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Want to Sell Condos? Follow Moderno's Lead

  • February 4th 2009

by Mark Wellborn

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Moderno, a 19-unit condo development in the U Street Corridor, did not have a grand opening party and does not hold open houses. The only marketing seems to be a lone sign on the side of the building. Surprisingly, this approach seems to be the key to selling new condos in DC.

Housing Complex had a post earlier today about how successful Moderno on the corner of 12th Street and U Street has been in selling units as other developments struggle to get rid of their existing inventory.

Ten of the units (which range in price from $350,000 to $1.2 million) are under contract at the development, according to Housing Complex, and sales manager Timur Loynab has given 13 tours of units in the last two weekends.

However, a sign on a building cannot sell units on its own, so what are the secrets of Moderno’s success? Here are a few, according to Housing Complex:

  • Locate your building roughly 60 steps from Ben’s Chili Bowl
  • Build it on top of the Metro
  • Find buyers who promote you to their “friends”
  • Go to Italy (???)

For a more extensive explanation as to why these things worked (particularly the last one), click here.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/want_to_sell_condos_follow_modernos_lead/520.

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