Challenge

In 1997 the development firm of T. Jones, Incorporated (TJI) planned to pre-sell The Concord, a high-end, twin-tower condominium and the first of it’s kind in the marketplace. TJI faced two uncertainties: (1) Many developers had previously attempted pre-sale campaigns in Seattle, but met with marginal success, and (2) No comparable buildings existed in the burgeoning north Belltown neighborhood and potential homebuyers would feel uneasy about pioneering in an unproven market. How could TJI guarantee a successful pre-sale in an unproven market?

Solution

Dean Jones, as Director of Marketing for TJI, led a team that engineered a strategic marketing campaign to create a unique spirit of place for the project and to inspire consumer confidence. The multi-faceted campaign included building a 5,000-sq. ft. sales center, the launching of a sophisticated website (with then cutting edge virtual home tours), a neighborhood improvement plan including $250,000+ fundraising for the construction of the adjacent Olympic Sculpture Park and numerous high-profile events and cross-promotions. The campaign leveraged highly creative advertising and substantial local and national media coverage to drove unprecedented traffic during focused sales events. The demonstrated demand helped instill belief among buyers that Concord offered a refined urban lifestyle and a savvy investment opportunity. The initial pre-sales were followed up with a number of buyer retention programs which ensured minimal contract rescissions.

Results

The Concord sold 90% of its units during the first month of pre-sales, outperforming current market price points and establishing a new benchmark for sales absorption in the city. The project catalyzed new momentum for urban condo development in Seattle and was awarded thirty-seven regional and national awards including top honors “Best Overall Sales Campaign,” and “Attached Community of the Year” from the National Association Home Builder’s. TJI was also recognized by the NAHB Pillars of Industry as “Developer of the Year” and “Project of the Year” in 2001. Today, The Concord continues to resell at the top of its market many years after its original debut.