Case Study: Equinox 360
Location: New Jersey
Developer: Millennium Homes
Scope: High-rise, Luxury Residences
SITUATION: Equinox 360 was a New Jersey luxury high-rise condominium set to go to market. The developer however, was unsure of the price points due to the downturn in the economy and associated plummeting real estate marketplace.
SOLUTION: Strategyt's sales and marketing experts determined key opportunistic price points that would generate strong market interest. Dave Barbosa and his team initiated a proprietary real estate audit, analyzing the product offering vs. others locally and regionally, as well as the current and projected market demand. By recommending a repricing strategy that was not only competitive, but highly profitable based on their analysis, the developer reset his pricing model for the units.
Repricing was augmented with a selling strategy that positioned this property as an ideal alternative to NYC living. Targeting and identifying key markets, i.e. athletes and business professionals, they were able to market the property on a one-to-one basis, generating strong interest through exclusive presentations. With this approach, the team was able to deliver a message that cut through the clutter of a depressed market, and breathe new life into the development, resulting in a grand opening gala attended by more than 500 guests.
RESULTS: More than 400 reservations were made in a two-month period, resulting in 200 contracts for total sales of $150 million as a result of the team’s innovative and proactive approach to presenting the property.