The condo market

18
The Condo Market Sales Meeting December 8, 2010

description

 

Transcript of The condo market

Page 1: The condo market

The Condo Market

Sales MeetingDecember 8, 2010

Page 2: The condo market

Current National DataNAR: Nov. 23, 2010

• Existing condo & co-op sales fell 3.6% – Seasonally adjusted annual rate of 540,000 in

October from 560,000 in September– 27.6 % below the 746,000-unit sales rush a year ago

• Median existing condo price was $166,000 in October– Down 4.2 % from October 2009

• First-time buyers purchased 32 percent of homes in October

Page 3: The condo market

Video

Condo KingFeaturing Chris FeurerJameson Real Estate,

Chicago

• Former Carpet Cleaning Business Owner

• Realized potential in real estate after flipping a house for $50,000 profit in 1996

• Started as Leasing Agent• 2007: His team at CRF

Marketing exceeded $200million in sales

• 2008: With a partner, bought a controlling stake in Jameson Real Estate• Increased Agents from 93 to 170

Page 4: The condo market

What Chris Did

• Owner of Fuerer Companies: Real Estate Development and Sales– CRF Marketing Head,

Michael Sato– Chicago RE developers:

Steven Golovan, Charles Mudd, John Lally

• Created brokerage powerhouse, Jameson LLC

Page 5: The condo market

Graphic DesignCampaign 2010

Page 6: The condo market

Condos: Pros• Popular option for 1st time buyers, empty nesters• Greatest momentum of condo development- last 10 years• Low Maintenance beauty, peace of mind• Access to amenities

– Pools, Spas, Clubrooms– Security– Sense of Community

• Cost: Usually less than a single family home in same neighborhood

• Social Living• Condo Board

Page 7: The condo market

Condos: Cons

• Banks sometimes wont lend if there are too many rentals in a community

• When markets fall, condos tend to fall harder and faster than single-family homes– Causes Renting, which causes lenders fears

• Monthly Dues- Vary with community• Limited Space

– Indoor & Outdoor (Garage, Storage, Yard)• Less Privacy• Resale: Fewer buyers for condos• Poor Management…• Condo Board: It’s a Pro, and a Con

Page 8: The condo market

The Omaha Scene

• Prices from $30,000-Millions• Recent Sale: Twin Towers 1 Bed, 1 Bath:– Listed $39,985 (10/19/2010)– Sold $35,999 (12/6/2010)

• July 1- Dec 7: 193 Condo/Townhouse Sales (MLS)– 483 SqFt – 4,433 SqFt

• Riverfront Tower II: 70% Sold– Expecting a June/July 2011 Move In

Page 9: The condo market

Who’s the Go-To in Omaha?

• Marie Otis, CBS Home• Cindy Cawley, CBS Home• Urban Omaha• Prudential, OmahaCondoConnection.com• Steve Torneten, CondoLivingOmaha.com– Author of “Condo Living Omaha”

Page 10: The condo market

Books

Learn the ins and outs of condo living. From buying and selling, to understanding the terminology, asking the right questions and how to know if it is right for you.. Condominium Specialist Steve Torneten spells it out in this new book.

Page 11: The condo market

Condo Communities

• Soma- Rows/Lofts• Gold Coast Condos• Aspen Condos• Mill Pointe• Dunsany Flats• Park Plaza• Silver Throne• The Towns

• Farnam 1600• Riverfront• Ford Lofts• Kimball Lofts• Twin Towers• Paxton• The Rorick• Giovanna Rows

And the list goes on, and on….

Page 12: The condo market

How to break into the Omaha Scene

• Get in contact with Developers– What is their current

agent relationship– Current/Future Projects

• PR: Teach a Class/Seminar for buyers

• Market Yourself as an Expert– Website, Articles, Books,

Page 13: The condo market

How to Sell A Condo

• Marketing will be different– Be Aware of the Pros and Cons– Consider Location: Near Downtown, On the Bus line,

etc• “Minutes from Transportation”, “Walk to Work”, “Forget

the Commute”• Create marketing on 3 x 5 cards and place at transit

stations/office complexes

– Target Senior Citizens, 1St time buyers, Empty Nesters• “Forget the yard work”, “Athletic Center with Pool”, “Enjoy

Life”

Page 14: The condo market

How to Sell A Condo

• Highlight Amenities:– Bike Security, Storage for Delivered Groceries,

Exercise Facility, Close to Walking Trails– Parking: Heated, Underground, Reserved– Elevators: Important to some older buyers– If trying to sell to families: Mention access to

schools• Staging: Maximizing Space, more important

than ever

Page 15: The condo market

How to Sell A Condo

• Offer Incentives:– Warranty– Prepaid HOA Fees for 1year– Closing Costs, etc

• If you see the perfect building for sale, call your investors! And then offer to be the agent to sell out the place!

Page 16: The condo market

Educate Omaha

• Create Information Packets and Marketing Materials– Leave at businesses near

developments– Leave at University

Housing departments

• Create a Condo Blog

Page 17: The condo market

Model Cities/Firms

• Toronto- – Seven out of every ten new homes sold in October

was a high-rise condominium suite– High-rise condo sales were up 27% over October

2009– 52.6 % ahead of the January-October 2009 period

• Chicago- Jameson– April 27th, 2010: Auctioned 26 condominiums for

more that $4.2 million

Page 18: The condo market

Is Omaha Ready?