Over our years in the business, Fifth Avenue has been approached several times to step in to re-position an offering and re-gain lost momentum. This can be a challenging task, and while not always successful, nine times out of ten we are able to help turnaround the success of the offering. Nobody’s perfect.
A recent example is when Fifth Avenue was approached by a client to take over the marketing and sales of a condominium building. This offering was the first offering to be released for sale in the planned master planned community. It launched for sale and after two years of selling stalled out achieving a monthly absorption rate of less than one. Our team was approached to come onboard to help re-gain momentum and set-up the developer for success in future releases within the master plan.
Working with the existing product type and finishing package, our team prepared a brand re-fresh, formulated a detailed marketing and sales strategy and re-launched the offering in a brand-new display home positioned in the move-in ready building. We were able to increase the overall absorption rate to 4 sales per month while increasing the blended price per square foot by $10.
Our team is now working with this client to program the next release to ensure immediate sales momentum and optimal revenues from the get go.