Mott & Chace Announces The 903 Residences Condos Are Sold Out

Mott & Chace Announces The 903 Residences Condos Are Sold Out

Mott & Chace Sotheby’s International Realty announced Monday the successful sellout of The 903 Residences at Providence Place. The sale of over 230 condominiums 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 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 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, said the company.

According to the RI Association of Realtors, "condominium sales saw even more appreciation in median price, rising 22% to $303,100, while sales activity fell 9.5% [in March]. While the supply of condos also remained critically low in the first quarter of 2022, hovering just above a one-month supply, the condo market did offer slightly more options for buyers than were available in the single-family home market."

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The firm is the sole residential brokerage in the state to have facilitated two large-scale condominium sellouts. Mott & Chace'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”, said 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 has the experience and expertise to handle large, long term, and complex partnerships.”