How I learned to Market New Construction & 55+ Adult Communities Real Estate Good!

I have the good fortune of being involved in the Marketing of several 55 and older communities for a local developer. My involvement in this started when the possibility of the developer giving the listing of marketing a new condo building with a 55 and older "component" was brought up. He had already witnessed our hard work and commitment when getting a smaller 21 unit complex sold out quickly and efficiently in Pompton Lakes.

So, Marie Episale, REALTOR, e-PRO, CRES decided to go to "school" to learn how to market to the 55 and older community. Yes, I took all of the "regular" classes, Century 21's Mature Moves a course similar in basis to SRES (Senior Real Estate Specialist), New Construction Sales courses etc, etc, etc. But I decided to get my EDUCATION in the school of "hard knocks" or "real rocks". I attended one of the "events" that Pulte/Dell Webb offered for it's Wanaque Reserve Adult Community in Wanaque, New Jersey. I was on their mailing list for several months and then got invited to their first event that would be offering a "lottery" so you would be "eligible" to purchase a home through them. This was in July of 2005. Oh, how things have changed in just a few years!

I was determined to learn all that I could learn on how to handle the marketing of a large adult community and I wanted to learn from a leader in the field and Pulte/Dell Webb had won my confidence for this "training". So, my "lottery" number was #18 and this enabled me to set an appointment and have early choice of unit and location. "My course had begun". I had the appointment, learned a lot, asked a lot of questions, observed, took pictures, got a copy of every form I could AND I bought a unit. 8415 Highland Ave (now Warrens Way).

You might be saying, "she purchased a property solely for the reason of learning and observing how to market an adult community?"... yup! I am also a seasoned investor, and had hoped that I would make a profit when I resold, or would be happy with a "break even", because then my "course tuition" would have been free.

So I observed, learned, watched, saw, listened to every aspect of the Sales Center, the forms they used, the presentation, the model "mock up" etc. I then made as many "allowable" visits to the site as I could to see the various stages of construction, while wearing my hard hat. While I was getting my education, the Developer that my office,Century 21 Crest Real Estate and myself work with, Capodagli Property Company, was well under way for approvals for several new construction sites with a 55 and older component, and I could now "hold my own" quite handily when we conferred about the projects. The first to be approved, City View at West New York, is a 60 unit building on 54^th Street in West New York. There were to be 20 units reserved and specially priced for occupants over 55 years old. The town planners wanted to be sure that this segment of their community would be taken care of with reasonable cost housing. We began marketing the units in October 2006, but even with the market decline and because we had a good building and good prices we are almost sold out. We currently have only 12 units left, 7 adult age restricted and 5 with no age restrictions. The prices range from $149,900 - $299,900. You can get more information at http://www.cityview54.com/ .

There are two more communities about to start construction, one in Wallington, Riverview at Wallington which will have 33 adult age restricted (55+) condominiums in a beautifully designed building along the Passaic River. The non age restricted component of this community has 40 town homes with only 9 available for purchase. The 55+ building should start in mid 2008. Information is available now for all units at http://www.riverviewatwallington.com/ .

About to begin construction is a 114 unit complex in Wanaque (Haskell), Passaic County New Jersey. I'm really excited about this one. There will be both condominiums and Townhomes. Reasonably priced for the most requested "feature" - AFFORDABILITY. Prices will start at $250,000 for the condos and $330,000 for the Town homes. Now you might be asking, a town home.. like bedrooms upstairs.. for aging boomers... I thought she "went to school"... ahh but I did. We have heard many "laments" of missing a 2 story home, but they just can't do the stairs.... We have addressed that problem by having the option of a PRIVATE ELEVATOR in each town home. Don't worry, we're giving stairs also! The framing should begin within the next few weeks. More information is available at http://www.valleyviewatwanaque.com/

More condominium communities are in various stages of development, with locations in Garfield, West New York, Rahway, Jersey City and Plainfield to name a few. Please contact me (mcepi@aol.com ) if you would like any information on these projects or If I can assist you in any way to learn about the new construction process and how you can develop your career with this component.

I almost forgot! I closed on my condo purchase in January 2006 and then marketed for sale and closed the sale in March 2006 with a net profit of $39,000. School was definitely paid for!!

watch for my next blog... why I think there are such bargains out there in the 55+ communities. Get your checkbook ready! Have a great day.. Marie.