Astor's Beechwood in Newport for Sale--for $16 million

The 39-room mansion was built in 1851, and sold 30 years later to the grandson of John Jacob Astor.

The Bellevue Avenue mansion that was once the summer home of the illustrious Astor family and which has been described as the place "where American society began" is for sale.

With its asking price of $16 million, Astors' Beechwood could easily become one of the most expensive estates ever sold in Rhode Island, let alone Newport.

"Oceanfront Spectacular Gilded Age Mansion," reads an advertisement that appeared in Saturday's Wall Street Journal. "This magnificient estate boasts a dramatic setting on fabled Bellevue Avenue."

The 39-room mansion, which sits on 5 acres overlookinig the Cliff Walk and the ocean, was built in 1851. It was sold in 1881 to William Backhouse Astor Jr., grandson of John Jacob Astor and heir to the family's real estate fortune. His wife, Caroline, known as Line, "became the undisputed queen of American society," according to Lila Delman Real Estate, the listing agent for the property.

When the couple bought the 19,000-square-foot Italiante mansion, they hired noted Newport architect Richard Morris Hunt to make Astors' Beechwood even more spectacular.

"Hunt's most notable addition to the home was the glittering waterfront ballroom," according to Delman Real Estate. Conceived with an ocean theme, this showpiece features oak parquet floors in a wave-like reverse-herring-bone pattern, seaweed-shaped brass sconces, and bas-reliefs depicting Poseidon and Aphrodite. Eight hundred panes of glass, including mirrored walls and abundant French doors, produce a shimmering effect that is enhanced by elaborate gilt ornamentation and water-drop-crystal chandeliers."

Singer Cole Porter is said to have written "Night and Day" during a visit and the mansion appeared in the movie High Society, starring Fred Astaire and Grace Kelly.

For many years, Astors' Beechwood was used for weddings and other functions and as a tourist attraction, with actors portraying family members and guests of Caroline Astor.

On Monday, New York philanthropist Brooke Astor died at the age of 105. In 1953, she married Vincent Astor, the eldest son of John Jacob Astor IV, who died in the sinking of the Titanic.

A year ago, the property, owned by a partnership called Historic Newport, became embroiled in legal battle. Review Realty Corp., a one-third owner, sued majority owner Richard B. Milligan, Jr. for mismanagement. The two sides reached a settlement in which Milligan bought out Review Realty. At that time, in July of last year, Milligan said the property wasn't for sale and that he planned to continue providing mansion tours and renting it for functions.

Last December, another Bellevue Avenue property set the record for the most paid for an estate on Aquidneck Island. The 7.8-acre Miramar estate sold for $17.15 million to an undisclosed buyer.

Last week, it was reported that actor Nicolas Cage bought the 26-acre Gray Craig estate in Middletown for $15.7 million.

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source: liladelman.com

Prominent American family's summer estate for sale

NEWPORT, Rhode Island (Reuters) - A mansion overlooking the Atlantic Ocean that was the summer home for the Astors, one of the most prominent families in America, is up for sale. And some think it could go to an overseas buyer.

Listed for $16 million, Beechwood is a 19,000-square-foot (1,756-sq-metre) residence set amid a row of opulent homes that staged the elaborate summer social circuit for New York society during the Gilded Age around the dawn of the 20th century.

One of the designers of the 39-room, Italiante-style home was Calvert Vaux, a principal architect of Central Park in New York City.

Real estate experts said the property is a signature of Newport's heyday as the playground of the rich and famous and yet can be had for a fraction of the price of luxury residences in many parts of the world.

"In London, I've seen apartments on the market for 85 million pounds," said... a broker who sells luxury properties in Rhode Island, the smallest state in the country.

"When you start talking about those numbers, $16 million is a lot but its not obscene."

Realtors said the property could well be sold to a foreign buyer taking advantage of the weak dollar and recent slide in U.S. stock markets. Melanie Delman, Beechwood's listing agent, said she has had inquiries from overseas parties.

The home was bought in 1881 by William Backhouse Astor, Jr., grandson of John Jacob Astor, the German immigrant who made a fortune in the fur trade and in Manhatten real estate.

Astor Jr.'s wife, Caroline Astor, hired an architect to add a waterfront ballroom with 800 glass panes, mirrored walls and French doors that established Beechwood as a highlighted stop of the summer social season.

Other famous family members include William Astor's son, John Jacob Astor IV, who died in the Titanic sinking, and Brooke Astor, a New York philanthropist and socilaite who married into the family. She died on August 13 at the age of 105.

Composer Cole Porter is said to have written "Night and Day" during a visit and the mansion appeared in the movie "High Society" starring Fred Astaire and Grace Kelly, according to the listing firm.

"It's part of the old Newport that was the Vanderbilts, the Astors, the Carngies," said Cecile Cohen, president of the Rhode Island Association of Realtors. "It's going back to when Newport was the place that group of people."

The mansion now houses a living history museum and is rented out for weddings and corporate functions.

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source: liladelman.com

liladelman.com

There are three distinct communities within Quonochontaug, a quiet, exclusive beach village in Charlestown. Bordered by Quonochontaug Pond to the west and Ninigret Pond to the east, this oceanfront haven includes the sections of East Beach, Central Beach and West Beach.

