The Condo Workshop Brambleton Town Center, 2017 Best Condominium Community Photo Credit: Studio Trejo Photography
The material in this education session has not been reviewed, approved, or endorsed by the National Association of Home Builders (NAHB). The topics discussed and the materials provided herein are for informational purposes only, are not intended to be an exhaustive presentation of information on a particular subject, and should not be treated as such. The speaker or speakers are not acting on behalf of or at the direction of NAHB. NAHB specifically disclaims any liability, loss or risk, personal or otherwise, which may be incurred as a consequence, directly or indirectly, in the use or application of any of the materials presented in this or any other education session presented as part of the International Builders Show.
The Condo Workshop Panelists JONATHAN BORIACK, KTGY Architecture + Planning KIMBERLY CASTIGLIONI, Wells Fargo Home Mortgage DAVID WOLF, ON Collaborative
Condo Design Considerations
Condo Financing & Project Approval Options
Current Condominium Marketplace Key Drivers:
Types of Project Approvals
Project Approval Process & Requirements Basic Condo Approval Requirements: Presale Owner Occupancy Single Entity Ownership Commercial Space Incidental Business Income Reserves Insurance Basic Condo Types: Site Condo Low, Mid or High Rise Mixed Use (>25% commercial) Condo Conversions
Types of Conversions A conversion is when a property is converted from some other use such as apartments, warehouse or office building into condos. Gut-Rehab: Project was not originally residential in nature Renovation down to the shell of the structure Replacement of HVAC systems Replacement of electrical components Any structural modification Non-Gut Rehab: Painting Flooring Replacement of cabinets, fixtures, doors or windows
Phasing 1. Legal Phasing 2. Sub-phasing or Marketing Phasing High-rises Low-rises (townhomes) Presale Substantial completion Amenities and common areas
Mixed Use Projects Key considerations: - Legal and physical separation of space - Parking - Amenities - Condo HOA and MHOA/REA voting - Commercial space (non-residential space - hotel, retail, office, apartment, restaurant, etc.)
Best Practices in Leasing and Sales
Market Intelligence & Planning Market Intelligence is a key factor in building a successful sales and marketing plan. Research and data analytics provide crucial insight into: Demographic & Mitigation Trends Sales Volume & Pricing Trends Buyer Preferences & Purchase Triggers Competitive Landscape & Positioning Design & Amenities Supply & Demand Forecasts
Sales Organization Architecture Build a professional, highly-skilled project team consisting of dedicated, onsite project sales team as well as corporate personnel, including: Project Management Executive Dedicated, Onsite Sales Agent Ambassador Liaison Market Intelligence Team Project Marketing Team Operations Staff
Sales Training Online Training
Marketing Assets Brochure/Stationery Video Email Social Marketing Website/Splash Page Digital Marketing Event Marketing Print Advertising/Signage Virtual Reality 3D Architectural Renderings Scale Model Interactive Sales Center
Marketing Strategy In Marketing Strategy Community & Culture Building Events Brokerage Community Education and Outreach Onsite Events/Showcases Exclusive Project Showcase and VIP Customer Engagement Experiences Exclusive Media Placement Hard Hat Tours Out-of-Market Strategy Global Agent Engagement Program Global Ambassador Network Luxury Lifestyle Event Sponsorships
Lead Cultivation
Thank You! Any Questions? JONATHAN BORIACK jboriack@ktgy.com KIMBERLY CASTIGLIONI Kimberly.Castiglioni@wellsfargo.com DAVID WOLF david@oncollaborative.com