Residential Properties Ltd. co-founder, President and CEO Sally E. Lapides is also host of Real Estate Insight, a weekly show on WHJJ Talk Radio 920 AM.She took a few minutes this week to talk with Providence Business News about real estate trends she is seeing at her brokerage and throughout Rhode Island.
PBN: Has your company been growing despite this year’s slowdown in residential real estate? How have your total sales been affected?
LAPIDES: The slowdown in the market has been a strong motivator for successful agents to change offices for more opportunities. We build during the slower markets and position ourselves for the more active markets. Overall, we have grown this year.
Our sales volume is down about 20 percent, more in the suburbs due to high inventory. Providence and Barrington continue to be strong.
PBN: Have your personnel numbers grown during the last year – and has that growth been higher at one of your six offices than the others?
LAPIDES: We have remained about the same in terms of personnel in 2008.
PBN: Your company’s market share for selling Rhode Island homes priced at more than $1 million has grown to almost 19 percent from 13 percent during 2005. What steps have you taken to attract more high-end owners and buyers?
LAPIDES: Residential Properties has always been bold in our marketing efforts. Our Internet presence and advertising have attracted buyers and sellers for years. We have some of the most outstanding real estate professionals in the state who have deep connections to their communities. We pride ourselves in offering real estate insight, top-notch service and extensive exposure both nationally and internationally.
We have targeted a number of high-end marketing venues: The Robb Report, Wall Street Journal, DuPont Registry, New England Homes and Luxury Portfolio. We can also offer stand-alone Web sites to showcase properties and are launching a new Web site on August 13.
PBN: Are you seeing interest in condominiums in Rhode Island? How about Providence?
LAPIDES: The condo market is softer but not dead by any means. There is a lot of inventory to work through. Statewide, 993 condos sold through [the Rhode Island Association of Realtors’ statewide Multiple Listings Service] in the first half of 2007, compared to 673 in 2008. But the average price has increased from $249,000 to $259,000.
The demand for condos in Rhode Island is driven by empty-nesters, young professionals, baby boomers and second-home owners. The second-home market, especially waterfront – i.e., The Carnegie Abbey Club – remains strong.
The median sale price remained the same at $215,000.
PBN: Earlier this month, you said in your “Real Estate Insight” column that now is a good time to negotiate for retail space. Why is that? And is that unique to Rhode Island?
LAPIDES: Vacancies in shopping malls across the country are at a 13-year high, this is the result of overbuilding and the housing correction. We have always done rentals but we have opened a rental department to facilitate our clients in renting both residential and commercial vacancies.
Fortunately, Rhode Island’s commercial growth has kept in line with demand and there aren’t a lot of vacancies in the area’s major retail centers. The deals are often located in the suburbs or in lesser visible commercial properties.
Residential Properties Ltd. is headquartered in Providence and also has offices in Barrington, Cumberland, East Greenwich, Newport and Narragansett. The company – founded in 1981 – has grown to more than 150 Realtors and more than 40 support staff. For more information, visit www.ResidentialProperties.com.
