Dottie Nigrelli, the manager of the Randall, Realtors office in the Watch Hill section of Westerly, recently represented the sellers of a $1.25 million condominium, capping off a busy year. She spoke recently to the Providence Business News about the real estate market in Westerly.
PBN: The Watch Hill office for Randall, Realtors was involved in sales ranging from $1.1 million to $11 million last year. How does the year compare to others previously and did you see this coming?
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
NIGRELLI: 2017 was a very strong year for million-dollar sales and an improvement over previous years. We have focused a lot of our advertising efforts toward the high-end market. That, combined with consumer confidence in 2017, was a win-win.
PBN: The median price exceeded $2 million for these transactions. Again, is this a dramatic increase for the area?
NIGRELLI: The median sale price of the $1 million-plus single-family homes in the area of Westerly, [including] Watch Hill and Weekapaug, has increased approximately 14 percent from the previous year. The number of sales has also increased. This reflects what is happening with prices in many markets. High demand and low inventory is driving prices upward.
PBN: What is driving the interest? A lot of areas have oceanfront views. What is the appeal of Watch Hill in particular?
NIGRELLI: Luxury homebuyers are buying into a lifestyle for their family. Waterfront, direct beach access, private golf, tennis and yacht clubs that offer activities for the entire family. Watch Hill and Weekapaug offer all of that and more.
PBN: How is the market progressing into 2018 so far?
NIGRELLI: We have closed two properties over $1 million-plus in January. Of course, we are hoping the momentum will continue, however the market is struggling with high demand and low inventory.
PBN: How do you compete for the listings? It seems that every real estate office would want to be in this market right now.
NIGRELLI: We have a fabulous location in the village of Watch Hill. Our agents are experienced and knowledgeable in the high-end market. Our affiliation with Luxury Real Estate Companies of the World and Luxury Portfolio gives our agents the tools to compete in the luxury market. Not only are we local but we are global. We also have high-end vacation rentals, and once here, vacationers fall in love with the area and want to buy.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
