Five Questions With: Denise D’Amico

DENISE D'AMICO is a Realtor with Residential Properties Ltd. in East Greenwich. / COURTESY RESIDENTIAL PROPERTIES
DENISE D'AMICO is a Realtor with Residential Properties Ltd. in East Greenwich. / COURTESY RESIDENTIAL PROPERTIES

Denise D’Amico, a Realtor since 2004, now with Residential Properties Ltd. in East Greenwich, specializes in South County communities and equestrian properties. She is a graduate of the University of Rhode Island and represents buyers, sellers, first-time buyers and families being relocated. The Narragansett resident responded recently to a series of questions from the Providence Business News.

PBN: You recently represented the sellers of an East Greenwich property, at 110 Tipping Rock Road, a large house with the benefits of modern construction. (It was built in 2000). How much demand is there for new construction, or relatively new construction? Are people willing to pay more for a more modern house?

D’AMICO: There has been a healthy demand for new construction in the past year and I am seeing more new homes and developments being built. About 50 percent of my business this past year has been new construction or “newer” homes. Of course, it depends on the town and the price point. Buyers realize there will be a higher price tag on a newer home that is move-in ready, not requiring any updating.

PBN: Tell me about the East Greenwich market. It seemed to thrive even through the recession. What is the appeal of that community?

D’AMICO: The appeal of the East Greenwich market is for numerous reasons: a highly regarded school system, convenient location to Providence, Connecticut, New York and Boston, and all with easy highway access and under 25 minutes to numerous Narragansett beaches. Main Street in East Greenwich offers many wonderful restaurants and boutique shopping. The town itself is easy to get to by highway or side roads. East Greenwich offers an in-town, hill-and-harbor lifestyle, numerous family developments and many rural locations. Several golf courses, country clubs and marinas are short drives away. It has something for everyone.

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PBN: You specialize in equestrian estates. What are these exactly, and what are the land requirements for horses?

D’AMICO: Yes, I specialize in farm properties and, in particular, equine properties and equestrian estates. These properties are usually anywhere from 5 to 75 acres, offering barns, sometimes indoor riding arenas, outdoor riding rings, pastures, paddocks and usually a house. It is a small market with the buyer looking for something very specific to meet their horses’ needs or the riding discipline they do. Some farms are more appropriate for certain kinds of horses or a certain kind of riding discipline. Having owned horses and having an extensive competitive background showing on the A Circuit throughout New England and Florida, I understand what amenities and requirements a buyer with horses is looking for and needs. It goes beyond just knowing how to sell a house. There is a lot more to marketing a farm property. Every town has different regulations regarding the number of horses per acre or types of animals that can be on a farm.

PBN: How many people want equestrian estates in Rhode Island? I wasn’t aware this was a big market.

D’AMICO: The farm market isn’t a big market, much fewer people are looking to purchase these properties. Some farms are purchased and not maintained as farms but converted into other things. I enjoy selling farm properties, as it keeps me in touch with an extensive equine network that I have developed and I always hope the farms will continue to be utilized as farms.

PBN: What do you advise sellers, or how do you coach them through price drops on list prices? When do you make that call?

D’AMICO: Regarding price reductions on properties, it is a hard conversation to have sometimes with sellers. I aim to price properties where they will sell to generate the most buyers right from the start, which often can result in multiple offers. It does happen though that even after Residential Properties’ extensive and aggressive marketing program, the market can slow or more comparative homes come on the market and a price reduction is appropriate. I find keeping my sellers and buyers informed of the market on a consistent basis makes it understandable to them when a property needs to be reduced. Communication is key. I try not to let more than a week go by without communication with my clients, so they are always up to speed with what is happening with the house they are selling or looking to buy.

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