The Marketing Secret That Sold $300 Million Worth of Luxury Condominiums
Florida’s luxury condominium market was in full recession, when Bob Gibson received a call from president of Frankel Development, Thomas Frankel.
Both agreed that owners of multi-million dollar estates in country club communities would want to downsize after the recession. “We believed that the desire to pay the big country club dues and renovation costs was a thing of the past–that the financial crisis had dramatically changed buyers priorities,” said Bob Gibson. “We knew that a luxury condominium represented a move to simplify life–but that it would be challenging for owner’s used to living in 5,000 square feet or more. The answer was to design and build the first concierge boutique condominium in Palm Beach County with units ranging from 3,000 to 6,000 square feet,” he added. Tom Frankel did just that. No expense was spared to create kitchens, baths and the main rooms on the scale of a estate home–very unusual for a condominium. The goal of the marketing plan was to drive traffic to a high tech on-site sales center where potential residents could experience computer animated tours of each oversized floor plan showing actual views. Residents of nearby established country club communities with homes valued from $2 to $10 million were targeted with e-mails and traditional direct mail. A dramatic series of computer animated TV spots were placed within the weekend finals of the most prestigious golf and tennis tournaments–as well as the first minute of the national news aired on the leading local TV station. The association with the very best events and the premier news casts quickly communicated Azure’s “Best In Class” branding.
Local cable advertising was purchased to gain increased frequency of exposure. Members of country clubs living near Azure would be exposed to dozens of TV spots each day playing in the clubhouse lounge and locker rooms. The campaign created the sales momentum a condominium project needs in the first months of its introduction.
A new project is quickly judged a success or failure by the marketplace and media–intial record sales should be singular goal of a marketing plan. Azure’s first building sold out quickly, creating demand for the second building–one in which even larger sized condominium homes would be offered and quickly sold. For more information, contact: R.J. Gibson Advertising