Melanie Delman, president of Lila Delman Real Estate, is a leader in luxury property sales in Rhode Island. The company, founded by her mother in 1964, has sold more multi-million dollar properties than any other in the state. It is the only affiliate for Christie’s International Real Estate in Rhode Island.
PBN: What is a luxury property? It is a home that falls into a particular price range or is it more about features and location?
DELMAN: In Rhode Island, most luxury homes, depending on the area, start at the $1 million to $2 million price range and could exceed $20 million. Features tend to include resort amenities, such as a pool, sauna, tennis court and putting green. High-tech features can include items such as home automation and Sonos sound systems. The location can be anything from a DownCity penthouse to an oceanfront, gated estate.
PBN: What are buyers looking for this year in these properties, are any new trends emerging?
DELMAN: The latest trend in luxury properties is all about lifestyle. A property that allows for entertaining and is conducive to an active lifestyle is becoming increasing popular.
PBN: Where are buyers looking for luxury properties? Who is competing with Rhode Island for these sales?
DELMAN: Rhode Island is constantly competing with nearby luxury markets, such as Cape Cod, Nantucket, Martha’s Vineyard and the Hamptons.
PBN: Do you have any favorite properties that you’ve sold?
DELMAN: Gray Craig Estate, in Middletown, which we sold to Nicolas Cage. [Editor’s note: The actor purchased the oceanfront estate, featuring a 1926 stone manor, in July 2007 for $15.7 million. He sold it four years later for $6.2 million.]
PBN: What is the most challenging aspect of selling a luxury property?
DELMAN: Buyers in the luxury market tend to be more discerning and may have less choices that meet their requirements.