Waldorf Astoria Chicago Residences
Jan 16th, 2015


In nine months, @properties sold 11 units valued at more than $34,000,000, achieving top-of-market pricing while enhancing the image of The Elysian (now Waldorf Astoria) as Chicago's premier luxury address.

Location: 11 E. Walton St., Gold Coast
Developer: Elysian Development LLC
Total # of Units: 11 in Closeout / 51 Total
Price Range: $2.65 million to $6 million
Current status: Sold Out

Challenge

In November 2010, @properties took over sales of the final 11 developer units at The Elysian Private Residences, Chicago’s most luxurious new condominium development (now Waldorf Astoria Chicago Residences). Sales had ground to a halt in the two years following the financial crisis, and a number of brokers had unsuccessfully tried to close out the project. The Elysian suffered not only from the prevailing economic conditions but also from a lack of clarity in the marketplace about the status of the project.

Solution

  • Updated pricing and established a more logical and consistent price matrix based on unit type, views, finishes and building sales history
  • Implemented Multiple Listing Service marketing strategy; cleaned up canceled listings and re-balanced active unit mix
  • Overhauled all marketing materials including website, brochure, PR and advertising
  • Launched advertising campaign in Wall Street Journal, Crain’s Chicago Business (online), CS, Ultimate Address and Sheridan Road
  • Set up on-site sales office and established protocols for presentation of, and response to, offers

Results

  • Sold final 11 units in 9 months
  • 56-day average market time
  • Marketing expenses came in significantly under budget
  • 3 out of 11 sales were multiple offers
  • 9 out of 11 units sold at $3 million or higher
  • Developer units sold at higher prices and with shorter market times than competing re-sales in the building

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