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The Condo Market Sales Meeting December 8, 2010
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
Video Condo King Featuring Chris Feurer Jameson 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
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
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
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
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
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”
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.
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….
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,
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”
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
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!
Educate Omaha Create Information Packets and Marketing Materials Leave at businesses near developments Leave at University Housing departments Create a Condo Blog
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