Fly Condos Broker’s Event Recap

The Fly Condos broker’s sales event was last Thursday evening, and to no one’s surprise it was an absolute flurry of activity- and sales. Hard to say how many units were sold, but I would estimate they rocketed past the 60% mark for the entire building. Why was this event so successful? How did FLY sell dozens and dozens of condos in one night when most developers are selling 1 or 2 condos a week at their sales sites? Here are a few reasons why in my opinion:

1. Price. The number one reason why they did so well with their relaunch is they lowered their prices significantly. Prices were adjusted by approximately 20% versus what they were selling for back in October 2008. Most units were priced in the mid $400s per square foot.
2. Timing. They hit the market at the perfect time. Spring fever is in full effect in this city and there is a lot of pent up demand from buyers who have been sitting on the sidelines waiting to jump in. Also, there are no other major project launches anywhere downtown right now = no competition for “VIP sales fever”. Back in 2007/2008, there were VIP sales launches literally every single week.
3. Promotion. I must hand it to Empire. They did an amazing job getting the word out to the public as well as the broker community about the relaunch. They kept pounding the “$159,000” price point into people’s heads and this worked. Everyone was buzzing about getting a condo in a great downtown location for $159K.

If you are still looking for a unit at FLY, there are still plenty available, but anything priced under about $275K is basically sold out for the time being. No word yet on whether or not they will be releasing more suites in this price range in the weeks to come.

Questions? Contact me.