At Concordia in Cape Coral, our challenge was to develop a retail program to move a distressed asset quickly, not only in a sluggish market but also in the off-season
Cape Coral, FL (Vocus) December 9, 2009
Concordia has seen remarkably dramatic sales success, even in a market replete with foreclosures. Under its previous listing agency, Concordia garnered only one sale in six months during the high season. But Concord Communiqué Companies (CCC), Concordia’s current agency and sales and marketing partner, has achieved 210 sales and 1,500 property tours in the same timeframe. This was accomplished even in the midst of the off-season. Since June 2009, Concordia’s sales represent an astounding 40% of the total real estate activity in the Cape Coral area.
Brand-new, 1, 2, and 3-bedroom luxury condos at Concordia start at $69,900. Only about 30 condos remain in inventory.
Formed in early 2009, CCC employs an innovative business model that specializes in the sale of recently-built properties that have been taken over by banks.
“We believe Concordia was an excellent project, and we felt it deserved a chance for the market to respond to it,” says Larry Hall, President of Special Assets Division for Florida Community Bank, which foreclosed on the property after the original developer defaulted on the loan. “We wanted people to have the opportunity to experience Concordia,” he adds.
CCC’s unique process can net higher prices for banks, compared to what hedge funds typically offer for bulk deals. For consumers and investors, the process offers not only a very motivated seller, but also slashed pricing, easy financing, and attractive incentives. The company’s strength is to market and liquidate distressed inventory efficiently and rapidly. This is a win-win scenario that explains why both banks and buyers have a lot of interest in the CCC’s model.
“At Concordia in Cape Coral, our challenge was to develop a retail program to move a distressed asset quickly, not only in a sluggish market but also in the off-season,” says Tom Clark, Executive Vice President of Sales for CCC. “With our help, Concordia will be able to sell out by January 2010 for more than twice the highest bulk offer previously made to the bank. And, our buyers are getting savings equivalent to 70% off of previous retail prices,” Clark adds.
CCC’s strategy at Concordia included establishing an expertly qualified sales team that could bring a greater sense of urgency to the sales process. Throughout the season, the team has been supported a highly visible local advertising campaign including television, radio and print. An evolving program of day-of-sale incentives was also enacted to encourage prospects to buy within days of their first tour. This initiative greatly increased the number of quick sales and closing rates. CCC has also provided Concordia with expert advise on and management of items such as community improvements, amenity enhancements, and property management.
Concordia is a master-planned community that offers an unprecedented opportunity for first-time homebuyers, families, retirees and investors of all ages. It is located off of Kismet Parkway and Del Prado Boulevard in Cape Coral, Florida, just west of Fort Myers. The community include 340 luxury condominiums with attached garages, surrounding a 5-acre lake, with a Mediterranean-style clubhouse that features a tropical clubroom furnished for group and individual gatherings, state-of-the-art fitness center, and a large swimming pool and Jacuzzi overlooking the lake. Furnished models are now open for touring.
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