A recurring theme in the middle 2000’s development story in Richmond is timing. Ginter Place, originally acquired by a group of developer / investors, was an attempt to master plan an entire development around what was the Richmond Memorial Hospital complex in Richmond’s Ginter Park neighborhood.
Originally built in the 1950’s and expanded over time, the entire site is impressive. It was strikingly designed with a ‘Mid-Century Modernist’ motif that nicely juxtaposed itself against the classically quirky architecture of the Ginter Park neighborhood.
Brought online in late 2007, the original developers had neither the will nor the pockets to survive the coming downturn and the project eventually found its way into the hands of the Ukrop family, one of Richmond’s most well known and respected success stories. Ginter became their project to guide to its conclusion.
One South was brought in to represent the project in March of 2102 after less than 15 sales (of 69) in the previous 4 years (with no sales in 2011.)
By December of 2012, we secured 10 contracts by reestablishing the awareness of Ginter in the minds of the Realtor community.
By December of 2014, we had effectively sold out the project (2 remaining condos) and raised the net pricing to the developer. Additionally, we had helped secure a Fannie Mae compliant condo association meaning the owners would have a healthy market for their properties when it came time to sell.
By selectively targeting agents, reworking the interior spaces, creating multiple unique models, modifying the color palate, tweaking the amenity mix and employing both drip campaigns and other web strategies, we managed to take a project that was dead in the minds of the market and created a buzz and exposure which dramatically shifted the perception.
While we couldn’t walk back the price loss of 2008-2011, we were able to maximize seller yield by determining optimal price at the developer’s proscribed absorption.