4 East Elm
Mar 2nd, 2017


@properties leads the sales and marketing for this luxury Gold Coast development, the first new condominium high-rise started on Chicago’s North Side since 2008.

Location: 4 East Elm Street, Gold Coast
Developer: Convexity Properties
Total # of Units: 35
Price Range: $1.9 million - $7.5 million
Current status: 97%

Challenge

As only the second new condo high-rise development to break ground in Chicago since the Great Recession, and the first in the city’s upscale Gold Coast neighborhood, 4 East Elm faced a number of unique questions and challenges. @properties worked closely with Convexity Properties, and its design team of SCB and Gary Lee Partners, to plan product mix, unit layouts, finishes, pricing and a marketing program that would maximize the project’s value and salability.

Solution

  • Worked with developer, architect and interior designer to refine unit layouts over a period of several months prior to introducing project to the marketplace
  • Recommended the building was recast from a 60-unit design with a predominant 2-bedroom unit mix to a 35-unit design made up exclusively of large 3-bedroom plans
  • Advised developer on unit finishes that would deliver the most value based on buyer preferences
  • Phased introduction of the project in the marketplace in order to maintain more control over absorption and pricing
  • Oversaw the development of the initial brand and marketing assets by a small local design firm and then brought production and ad placement in house, saving the developer six figures in agency fees and commissions.
  • @properties’ commission-only sales team consisted of two of the top five brokers in the city for luxury condo sales over $2 million

Results

  • 25% sold within two weeks of opening, 50% within three months and 70% within six months — 12 months prior to completion
  • Blended price per square foot has increased 5% during this time
  • Strong early sales and a balanced absorption allowed us to raise prices throughout the selling program, generating millions of dollars in incremental revenue for the developer.

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