Compass Providence real estate agent Kevin Fox is one of the highest-grossing producers in the city, leading the residential market on closed sales on the East Side since 2016, his real estate firm said.
The RealTrends “America’s Best” list ranked Fox as the No. 3 agent within the city and No. 7 statewide, based on 2021 residential sales volume. Fox joined Compass Providence in 2022, after previously working as a longtime sales associate for Residential Properties Ltd.
PBN: What’s the real estate inventory like on the East Side of Providence right now, one of the most sought-after locales for Rhode Island homebuyers?
FOX: Inventory has been on the decline for the past several years. Though we have seen a slight uptick compared to the first half of 2022, active listings remain at record lows for the past decade. Declining inventory levels have not had a negative impact on interest level from buyers. We are typically seeing multiple-offer scenarios across all price points.
PBN: The East Side is kind of a market unto itself right now. It must be pretty competitive. What’s that like for you professionally?
FOX: The East Side has always been one of the most competitive markets in the state. It is a tight-knit, niche community with properties moving at rapid speed. As a professional, it’s hard for me to watch my buyer clients lose in a crazy bidding war – sometimes multiple times. I make it a point, however, to counsel them thoroughly before we ever make an offer on a property. I don’t want anything to surprise them to a point where they become discouraged.
For my sellers, I stress that even in this market, when it’s fabulous to be a seller, it’s still important to show the property in its best light. Proper representation in a market like this is critical to reaching a successful closing. I pride myself on being a true adviser and real estate expert.
PBN: Are you seeing many out-of-state buyers right now? Are people coming from other areas of the country to buy homes in Rhode Island?
FOX: Over the past several years, I’ve sold homes to buyers coming from Manhattan, Brooklyn, Boston, and, interestingly, California. All of these are markets in which young professionals have been priced out and older buyers have decided to “cash out.”
Additionally, the academic thread that runs throughout our city, with leading institutions like Brown [University] and RISD [Rhode Island School of Design], has directed the eyes of out-of-state buyers on Providence. The East Side affords a quality of life and barrier to entry that is more palatable for many coming from other desirable urban or adjacent areas.
PBN: You recently put a $2.1 million listing under contract within a matter of days. Can you tell us about this property and how you were able to sell it so quickly?
FOX: This was a fabulous contemporary on Pratt Street, designed by Frederich St. Florian. It’s a rare modern home on College Hill with finishes and city views that are superb – some of the best that I’ve ever seen. Editorial imagery, strategic exposure and direct outreach to cooperating brokers played a large influence on the rapid pace of this sale. Affiliating myself with Compass last fall has provided me with a brokerage that moves as quickly as the market – a huge competitive advantage to myself and my clients.
PBN: What do you expect this summer to be like for you and others at the Compass Providence office, in terms of how busy it will be compared to previous summers?
FOX: I’m optimistic for a strong summer at Compass Providence. Regardless of market condition or inventory levels, Compass Providence is committed to delivering the highest level of client service and exposure for our listings. We’ve redefined the real estate experience on the East Side – and throughout Rhode Island – and it is resonating with the market.
Per RIMLS [Rhode Island Multiple Listing Service], I’m proud to be the No. 1 agent on the East Side, ZIP code 02906, based on the number of closed transactions this year. Two of the top three agents on the East Side are Compass agents – Kira Greene and myself – as well as East Side veteran Rebecca Mayer.
At Compass Providence, I’m rubbing elbows with market leaders throughout the state, including the likes of the Kirk Schryver Team and Friedman Group in Barrington and the Stephanie Basile Group statewide, as well as rising stars such as Matthew Vieira, Casey Fava and the Modern Collective in the Greater Providence area. Ervin Hamzo currently ranks as the top agent in Lincoln and Michelle Pezza and Susan Perry recently set a historic record in North Smithfield. I anticipate this momentum continuing to build in the coming months for our team as a whole.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
