Block Island Real Estate

There are many Real Estate opportunities at Block Island, for temporary rental for either upcoming vacations or planning to relocate. Some homes are offered for rent, by either homeowners or rental agents, while there are countless and highly popular timeshare units for rent and for sale.

Ranging from Island manor resorts to summer Vacation Rentals and other properties, you may contact local Block Island's real estate agents and discover for yourself those wonderful opportunities. Some of the most renowned are:

- Attwood Real Estate, PO Box 326, (401) 466-5582

- Ballard Hall Real Estate, PO Box 1885, (401) 466-8883

- Beach Real Estate, PO Box 1468, (401) 466-2312

- Block Island Realty, PO Box 721, (401) 466-5887

- Offshore Property Limited, PO Box 1210, (401) 466-5446

- Phillips Real Estate, PO Box 1077, (401) 466-8806

- Sullivan Real Estate, PO Box 144, (401) 466-5521

Block Island offers a number of public transportation, schools, markets and even churches that make relocation a smooth transition. Among the churches, there are two Baptist, one Catholic, one Episcopal and one Jewish, besides of a Quaker.

- Harbor Baptist Church: Water Street, (401) 466-5940. Service days: Sundays 10 am

- West Side Baptist Church: West Side Road, Service days: Sundays 10:30 and Wednesdays 6 pm

- Saint Andrew's Catholic Church, Chapel Street, (401) 466-5519. Service days: Saturdays 5 pm and Sundays 10

- Episcopal Saint Ann's By the Sea, Spring Street, (401) 466-2911. Service days: Sundays 9 am

- Congregation Sons and Daughters of Ruth (Jewish) (401) 466-2851. Call for Service Days' information

- Quaker Friends Meeting are held at members homes on Sundays 10 am, call for directions (401) 466-2803

Because Block Island is part of Rhode Island, and it is near New York, Manhattan, Boston and Connecticut, investing in real estate is a wise decision. Block Island has 7,040 acres, in which there are approximately 1,600 homes, but the number of properties available is limited in any price range or housing type.

However, a unique characteristic at Block Island is its popular “cottage industry”, consisting of weekly rentals, better than nothing. Serious potential buyers spend many years waiting for a home on Block Island, but with a large number of temporary hotels and over 400 island homes for rent each summer, the industry is growing.

A typical "cottage rental" consist of properties rented on approximately 12-weeks basis. Properties for sale require payment of an additional 3% fee, payable to the Block Island Land Trust. This requirement was established by the town, and is endorsed by state legislature to discourage predation and preserve undeveloped lands.

Rates for rental homes vary, but typically available in the range from $1,200 to over $5,000 per week. In addition, commercial buildings are also available for lease, often including generous parking space. For those who needs figures and statistics, check out a few of them:

- The estimated year over year growth population is 31%

- Block Island's educational index is actually 105

- Estimated populations is 1,093 as of 2006

- Weather is 32.8º F on average during the January and 70.7º F in July

- Average home sale value is about $909,538

- Average household size in Block Island is 2.09

- Average household income is actually $61,674

- Average population's median age is 43.48 years

Back in 2002, observers said that Block Island housing remained robust even after the market softened on nearby islands From then to the present, house prices continued going up and "affordable" homes became fiercely competitive, and houses priced under $1 million were sold within hours.

From January through October 2002, sales of property and houses totaled over $40 million. This was an increment compared with $31.5 million the year before, and based on figures that did not include commercial properties, or those transactions between conservancy groups, which not only vary in price, but also regarding sale, lease or rent conditions.

The treasurer of Block Island Land Trust, the entity that collects 3% percent tax on each property sold, said that sales have been roughly the same through the years. This tax allows preservation, but it is also the best way to track the island's real estate sales, except the fact that the trust gives exemptions to first-time buyers.

Related to relocation, factors determining desirable real estate sales include cost of living in Block Island, quality of life, schools in the area, childcare, transportation, easiness of obtaining a driver’s license, besides taxes and financial matters in comparison to other coastal or island locations.

Buying or renting a home in Rhode Island has increased the costs over the past few years, but living in this state offers a wide variety of advantages, particularly for those people relocating to Block Island. Additionally, there are English classes for free all over the state open to all, encouraging people's integration into the New England's community.