Home for Sale at 34 Foster Lane, Narragansett, RI 02882

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34 Foster Lane
Narragansett, RI 02882

Kara Churas with Experience Real Estate, original listing - (401) 286-8011

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Property Details

List Price:	$1,300,000
Beds:	8
Baths:	Full: 3
Status:	Active
SqFt:	4075 Square Feet
Agency:	Experience Real Estate
Agency Phone:	(401) 286-8011

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Description/Comments

Lot Size:	0 acre(s)
Property Type:	Residential-Single Family Residence
Year Built:	1977
Notes:	This eight-bedroom home is not a drive-by! Located just blocks from Scarborough Beach, it offers a great investment opportunity. Available turnkey with furniture, this property is ideal for vacation rentals or a beach retreat. It's currently rented through May 20, 2025 and some summer rentals are already in place. <br /> <br /> With over 4000 square feet, the open floor plan provides ample space for gatherings. The kitchen is equipped with stainless steel appliances, quartz countertops, a beverage cooler, a second refrigerator, and small appliances. The kitchen opens into a large family room with vaulted ceilings and plenty of natural light. From the large dining area, exit to the back yard via French Doors.<br /> <br /> Sleeping 16 people easily, the home comfortably accommodates your largest group of family and friends. Additional features include central a/c, natural gas heating, Smart TV's in every room, queen and king size beds, as well as two living rooms with tile or hardwood floors throughout. The two driveways allow parking for 10 cars. Additional outdoor space includes a small shed attached to the house to store beach chairs and other items. There is also an outdoor shower with hot and cold running water. <br /> <br /> This home is just a short walk from the beach and near a playground and tennis courts. Nearby attractions include Galilee & Point Judith. Whether you are looking for some rental income or a beachside getaway, this property offers a prime location with plenty of possibilities.
MlsNumber:	--
ListingId:	1380337

Listing Provided By:	Experience Real Estate, original listing
Phone:	(401) 286-8011
Office Phone:	(401) 286-8011
Agent Name:	Kara Churas
Disclaimer:	Copyright © 2025 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

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