That's one of our commitments to developers - that we do sell it out
Union Grove, AL (PRWEB) May 26, 2005
The Hoffman Group, Inc., Myrtle Beach's most prolific oceanfront preconstruction condos and renovation condos sales and marketing company announced the record-breaking sellout of three oceanfront hotel conversion properties featuring some 700 units valued at more than $125,000,000 in a 30 day period.
Myrtle Beach Real Estate - The Monterey Bay Suites Resort, the Landmark Hotel and the Caribbean Suites Resort were offered in pre-reservation simultaneously. The buyer response was blinding and unprecedented.
At the same time the company is presently closing some 1,000 condos for sale sold in preconstruction over the past several months. Avista Oceanfront Condos Resort Phase 1 and Phase 2, Pinnacle Oceanfront Condos Resort, Schooner Oceanfront Condos Resort, Boardwalk Oceanfront Condos Resort and Ocean Reef Oceanfront Condos Resort are among the properties now closing.
Company President, David Hoffman indicated that the company presently has more than $500,000,000 in sales in various stages of development. Other properties include The Island Oceanfront Condos Resort, Dunes Village Oceanfront Condos Resort Phase 1, Dunes Village Oceanfront Condos Resort Phase 2, Sandy Beach Oceanfront Condos Resort Phase 2, Grand Atlantic Oceanfront Condos Resort, Ocean Reef Oceanfront Condos Resort Phase 2 and Seaside Oceanfront Condos Resort.
The Hoffman Group assures developers it will sell 80 percent of the units to meet lending requirements. Presales help ensure the venture's success and give developers the financial means to pursue the projects. "That's one of our commitments to developers - that we do sell it out," Tim Horton said. "Myrtle Beach is one of the most aggressive rental markets. Myrtle Beach is one of the most thriving, vibrant markets for vacationers." About 13.5 million people visit the Grand Strand annually. The strong economy and growing popularity of Myrtle Beach as a tourist destination contribute to the condos' brisk sales, experts say.
With advertisements in publications including The Wall Street Journal, The New York Times and N.C. newspapers in Charlotte and Raleigh, investors are buying most of the condos with the intent of renting them to vacationers, Horton said.
David Hoffman is an innovator. He looks at old things in new ways… like leading his oceanfront motel operator clients to become among the elite high-end Myrtle Beach Resort operators. How does he do that? Simple. By building one of the most dynamic resort condos sales and marketing machines in the southeast, envisioning the kinds of resorts his buyers would be most attracted to, then finding the oceanfront land to develop those ventures. Only one problem. There is no more oceanfront land. No problem for an innovator. Hoffman simply targets motel operators that control quality pieces of land with existing older, less efficient properties that in his opinion, "simply need to be cleared away." Then he sells that vision to his motel operator-clients who ultimately end up controlling the lion's share of rental income units within the new, state-of-the-art resorts and presto-chango - you have a burgeoning market of dynamic new developments with all of the bells and whistles!
Instead of a tired old motel in constant need of repair, struggling to compete with the big players and new properties, the new prestigious resort operator has zero debt, zero maintenance, zero property taxes (except for the commercial areas) and an opportunity for an annuity-like income that continues year after year in the form of management fee profits.
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