Garrison Insider – Real Estate Blog

Homebuyers looking for a great buy on a Grant Park and Michigan Avenue location in Chicago’s popular South Loop should waste no time getting over to The Columbian.  “With 29 condominium homes remaining and floorplans to suit just about everyone, the time is right, the location is right and, more importantly, the price is pure value at The Columbian”, says Garry Benson, president of Garrison Partners Consulting.  Benson’s company, a national sales and marketing firm headquartered in Chicago, was selected as the new team to strategize and lead the sellout efforts for the property.

“The development team wanted a fresh approach and a new perspective for The Columbian.  It’s a terrific building with spectacular views and we’re gearing up to debut new models in early spring”, says Benson.  “We’re planning some exciting additions and upgrades that we know the buyers will love”.

The building, with a clever saw-tooth design, offers exposure to the sun and panoramic views of Lake Michigan, Grant and Millennium Parks, and Chicago’s cityscapes.  The Columbian’s location at 1160 South Michigan Avenue allows residents to enjoy recreational, shopping and entertainment opportunities that are unparalleled in the City.

Kay Varga, recognized Chicago condominium specialist, has been named by Garrison Partners as Director of Sales for the property.  Mary Izzo, a 15-year vet with the company, will complete the sales team and will also manage the contract administration and customer care department for the property.  The sales team will welcome the public and host property tours Friday-Tuesday from 11 – 6 and other times by appointment.

“You really get your money’s worth at The Columbian”, says Varga.  “The prices are the best on Grant Park.  We have an amazing two-bedroom plus den with almost 1600 square feet and spectacular views for less than $600,000.  This kind of opportunity is just not available anywhere else.”

Residents enjoy 24/7 access to property staff, a fitness center professionally equipped with cardio and strength training equipment, and a community entertainment suite with spacious sun deck and expansive views.

Floor plans include one, two, two-bedroom plus den and three-bedroom residences ranging from 844-3500+ square feet.  Prices range from $299,900 to $1M+ .  To schedule a tour of the property or for additional information, call the sales center at (312) 341-0000.

Garrison Partners Consulting is a full service sales and marketing firm providing strategic planning and sales management services for more than $5 billion in real estate product in more than 20 states.  Based in Chicago, with offices in Wisconsin, Texas, Nebraska and Virginia.  To contact Garrison Partners call Garry Benson at 312-750-1610 or visit Garrisonpartners.com.

Milwaukee’s Lake Bluff Condominiums has reported more than a dozen sales in the past 2 months.  Hefty price reductions are credited with the recent burst of activity along with the unexpected help and support from the existing homeowners at the property.

“I was worried about lowering the prices and how the current homeowners would react.”, said Garry Benson, developer for the property. “But I was surprised and amazed at the positive response to the program.  The owners said they understand the tough market we’re in.  They get it.  It’s a Win Win for all of us.”  Many of the owners brought their friends in to buy who previously were unable to afford the property.

Along with the pricing changes, prospective homebuyers are also in a good position to buy at Lake Bluff because it is FHA approved. This allows buyers to put down as little as 3.5% of the sales price to obtain a home loan.

A recent ad campaign for the new pricing program featured a “Kiss the Lakefront Goodbye” theme, and they are right on the money.  The Lakefront location is selling faster than any other Milwaukee development.

Some great condos are still available, but inventory is dwindling.  Prices range from $224,990 for a one bedroom+den, $249,990 for two bedrooms and $379,990 for 2+den/3 bedrooms.  For more info call 414.273.2300 or visit the website at www.LakeBluffCondos.com.

Once a failed condominium development with a bleak future, The Point on the River announced today it has reached and exceeded the 100-sale threshold.  Anchoring a now-bustling area just south of downtown at the confluence of the city’s rivers, The Point on the River represents a remarkable turnaround story in the context of the worst condominium market ever experienced in downtown Milwaukee.  The property contains a total of 147 condominium homes.

In May 2008, Mandel Group was selected by the court-appointed receiver Michael S. Polsky to devise and execute a recovery strategy for the $80+ million asset.  “The Point on the River has performed well above our expectations given the condition of the market.” observed Robert B. Monnat, Partner and COO of Mandel Group, Inc.  A grand opening in February, 2009 kicked off the current sales effort.

“The Point on the River is one of the best-performing condominium assets in work-out mode I’ve experienced.  The sales volume is impressive given the continued tepid news we receive from the for-sale housing market.” Polsky commented.

To celebrate the occasion and kick off its Spring sales effort, The Point on the River launched a “100 is a lot” marketing campaign.  Over the next several weeks the property sales team will be hosting on-site events in conjunction with area merchants.  For the first week, Thief Wine, the popular Public Market-based wine store and tasting bar, has partnered with the property on a series of wine-oriented promotional activities.  A Thursday, February 10th after-work wine tasting takes place today between 4:30 and 6:30 PM at The Point on the River’s sales center.  Promotional items include coupons for special discounts at Thief Wine, and a drawing for an incredible bottle of top-rated wine rounds out the week’s activities.

Participating businesses in coming weeks include Alterra Coffee, Milwaukee Cupcake Company, and the soon-to-open Screaming Tuna restaurant located in The Point on the River building.  “We wanted to work with businesses that define The Point on the River neighborhood” explained Tracy Bredow, Marketing Director for Mandel Group.  “All of our business partners epitomize the quality of lifestyle and walk-to neighborhood experience available right outside your front door.”

Completion of The Point on the River is being funded by a consortium of banks involved with the original construction financing for the project.  Many of these participating banks have further provided favorable mortgage loan financing for qualified buyers.

The Point on the River is being developed by Mandel Group on behalf of Receiver Michael S. Polsky.  The exclusive sales agent is Garrison Partners of Chicago, IL.

