Ritz-Carlton Residences - One Year Later
Nov 7th, 2017
After logging 31 sales in a decade, The Ritz-Carlton Residences brought in @properties, and notched 25 in one year.
Just over a year ago @properties was hired to do something no other brokerage firm had been able to accomplish for the past decade – generate meaningful, sustained sales activity at The Ritz-Carlton Residences, Chicago.
Sales for The Residences’ 89 condominiums began in 2006; construction was completed in 2013; and – in the years between – the building endured a smorgasbord of lawsuits, construction delays, the 2008 financial crisis and various and sundry other hardships. By spring 2016, the project was just 35% sold.
Equally injurious, The Residences had lost credibility in the local market – especially among the city’s core luxury brokers. Negative perceptions abounded – from pricing to assessments to parking to unit layouts to views to marketing… you name it.
However, early in 2016 the original developer was bought out, and ownership signaled it was ready for a new approach. @properties was hired as the exclusive sales and marketing agent, and worked with the local asset manager to chart a comprehensive program addressing all of the above areas and more.
Our services included:
- Detailed market studies on pricing, inventory, absorption and competition
- Re-pricing of remaining inventory under a variety of absorption and sellout scenarios
- Recommendations for minor plan alterations to improve unit positioning and marketability, e.g. creating an alternate A Unit plan that added an extra bedroom
- A complete overhaul of all marketing materials and advertising, in compliance with Ritz-Carlton guidelines
- Working with the asset manager to oversee the design of new model homes
- Detailed multi-year marketing budgets
- Event series to re-engage luxury brokers
- Assigning a project sales team consisting of two of the top luxury, new-construction brokers in the city
Throughout the summer of 2016, @properties painstakingly reestablished The Ritz-Carlton Residences among prospects, brokers and the general public. By fall 2016, contracts started coming in, and the pace of sales accelerated throughout the 2017 spring market. Today, The Residences are 70% sold, and for the first time in the project’s 11+ year history, the finish line is in sight.
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