Mott & Chace Sotheby’s International Realty Announces The 903 Residences at Providence Place are Now Completely Sold Out
Mott & Chace Sotheby’s International Realty is pleased to announce the successful sellout of The 903 Residences at Providence Place. The sale of over 230 condominium homes took place ahead of the projected timeline while establishing new gross and price per square foot rates in the market.
As the exclusive listing brokerage of the The 903 Residences, the firm successfully sold out all units, achieving over $77 million, according to the data available from Rhode Island Statewide Multiple Listing Service. The Mott & Chace Sotheby’s International Realty specialists, Ben Scungio, Sara Chaffee, Kimberly Marion, and The Blackstone Team, were the driving force in repositioning the structure of the established condominium association from long term rentals to individually-owned units marketed to owner-occupants.
The firm is the only residential brokerage in the state to have facilitated two large scale condominium sell outs. Mott & Chace Sotheby’s International Realty’s accomplishment at The 903 Residences follows the firm’s successful sellout of the Arcade Providence micro-lofts earlier this year.
By establishing a well-executed business strategy and a targeted marketing plan, Mott & Chace Sotheby’s International Realty delivered The 903 Residences’ management company a blueprint to resulting in the sellout that maximized values.
“Our partnership with Mott & Chace Sotheby’s International Realty exceeded our expectations, executing the strategy with results that speak for themselves,” noted Tina Bacci and Wayne Lopez, Principals at RESIS Real Estate Sales Integration Solutions. “The first-rate team, with superior local knowledgeable, was just as determined as we were to bring The 903 Residences to the next level. Thank you to all involved.”
“We are honored to share this success with our clients, our sales associates, and the team at The 903 Residences”, states Ben Scungio, Regional Manager and Team Lead for The 903 project. “This was an incredible project to have been involved with, exemplifying once again that Mott & Chace Sotheby’s Realty has the experience and expertise to handle large, long term, and complex partnerships.”
This information is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. These properties may have been sold by other real estate companies. Data maintained by the MLS may not reflect all real estate activity in the market.
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Mott & Chace Sotheby’s International Realty Announces The 903 Residences at Providence Place are Now Almost Completely Owner Occupied
Mott & Chace Sotheby’s International Realty is pleased to announce The 903 Residences at Providence Place is nearing full owner occupancy. With approximately 25 units remaining, the condominium association is estimated to be completely owner occupied by the end of August 2022.
The firm is the only residential brokerage in the state to facilitate a large-scale condominium sell out. According to the data available from Rhode Island Multiple Listing Service, the brokerage sold over $25M in total sales volume and over 90 units in 2021.
Additionally, Mott & Chace Sotheby’s International Realty has facilitated the sale of more than 206 units at The 903 Residences over the past three years with a total of $67M+ in sales volume.
With the help and direction of the Mott & Chace Sotheby’s International Realty team, The 903 Residences’ management company has maximized the investment by maintaining rental cash flow with the leases in place and presenting tenants the opportunity to buy their units.
“We are thrilled with the outcome of the partnership with Mott & Chace Sotheby’s International Realty,” says Wayne Lopez, Director of Sales and Marketing at RESIS. “A well-executed business strategy coupled with excellent marketing and knowledgeable agents helped us move the needle on this project and create more housing opportunities in Providence.”
Mott & Chace Sotheby’s International Realty is the exclusive listing brokerage of the condominium units at The 903 Residences. The specialists, Ben Scungio, Sara Chaffee, Kimberly Marion, and The Blackstone Team, are the driving force in changing the structure of the established condominium association from long term rentals to primarily owner-occupied units.
“Due to the incredible work by the sales team, this has been an amazing accomplishment. This success of this project highlights the talent and capabilities of Mott & Chace Sotheby’s International Realty. Thank you to all!” states Ben Scungio, Regional Manager and Team Lead for The 903 partnership.
This information is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. These properties may have been sold by other real estate companies. Data maintained by the MLS may not reflect all real estate activity in the market. Data is based on information from Rhode Island Statewide Multiple Listing Service through 1/13/2022.
