Narragansett home sells for $5.7M
PBN.com, August 6, 2010 by Chris Barrett, PBN Staff Writer
NARRAGANSETT – An oceanfront house in Narragansett has sold for $5.7 million, the highest sale in the seaside town since 2004, according to the real estate firms that closed the deal.
The John G. Picerne Trust purchased the 3.5-acre property known as Indian Rock that boasts a six-bedroom home along with a carriage house with its own two-bedroom apartment.
Claudia Philbrick of Residential Properties represented the sellers and Dan Harding of Lila Delman Real Estate represented the buyer. The companies announced the July 15 sale last week.
“We feel very good about it,” said Melanie Delman, president of Narragansett-based Lila Delman Real Estate.
The firm specializing in luxury homes described the property as offering “dramatic views of the Atlantic Ocean’s granite coastline” as well as seaside gardens.
The family trust behind the purchase is related to the Picerne Real Estate Group, a Warwick-based commercial real estate company that develops and manages apartments in Arizona, Nevada and Rhode Island.
Delman said her firm is increasingly seeing buyers of luxury homes coming in from the local area. After the recession, interest from places like Connecticut and New York waned, but inquiries from those in the local area picked up, Delman said.
“I think these are the people who have fond memories of the area, maybe as kids summering at the beach, and they appreciate their own oasis,” Delman said.
Delman expects a pending sale to eclipse the all-time Narragansett home sale record of $6 million for a home overlooking Narragansett Beach. Delman said she expected an oceanfront property in town, listed for $6.8 million, to close this fall.
PBN.com, August 6, 2010
Chris Barrett, PBN Staff Writer
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