Jim DeRentis is a longtime Providence-based sales associate for Residential Properties Ltd. who finished 2022 ranked as the top real estate agent in Rhode Island based on number of transactions (106.5) and total sales volume ($109.7 million), the real estate firm said, citing Rhode Island Statewide Multiple Listing Service data. That includes the biggest sale of the year in Providence, the historic Thomas Poynton Ives House at 66 Power St., representing both sides of the $5.5 million transaction.
PBN: You were ranked as the top individual agent in the state of Rhode Island, in terms of total sales volume and number of transactions for 2022. How are you able to become this productive in Rhode Island real estate, and what do you think about this accomplishment?
DERENTIS: I consider myself very fortunate to have achieved this level of sales success and only two of us in the state have done over $100 million in volume with any consistency. I decided early on in my career to focus on my hometown of Providence and the metro-Providence area, hence the name The Providence Real Estate Guy.
By becoming the Providence real estate expert, I am able to provide insights that others don’t have. I have been the top listing agent in Providence since 2017 and clients see me as a trusted adviser. I have folks call me for real estate advice all the time. My goal has been to build a relationship that extends beyond the transaction. In addition, I have an amazing assistant. Shaina [Strom] keeps everything running smoothly behind the scenes.
PBN: What was the highlight of 2022 for you professionally? Was there a favorite sale or career moment you could share?
DERENTIS: Aside from doing $109 million in sales for the second year in a row, the standout sale for me in 2022 was 66 Power St. It was the highest single-family residential sale in Providence’s history and a very special property. One of the few China Trade houses that was still in private hands; in fact, it had never changed ownership outside the family since it was built in 1803.
It sits on 2 acres in the heart of College Hill and there was a lot of development pressure. I had a short list of folks that I knew would be interested in the property for its provenance. And as a result, I was able to find the right buyer who will preserve the house and its history. I was very pleased to be able to ease the seller’s mind that the house would be in good hands, while at the same time giving the buyer an opportunity to own a piece of American history. I am very proud of the accomplishment and what it meant to the parties directly involved, as well as the city at large.
PBN: Do you expect to accomplish a similar amount of sales volume? What’s your outlook for 2023?
DERENTIS: I think 2023 will be a lot like 2021 and 2022 started, meaning we don’t know what to expect. The old cycles have been flipped upside down. The pandemic changed employer-employee relationships overnight, supply chain disruptions and a war in Ukraine sent prices for everything from services to durable goods to food and energy on a roller coaster.
We saw a demand for housing that no one could have predicted and as a result, prices rose considerably. Folks began moving around the country like no other time in recent memory. Millennials hit their homebuying stride and baby boomers are largely staying put, coupled with not enough new housing having been built since the recession of 2008 to 2009, and we have the perfect storm.
When inflation crept into the picture, the Fed largely tried to control it with interest rates, which did cool the housing market down in the last half of 2022. And given we are a consumer-driven economy and consumers’ biggest expense is housing, we are seeing inflation cool as well.
Although, there is still a fair amount of conflicting data. The employment market has never been stronger, adding new jobs at unprecedented numbers, and the low unemployment rates are at levels not seen since 1969. The Fed seems to be easing some on its rate policy.
The stock market had a tumultuous 2022 and is still having difficulty interpreting where the national and global economies are headed. If interest rates settle back down to the 5.5% range, I believe buyers will start feeling more confident again and sellers who may be on the fence will want to take advantage of current home prices. So, barring a recession, I think 2023 will be a decent year for home sales.
PBN: What’s the Providence real estate market like right now? Is there a lot of turnover? Are prices very high?
DERENTIS: Generally, on the East Side, we see about 15% to 17% of buyers coming in from other places. That number is now more like 35%. It’s largely people from bigger metro areas that are looking for less congestion and the higher quality of life that Providence offers. So while prices are up over 30% since the start of the pandemic, we are still a relative value compared to other metropolitan markets that folks are considering. And until we get more inventory, we will continue to see strong prices and strong demand.
A market is said to be in balance when you have a six-month supply of houses, meaning neither buyers or sellers have the advantage. We have less than a 30-day supply and as of this writing, there are 55 single-family houses for sale in the entire city and just seven on the East Side. So, we are definitely out of balance.
PBN: Your husband, Brett Smiley, recently became the new mayor of Providence. What’s that been like for you to see and how do you manage to stay focused on real estate when you have a spouse who was campaigning and is now leading the city as mayor?
DERENTIS: I could not be more proud of him. Brett campaigned for nearly two years and was in every corner of the city and all 25 neighborhoods. There wasn’t a campaign event that I attended when someone didn’t walk up and mention the wedding, bat/bar mitzvah, funeral, sporting event or art competition that Brett attended. He really made it his business to understand what the voters were looking for.
We are both very fortunate to have found success professionally doing the things we love. We make it a priority to schedule family time and don’t let things interrupt it. It’s nice from time to time when our professional lives intersect. It helps that the Providence Real Estate Guy is married to the mayor of Providence.
Marc Larocque is a PBN contributing writer.
