence Business News as a top partner lender of Rhode Island Housing for 2009 and the first quarter of 2010. Homestar Mortgage was at the top of a list of 37 partner lenders and brokers who offer Rhode Island Housing’s low-interest FirstHomes100 mortgages. Homestar Mortgage is a preferred mortgage partner of Residential Properties.

What does this mean for you? Well, simply stated, mortgage rates remain at a historically low percentage.

I am excited to say that first time participant and sales manager of our Providence Office, Ed Hardie submitted this years winning photo. Ed snapped a terrific photo of the Rose Island Lighthouse in Newport, Rhode Island. Congratulations Ed!

An honorable mention to Nancy Weaver, sales manager of our Barrington Office and a terrific photographer. Nancy captured a fabulous shot of a dock on South Meadow in Barrington. Also, thanks to our corporate office for submitting a few as well.

Check out the slide show below!

What happened, where were we, this is the event that anointed Newport as the sailing capital of the world for years!

The good news is a United States team won.  It is the first time since 1992 that America’s Cup is back in the US.

The website for the 33rd contest in Valencia, Spain will impress you with the size of the competing crafts. The winning boat is a massive trimaran with airplane wing-like “sails” and was sponsored by Larry Ellison of Oracle fame and BMW. They sail out of the San Francisco’s Golden Gate Yacht Club.

Here’s the question Rhode Islander’s – can we get them to bring the race back to Newport? The word is that the race might be held in San Francisco, San Diego, Newport, or even back in Valencia Spain. There is a Rhode Island group petitioning to get the cup race back to Newport.

In more positive news, the Rhode Island Association of Realtors reported 395 sales in January, a 9% increase from January 2009. The median price rose 14% to $200,000, and days on the market fell 24% to 83.  Condo sales rose 28%, prices remained virtually the same, and days on the market rose 2 percent.  Multi-unit sales fell 21 percent, while price increased 21 percent and days on the market fell 36%.  While January is typically the slowest month for home sales, weather has been on our side unlike other parts of the country that have been paralyzed by record snow this season.

However, the housing market remains vulnerable with unemployment at high levels and consumer confidence lagging. When looking across the country, the housing market is flat.  We also have a long way to go to recover to the home values of 2006.  So, we are not out of the woods just yet, but clear fields are getting closer.

And if the trend is your friend, moving upward or even sideways is better than having a further contraction. Getting back to the activity level, our offices are operating at high levels in this traditionally slow time of year. Maybe it is all the rain we’ve been getting instead of snow. Hopefully, this will continue into the spring market.

Winning Photos – Nancy Weaver: Photo – Tyler Point Barrington, RI and Holly Applegate: Photo – John Jenckes House, Benefit Street Providence

• 2: Heidi Farmer-Piccerelli: Photo – Snow Covered Exterior
• 3: Laurie Fletcher: Photo – Barrington Congregational Church
• 4: Chris Whirlow: Photo – The Lone Seagull

Here’s a slide show of the winning photos: