Five Questions With: Stacie Mills

STACIE MILLS said that the quality of the Stonestreet's developments and the locations are several factors driving demand for the units. /
STACIE MILLS said that the quality of the Stonestreet's developments and the locations are several factors driving demand for the units. /

Stonestreet Corp. LLC last week confirmed the sale of two of its high-end condominiums at the Residences at Brown & Howard Wharf and Marina, a joint project with Providence-based Paolino Properties. Four others – there are 16 total – had been sold before the development earned a certificate of occupancy during June. Stacie Mills, vice president of sales and marketing, last week told Providence Business News why she thinks they’re still selling.

PBN: You’ve recently sold two of the Brown & Howard residences in Newport. What were the selling prices?
MILLS:
We recently sold our model residence the weekend of our grand opening. The new buyers/residents were invited to our opening party and it was “love at first sight” – they purchased the furnishings from the interior designer, Carol Swift of Swift-Morris Interiors. The model residence sold for $1.875 million (excluding furnishings) from the original price of $1.9 million and a penthouse residence, which features an exclusive use rooftop deck, has gone under contract with the purchase price of $2.5 million.
Of the six residences sold to date, three have closed and have [moved], or are in the process of moving, into their new homes. In addition to the model residence, we have closed on two penthouse residences which sold for $3.6 million and $2.6 million.

PBN: Have you seen interest in the other units?
MILLS:
Yes, we are currently working with potential buyers on three other residences.

PBN: Why do you think that interest is still strong when condo sales across the state have been down?
MILLS:
I believe our two Stonestreet Corp. developments have fared well for three reasons:
1) Both of our Rhode Island residential developments are located on picturesque beautiful harbor fronts in great seaside communities. Stone Harbour is in the historic town of Bristol … and The Residences at Brown & Howard Wharf is located in the heart of Newport’s yachting village.
2) People are willing to pay for top quality and Stonestreet’s attention to architectural detail and construction has added to buyer confidence.
3) Buyer confidence as a whole appears to resurfacing. In several instances we have seen buyers return after looking at one of our developments and then waiting to commit. It appears that people are ready to move on with their lives in terms of their residential purchases. We are happy that they came back and purchased a residence in our development after looking at alternative options in the market.

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PBN: Has Stonestreet revised future plans at all because of Rhode Island’s slumping economy?
MILLS:
Not substantially.

PBN: Do you have any in-construction or planned developments?
MILLS:
We are currently looking at three potential residential developments, one will be harbor front with a marina, although, at this time I am unable to give details on where these developments are located.

Stonestreet Corp. LLC, a full-service construction and management firm based in Providence, recently completed the Stone Harbour Condominiums and Marina in Bristol. For more information, visit www.stonestreetcorp.com.

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