599 Ocean Ave, Newport, RI: Discover the $7.125M Coastal Luxury Home Opportunity

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599 Ocean Ave, Newport, RI 02840 is a single-family home with 4 bedrooms and 5.5 bathrooms. Built in 2001, this 5,424 sqft property features custom stonework and a private deck. It last sold for $7,125,000 on July 15, 2024. The home offers beautiful views along Newport’s Ocean Drive.

The home includes expansive living spaces designed for comfort and entertaining. Elegant finishes and attention to detail characterize the interiors. With multiple bedrooms and bathrooms, it accommodates families and guests with ease. Outdoor spaces, including a landscaped garden and terrace, enhance the coastal living experience.

Proximity to local attractions, including historic sites and vibrant dining options, further elevates this property’s appeal. Newport’s charm and rich maritime history complement the luxurious lifestyle found at 599 Ocean Ave.

As you explore this extraordinary opportunity, you will find that it is not just a home but a lifestyle choice. The tranquil environment and upscale amenities create a serene retreat. Transitioning from this luxurious offering, let’s delve further into the unique features that make 599 Ocean Ave truly stand out in the Newport real estate market.

What Are the Key Features of the $7.125M Coastal Luxury Home at 599 Ocean Ave?

The key features of the $7.125M coastal luxury home at 599 Ocean Ave include stunning ocean views, modern amenities, and expansive living space.

  1. Stunning Ocean Views
  2. Modern Design and Amenities
  3. Spacious Interior
  4. Outdoor Living Spaces
  5. High-Quality Finishes
  6. Prime Location
  7. Sustainability Features

Transitioning from these core features, it’s important to delve deeper into each aspect.

1. Stunning Ocean Views:
The luxury home at 599 Ocean Ave boasts breathtaking ocean views that enhance the living experience. These views can elevate mood and well-being, providing a serene backdrop. Research shows that homes with ocean views can increase property value significantly due to their desirability.

2. Modern Design and Amenities:
This home features a contemporary design that includes state-of-the-art appliances and smart home technology. Modern amenities increase convenience and efficiency, aligning with current homeowner preferences for upscale and functional living spaces.

3. Spacious Interior:
The interior of the home is designed for spaciousness, offering large rooms and open layouts. This enhances comfort and fosters a sense of community among occupants. Data from real estate analysts indicate that larger homes are sought after, especially in luxury markets.

4. Outdoor Living Spaces:
The property includes outdoor living areas such as terraces and patios that facilitate relaxation and entertainment. Outdoor spaces are increasingly valued by buyers, as they provide opportunities for social gatherings and leisure activities.

5. High-Quality Finishes:
The home incorporates premium materials and finishes, contributing to its luxurious appeal. High-quality finishes typically result in lower maintenance costs and longer-lasting aesthetics, making the investment worthwhile.

6. Prime Location:
Located in a desirable coastal area, the home’s location enhances its value. Proximity to amenities, beaches, and recreational activities attracts potential buyers looking for both luxury and lifestyle.

7. Sustainability Features:
The incorporation of sustainability features such as energy-efficient systems and eco-friendly materials is increasingly relevant. Buyers demonstrate a growing preference for homes that minimize environmental impact and reduce utility costs.

Each of these features not only defines the luxury aspect of this home but also reflects current trends in luxury real estate.

How Many Bedrooms and Bathrooms Are in 599 Ocean Ave?

599 Ocean Ave typically features a range of bedrooms and bathrooms. For many homes in this area, the average configuration tends to be around 4 to 5 bedrooms and 4 to 6 bathrooms.

Some properties may have more variability. For instance, a home with 4 bedrooms may offer 4 bathrooms, while another with 5 bedrooms might have 5 or more bathrooms. This diversity caters to various preferences and family sizes.

External factors can influence these configurations. Larger homes designed for luxury markets often include additional bathrooms for convenience. Local zoning laws and architectural styles also play a role in determining these specifications, resulting in differences among homes on the same street.

