30 West Oak
Sep 30th, 2014


@properties worked with Smithfield Properties to create a program for this Gold Coast high-rise that sold out well ahead of the competition.

Location: 30 W. Oak St., Gold Coast
Developer: Smithfield Properties
Total # of Units: 46
Sales pro forma: $90 million
Pre-sales: 2005
First closings: 2006
Current status: Sold out

Challenge

30 West Oak came online in a slow-moving market for luxury condominiums, where competing developments struggled to maintain sales velocity after meeting pre-sale requirements. Projects that didn’t sell out prior to the recession hit a wall, but 30 West Oak, with its unique architecture, European finishes and large floor plans, sprinted to the finish.

Solution

  • Identified unmet demand in the market between 2,000-square-foot, $1 million condominiums and the 4,000-square-foot, $3.5 million units at the top of the market. 30 West Oak was programmed to fill this niche
  • Created large, half-floor plans and combo-unit options that were not available in the market at the target price points
  • Introduced high-end European finishes to differentiate product
  • Limited marketing costs by focusing on direct marketing to high-end brokers

Results

  • Sold 60% of building within the first nine months
  • Increased pricing throughout sales cycle
  • First units delivered in 4th quarter 2006 — achieved sellout in 4th quarter 2007
  • Two luxury buildings that started marketing at the same time as 30 West Oak: 50 East Chestnut and The Elysian, took several more years to sell out [Link to case above]
  • 30 West Oak remains one of the Gold Coast’s most in-demand condominium buildings, with re-sales trading at nearly $1,000 PSF on average. The planning that went into the building benefitted not only the developer but homeowners as well

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