Carnegie Abbey Reaches Nearly $10 Million in Real Estate Closings

Nearly $10 million in real estate closings and pending agreements have occurred during the past several weeks at the Carnegie Abbey Club, announced the private club on Monday.

James Santora, vice president of sales for Carnegie Abbey, said three closings have occurred in the last two weeks alone totaling $5.2 million. Buyers of those properties are from Massachusetts, Connecticut and New York.

In addition to existing pending contracts, there were an additional $4.7 million of new contracts signed in the last two weeks.

"The market is clearly looking up right now and transactions at The Tower at Carnegie Abbey and our single-family properties are happening at an increasingly rapid pace," said Ed Lopes, a broker for Carnegie Abbey Private Estates.

Santora noted that 80 realtors attended a broker open house at The Tower on Aug. 5, nearly triple the number of brokers expected for the event.

"I've never seen the level of broker activity that we're experiencing right now," said Santora. "All of the realtors who attended were clearly intrigued by the quality of the condo residences and our amenities."

Leslie Hogan, broker and co-owner of Hogan Associates in Middletown, attended the open house.

"The Carnegie Abbey open house happened just as more buyers are getting out on the market and looking at properties again," said Hogan.

The 22-story Tower at Carnegie Abbey, which features 79 condominiums and a penthouse, is the centerpiece of a property that neighbors 68 additional homes overlooking Narragansett Bay.

The tower and homes are adjacent to the Carnegie Abbey Club, a private 300-acre sporting estate that is home to a Scottish links golf course designed by Donald Steel, equestrian facilities, yachting, tennis, fishing and cultural events. 

The rise in sales at Carnegie Abbey follows a national trend, according to Carnegie Abbey.

CoreLogic, a property information firm,  says sales of homes nationwide selling for $2 to $5 million in the first quarter of 2010 totaled 2,461, up 32 percent from a year earlier.

The flourishing real estate market here also follows a recent trend in Newport County, which includes Newport, Portsmouth and surrounding communities.

According to real estate tracker The Warren Group, single-family home sales have jumped by 24 percent in Newport County during the first six months of 2010 compared to the same period last year.

Additionally, median prices for single-family homes in Newport County have risen six percent during that same period.

The Tower at Carnegie Abbey, which offers 15 floor plans, includes 79 condo residences ranging from one to four bedrooms.

Prices range from $579,000 to $10 million. The 8,435-square-foot penthouse residence, which offers views of Narragansett Bay and nearby Newport, is listed at $10 million.

Potential buyers interested in the Tower at Carnegie Abbey can contact the Carnegie Abbey sales office at 401-848-2500 or visit www.carnegieabbeyclub.com.

For more information, visit www.carnegienewport.com.