|
|
Our proven track record for navigating challenges to produce positive outcomes.
Prominent high-rise in Fort Lee, NJ
|
|
Project Overview
|
A national condominium-conversion developer approached us to market the conversion of a 548-unit rental
complex, comprised of a 41-story tower and cliff-dwelling condos as well as 20 townhouses. As a rental
community, the high-rise had achieved a high occupancy rate due to its highly desirable address on the
Palisades in Fort Lee, which affords panoramic views of the George Washington Bridge, Hudson River and
New York City.
|
|
The Challenge
|
The developer was committed to achieving an aggressive sales volume, which would require the units to
be marketed at prices that exceeded all comparables at the time.
|
|
Strategy
|
Our strategy was simple: “sell from strength.” In order to present this high-rise as the most desirable
place to live on the Gold Coast, we budgeted for a first-class marketing program. Our campaign began
with substantial media exposure and included the furnishing of a wide selection of models. We were also
able to leverage the strength of Weichert’s excellent broker outreach program. In fact, a full 60% of
sales came from brokers, which is highly unusual for this type of project.
|
|
Results
|
The building sold out in a mere 18 months – a very short period of time relative to its size. The development
company was so pleased with our success, that we were hired to bring the same approach to a 248-unit
waterfront high-rise in Jersey City, which likewise featured high price points and a premier location
that afforded great views of downtown Manhattan. This second project had a successful sellout in only
10 months.
This success, in turn, led to three more condominium conversion projects for the same company, all in
the extremely competitive metropolitan market of Washington, D.C. Through competitive positioning, strong
marketing, and constant broker outreach promotion, we marketed and sold out all 1,100 units of this
portfolio in just 24 months – once again outselling our competition.
|
|