New Home Sales Case Study – Waverly Station Townhomes

Waverly Station Townhomes Overview:

23 Townhomes – $4.8 Million – 22 Month Sales Cycle

A few short years ago, Case Development LLC, found a dilapidated piece of property on the border of Ohio City and the Gordon Square Arts District.

Waverly Station Before

In the uncertain year 2011, they partnered with the Keller Williams Realty of Greater Cleveland – New Homes Group, and embarked on their five-step plan. The following is a case study highlighting the various challenges endured and strategies created by the partnership. The project is presently sold out less than two years after ground-breaking, and enjoyed a pace of sales of 13 units per year.

Feasibility & Research

The KW New Homes Group began researching recent sales utilizing a variety of comparative market analyses and market trends reports. They created proprietary, customized analyses to identify potential sale prices based on dollars per square foot, number of bedrooms, presence of outdoor space, number of garage spaces, and a multitude of other factors, compiling it into one unified report and presentation.  A progressive building forecast was also created highlighting likely trends of supply and demand over a variety of time periods to help project sales.

Strategy & Implementation

Based on the data analyzed during the feasibility process, the developer and the KW New Homes Group set forth a plan, budget, and Performa to find the best equilibrium that would maximize pace of sales and profits.

Marketing

Waverly Station Townhomes

The brand “Waverly Station Townhomes” was developed by the KW New Homes Group and we facilitated logo creation, brand strategy, advertising schedules, social media interaction, and public relations. Two marketing budgets were created (one for pre-launch and one for elevation) and facilitated under budget during the process.

Sales & Pre-Sales

The KW New Homes Group pre-sold every home at Waverly Station and performed all sales in the absence of a model home. It takes special skill and preparation to sell “from paper” when homes aren’t intended to be customized. Phases 2 and 3 included substantial price increases (20% from phase 1 to 3).

Additional Progress

Case Development LLC, was able to leverage the success of Waverly Station and added two additional developments to their portfolio with the help of the KW New Homes Group, now pre-selling, at an aggregated future sales price near $7 Million and a projected sales cycle of 18 months.

Leave a Reply

You must be logged in to post a comment.