9 BONG BONG STREET, KIAMA – 22 UNIT PROJECT – SUCCESSFULLY SOLD OFF THE PLAN BY MARK SPINELLI
Kiama project build by local developer
Of the apartments sold
- 10 were serviced apartments generally for holiday letting purposes which were sold to:
- 7 to Sydney investors
- 1 for weekender
- 2 to local investors
12 residential apartments which were sold to:
- 8 sold to home occupiers
- 5 from Sydney
- 3 local buyers
- 2 to Investors for weekender/holiday letting
- 1 to Permanent rental investor
The mix of majority Sydney investors and Sydney home occupiers to local investors who already know and love the area, shows the demand for kiama as a premium retirement location. The majority being over 50+
The marketing needed to target the right people in the right location, this was done through cost effective yet focused on prominent marketing in certain locations.
We have a system and a process of helping people see and understand what is yet to be built to help people feel comfortable buying off the plan. Having a great developer with a strong track record is a great place to start. Creating a product that has great value and offered at lower than market value helps developers get a good start with sales to ensure a smooth process to completion.
As we are local agents we are in the know of what people are looking to buy, we don’t just simply market and sell property. With developments the process starts earlier with us working together with developers to ensure the floor plans and finishes match the market of what people really want.
All in all we focus on providing solutions each step of the way to make sure its a successful project that both people that buy and the developer are all satisfied. It’s an all shall prosper method. If all don’t win it’s not a good deal and not a project we want to be a part of.
OVER 50% SOLD PRIOR TO START OF CONSTRUCTION
In a slow market we sold for good prices over a six month period. It didn’t take long after that until all were sold, 1 & 1/2 year construction. One sub-penthouse offered for sale was kept to be furnished and sold after completion which we sold for $2.27m to a local purchaser.
As a developer knowing 80% is sold early in the process is a game changer as knowing the project is profitable, money is in the bank, it’s just a matter of completing a quality product and starting to look at what project to line up next.
What’s next you might say. 77 units plus 7 commercial suites starting mid 2020, with the same developer same agent, opposite Stockland Shellharbour and the new Council building, with outstanding lake views, rooftop gardens and a variety of different floor plans to suit everyone. Vibrant ‘The Avenue’ food precinct across the road and Greater Union down the road.