For the most part, "Quonnie," as it is also known, "is a second-home-community," said Lori Joyal, who is a year-round resident of East Beach and an agent with Lila Delman Real Estate. "It's a beautiful neighborhood, quiet and peaceful," she said. "And I think it has the most beautiful beaches in all of Rhode Island."

Charlestown has two state beaches, East Beach and Charlestown Breachway Beach, and two municipal beaches, Blue Shutters Beach, at the end of East Beach Road, and Charlestown Beach, but Quonochontaug residents enjoy their private association-owned beaches. The East Beach Association owns one of the longest private beachfronts in Rhode Island; Joyal said East Beach is very "family-oriented," and the association allows picnics on the beach. The Central Beach association doesn't allow food on its beachfront property, she said...

...Although it is largely a summer colony, many people have owned vacation houses in Quonochontaug for years, lending a sense of community, Joyal said. "Everybody really does know each other," she said. In the off season, however, neighbors are few and far between. Joyal's mother lives next door to her, but in the winter, the neighborhood often seems "a little desolate," she said.

Quonochontaug attracts buyers who are willing and able to pay a premium for the privacy, peace, quiet and natural beauty, far from traffic and stores, that the village offers, Joyal said. "Charlestown in and of itself doesn't have much business," she said. It's a very sought-after community."

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source: liladelman.com

Is the open house what it used to be?

"You can talk to 100 real estate agents," broker John Hodnett says. "And 40 or 50 will tell you they're a complete waste of time.

...It's one of the most widely debated things in real estate."

In his 16 years in the real estate business, broker John Hodnett has held only one open house. "I don't think I've ever lost a sale as a result," he said.

Hodnett, of Lila Delman Real Estate, acknowledges that many agents, including some in his own office, swear by open houses as an important and effective marketing tool. But "personally, I'm not a fan," he said.

"You can talk to 100 real estate agents," Hodnett said. "And 40 or 50 will tell you they're a complete waste of time...It's one of the most widely debated things in real estate."

According to the National Association of Realtors, 80 percent of homebuyers last year started their search on the Internet, up from only 2 percent in 1995. But 42 percent of buyers also went to open houses as part of their search process.

For buyers, open houses offer an opportunity to see properties in person and get a feel for the market without the pressure of working with a real estate agent. For sellers, just the act of scheduling the first open house can jump-start an effort to get a property market-ready by ridding the house of clutter and attending to small repairs.

The Internet, and the opportunity it gives buyers to get detailed information about properties through virtual tours, and even detailed floor plans online, has made the open house less relevant, Hodnett said.

It's Hodnett's view that "real buyers" call and make appointments to see properties, and open houses usually only attract the curious and unserious.

"You can go to an open house without crossing the threshold,"he said. "...If you're a real buyer, you'll call."

"I'm personally not convinced that me sitting in somebody's house for three hours on a Sunday afternoon is the best use of my time."

Some sellers, especially frustrated sellers in a rough market, don't believe their agents are working hard enough if they're not holding open houses. Hodnett said some agents may schedule open houses just to show their clients that they're making an effort, willing to put "sweat equity" into the sale.

Other sellers, particularly owners of high-end properties, don't want to open their houses to the public, Hodnett said. Many clients worry about security and don't want unqualified, unknown prospects wandering, possibly unattended, through their homes.

If three or four people are visiting a house at the same time, it's difficult for one agent to keep an eye on every person every minute. "It's a major issue on higher-end lisitings," he said.

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source: liladelman.com

High-end market is sizzling

Even though real estate sales in Rhode Island are down 5 percent to10 percent this year, Lila Delman Real Estate, which deals in the high-end market, has bucked the trend.

The firm's sales so far in 2007 amounted to $235.7 million, up 40 percent from 2006, said John Hodnett, a co-owner and principal broker. The firm has sold 237 properties this year; compared to 205 in 2006, an increase of 16 percent.

Also defying national and statewide trends, the average price per property sold by Lila Delman rose 22 percent, Hodnett said.

The agency has offices in Narragansett, Watch Hill, Newport and Jamestown, and employs about 60 agents.

"Our focus and our strategy has been applied to the multi-home buyer," said Melanie Delman, owner of the firm.

Aquidneck Island is attractive to buyers because of the beauty of the coastline, architecture, culture, its proximity to New York, Boston and the airport and Newport Hospital's favorable reputation, Delman said.

"We have to realize how lucky we are to be in such a special place," she said. Delman's agents work with a lot of buyers who are looking for properties with waterfront views--and a home that has something unique to offer. A few of the properties the firm currently is marketing are the Wrentham House ($14.5 million), Oakwood ($10.75 million) and Sandcastle ($5 million), all in Newport.

Delman suggests that potential buyers first decide on the location they want and then consider the lifestyle they want to live, as well as the price they want to pay. Many of the local properties on the market are one of a kind, she said.

The firm's recent growth has led to the creation of a new position. Geer Messinger was named director of business management in October. She has been with Delman since April 2006 as a finnacial manager and consultant, but in her new position, Messinger will be responsible for implementing policies and procedures, supporting the agents and helping train agents.

Messinger credits much of the success the firm has experienced to the relationship that its agents develop with buyers and sellers.

Currently, Delman has aobut 220 homes on the market.

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source: liladelman.com