@DG Advantage: Finishing Strong at Alcove
Two years after we last talked to Matt Havey, Managing Director at Vermilion Development, about Alcove Wicker Park – the 55-unit luxury condominium residing in the neighborhood of its namesake – the closeout strategy is now in full progress. With nearly all of Alcove’s units sold out, we wanted to sit down with Havey once again to discuss the rigorous closeout process and how he and his team worked with @properties Development Group (@DG) to ensure the successful completion of the project.
Diving into the end-stage strategy, Havey reveals a tactical approach. "As we approached the final units at Alcove, we maintained constant communication with the sales team and thoroughly examined all the data gathered throughout the selling process," he explains. This ensured informed decisions about pricing and velocity, a strategy that held steady as the last few condos found their owners.
The strategy itself doesn’t differ much from that employed by Havey and his team at the beginning of Alcove’s sales. The only difference is taking advantage of the data collected through the process. “Towards the end, we have more market data on how the last few units are received based on comparisons in the building and feedback from prospective buyers who visited throughout the life of the sell-out. We also aim to be extremely transparent with the team as to what we want to achieve with those final units,” says Havey.
Unsurprisingly, the team didn't neglect the influence of current market conditions. Faced with rising interest rates, Havey was well aware of the pressure this placed on pricing. As he puts it, "We certainly cannot ignore the current market conditions. We've tried to be flexible and understand how buyers' purchasing power has changed. As for how these conditions influenced our closeout strategy, it's essential to maintain communication and transparency with your sales team—the people who guide prospects through the property, and it's crucial to understand broader market trends beyond just your property." Here, @DG's broad market perspective was an invaluable tool, helping to avoid any tunnel vision.
Havey makes it clear that the process is more about precision and quantified analysis rather than being emotionally driven. It's a formula – a mathematical equation – influenced by pricing and timing projections, rather than emotions such as burnout. The insight shows how the team's analytical approach aids in effectively navigating these potentially high-stress final stages.
Reflecting on the journey thus far, Havey lauds the significant role of his partnership with @DG. He shares, "We've had a highly positive experience working with @DG. Throughout the project, we've benefited from their extensive market perspective and their experience with new construction and various types of sales. They've been a tremendous team player and a huge asset to the project." It's a testament to the necessity of collaboration in such large-scale projects and the value of diverse inputs and perspectives.
As Alcove Wicker Park steadily advances through the final stages of its closeout process, one thing is clear: success in this endeavor isn't a coincidence. It's the product of a meticulous strategy, open communication, and an understanding of market trends that are as dynamic as they are critical. "It's a balance, understanding where the market is and gauging how patient or aggressive you can be," says Havey. With this balanced approach at the helm, Alcove Wicker Park is well on its way to a successful closeout.