Selling My First Condo Project, Wallingford 45 Is Sold Out
Wallingford 45 condos is sold 100% sold out!
Here is the project description:
Wallingford 45 is a 4 story condo project featuring 48 forty-eight one-bedroom condominium homes located in the heart of Wallingford and only minutes from South Lake Union and Downtown.
Wallingford 45 offers open floor plans for one bedroom units and urban loft spaces, each built with a unique blend of traditional and contemporary design. This brand new building includes a grand lobby, an expansive rooftop deck with 360 degree views, bike lockers, storage units and a limited supply of parking in a secure garage
BACKGROUND ON THE PROJECT
Guys, we did it. Wallingford 45 is a project I took on in May of 2019. It had unsuccessfully launched 2 separate times before they came to me. I received a call from one of the owner/developers who want to get the building back on track.
For the first time in my career, I said yes to selling out an entire project. What makes me the most proud is that I sold it out despite facing massive hurdles – None bigger than the Coronavirus pandemic.
The other element that made this incredibly challenging is starting the sales process over and trying to re-create momentum. We did that through hard work, quick creative thinking and a lot of support from the seller. They trusted my ideas.
Selling out this Seattle condo project was a great challenge and one that I will be forever thankful for. Here are just some of the things you have to do to sell out an entire condo project:
Pre-planning, pre-marketing, seo-analysis, neighborhood and community engagement, logo design, sign order and design, all marketing collateral, floor plan design, branding strategy, staging consultation, pricing matrix, appraised value analysis, preferred lender package, public offering state, by-laws, declaration, organizing sales materials, sales office construction, staging install, launch target date, grand opening, brokers public events, broker invite only, etc….
It is a lot of work – it takes a village. People don’t understand the pressure it comes with as well. Thankfully for me, I feel that I am built for it.
Here is the video I rolled out when we launched:
SUMMARY HIGHLIGHTS AND ANALYSIS
Here are the high-level highlights:
- A project that started development over 4 years ago. We took over after two unsuccessful launches of the project
- Despite major hurdles, like the Covid-19 Pandemic, I led a team that faced adversity and found ways to pivot and drive a successful sales strategy from start to finish (48 total sales)
- Wallingford 45 is located in the Streetcar neighborhood of Wallingford just north of Downtown Seattle and West of the University of Washington
- Wallingford 45 is comprised of 48 one-bedroom condominium homes
- Over a $20M sellout
- Facing issues the pandemic and de-urbanization, I found ways to lean-into the challenges. We faced the pandemic head on.
- On thing we focused on was displaying a work from home space in the staging of the project.
- We highlighted the safety of the rooftop deck (outdoor space) and recreation (Gasworks Park) to help buyers find value in the new construction project just 10 minutes from Downtown.
- We had to pivot and we did.
Bottom line is, I’m proud. Like really, really proud of the effort.
MOVING FORWARD | WHAT IS THE FUTURE OF CONDO?
The Covid-19 pandemic changed the way we look at our personal space. As residents fled the city for suburban life, we used the strengths of Wallingford 45 and the Seattle community to lean into the challenges of the pandemic.
Some believe that the Coronavirus has forever changed the way we work and live.
In my opinion, before the spread of the Delta Variant, there was evidence that the condo market has been making a comeback – see attached and video here. People are moving back to the city as the vaccinations have successfully been administered to the public. Even with the Delta variant, urbanization will be back. It may take a couple of years, but it will return.
I expect the condo market to make a major comeback. Look at Vancouver BC, New York, Miami and Singapore. Urban Density is necessary with population growth. Residents will seek urban communities for healthcare, proximity to public transportation and the accessibility of urban living. It may take a while post pandemic but the recovery is well underway.
Have questions? Get in touch! email@example.com