Residential Campaigns

Part
01
of two
Part
01

Residential Advertising Campaigns - Performance Metrics, part 1

Of the five marketing campaigns for new luxury residential developments in Manhattan that were previously identified, four were successful, while one was not, based on available evidence. To determine the success of each, I looked at a variety of metrics, including press coverage, sales and rental volume, sales price, and interest in the property. You'll find a deep dive of my research below.

findings



This marketing campaign has won multiple awards, including the Gold Stevie Award for Real Estate, and the NAHB Sales and Marketing Silver Award. Moreover, the marketing campaign resulted in 100 of the property's 246 units earning signed contracts in the first 60 days of the building's opening, with 50% of the units under contract in less than seven months. In addition, the marketing campaign created brand recognition among its target audience, developed brand awareness in the marketplace, and resulted in 1,000 sales appointments in the first seven months.


The jury is still out on whether or not this marketing campaign was a success, with sales for the building's 34 units just beginning in March of last year. This article, published in October, explains that there is little evidence of success since the property's opening. There have only been 13 total sales of the building's 33 units on Street Easy, and industry experts report that there is "very little buzz" around the property. Sotheby's, however, which manages the property, says that there is buzz around the property and that units are actively selling. If there is a lack of success around the building, industry experts blame the record-breaking prices of some of the units, the location, the original interiors, and even the "intial marketing". On the plus side, this property received an incredible amount of media coverage. This could just be due to the historic and famous nature of the building and the record-breaking prices, however, and may not actually be indicative of success.


This property, known as the Whitney Condos, launched sales in 2014, although the property didn't officially open until 2015. Despite the high prices at the property, some notable units have already sold. In 2016, someone paid $31 million for a penthouse in the building. In addition, a condo that is part of the property's Atterbury Mansion sold for $45 million in 2015, even though it was unfinished. In 2016, another buyer paid $57.5 million for two units in the development. Clearly, units in this building are selling, and for a premium price, which indicates successful marketing.


Sales for this building launched in April of 2015. According to Street Easy data, there have been 79 sales and 27 rentals of the building's 113 units since then, indicating considerable success.


Sales for this building launched in 2015, with prices starting at $2 million. Since then, there have been 45 sales of the building's 58 units, as well as 87 rentals, according to Street Easy. Based on that data, the development has been a huge success.

conclusion

To wrap up, of the five marketing campaigns for new luxury developments in Manhattan, four have been significant successes based on available data, while one was not successful based on all available evidence.
Part
02
of two
Part
02

Residential Advertising Campaigns, part 2

In the last few years, Manhattan has had many successful and not so successful luxury residential properties. In order to ensure the success of the properties, residential advertisement campaigns were used to boost the sales of these new properties. Below are our findings of 5 properties in Manhattan, NYC that used their campaigns to find great success and in one case fall a bit short.

Successful campaigns

The residential advertising campaigns that fell into the successful category are for One West End, 27 East 79th Street, 70 Vestry and Hudson Yards. The reasons we chose these four campaigns to be highlighted are that each of the units within these residences sold quickly and had selective price ranges of $5 million or more. These campaigns all included easily accessible print and digital materials, a clear image of their brand, consistency within their campaigns (in terms of imagery and language) and updates regarding sales. Below is a description of each success.

#1. One west end

The West End luxury apartments were featured in the American Business Awards and the company behind the campaign named Elad Group and Silverstein Properties won the Stevies Award for Marketing Campaign of the year. Their sales achievements included selling over 50% in less than 7 months and over 100 deals made in 60 days. A sample of their brochure can be found here.

#2. 27 East 79th street

These apartments were designed by Cabinet Albert Pinto, designed by a team including the sister of the late Albert Pinto. The "Parisian inspired" design said by the designers to be like a "private mansion" was featured Architectural Design and raved that it might be "New York's most luxurious tower". A sample brochure is located here.

#3. 70 Vestry

The advertisement campaign did very well at this waterfront location. They sold 80% of their properties with $100 million in sales in one year. They only had 8 out of 46 units in these high-end condos left to sell when the year came to a close. Their brochure can be seen here.

#4. Hudson Yards

At 15 Hudson the sales for the first year were enormous and they quickly became Manhattans "fastest selling condos". They sold one of the penthouses for $32 million and had great success very quickly. Creative samples of their brochures can be found here.

Unsuccessful campaigns

Only one residential advertising campaign was found that could be seen as unsuccessful. It proved difficult for our team to find campaigns that did not succeed and we found no clear evidence of a campaign advertisement that completely failed in the price range requested. We did determine that the final property on our list fits into this category based on the number of units still available, which shows the sales goals were not completely met. The final property is 50 West Ave.

#5. 50 West ave.

Despite campaign efforts the units in 50 West Ave. are not selling at the rate that other properties in the area are. One source stated that there were still about "two dozen units" for sale and the designer tried making an additional website to possibly increase sales. A later source stated that there were 46 units that had not been sold and the designer refinanced the condos turning them into rental units. We did not find any particular reason why this property is not keeping up with others in the area and many factors other than advertising can affect sales. A sample brochure is listed here.

Conclusion

Finally, each of these properties was valued at above 5 million dollars and used campaign strategies to sell them. The first four campaigns brought in big success and returns while the last campaign did not do as well. It is not clear what caused this property to fall short but the four success stories give a glimpse of what a great campaign looks like.
Sources
Sources