Residential Properties LTD.
July 19th, 2017
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Residential Properties Ltd. recently completed the $2,100,000 sale of 51 Prospect Street, marking the highest sale on the East Side of Providence this year. RPL represented both sides of the transaction, with Sales Associate Jim DeRentis as the listing agent and Sales Associate Kira Greene as the buyer’s agent. According to Statewide MLS data, this marks the 13th East Side sale of over $1,000,000 this year, with RPL listing nine of the sales and proudly representing 19 of the possible 26 transaction sides.

Set on a beautifully landscaped lot within the heart of College Hill, this modern Contemporary was selected as the winner of the Honor Award as part of the American Institute of Architects (AIA) Rhode Island Design Awards. The AIA RI Design Awards is an annual program that celebrates excellence in architecture and recognizes achievements in design. The Honor Award is the highest award in the highly competitive residential sector.

Designed by Albert Garcia of KITE Architects, the focus of the project was to visually and spatially transform the building and its landscape to increase privacy, without losing its meaningful connections to Providence’s vibrant center of residential and student activity. As a result, the interior of the home showcases a bright open floor plan with soaring ceilings, a floating staircase, and large walls of glass offering views of the Providence skyline. The open concept design includes a sleek European kitchen with quartz counters, as well as a pair of sliding glass doors stepping out to a bluestone patio and fire pit.

The listing agent, Jim DeRentis was a recipient of the 2016 Circle of Sales Excellence Platinum Plus Award and has been included on Real Trends’ list of “America’s Top Real Estate Agents” each of the past three years. To learn more about DeRentis and view his current listings, please visit ThePVDRealEstateGuy.com.

The buyer’s agent Kira Greene was selected as a 2016 Rising Star Real Estate Agent by RI Monthly Magazine and recently earned the 2016 Circle of Sales Excellence Gold Award. For more information about Greene and her current listings, please visit her website at KiraGreeneRI.com.

March 1st, 2017
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Infographic-January2017The Rhode Island Association of Realtors has just released its January 2017 sales statistics, reporting a strong start to the year for the Rhode Island housing market.

Single family sales increased by 21% compared to January 2016. However, at the same time, inventory continued to drop with 13.2% fewer single family homes hitting the market.

This increase in buyer activity paired with such a low inventory of homes has propelled demand, making this an excellent time to put your home on the market if you have been considering a move.

Other statistics worthy of note were condominium sales, which shot up 31.3% from this same time period last year. Multi-family home sales stayed consistent with the overall trend, rising 20% from January 2016. However, multi-family pending and were both down which hints at lower sales moving forward.

For more information on the real estate market, local communities, and current listings, please visit ResidentialProperties.com.

November 21st, 2016
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sold sign

Following Providence’s selection as the nation’s #1 market to watch by Realtor.com this past December, there was plenty of optimism surrounding the Rhode Island real estate industry heading into 2016. Despite the already high expectations, the state’s housing market has managed to outperform its lofty projections and is currently on pace to break its all-time record for single family sales.

The initial rise began in 2015, when the Rhode Island market saw a 9% increase in single family sales from the previous year. However, through October of this year, not only has that rate of growth continued, but it has actually increased to 12.5% compared to the same time period in 2015.

So far this year, the market has already set records for single family home sales in both the first and second quarters, compiling 1,906 and 2,795 sales, respectively. Rhode Island also set a new personal best with its busiest month of September on record, amassing a total of 1,053 single family sales.

With such a historic start to 2016, the state is now poised to break it’s all-time high of 10,025 single family sales set back in 2004. Through the end of October this year, Rhode Island has already seen 9,185 single family sales, outpacing the 8,453 sales compiled over the same time period during the record-setting 2004 campaign. Considering that current MLS data already shows an additional 1,311 pending single family sales, it’s looking more and more likely that 2016 becomes the state’s new high water mark.

Inevitably, these numbers lead us to wonder about the underlying reasons behind such a hot market. The obvious factors that jump out are affordability and location. Despite prices rising 13% since 2012, the average single family sales price for Rhode Island homes is still nearly 15% lower than it was during its peak in 2007. The availability of reasonably priced homes located within close proximity of the ocean and cities such as Boston and New York offers a unique opportunity for buyers.

Rhode Island has also received plenty of buzz and free publicity as of late. Providence was named “America’s Favorite City” by Travel + Leisure Magazine in October of 2014, and was also selected as “America’s Coolest City” for 2015 by GQ Magazine, while Cranston has been included on Wall Street 24/7’s list of “America’s 50 Best Cities to Live” for each of the past three years. Some of the factors influencing these accolades have been the state’s celebrated restaurants, upscale hotel lounges, craft beers, specialty coffee shops, and emerging technology scene.

Whatever the reasons may be, Rhode Island homes continue to sell at an impressive rate, with the statewide average days on market dropping by nearly 30 days since 2012.

For more information regarding Rhode Island real estate, please visit ResidentialProperties.com – ranked among the top 25 real estate sites in the entire country.