Milwaukee Condo Sales Robust as Market Stats Strengthen

Oct. 13, 2009 - PRLog -- Positive Signs in Milwaukee Housing Market Renew Buyer Interest in Luxury Condos

Mandel Group and Garrison Partners report robust sales at recent event for The Point on the River in Milwaukee http://www.thepointontheriver.com.

Milwaukee-area homeowners and developers are breathing a collective sigh of relief as the area continues to report positive home-sales data, a trend that was supported at a recent sales event for a luxury condominium development in the city.

Sales in the four-county metropolitan Milwaukee area were up 7.7 percent in September, according to housing statistics released by Metro MLS Inc. Friday.

Milwaukee County had higher sales in September than at the same point a year ago for the sixth straight month, increasing 6.8 percent. Waukesha, Washington and Ozaukee counties joined Milwaukee County in posting increased home sales in September, with 6.4 percent, 19.3 percent and 3.7 percent increases, respectively.

Meanwhile, more than 400 guests attended a grand opening event for the recently completed penthouse at The Point on the River, a 12-story loft-conversion at the intersection of the Milwaukee and Menomonee Rivers, and a half dozen units were sold or put under contract, according to Chicago-based sales and marketing firm, Garrison Partners, and the developer, Milwaukee-based Mandel Group.

Garry Benson, principal of Garrison Partners, said low interest rates, standing inventory and the soon-to-expire $8,000 First-Time Homebuyer Tax Credit are prompting buyers to get into the market. And developers are finding new ways – or revisiting old ones – to attract buyers to their projects.

For Garrison Partners and Mandel Group, that meant hosting a large-scale event complete with a full-service bar, gourmet hors d’oeuvres and pop-up galleries featuring the latest in interior design trends. It was the first such event for Garrison in many months, and Benson noted that it yielded a great return on investment.

“Live events have always been one of the most effective ways to build buzz and generate interest from prospective buyers for new developments,” said Benson. “There is no substitute for being able to experience the space, touch the finishes and see the views. Seeing a room packed with over 400 prospective buyers was a very encouraging sign that buyer confidence is returning. It also sends a message to developers that it’s time to get back in the game, to start marketing again.”

The penthouse preview event was the second event at The Point on the River this year. In February, the development team hosted a grand opening for the lower floors, which also generated healthy sales activity, Benson noted.

A turnaround of a distressed asset, The Point on the River is a good example of how event marketing can effectively revitalize and renew interest in a project.

“By reintroducing the property to buyers in stages, we were able to continually build their confidence in the community,” said Benson. “As the building’s success has continued, buyers who were once on the fence about buying are now taking action.”

For more information on this project, please call Garrison Partners at 312-750-1610, or visit our website at http://www.garrisonpartners.com.

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