Here are Some Select RI Properties for Sale Under $500,000
Take a tour of a selection of three homes around Rhode Island that price for under $500,000. They are located across the state — and they are at a price point that is more available.
The folks at Mott & Chace Sotheby’s International Realty have put together some great suggestions for you.
Listed by Sara Chaffee Standish
Newly built colonial in the Ashton Woods development. This pristine home welcomes you with a bright and open floorplan. Built for entertaining; the kitchen and dining room open directly up to the private deck and fenced-in yard. The kitchen boasts a center island, gas range and an abundance of cabinet space. The second level features 3 bedrooms which include the expansive main bedroom that offers a walk-in closet, en-suite bath and plenty of room for a king-size bed, another full bath and a loft area that could easily be transformed into a home office or playroom complete the second level. The sellers recently completed the finished basement which currently is home to their office space & family room. Central air, propane gas, integral garage, fully fenced backyard, this home is a must see!
This charming home with great curb appeal combines the best of indoor and outdoor living in this northern Narragansett neighborhood with its own beach and water access. Lovingly cared for, you will find an updated granite kitchen, hardwood floors, a 13′ X 26′ Great Room with wood stove, a first-floor bedroom and bath, and two oversized bedrooms on the second floor. The lower level is perfect for “working from home” whether it is in the office or the workout room. If you like to entertain, the outdoor space here is impressive with beautiful trees and manicured lawn, 352 square feet of Trex decking, a 272 square foot patio off the deck, all privately set within your fenced yard. The 200 square foot deck on the front of the house is perfect for watching sunsets or simply relaxing at the end of the day. Other highlights are newer windows, roof, boiler, and hot water tank, town water, sewer and natural gas and a short distance to world-renowned Narragansett Town Beach. This is an inviting and comfortable place to call home…whether it is for inside or outside living and enjoyment!
Listed by Robin Knisley
Location, location, location! This 2,330 square foot property has a finished lower level of additional 1,000 living square feet and is zoned professional -two family. Located in downtown Westerly, close to Wilcox Park and the YMCA, this property could provide work from home options or an investment.
Best Value, Cool Condominiums in Providence
Take a look a collection of condos in Providence for no more than a tad over $500,000.
The folks at Mott & Chace Sotheby’s International Realty have put together some great suggestions for you.
Multiple Units Available
Listed by The 903 Residences Specialists
Just footsteps away from everything that downtown Providence has to offer the 903 Residences provide a tranquil oasis to call home when you are not exploring the city. On your downtime enjoy the unprecedented amenities at the 903 including a 24-hour fitness center, resort-style swimming pool, Jacuzzi, surround sound movie theater, clubhouse, concierge, and garage parking with electric car charging stations. With a variety of studio, one-bedroom, and two-bedroom homes the 903 has something for everyone. The apartment homes feature all the conveniences and fixtures one desires such as central air, in-home washers and dryers, and modern kitchens with stainless steel appliances.
Listed by Sam Glicksman
Housed in a Historic Tudor Victorian, this elegant two-bedroom condominium is highlighted by a private entrance, beautiful stainless/granite kitchen, hardwood floors, fireplace, fenced-in patio, large windows, high ceilings & crown molding. Other features include an entry foyer, in-unit laundry, in-fee hot water, storage & assigned parking. Centrally located within walking distance to Wayland Square, Thayer, Brown, RISD, and Downtown restaurants, shopping, and transit.
Listed by Stephen Antoni
Beautifully appointed two bedrooms and two bathroom corner unit with sweeping views of the Eastside and river located on the 11th Floor in Providence’s luxury high-rise at Waterplace residences. 1,200 square feet of living space with top-of-the-line Bosch stainless steel appliances, granite counters, marble counters in bathrooms and great storage space. The unit comes with deeded indoor, underground parking and a storage unit. Full-service amenities with 24-hour concierge service, fitness center, rooftop terrace, community room, restaurant, and much more. The convenient downtown location is a short walk to the train station that can connect you to Boston in less than an hour or RI’s International airport in 20 minutes. Enjoy the great restaurants, cultural and educational places to visit in Rhode Island.
