Five Questions With: David Godden

David Godden is director of distinctive homes for Randall Realtors. / COURTESY RANDALL REALTORS
David Godden is director of distinctive homes for Randall Realtors. / COURTESY RANDALL REALTORS

David Godden is director of distinctive homes for Randall Realtors. He is a past president of the Rhode Island Association of Realtors and is a national speaker on ethics and arbitration. Active in real estate since 1973, Godden responded recently to questions from the Providence Business News on the market for luxury properties in Rhode Island.
PBN: How is the marketing of a luxury property different than a family home? What kinds of details are emphasized?
GODDEN:
First, it’s important to understand that there are different types of luxury properties. Rhode Island has everything from high-end, urban condos targeted to professionals, to suburban family homes, to luxury second homes. They all require different types of marketing because they’re geared to different types of buyers. As a general rule though, quality videos and brochures are a must, as is professional photography. Everything we do has to reflect the quality of the property we’re selling. It’s important that we emphasize quality construction, modern amenities and the property’s unique features and architectural elements.
PBN: Is the venue for the advertising different? Is Rhode Island being marketed outside Rhode Island, primarily?
GODDEN:
The marketing venues are different, especially for second homes. Most of our high-end business caters to second-home buyers from other states. We advertise in everything from out-of- state newspapers and magazines to international publications like The Wall Street Journal. We’re also affiliated with Luxuryhomes.com which pushes our listings out to high-end buyers worldwide.
PBN: What has changed in the luxury market since you became involved in real estate? Are there more luxury homes in more communities? And are there towns now “on the map” that weren’t 10 or 20 years ago?
GODDEN:
As far as what has changed, the obvious answer is technology and social media. A good luxury agent has to stay on top of their game to make sure they’re using all the new tools available to them.
Also, the market overall has changed. I think there are far more luxury properties on the market than there were 10 to 20 years ago. In the last 18 months, according to Statewide MLS, there have been 50 home sales over $1 million in Westerly and Charlestown alone.
There are more listings in more communities and small pockets are popping up every day. When people think of the luxury market, they think of Watch Hill, Newport or Block Island. I think they would be surprised to know how many of these properties are sold in lesser-known areas like Weekapaug, Quonochontaug and Green Hill. They’re small, sleeper communities for the luxury coastal market.
PBN: In general, why are property owners selling? Are they moving to other luxury or vacation properties within Rhode Island, or other locations outside the state?
GODDEN:
We seldom lose sellers to other states but we do see quite a bit of transfer within the state. Family size and dynamics often dictate a move. Retirees may want to downsize, for example. Most of the time, it seems that sellers stay in the same community so that they can continue to take advantage of the assets that attracted them to the area in the first place. They’re rooted in their association beaches or yacht club, for example, and don’t want to leave those affiliations behind.
PBN: What is the most unique feature in a luxury sale that you’ve handled? What is an example of what they might have?
GODDEN:
Currently, one of our agents has a spectacular waterfront home for sale on 42 acres on Quonochontaug Pond with direct ocean access, dock and infinity pool. That amount of saltwater acreage is extremely rare.
I also sold a home a couple of years ago on a peninsula in Shelter Harbor that was over $5 million that had an elevator large enough for eight people and remote hidden window shades that came down from the ceiling to block out the sun and afford privacy when needed. It also had a long driveway with a system that announced when cars were approaching. Everything was state of the art.

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