Derek Simpson is a real estate agent with Pam Hogan Homes LLC, which established itself as an independent brokerage in spring 2022. Formerly an adviser at Engel & Volkers, Simpson specializes in selling high-rise condominiums in downtown Providence. He is a native Rhode Islander who has lived in downtown Providence for more than 10 years. He recently co-listed a high-end condominium at The Residences that set a home sale record for the highest price per square-foot for a non-penthouse unit in the city.
PBN: You recently co-listed Unit 2704 of The Residences Providence building at 1 West Exchange St. that sold for $1.1 million, which according to the Rhode Island Multiple Listing Service is a price-per-square-foot record in Providence for a non-penthouse unit. You had some special insight into this listing. What can you tell us about it?
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SIMPSON: It’s not every day you walk into a space that is truly turn-key, right down to the smallest detail, but Unit 2704 really is. Perfectly perched on the 27th floor of the northeast corner of the Residences tower, Unit 2704 features a fully renovated and designed interior with custom cabinetry, fantastic wallpaper, high-end appliances and the city’s best primary bathroom (with a heated marble mosaic floor and steam shower to boot.)
When you begin to list Unit 2704’s features, it’s easy to see why it sold for $794 per square foot, which is the highest price per square foot of any condo sold in Providence since 2019, and the highest non-penthouse unit ever sold in Providence, according to the R.I. MLS. This unit embodies the luxurious lifestyle available right here in the center of Providence.
PBN: Are there more condo units available to buy at The Residences Providence? Is it true that this building is the only “full-service” residential tower, and what does that mean?
SIMPSON: Inventory is certainly lacking at the moment. Currently there is only one unit available to buy at The Residences Providence, but the rumor is Pam and I will have another exciting unit coming available within the next month. So, stay tuned for that. Working within the building for so many years now, Pam and I get calls all the time from current owners thinking of selling, maybe to downsize or upsize within the building itself. So, reach out to us for off-market opportunities as well. In fact, between Pam and I, we have participated in over 50 transaction sides at The Residences Providence since 2016.
And yes, it is true that The Residences is the only “full- service” building in the state. This means residents have 24/7 access to concierge staff that truly care about the well-being of each and every resident. No other condominium in the state offers day porter service. Think dry cleaning, grocery and package delivery, all to the inside of your unit. Valet service is also available from the Omni Hotel to aid in guest parking. The Residences offers a slice of New York City-style concierge living right here in Providence.
PBN: What can you tell us about the luxury condominium market in Rhode Island more broadly?
SIMPSON: We have seen strong demand for luxury condos throughout Rhode Island, whether it be downtown Providence, or developments along the coast. Demand is certainly outweighing supply, so if you are looking to sell, now is the time to maximize your value. As homeowners sell their larger homes for fantastic, record numbers, they still want a presence in Rhode Island and luxury condos provide the perfect solution.
PBN: What has your career path been like in Rhode Island real estate thus far, and what are your personal goals?
SIMPSON: Pam’s career in real estate has spanned a greater time frame than mine, long enough to deem her the “condo queen,” but mine is off to an exciting start. I have always been a real estate aficionado, first delving into condo flipping and then moving further into the design world. In 2020, I got my real estate license, and it has been the perfect fit ever since. Hopefully one day I will be as seasoned a professional as Pam. My goal is to truly create a client portfolio of friends and colleagues that trust me as their go-to real estate professional.
PBN: What has your time been like at Pam Hogan Homes LLC?
SIMPSON: Pam and I worked together as the Hogan Simpson Group (with over $10 million in sales in our first year together) before Pam decided to pursue her dream and open Pam Hogan Homes. It’s been fantastic to work in our close-knit boutique brokerage. Pam is willing to help and give support 24 hours a day, and that truly makes things seamless for our clients. I look forward to growing together with Pam Hogan Homes.
Marc Larocque is a PBN contributing writer.
