93% of Appraised Value in Less Than 180 Days
Project
The Broadluxe is a 9-story, 44-unit luxury residential loft-style condominium development in the Financial District of downtown Boston. As a result of significant cost overruns and through numerous construction delays, the project lingered at approximately 70% complete, and was deeply in default
Process
The disposition plan consisted of three parts:
- “Quietly” market the property as a whole during the final construction and sale preparation phases.
- Barring the receipt of a satisfactory offer on the entire property, bring the individual units to market in a public outcry “ballroom” style auction.
- Liquidate any remaining units through the negotiated sales process over an deadline driven time frame
A condensed 27-day marketing campaign relied heavily on cost effective, cutting edge online strategies, which included aggressive lead capture mechanisms both online and offline as well as efficient management tools.
The campaign drove more than 1,100 website registrations and 104 pre-registered bidders. On auction day, all units were offered with a “guaranteed sold” minimum bid. Prices were raised 25% on units remaining post-auction.
No additional marketing budget was required following the conclusion of the condensed initial campaign.
Result
Two-thirds of the units were sold at auction and the remainder through a high-tech, high-touch negotiated sale campaign. Our client recovered 60% of the appraised value in the first thirty days, 79% within 90 days and sold out at 93% of appraised value in under 180 days.