About The Point on the River | 147 condominium homes ranging in price from $160,000 to $1,500,000.  Located at 106 West Seeboth Street, Milwaukee, WI  53204.  Website:   http://www.thepointontheriver.com   Sales Center:  414-298-1600

About Mandel Group | Mandel Group, Inc. is a national award-winning builder and developer headquartered in Milwaukee.  Among its developments in the metropolitan area are University Club Tower, a 36 story, $100+ million high rise luxury condominium tower on Milwaukee’s lakefront;  Marine Terminal Lofts, a $40 million development comprised of 83 condominiums and 45,000 square feet of commercial space in Milwaukee’s Historic Third Ward;  and The North End, a new downtown neighborhood with over 500 residences and neighborhood retail space beginning construction on the site of the former US Leather tannery in the Park East Corridor.   www.mandelgroup.com.

About Garrison Partners | Garrison Partners is a full-service marketing and sales consulting firm that specializes in residential real estate. Founded in 1994, Garrison Partners’ portfolio of current assignments includes properties in the metropolitan areas of Chicago; Milwaukee; Minneapolis; St. Louis; Omaha, and Dallas/Ft. Worth.  Since inception Garrison Partners has directed the marketing and sales for major residential real estate in the form of new construction, adaptive re-use and condominium conversions throughout the U.S.  www.garrisonpartners.com

For Further Information:  Robert B. Monnat, Chief Operating Officer, Mandel Group, Inc.  | 414.270.2741   | rbmonnat@mandelgroup.com

In this economy, homes don’t sell themselves – not like they did during the boom times. Today, the best hope to move homes is with consummate sales professionals who can roll up their sleeves and crunch numbers on the spot.

A sales person who can talk numbers removes fear and barriers to purchase, exhibits confidence, and outsells their counterparts every time.

Newer sales people, who perhaps came up during recent booms and bubbles, were probably never trained in this discipline. They never had to develop the skill of selling with numbers – taking out a pencil and calculator and performing meaningful calculations in real time.

Instead, the trend today is to refer even the most basic financial qualifying process to mortgage reps. Well, not on my watch. Don’t get me wrong – a good, solid mortgage rep is an extremely valuable part of the process. But when your staff can’t talk numbers in the here and now, they get in the habit of deferring action to a later date. This is always bad. Once prospects set foot out of your sales center with unresolved issues, you lower the odds of a sale.

Which numbers matter? Often, the monthly payments mean a lot to buyers – more than the asking price of the home itself. Buyers don’t know how much they can really afford, and this can gum up the sales path big-time.

Sales people need to be well-versed in different types of loans and mortgages, interest rates, qualifying debt-to-income ratios and tax issues.

They need to perform benchmark qualification, estimate tax advantages and demonstrate – in numbers – the benefit of owning versus renting for every scenario.

Once mastered, these skills will help you convert the marginal customer or uninformed prospect into a buyer on the spot. I’ve seen it happen. (Equally important, it allows you to identify unqualified traffic, so you know whether to close them or make them a source for future referrals.)

Selling with numbers makes YOU the hero. Buyers light up when you show them in concrete terms how they can become homeowners. With a few strokes of the pencil (or key strokes) YOU have opened up their eyes to a world of possibilities and eliminated fears that hold them back from living out their home buying dreams.

It’s a much easier to sell when you are perceived as the hero. And the best part is, you really ARE a hero. People who come to you need guidance. Providing this guidance makes a difference in their lives and adds a meaningful component to your job.

This is probably the real reason why I’ve so enjoyed this industry for over 30 years. (30 years – whew, talk about eye-opening numbers.)

It’s been a great ride – here’s to 30 more. If you need guidance with sales staff coaching or anything else pertaining to real estate marketing or consulting, you know where to find us.

GB

It’s all about the next 45 days. The time period between now and April 30th will be very telling. The tax credits are set to expire…for real this time.

Consider what happened at the end of last year, when the tax credits were (supposedly) expiring in November. Leading up to September, the market was down 40%. But things rallied in the Fall, and by the end of ‘09, the market was only down 25%.

Down 25% is not exactly reason to party, but the overall annual absorption increase of 15% during 4Q (typically the sleepiest months of the year) made for a happier holiday than I was expecting.

We can credit some of the rally to the other three most important words in real estate: FEAR OF LOSS. In the case of 4Q ‘09, fear of loss meant fear of losing out on the homebuyers’ tax credit. There was urgency, people didn’t want to miss their chance.

This Spring, fear of loss is back. The clock is ticking. The deadline is looming. If history’s any indication, we’ll see a surge in volume over the next 45 days. We’ll see buyers rushing to sign contracts.

Make sure they’re YOUR contracts. Treat customers like there’s no tomorrow. (There isn’t.) Be attentive and close the deal. After 4/30 there will be fewer buyers, and the ones who show up will be harder sells – to close those deals, you may need to give up $8,000.

GARRISON INSIDER TIP: At Lake Bluff Condominiums in Milwaukee we MATCHED the $8,000 tax credit with every purchase. Take a look at how we packaged the offer. Do this while you still can. Better to spend $8,000 now than to pay the price later when that sale is harder to come by.

Will there be another extension of the tax credits? Not likely. But one thing is certain: if you take on the mindset that this deadline is the real deal, you’ll close more deals.

And if there’s no surge, well, at least we’ll know where we stand. It will mean the market’s not recovering, and that we need to adjust strategies for a tough year ahead.

Either way, knowledge is power, which is why I’m going to enjoy watching the next 45 days unfold. I’ll keep you posted with more tips and news during these exciting times, and always feel free to chime in below.

GB