Working In ‘A Positive Environment’—

Rich DeLollis Named Newtown Realtor Of The Year

By Nancy K. Crevier

Rich DeLollis, one of 160 real estate agents in Newtown, was named Newtown Realtor of the Year by the Newtown Board of Realtors at a luncheon held Thursday, June 15, at Rock Ridge Country Club.

Mr DeLollis is currently the president of the Newtown Board of Realtors. He has held his real estate license for six years and is an agent with Bob Tendler Coldwell Banker Real Estate on Church Hill Road.

The honor is awarded each year to the agent a nominating committee feels best represents the qualities of a well-rounded agent. The real estate agent with the highest earnings is not necessarily the candidate that will become Realtor of the Year. Rather, the award takes note of the agent who is dedicated to the real estate business and is also closely integrated with the town.

As a member of the Rotary Club, former coach for Pop Warner Football, an American Cancer Society volunteer, and supporter of Newtown Youth Services, as well as being a member who has served the board in many capacities over the past several years, Mr DeLollis fit the bill.

“I was surprised, of course,” said Mr DeLollis, as well as honored, he added.

He is a resident of Sandy Hook, where he has lived for nine years with his wife, Debbie. He was also a resident of Newtown in the mid-70s to mid-80s, when he worked for Proctor & Gamble, so he feels a close connection to the town.

“I always thought real estate would be something I’d do,” he said. “The opportunity presented itself to leave corporate life and go into real estate, so I took it. I felt that I had an affinity for it.”

Lorrie Silber, chairperson for the Newtown Board of Realtors nominating committee, said, “There are many members of the Newtown Board of Realtors who do so much behind the scenes to help inform and protect our business as realtors which, in turn, help to benefit our community as a whole.

“Rich DeLollis is one of those shining stars who gives not only through his volunteering of time in many avenues on our local board and state committees, but to our local youth as well,” she continued. “He is well deserving of this award, as he makes a positive difference in many lives.”

One of the more satisfying aspects of being a real estate agent, said Mr DeLollis, is helping people make the right decision when house-hunting. “Buying a house is the largest investment people make. It is satisfying to meet their needs,” he said.

The biggest change in the Newtown market Mr DeLollis has seen in recent years is the number of larger homes available to buyers. Right now, he said, approximately 20 percent of the inventory is homes listed at $900,000 or above.

That so many newer homes in Newtown fall into that bracket is not surprising to Mr DeLollis.

“What you have to remember,” he said, “is that lot prices have gone up. A builder needs to put up a fairly large house to cover their margin now.”

Real estate agents are currently experiencing a quieter period than they did just two years ago, said Mr DeLollis. Higher interest rates in recent months, while still historically low, have increased market time for homes, slackened the demand and increased inventory in Newtown.

“Prices have leveled off for the time being,” he noted, adding that this is more noticeable in higher end, new construction. “Interest rates are a key driver in most real estate transactions, so with an 18 percent increase in interest rates this year, that means people can afford about 18 percent less than they could have one year ago.”

This does not bode poorly, however, for the Newtown and Connecticut real estate business, he emphasized.

“This is just a normal flow of the real estate market. There are always the high and low sides of the curve. The sky is certainly not falling,” he went on to say. “This is still a positive environment.”