Jodie Neville, an agent with RE/MAX Flagship, recently represented clients who purchased a Victorian-style home in North Kingstown 12 days after it was listed. The property in the village of Wickford includes a dock and boathouse. The house was built in 1892 and was recently renovated. She spoke with the Providence Business News about this market.
PBN: What is in North Kingstown for luxury properties?
NEVILLE: North Kingstown has a few pockets that are hidden gems. Wickford being the primary one. It was an old fishing village, but it has been going through a regentrification over the past few years, where many stores are coming and new restaurants. It has a lot of community events that draw families, a lot of New England charm. It’s up and coming.
PBN: Are people looking in the outskirts or do they want to be right in the village?
NEVILLE: The village is where you’re going to get the higher-end properties, because most of them are waterfront. That’s really what’s driving the luxury market. You are tending to see more toward the waterfront market. Also, Saunderstown is in North Kingstown. That’s another pocket that drives higher price points – again, more waterfront properties.
PBN: You were the buyer’s agent in this most recent transaction. How broad was their search?
NEVILLE: It’s interesting. Two weeks ago, I sold a property in Wickford where I was the listing agent. It sold for $920,000, which doesn’t necessarily classify it as luxury but it’s right up against that.
In this particular case, the buyers actually own a property in Wickford, a smaller house that is waterfront, that I’m selling now for them. I’ve already had four offers in the past three weeks. It’s not a ton of inventory that comes up in this area, so it does tend to move, especially at the caliber or condition of the house they bought. It was exquisite, remarkably renovated.
You tend to get historical homes in that area that are not all renovated. People look at them as an investment, to renovate. In this case, they had laser focus on this house. “There is a house that just went on the market and we want it.” We see that in this industry, with the online sites.
PBN: You previously were in marketing at Hasbro Inc. How does real estate sales relate to your marketing career?
NEVILLE: It’s very different. I was at Hasbro for 16 years. At the time I left Hasbro, I was managing the Monopoly brand globally. I said to Brian Goldner, the CEO, that at its core, Monopoly is all about real estate. So, this is a natural transition. For me it was more of a personal shift in career. It was three years ago. It’s already proven to be an incredibly wise decision. I’m thrilled.
PBN: In some categories, say entry-level homes, the market is cooling. What do you project is going to happen in 2019 for the luxury end of the market?
NEVILLE: Everything I’m reading through the National Association of Realtors is showing that sales prices are going to continue to increase. The interest level is not cooling them from purchasing. Everything is really favorable for the real estate market. [Interest rates] are still low historically.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@PBN.com.