Five Questions With: Geer Messinger

Geer Messinger is the chief operations officer for Mott & Chace Sotheby’s International Realty, which is based in Charlestown, and has offices in Narragansett and the Watch Hill area of Westerly. She spoke recently with Providence Business News about the luxury market in Rhode Island.

PBN: How has the luxury buyer changed in the last five years?
MESSINGER:
They continue to have more knowledge than ever, before reaching to a real estate broker for guidance. The Internet has allowed them to do tremendous research ahead of time so they enter the market with a strong understanding of what they are looking for in a property. They also research the company they wish to work with and expect a very high level of expertise in the market segment that they are pursuing. Our clients are very much drawn to the Sotheby’s experience and all that it offers.

PBN: In terms of properties, what is the luxury market in Rhode Island? What do we have that buyers are looking for?
MESSINGER:
Rhode Island luxury buyers often have multiple homes and they are drawn to Rhode Island for the incredible lifestyle we offer here, be it beaches, boating or a dynamic city experience. Many are also collectors who have a strong interest in quality, design, history and provenance. They often have a desire to be stewards of significant properties, protecting and preserving them much as they would works of art.

PBN: What makes a luxury property a luxury property? Is it the amenities, the price, the address?
MESSINGER:
Luxury is typically determined by the lifestyle the property offers. Rhode Island has endless water amenities – beaches, boating, lakes – which are often the focus of the luxury buyer. We also have an abundance of historic homes that are fascinating to buyers from areas where properties from much earlier eras do not exist. People love learning and sharing the story of their property.

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PBN: What do cities like Providence offer the affluent buyer?
MESSINGER:
Providence offers an incredible lifestyle including culture, education, museums, restaurants, sporting events, history and shopping. It is not a mistake that Travel and Leisure recently voted Providence one of “America’s Favorite Cities.”

PBN: Where do you see the state’s luxury market heading in the next calendar year, and if you can, give us a sense as to how the past year went for your firm in terms of sales?
MESSINGER:
All signs are showing a continued slow and steady growth in the luxury segment. There is attraction to our luxury properties located throughout the state. Rhode Island is the recipient of so much great press, including the 2015 Conde Nast Traveler Readers poll naming two hotels on their list of 25. It brings our state to the forefront. As a firm, Mott & Chace Sotheby’s International Realty continues as a leader in the luxury market. We are the only multi-office firm with an average sales price that exceeds $1 million. As a 2-year-old company, that is quite impressive.

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