Ian Barnacle, manager of Residential Properties Ltd.’s Barrington office, has been overseeing commercial sales in the East Bay, which have helped his company become the state’s top-ranking agency for commercial sales volume this year as of the end of the third quarter. RPL’s total commercial sales volume in this period was $43.4 million, the company said.
The biggest commercial sale of 2023 thus far was 43 Poplar St. in Cranston, which was purchased for $14 million, with RPL sales associate Scott Veloso representing the seller. Barnacle’s territory covers “the East Bay and beyond,” he said.
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PBN: We’ve heard news recently that Residential Properties is growing its commercial sales practices and reaching a top-ranking commercial sales volume. What’s going on with commercial sales at RPL’s Barrington office?
BARNACLE: The commercial market, like all segments of the market, is booming. The East Bay somehow finds new ways to be an even better place to live, and the bike path is such a benefit to commercial ventures looking to scoop up new patrons as they walk or bike through the area. A number of our recent commercial sales and listings have been along Maple Avenue and County Road in Barrington.
There are very few commercial opportunities in Barrington, so when they become available, they are very popular. People are looking for an all-in-one lifestyle close to shops, cafes and restaurants, so there are some excellent commercial opportunities around the area, and we’re excited to meet the changing needs of the community.
PBN: What types of residential properties are most in demand right now? Are clients looking for a particular size more than others?
BARNACLE: Single-family homes are most in demand, with multifamily homes not far behind. Rhode Island’s housing shortage has made property particularly valuable and in demand, and everyone is looking for a slice of the pie.
Most single-family buyers are looking for a minimum of three bedrooms and two baths, as well as some element of outdoor space. The most popular properties have been renovated and are well located, whether they are near the water or within walking distance to amenities, and we are still seeing these properties sell with multiple offers, limited contingencies and over the asking price.
PBN: What’s your view about the state of the residential real estate market in Rhode Island right now, in terms of availability and pricing, compared to other places and previous times?
BARNACLE: The third quarter of 2023 was significantly different from the third quarter of 2022. We’re seeing limited inventory and elevated interest rates. The national average 30-year mortgage rate rose for the fifth week in a row in the second week of October, according to Freddie Mac, and as a result, year-over-year existing home sales sagged for the third consecutive month. According to the National Association of Realtors, all four major U.S. regions posted declines. The housing market, however, is still competitive for prospective buyers. With many homeowners “locked in” at low interest rates and unwilling to sell, demand continues to exceed for-sale inventory.
PBN: What is one of your most memorable real estate transactions and why?
BARNACLE: One of my most memorable was my first commercial transaction, which was trial by fire. I listed the old Engle Tire building on the corner of Broadway and Service Road 1 in Providence, overlooking Route 95. The iconic building had been a mechanic’s shop, and I experienced the associated environmental testing. After clearing those hurdles, a neighbor, UCAP School in Providence, purchased the building where they reconstructed it in a way that was sensitive to the original structure and to the streetscape. I was very proud to help family friends sell that building and pleased that a nonprofit organization purchased it to continue contributing to the Providence community.
PBN: What’s the best advice you could give to people who are just getting into the field of commercial properties as a real estate broker?
BARNACLE: Take classes and learn as much as you can about the process. Talk to experts in the field. Banks have tightened their lending according to our in-house experts, so having a good banking relationship is the key thing. More broadly though, working with trusted partners is critical for entering this or any other asset class of real estate.
The success of RPL Commercial is in no small part due to our reputation and the expertise of our agents. RPL has remained dedicated to the same values that made it the top firm in the residential field and this brand of quality service has proven itself in the commercial field as well.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