Mott & Chace Sotheby’s International Realty Announces The 903 Residences at Providence Place are Now Over Fifty Percent Owner Occupied
Mott & Chace Sotheby’s International Realty is pleased to announce The 903 Residences at Providence Place are now more than fifty percent owner occupied. The 903, with its increased owner occupancy, is creating additional financing options for potential buyers with new programs, such as Fannie Mae and Freddie Mac backed approvals, that were previously unavailable.
Mott & Chace Sotheby’s International Realty is the preferred listing partner for the condominium units at The 903 Residences. The specialists, Ben Scungio, Sara Chaffee, Kimberly Marion, and The Blackstone Team, have been instrumental in closing over $24M since the partnership was established in the Fall of 2018. With 65 units closed or in contract, the team at Mott & Chace Sotheby’s International Realty is a driving force in changing the structure of the established condominium association from long term rentals to primarily owner-occupied units.
“The 903 Residences has been in the past viewed as a rental property,” states Ben Scungio, Mott & Chace Sotheby’s International Realty Providence Office Manager and Team Lead for The 903 partnership. “We are now more than half owner occupied and excited to offer incoming clients a compelling opportunity to join the community of proud owners.”
Located close to downtown attractions, the train and the highway, the complex offers amenities that include concierge services, 24-hour fitness center, pool, dog park, movie theater and parking. In-unit amenities feature stainless steel appliances with select units offering gas fireplaces and balconies. The 903 Residences provide a tranquil oasis to call home when you are not exploring the city.
Open every Saturday and Sunday from 12PM – 3PM, please visit The 903 Residences site for more information.
When you think about Rhode Island architecture, the shingle-style homes overlooking the ocean and the colonials that define streets in Providence, Newport and other historical cities may spring to mind.
Modern or contemporary homes? Not so much.
Those styles of homes are less common, but that fact means their listings often generate more interest, in part because they infrequently are offered for sale.
Their prices tend to be above the average, and recent sales indicate buyers are willing to pay.
In April 2019, a modern home with waterfront views in North Kingstown was sold for $2 million, the priciest transaction for the town through the first four months of that year. The 2,283-square-foot home at 51 Pojac Road included a great room with a cathedral ceiling and 9 acres of land.
In October 2019, a contemporary home in Westerly sold for $2.3 million. The property at 30 Williams Ave. was built in 1950 and overlooks Quonochontaug Pond. It sits on a secluded 2-acre parcel.
That same month, a Narragansett house on 3 acres of property overlooking the West Passage of Narragansett Bay was sold for $2.5 million, becoming Narragansett’s second-highest sale of the year at that point. The contemporary at 55 Sea Ridge Drive has water views and covers 3,764 square feet.
Unlike more-traditional Victorians, Capes and colonials, modern homes often are built-to-suit and are unique. They attract an audience of buyers who are design savvy and are particular about their preferences, said real estate agents who specialize in the sales.
The rural location might not have screamed luxury or “midcentury modern,” but the photos of the house at 253 Sand Hill Road drove the demand. People were interested in its clean lines and minimalist aesthetic. The house had been completely renovated by the seller over a number of years.
“It was a little tricky to price. There were no specific comps for that property,” Chaffee said. “We had so much activity, we were getting calls from around the country. People were calling from Colorado and California.”
Jim DeRentis, a sales associate for Residential Properties Ltd., estimated that the supply of modern, contemporary homes is probably 10% of the total listings.
Particularly in New England, that style is more scarce.
“It’s a much smaller universe than the more-traditional housing styles,” he said.
And the buying pool is also smaller. Most buyers are looking at function rather than architectural style.
“You’ll get roughly 80% of the buying public more concerned with, ‘How does the house function? Is there an open plan? Is there an attached family room?’ ” DeRentis said. “It’s more about function.”
