Stephanie Basile is a sales associate for Lila Delman Real Estate. A real estate professional for more than 15 years, she has an MBA in finance from the University of Chicago and a mechanical engineering degree from Lehigh University.
Last month, she represented the buyer of the William Douglas House in Providence, which sold for $1.7 million. The Greek Revival was built in 1852 in the College Hill neighborhood.
PBN: You represented the buyers of 6 Olive St. in Providence, a beautiful pre-Civil War era home. How much selection is there on the East Side for historical homes?
BASILE: The East Side is predominantly a [historical] district, with many of our homes built in the 18th and 19th centuries. The architecture varies significantly from Georgian style to Renaissance Revival, Greek Revival and Victorian. So much [historical] and architectural diversity in a relatively small area.
PBN: Who was William Douglas, presumably the first owner of the house? Can you share a bit of his background?
BASILE: William Douglas was a reverend of Scottish descent. He had the house built in 1852 and he was buried in Swan Point Cemetery when he passed in 1887. I haven’t been able to find anything else on my research of who he was. But he built a beautiful house!
PBN: I’m curious if more buyers are asking about the original property owners. Does it matter to them what these individuals did for a living or who they were?
BASILE: I have found that people really do love knowing the origins of the house and who lived there over the years. Buyers on the East Side appreciate older homes and what they have to offer, and that information adds to the charm.
Sometimes it is hard to get the full information, but with my listing at 30 John St., my sellers happened to know all the history, and it made for an interesting read. It drew more interest to the house.
PBN: What is the market looking like for buyers who want to get into the East Side neighborhoods? Is there a lot on the market? Are homes still selling quickly?
BASILE: The market is very competitive on the East Side and it will be that way for a while. We don’t have a lot of inventory – we don’t have new construction to satisfy demand. We are a [historical] set of neighborhoods in a prime location within Providence. And we are a magnet for Boston-based workers who have a fairly easy commute by rail into the city.
Now, with more buyers working remotely, the draw to Providence has become even stronger. We are still a bargain compared to the cost of living in other nearby major cities. We have diverse dining and shopping, and a high walkability. I see demand growing, and as it grows, so will prices, which have already been increasing at 8% to 12% per year in the past five years. Homes are selling very quickly, usually with multiple offers. Buyers have to be savvy and aggressive.
PBN: What do you think is going to happen to the market this fall into winter? Will it cool down? Is the election having any impact on buyer or seller behavior?
BASILE: In the past, I have seen election years bring a slight uncertainty in October and November of those years. I don’t anticipate that being the case this year though. We did not see a slowdown in the East Side market due to the pandemic, and I don’t believe the elections will create an impact either. Regardless of who people want to win, there is a demand for a housing that is greater than our supply, and that will carry through the election and into the next year.
Mary MacDonald is a staff writer for the PBN. Contact her at MacDonald@PBN.com.
