Lee Scura Holloway is a sales associate for Residential Properties Ltd. who recently sold 294 Ocean Ave. in Newport, better known as The Playhouse, for $9.94 million. Residential Properties said that according to Rhode Island Statewide Multiple Listing Service data, this is the second-highest residential home sale in Newport for 2024 as of late September.
Scura Holloway is a native Rhode Islander and certified relocation specialist, who began her career in New York City working in commercial real estate, developing a network of clients spanning New England and New York.
PBN: You recently sold The Playhouse, the second-highest sale of the year in Newport thus far, for $9.94 million. What was it like to take part in that?
SCURA: I was honored and humbled to be part of this transaction. This is an iconic, storied property on Newport’s equally prestigious and renowned Ocean Drive, and I take seriously the responsibility of stewarding such an important home on to its next generation of ownership. The process happened quite quickly, as I was blessed with a buyer who is very decisive.
PBN: Does it feel like a high-stakes situation when you're dealing with such a highly priced home? How do you handle the pressure if there is any?
SCURA: There was certainly a fair amount of pressure. In any transaction, no matter what price point, I want to do my absolute best for my client to make the experience as seamless as possible.
In this sale, the stakes were high and there were many permutations along the way. It took every effort, every waking hour to be sure that issues were resolved between parties and that the process continued in a positive direction. When it comes to handling pressure, staying calm and rational is key.
PBN: What would be your best tips to prospective home sellers in the Newport area?
SCURA: First, connect with a Realtor you trust, who understands your timing and expectations for your sale. Real estate is significantly more difficult than some people assume, and a good Realtor will put in all their time and effort to help you reach your goals. I always say, I don’t leave the island until I sell your home.
PBN: What's the latest from what you have gathered about the level of new construction that's happening on Aquidneck Island?
SCURA: We’re all pretty aware of Rhode Island’s new construction issues and Newport is facing similar challenges. City zoning laws are often cited as the biggest roadblock, according to a recent study by the Department of Planning and Economic Development. Over half of Newport residents in that study want changes to zoning laws to allow for more new construction with about 90% of the city currently built out.
New laws geared toward streamlining the process of developing accessory dwelling units, however, may be a way to create new housing while allowing homeowners to generate income, helping them maintain ownership of their property and bringing stability to the housing market. With limited opportunities for new construction on Aquidneck Island, we have seen a growing interest from buyers seeking unique properties to restore and reimagine, particularly those featuring coveted water amenities, as was the case with The Playhouse.
PBN: You used to work in commercial real estate in New York City. What was that like and how does that compare to what you do now selling homes in Rhode Island?
SCURA: It was some years ago that I worked in New York City in commercial real estate, so I can’t exactly compare the two industries concurrently, but while they are two different worlds entirely, there are similarities. For example, commercial real estate involves memorization of every important building and its anchor tenants. One has to constantly study the market, just as we do in residential real estate here, so that we can remain well informed for our clients and know, or even anticipate, the latest trends.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
