Chafee drops asking price for Providence home by $30,000
May 3rd, 2011 at 1:53 pm by Ted Nesi under Nesi's Notes
Chafee's house at 54 Barnes St.
Doesn’t anybody want to buy Lincoln Chafee’s house?
After two and a half months on the market, this week the governor and his wife reduced the asking price for their 3,900-square-foot home on Providence’s East Side by another $30,000.
The Chafees are now seeking $799,000 for the seven-bedroom, three-and-a-half-bathroom property at 54 Barnes St.
That’s down 10% from the initial listing price of $889,000 they sought in mid-February. The Chafees had already reduced the price to $829,000 last month.
The Chafees bought the house for $939,000 in 2006, so selling at the current price would mean a $140,000 loss for the wealthy couple (before closing costs). They already tried to get rid the property in 2009 but didn’t wind up selling.
Home prices in the Providence-New Bedford area dropped 33% from the peak of the housing bubble in June 2006 through last December, according to a home-price index maintained by FNC Inc., a mortgage-technology firm. Prices on the relatively desirable East Side likely haven’t fallen by that much, however.
(photo: Residential Properties)
Tags: east side, home prices, home sales, housing, lincoln chafee, property, providence
Nesi's Notes covers politics and the economy in and around Rhode Island for WPRI.com. (Twitter: 
[...] has been following the price reductions on Gov. Lincoln Chafee’s house in Rhode Island: Chafee drops asking price for Providence home by $30,000 [T]he governor and his wife reduced the asking price for their 3,900-square-foot home on [...]
The adjustable rate mortgage that I had before had me nearly to the brink of bankruptcy because of the never-ending payment increases. Now I have 3.18% fixed rate. I would absolutely recommend “Mortgage Refinance 123″ I worked with to anyone I know planning to refinance mortgage.
Remove your state income tax and I’ll take it!
Spineless Chaffee is complicit in the State’s Failure. The reason he cannot sell his home is that the # 1 determinant of home sales is….JOBS. No jobs here except for Union officials sons who got union scholarships, have been in school for 6 years and still not graduated – eg a HS grad. What a joke, what graft, what collusion. Chaffee’s loaded so the failure of his house to sell means nothing to him. Other RI-ers will suffer very badly. We are leaving before the riots commence
My letter to Ruggerio today,
My husband and I , both self-employed, have sold our home and are leaving the state shortly. We are taking our tax dollars with us and they are sufficient that you will be sorry to see them go. We count ourselves lucky to a. have been able to sell and b. be able to go to a home office configuration.
Your self-important delusional self-serving tome in today’s ProJo ….
http://www.projo.com/opinion/contributors/content/CT_rugg4_05-04-11_6ENSCI6_v15.1f4396e.html
…. on your un-educated union crony nepotism hire ($88,112 salary) says it all:
I guess it is true that some pigs are more equal than others* My favorite part is that you report HE DRAFTED LEGISLATION TO GIVE SMALL BUSINESSES A ROLE IN THE STATE APPRENTICESHIP COUNCIL. FYI The union mandated apprenticeship program is a horror. No job will be created in this state with that monster in place.
We will watch from afar as the state fails : the SEC flagging the Pension funds, the implosion of Providence, Pawtucket, Woonsocket, Central Falls etc, the enormous structural deficits to feed your beast will mean a loan from the US Treasury will eventually be needed to save the state.
That loan will come with IMF-like terms ( look up IMF in wikipedia ) and the game will be up for RI and your corrupt game.
Very very sad. Shame on you all. We will take our college-educated children and work and pay taxes where a tax payer vote still means something.
signed, a disgusted tax payer **
* Animal Farm, George Orwell
** the even sadder part is I won’t give my name because I am scared of your thugs. This will be widely bcc’d for the same reason
[...] I reported yesterday, the Chafees have reduced the price twice since putting the home on the market in [...]