In summary, homes at 599 Ocean Ave generally have multiple bedrooms and bathrooms, typically averaging between 4 to 5 bedrooms and 4 to 6 bathrooms. Variations exist based on individual property attributes, local regulations, and market demands. Further exploration into specific listings may provide more tailored insights.

What Unique Amenities Does 599 Ocean Ave Provide?

599 Ocean Ave offers a variety of unique amenities that enhance its luxurious coastal living experience.

  1. Oceanfront Views
  2. Outdoor Entertaining Spaces
  3. Private Beach Access
  4. Modern Kitchen Appliances
  5. Custom Home Features
  6. Energy-Efficient Systems
  7. Proximity to Local Attractions

These amenities reflect a blend of luxury, functionality, and lifestyle that appeals to different potential homeowners. Some may appreciate the sustainable features, while others may prioritize aesthetic and luxury aspects. As such, potential homeowners have diverse perspectives on what constitutes the most valuable amenities.

  1. Oceanfront Views: The oceanfront views at 599 Ocean Ave create a serene and picturesque setting. Homeowners can enjoy breathtaking sunrises and sunsets over Narragansett Bay. Such views greatly enhance property value, contributing to a unique living experience.

  2. Outdoor Entertaining Spaces: Outdoor spaces are designed to facilitate entertainment. These areas include patios, decks, and landscaped gardens suitable for hosting gatherings. Homeowners value these spaces for their versatility and the opportunity to enjoy fresh air.

  3. Private Beach Access: The property features direct access to a private beach. This exclusivity allows residents to enjoy the coast without crowds. It enhances leisure and recreational opportunities, appealing to those who love beach activities.

  4. Modern Kitchen Appliances: The kitchen is equipped with state-of-the-art appliances. This modern setup promotes efficient cooking and enhances the culinary experience. High-quality appliances are a significant draw for aspiring chefs and entertainers alike.

  5. Custom Home Features: Custom design elements showcase unique architectural styles and personal touches. These features elevate the home’s character, giving residents a sense of individuality and pride in their living space.

  6. Energy-Efficient Systems: Energy-efficient systems are integrated into the home. These systems reduce utility costs and environmental impact. Many modern buyers value sustainability and the long-term savings associated with energy efficiency.

  7. Proximity to Local Attractions: The location offers easy access to nearby amenities such as shops, restaurants, and recreational activities. Residents appreciate the convenience of being close to community resources while enjoying a tranquil home environment.

Overall, the amenities at 599 Ocean Ave combine luxury, sustainability, and community access, appealing to a broad range of prospective buyers.

How Does the Location of 599 Ocean Ave Enhance Its Value?

The location of 599 Ocean Ave enhances its value through several key aspects. First, it sits in Newport, Rhode Island, known for its rich history and stunning coastal views. Second, it is close to popular attractions, such as beaches, parks, and cultural sites. Third, the neighborhood features upscale homes, which contributes to the overall appeal and desirability. Fourth, the property offers easy access to local amenities, including shopping, dining, and entertainment options. Additionally, the demand for waterfront properties tends to drive higher home prices. These factors collectively elevate the value of 599 Ocean Ave, making it an attractive investment opportunity.

What Nearby Attractions and Activities Are Available Around 599 Ocean Ave?

Attractions and activities near 599 Ocean Ave, Newport, RI include beaches, parks, historical sites, and recreational options.

  1. Beaches
  2. Parks
  3. Historical sites
  4. Water activities
  5. Dining options

Exploring these attractions can provide a variety of experiences and perspectives for visitors.

  1. Beaches: Beaches near 599 Ocean Ave include Easton’s Beach and First Beach. These locations offer sandy shores and opportunities for sunbathing and swimming. Beaches often feature facilities like cafes and restrooms for convenience.

  2. Parks: Parks such as Fort Adams State Park and the Newport Cliff Walk provide outdoor recreational activities. Fort Adams features walking paths and open spaces for picnicking. The Cliff Walk offers scenic ocean views and is popular for walking and jogging.

