CB New Homes Transforms Market Perception of Long Struggling Active Adult Property

Highlights 

• Transformed market perception of long-struggling Bergen County active adult community 
• Leveraged experience in understanding economic, consumer, and design trends to power a data-driven marketing approach 
• With 46 condominiums to be built, pre-sold the first building of 14 condominiums in less than 60 days
• Over 50% of the 46 condominiums are now pre-sold; with first move-ins scheduled for early Nov

Challenges:

Before Coldwell Banker Realty New Homes’ introduction to Paris Square, a 111-unit adult townhome and condominium community in Northvale, Bergen County N.J, in 2022, numerous hurdles and roadblocks had earned it a mixed reputation among prospective buyers in the local market. 

The property’s challenges began with a 15-year construction process that had only resulted in the completion of half of its 111 planned units. Paired with years of no activity, a lengthy construction process, and the uninspiring marketing of the completed units over its history had led to equally underwhelming sales velocity and a reputation in the local market as a community geared towards the 75-year-old plus age group, rather than one focused on empty nesters from 50-years-old and up. 

However, a new developer, Alvin Sarter of Treuhold Capital Group, a New York-based real estate investment company, had just acquired the property intending to resuscitate the project as a destination for active adults in northern New Jersey. Immediately, Alvin knew that it would also be critical to “reintroduce” the community to the local market by creating an A-team of local professionals known for their financial acumen of the market, reputation for quality construction and keen marketing skills. Alvin continued, “My challenge was how to get this message out to the public when other realtors had failed.”

Through tapping Anne Van Dyke from Coldwell Banker’s Closter/Alpine Office and the Coldwell Banker Realty New Homes Team, local builder Ray Reduce Development, residential designer Deb Franklin, and local lenders Procida Capital and ConnectOne Bank, the developer now had a team that could inspire confidence and eliminate the stigma associated with previously unsuccessful developers and realtors.

Strategy:

Data is the cornerstone of all of Coldwell Banker Realty New Homes’ successful marketing plans. Since Paris Square began construction 15 years ago, the Coldwell Banker Realty New Homes team had diligently tracked the project’s progress and struggles through its proprietary Development Profile database and work at nearby properties.

Immediately upon receiving the marketing assignment, Coldwell Banker Realty New Homes Director Sheryl Ritschel and Marketing Manager Kristyne Henderson leveraged proprietary databases to support the thesis that sales velocity and pricing could be significantly enhanced if the community was properly marketed to the buying public. 

As Alvin commented, “Coldwell Banker Realty New Homes understood the value proposition presented by Paris Square relative to the market area competition and immediately set out to implement a sales and marketing strategy to effectively deliver this message to the local community.  The knowledge base brought to the table by Sheryl and Kristyne was second to none. They know exactly what buyers are interested in when buying new construction – particularly in an age-restricted community and focused their efforts on leveraging the quality of what we were building with the amenities package offered at Paris Square.”

Powered by its decades of experience in turning around properties like Paris Square, Coldwell Banker Realty New Homes knew that highlighting the community’s lifestyle amenities including walking paths, an on-site park area, pool, stadium seat theater, and putting green, paired with its unmatched price points would be key in driving leads to the sales team. 

The first step was the updating of the community’s marketing materials and website to reflect the onsite and market area lifestyle amenities available that would appeal to “junior seniors” (55-74 years old) while neutralizing the perception that the community was just for “senior seniors” or those over 75 years old. 

Coldwell Banker Realty New Homes built upon the new collateral and updated website to execute a digital marketing strategy that reintroduced the property to prospective buyers in the broader regional market. Knowing that there would not be a furnished model available for prospects to tour, the Coldwell Banker Realty New Homes team created virtually staged renderings of the living areas, kitchen, and bedrooms to highlight the new buildings’ clean, transitional-style finishes. The virtual model along with available flooring and kitchen finish samples of the new buildings ensured that potential buyers could easily see and touch their prospective new home. To re-introduce the revitalized property to the public, Anne Van Dyke held a grand reopening event in the community’s completed clubhouse paired with weekly open houses. In addition, a referral program successfully enlisted existing owners as brand ambassadors for the community to drive additional traffic to the property and supply testimonials about their experience living at Paris Square. 

Results:

The success of Coldwell Banker Realty New Homes’ strategy was virtually immediate with 16 units sold in just seven weeks with one of the three under-construction buildings being completely sold out before its completion. In addition, pre-construction sales have commenced for the two remaining buildings, and they are already 50% pre-sold.

In just a short time, Coldwell Banker Realty New Homes’ experienced, hands-on team and data-driven approach provided a second life to a long-struggling property. Through their work, Paris Square is positioned for long-term success as a premier destination for active adults in northern New Jersey’s competitive housing market.