Buyers looking for modern homes are more discerning. And they are looking for a distinct style.
What is referred to as a “midcentury modern” home dates to the late 1940s to 1970, while contemporary homes may have been constructed at any point. The design is less embellished and often takes into account the outdoors or the landscape, so that windows and doorways are positioned to take in light, or accentuate physical features outdoors, such as a view.
The styles vary but in general, these are distinctive homes.
Many midcentury modern homes were commissioned by their original owners, who may have been influenced by the architectural schools that brought the style forward. A few of these homes are in Rhode Island, DeRentis said.
Right now, DeRentis is working with the original owner of a Providence home, constructed in the 1960s.
More often than not, when they come to market, they have not had alterations that greatly change the layout or appearance.
“People tend to leave them alone,” DeRentis said. “And typically, someone who is buying this [type of] house, it’s specifically for the house. It’s not the location.”
DeRentis has sold one such house three times. Originally built in the early 1980s, the modern contemporary at 51 Prospect St. in Providence has since had several renovations. It most recently was renovated by KITE Architects Inc. and won several architecture awards. (View current offering from KITE Architects, Inc.)
Now owned by a couple with young children, the house stands uniquely apart from its historical neighbors in College Hill. It last sold in January for $2.05 million.
DeRentis, who has sold many modern homes on the East Side of Providence in the past several years, has owned a few himself. “I love all styles of houses, all styles of architecture,” he said. “I just happen to be able to speak enthusiastically about a midcentury or a contemporary house.”
Chaffee has found that younger buyers seem to appreciate the midcentury designs. It may be because the homes often have a streamlined interior and are designed to draw in the light. Or, it could be because they’re different than other houses.
“The way these homes are being renovated is with energy-efficient, sustainable materials,” Chaffee said. “That’s also attracting the millennial buyer.”
To view our contemporary home offerings click here.
Mott & Chace Sotheby’s International Realty Announces Exclusive Agreement to List Condominiums at The 903 Residences in Providence, Rhode Island
Providence (August 1, 2018) – Mott & Chace Sotheby’s International Realty announces partnership with RESIS, the authorized representative for The 903 Residences at Providence Place LLC. Mott & Chace Sotheby’s International Realty has been appointed as the exclusive listing company for the remaining condominium units at The 903 Residences.
Located close to downtown attractions, the train and the highway, the complex offers amenities that include concierge services, 24-hour fitness center, pool, dog park, movie theater and parking. In-unit amenities feature stainless steel appliances with select units offering gas fireplaces and balconies.
“The timing could not be better to bring these units to the market as inventory is lacking in this price point in Providence. We are seeing an influx of buyers from the Boston market looking for the amenities available at the 903, and the proximity to the train station makes these units a great value for commuters,” states Judy Chace, Broker-Owner of Mott & Chace Sotheby’s International Realty.
“Ben Scungio, Providence Office manager and 2018 Providence Business News 40 Under Forty honoree, will be leading the sales team on this project. We expect this endeavor to be met with great enthusiasm in the Providence marketplace,” added Ray Mott, Broker-Owner of Mott & Chace Sotheby’s International Realty.
For more information or to schedule a showing, contact the Mott & Chace Sotheby’s International Sales team at 401.315.8900 or firstname.lastname@example.org.
ABOUT MOTT & CHACE SOTHEBY’S INTERNATIONAL REALTY
With a combined history of success and a reputation for representing Rhode Island’s finest properties, Mott & Chace Sotheby’s International Realty was founded by Judy Chace and Ray Mott. The firm of over 130 agents have an established record of providing exceptional customer service to their national and international clientele with six offices in Rhode Island in Barrington, Charlestown, East Greenwich, Narragansett, Providence and Watch Hill. Mott & Chace Sotheby’s International Realty combines local expertise with a world-renowned brand. Sotheby’s International Realty network includes over 22,000 sales associates in approximately 950 offices in 70 countries and territories. Each office is independently owned and operated.
For more information, visit the website at mottandchace.com.