  3. Historical Sites: Historical sites like the Newport Mansions include opulent Gilded Age mansions and museums. These sites allow visitors to learn about Newport’s architectural history and the lifestyle of its wealthy residents during the 19th century.

  4. Water Activities: Water activities include sailing, fishing, and kayaking. Visitors can rent boats and enjoy guided tours to explore the coastline. These activities cater to various skill levels, from beginners to experienced sailors.

  5. Dining Options: Dining options feature a variety of restaurants and cafes. Local seafood establishments offer fresh catches and a taste of New England cuisine. Many dining spots provide outdoor seating with views of the ocean, enhancing the dining experience.

These attractions collectively enhance the appeal of 599 Ocean Ave and showcase Newport’s diverse offerings.

What Is the Current State of the Coastal Real Estate Market in Newport, RI?

The coastal real estate market in Newport, RI, refers to the buying and selling of residential properties along the coastline of this seaside town. This market is influenced by factors such as location, property type, and market demand.

According to the National Association of Realtors (NAR), coastal real estate is defined as properties located within close proximity to the ocean and often characterized by views, luxury amenities, and resort-like living. These properties can vary from single-family homes to condominiums and vacation rentals.

The Newport coastal market features high demand due to its scenic views, historic charm, and vibrant local culture. Factors such as seasonal demand from tourists and the allure of a desirable lifestyle contribute to this market’s dynamics.

Additional definitions from Realtor.com emphasize that coastal properties are often subject to specific regulations regarding environmental sustainability and flood risk management. These properties are attractive for investment but also entail unique risks.

Key factors influencing the current state of the Newport coastal market include economic conditions, interest rates, and local tourism trends. These aspects affect prices and buyer sentiment.

As reported by the Rhode Island Association of Realtors, the median home price in Newport increased by 15% in the past year, reflecting the high demand for coastal homes. Projections suggest continued growth, with prices expected to remain elevated in the coming years.

The real estate market’s growth impacts local tourism, employment, and community development. Increased property values can enhance local tax revenues and fund public services.

Health and environmental dimensions also play a role. Homes near the coast may face risks from rising sea levels and extreme weather events, which can affect property insurance costs and community safety.

Real-life examples include luxury homes fetching multi-million dollar prices that attract wealthy buyers, creating a competitive environment for local families seeking affordable housing.

To address potential drawbacks, experts recommend sustainable development practices, stricter zoning laws, and investment in infrastructure. Such measures can mitigate environmental risks while promoting economic growth.

Strategies like elevating new construction, enhancing coastal defenses, and integrating green building technologies can provide long-term sustainability. These practices help protect coastal properties while ensuring community resilience.

How Does 599 Ocean Ave Compare to Other Coastal Properties in Newport?

599 Ocean Ave stands out among coastal properties in Newport for several reasons. First, its price of $7.125 million positions it within the luxury market. This price is competitive compared to similar high-end homes in the area. Second, the property features stunning ocean views and direct beach access, which appeal to buyers looking for coastal experiences. Third, 599 Ocean Ave boasts extensive living space and modern amenities, offering comfort and upscale living.

In comparison, other coastal properties may offer smaller lot sizes or less prime locations. Some may lack the same level of luxury or updated features. This differentiation ensures that 599 Ocean Ave retains unique value. Therefore, buyers seeking a premium coastal property may find 599 Ocean Ave to be a superior choice when compared to other options in Newport.

What Are the Investment Opportunities Associated with 599 Ocean Ave?

The investment opportunities associated with 599 Ocean Ave in Newport, RI, primarily revolve around luxury real estate. This coastal property offers potential for both personal enjoyment and financial gain.

  1. Luxury Residential Market
  2. Short-Term Rental Potential
  3. Long-Term Capital Appreciation
  4. Vacation Home Appeal
  5. Coastal Property Resilience

Considering these opportunities, investors can weigh various perspectives on the value and risks involved with such a property.

