High-end market is sizzling
The Newport Daily News, December 8-9, 2007 by Christine McCall, Daily News Staff
Even though real estate sales in Rhode Island are down 5 percent to10 percent this year, Lila Delman Real Estate, which deals in the high-end market, has bucked the trend.
The firm's sales so far in 2007 amounted to $235.7 million, up 40 percent from 2006, said John Hodnett, a co-owner and principal broker. The firm has sold 237 properties this year; compared to 205 in 2006, an increase of 16 percent.
Also defying national and statewide trends, the average price per property sold by Lila Delman rose 22 percent, Hodnett said.
The agency has offices in Narragansett, Watch Hill, Newport and Jamestown, and employs about 60 agents.
"Our focus and our strategy has been applied to the multi-home buyer," said Melanie Delman, owner of the firm.
Aquidneck Island is attractive to buyers because of the beauty of the coastline, architecture, culture, its proximity to New York, Boston and the airport and Newport Hospital's favorable reputation, Delman said.
"We have to realize how lucky we are to be in such a special place," she said. Delman's agents work with a lot of buyers who are looking for properties with waterfront views--and a home that has something unique to offer. A few of the properties the firm currently is marketing are the Wrentham House ($14.5 million), Oakwood ($10.75 million) and Sandcastle ($5 million), all in Newport.
Delman suggests that potential buyers first decide on the location they want and then consider the lifestyle they want to live, as well as the price they want to pay. Many of the local properties on the market are one of a kind, she said.
The firm's recent growth has led to the creation of a new position. Geer Messinger was named director of business management in October. She has been with Delman since April 2006 as a finnacial manager and consultant, but in her new position, Messinger will be responsible for implementing policies and procedures, supporting the agents and helping train agents.
Messinger credits much of the success the firm has experienced to the relationship that its agents develop with buyers and sellers.
Currently, Delman has aobut 220 homes on the market.
Looking into next year, Messinger said, "We're capable of continued growth."
The Newport Daily News, December 8-9, 2007
Christine McCall, Daily News Staff
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