Providence Business News recently published an interesting article regarding the growing use of video as a key marketing tool within the real estate industry. As one of the first locally owned agencies to embrace video, Residential Properties Ltd. was featured prominently throughout the article.
The story referenced the growing number of property videos listed on the RPL website, as well as the agency’s six-employee IT department, which currently includes two full-time videographers.
In addition, RPL’s President and CEO, Sally Lapides was quoted several times in the article, including an insightful remark in which she pointed out, “The days when people would meet with a client, look at the house, sign listing forms and put it on the market the next day – those days are over.”
Below is just one example of the over 300 property videos currently available on the Residential Properties website.
To read the full PBN article, please click here.
According to the latest numbers from The Rhode Island Association of Realtors, single-family homes sales rose 19% in October compared with the same period in 2012, 806 houses sold in October, up from 679 last October. Since July 2011, year-over-year home sales have increased every month except March, when they fell 2%, as prices increased 2% in October marking the 13th consecutive month of year-over-year rising prices.
Pending sales dropped 5%, the third consecutive month year-over-year pending sales have fallen, and inventory has fallen 3 percent.
Multi-family sales rose 6 percent in October while the median sales price increased 8 percent. The median multi-family sale price was $129,500 last month, up from $120,400 last year.
Condominium sales remained strong in October, rising 11 percent over October 2012 138 condominiums sold last month and 124 in October 2012. The median sales price climbed 17 percent to $198,250 from $170,000 the previous October.
This week Rich and Steve were joined by Jessica Cigna from HousingWorks RI, a coalition of over 140 organizations that conduct research and data analysis on affordable housing as it relates to Rhode Island’s economy. Their research shows that improving rental and ownership opportunities in Rhode Island, especially for the state’s workforce, will help strengthen the state’s economy.
HousingWorks RI has been tracking the development of long-term affordable housing in Rhode Island since voters first approved a $50 million housing bond in 2006, also known as the Building Homes Rhode Island program (BHRI). 1,300 affordable rental and ownership homes were developed with support from BHRI in 30 communities throughout the state. Despite this success, some communities still resist the development of affordable housing. Housingworks is trying to dispel the myths surrounding affordable housing so that communities see it as an asset and good for their local economies. An economic impact study of BHRI found that the $50 million housing bond supported over 6,100 jobs and generated close to $800 million in economic activity across the state.
More recently, HousingWorks has started to look more closely at what the lack of affordable housing means for Rhode Island’s economy. Their analysis, published last month in the 2013 Housing Fact Book, shows that 90 % of cost burdened renter households in Rhode Island earn $38,200 or less annually. If these renter households were in housing that was affordable to them, close to $400 million of purchasing power could circulate into other parts of the Rhode Island economy.
Listen to this week’s podcast here:
This week’s Real Estate Insight:
Princeton researcher Douglas S. Massey published an extensive study this year of an affordable housing development known as Ethel Lawrence Homes in Mount Laurel, N.J, looking at the neighborhood effects of affordable housing including property values, crime and property taxes. Dispelling many of the myths around affordable housing and NIMBYism, the findings clearly showed that after a decade, the Ethel Lawrence Homes did not increase property taxes, decrease property values or increase crime rates in Mount Laurel or surrounding communities. The key is that the homes, like the affordable homes built in Rhode Island, were designed to fit with the architecture of Mount Laurel.