Case Studies

Ocean Grande, Rockaway, NY

Situation

Ocean Grande is a 92-unit beachfront condominium, consisting of one- to three-bedroom units, located in Rockaway Park, New York. The developer of this project hired us to close out the project by selling the remaining 21 units. The velocity of sales had slowed at the building and the developer wanted to realize his equity in the project quicker in order to take advantage of opportunities. 

Strategic Solution

We advertised all of the 21 remaining condominiums for sale, with four units to be sold Absolute, regardless of price. 

Note: We utilized the Buyer’s Choice Method of Bidding. Our team utilizes this strategy for most condominium sales, as there are several benefits to it, including maximizing price and ensuring a higher closing ratio.

Conclusion

The six-week auction program produced the following results:

  • 800+ Inquiries 
  • 600+ Open House Attendees (Parties)
  • 150+ Due Diligence Packets Sold
  • 300+ Auction Attendees
  • 21 Sold for $11 Million

Outstanding Pricing  Closeout Sale of Project

The developer could have stopped selling after the fourth unit, but he chose to sell all 21 units, as he was very happy with the pricing.