We have been very fortunate over the past couple of weeks to receive excellent press surrounding our SUCCESS at Towers of Channelside.
Headlines in the St Petersburg Times (“Luxury condo project’s pricing strategy helps it emerge from bankruptcy”), Tampa Bay Business Journal (“Towers nearing sold out status”) and Gulf Coast Business Review (“Towering Success”) have led to very positive articles about the fact that our team has sold over 100 condominium homes in 10 months. Here are some excerpts:
“We had to create a new story to go with it,” says Steve McAuliffe, a broker for St. Petersburg-based JMC Realty Inc., which was put in charge of marketing the Towers a year ago. He and colleague Cheryl McCormick Brown, sales director at the Towers, have sold 103 of the 257 total units and aim to completely sell out both buildings this spring.
Cheryl McCormick Brown and Steve McAuliffe urged the project’s current owners — four banks and a hedge fund — to slash prices. The owners agreed to an across the board 45 percent price cut; they took it a step further and paid homeowner association fees for vacant units so new buyers weren’t saddled with the costs.
McAuliffe and Brown have exceeded the owners’ goal of selling eight condos a month. “There is no room for negotiation, she said. “We’re reaching the right people.” The sales success means that The Towers of Channelside is emerging from bankruptcy and will be turned over to the homeowners association.
Prices for the remaining units will not go lower, Brown said. “There is no room for negotiation, she said. “We’re reaching the right people.”
The sales success means that The Towers of Channelside is emerging from bankruptcy and will be turned over to the homeowners association.
Holding the line on pricing, at roughly $200 per square foot, is a testament to the patience of the Towers’ current financial sponsors, McAuliffe says. The sponsors include four banks — Wachovia/Wells Fargo, Fifth Third, M&I and PNC — as well as the Madison Group, a hedge fund.
This shows that there are active homebuyers in the market… sellers just have to be realistic about their pricing.