In 2021, Rhode Island real estate duo Kira Greene and Michael J. Sweeney, sales associates with Residential Properties Ltd., achieved more than $83 million in sales, and then picked up where they left off, closing on Providence’s first residential real estate deal over $1 million in 2022, representing the buyer who purchased a 4,601-square-foot brick colonial on the city’s East Side for $1.71 million.
The “Greene/Sweeney Team,” specializing in luxury homes in Providence and East Providence, has been recognized in the RealTrends annual List of America’s Best Real Estate Professionals each year since it started in 2019, and won Rhode Island’s Best Small Team category.
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PBN: What’s your outlook for the residential real estate market in 2022?
GREENE: 2022 is the year to focus on the pulse of the market. It’s so dynamic that “sold data” is now “old data.” The market is moving rapidly and Providence is no exception. Realtor.com recently named the Providence Metro Area as the No. 6 hottest real estate market in 2022, up 52 spots from last year’s ranking.
This is unsurprising, as we have seen nationally that smaller cities are attracting big-city buyers from larger metro areas. Providence is pulling in buyers from Boston and New York at a faster rate than we have ever seen. This spike in out-of-state buyers along with low inventory and relatively competitive mortgage rates will continue to be our new normal. Next year will be the year that Providence can flex on its market success.
PBN: Looking back, what was 2021 like for the Greene/Sweeney team?
SWEENEY: For us, it was a year of tremendous growth and success for both our team and for our clients. Extremely limited inventory required us to remain nimble and think outside the box in order to win multiple bid wars for our buyers and attain high prices for our sellers.
It was also an exciting year, as we worked with many new virtual clients, which was a natural extension of our concierge experience our clientele has grown accustomed to over the years. We attribute part of this growth to our social media platform that allows us to creatively share our clients’ properties and attract buyers and referring agents nationally.
PBN: What does it mean to buy a luxury home nowadays in Providence? What qualifies and what are buyers looking for?
SWEENEY: In Rhode Island, luxury is defined as a property listed over $1 million. However, we find this to be far too broad of a definition, as this ranges across the state from South County to Providence. Instead, we focus on our buyers’ definition of luxury.
For many of our buyers, luxury is a combination of location and turn-key properties with recent upgrades and contemporary finishes. With our older Rhode Island inventory, we often see a blend of old and new, and this can be an education for buyers moving from less historic parts of the country.
PBN: What is it like for you to work together as a team when so many real estate agents go solo?
GREENE: We consider ourselves a true partnership versus a team, and this dynamic of two high-performing agents working together provides a unique value proposition and powerful opportunity for our clients. We are both soup-to-nuts agents with a collaborative style. Our dual commitment to our clients provides a level of service we do not think is easily replicated. Though we were both successful as solo agents, real estate can also be an isolating business, so the idea of having another agent’s support, as well as talents, has been rewarding.
PBN: Tell us, what has been your favorite home sale during your time working together?
SWEENEY: We have to pick the Nicholson Estate [at 288 Blackstone Blvd. on the East Side of Providence]. We helped save this property, which was in a major state of disrepair from demolition, by negotiating terms that would work for our buyer client to be able to refurbish it. The sale illustrated how these older homes can be saved and turned into properties that buyers will swoon over.
GREENE: We also knew how important this piece of property was to its East Side neighbors, as well as the Providence Preservation Society. The cherry on top was relisting it as a beautifully renovated luxury property that sold to another buyer client of ours.
With a new family occupying the home, we knew the house was truly living on. Real estate is a rare combination of a business and personal decision. There’s always a reason for selling or buying, and in this sale we just felt lucky and proud to be a part of it.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