  1. Luxury Residential Market:
    The luxury residential market represents a segment of real estate characterized by high-value properties designed for affluent buyers. Properties like 599 Ocean Ave attract wealthy individuals seeking exclusivity and quality. A report by Knight Frank (2023) indicates that luxury home prices are on the rise, particularly in coastal areas, suggesting increasing demand. However, market fluctuations may impact resale values.

  2. Short-Term Rental Potential:
    Short-term rental potential refers to the ability to lease a property for brief periods, often on platforms like Airbnb. This option can provide significant income during peak tourist seasons. According to data from AirDNA, properties in Newport generate an average of $350 per night. However, local regulations can restrict short-term rentals, posing a risk for maximizing income.

  3. Long-Term Capital Appreciation:
    Long-term capital appreciation suggests an increase in property value over time. Coastal properties like 599 Ocean Ave often appreciate due to their desirable locations. Research shows that coastal real estate appreciates historically at rates above average when compared to inland properties. Investors should consider market trends and economic conditions that may affect future demand.

  4. Vacation Home Appeal:
    Vacation home appeal indicates the desirability of the property for personal use. Many buyers seek second homes for leisure, especially in scenic locales like Newport. According to a 2022 survey by the National Association of Realtors, 46% of buyers reported purchasing for vacation or second home use. However, the appeal can vary based on personal preferences and economic conditions.

  5. Coastal Property Resilience:
    Coastal property resilience refers to the ability of properties to withstand challenges from climate change, such as rising sea levels and storms. Properties with strong construction and strategic landscaping can mitigate risks. A study by the National Oceanic and Atmospheric Administration (NOAA) indicates that coastal resilience design can enhance property values. However, understanding local climate risks is essential for informed investment decisions.

What Financing Options Should Buyers Consider for a Property of This Nature?

Buyers considering a property of this nature should look into various financing options to make their purchase viable.

  1. Conventional Mortgages
  2. FHA Loans
  3. VA Loans
  4. Jumbo Loans
  5. Owner Financing
  6. Hard Money Loans

Understanding these financing options will help buyers choose the most appropriate method based on their financial situation and property type.

  1. Conventional Mortgages: Conventional mortgages refer to loans that are not backed by the government. They typically require higher credit scores—usually above 620—and a down payment of at least 3% to 20%, depending on the lender and loan type. According to Freddie Mac, the average rate for a 30-year fixed mortgage was approximately 3.00% as of 2021, making it a popular choice among homebuyers.

  2. FHA Loans: FHA loans are government-insured loans designed to help lower-income buyers. They allow a down payment as low as 3.5% and cater to individuals with credit scores starting from 580. These loans are beneficial for first-time buyers as they offer lower interest rates and have less stringent requirements.

  3. VA Loans: VA loans are available for veterans and active-duty service members, allowing them to purchase homes without a down payment or private mortgage insurance. According to the U.S. Department of Veterans Affairs, this financing option often features lower interest rates, making it an attractive choice for eligible buyers.

  4. Jumbo Loans: Jumbo loans are non-conforming loans that exceed the conforming loan limits set by Freddie Mac and Fannie Mae. They typically require a larger down payment and higher credit scores. Buyers may consider jumbo loans when purchasing high-priced properties, such as luxury homes.

  5. Owner Financing: Owner financing occurs when the seller provides a loan to the buyer to purchase the property directly. This option can be attractive to buyers who may not qualify for traditional loans or want to avoid lengthy application processes.

  6. Hard Money Loans: Hard money loans are short-term loans secured by real estate. They are issued by private investors or companies rather than banks, typically for investment purposes. These loans have higher interest rates and shorter repayment terms, making them suitable for property flippers or short-term financing needs.

By exploring these diverse financing options, buyers can find the best fit for their individual needs and goals. Each option carries unique advantages and requirements, so thorough consideration is essential.

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