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$4,452,000 - Los Angeles, CA

Condominium

Challenge
Market Slowdown - Project Located in Transitional Area

Little Tokyo Lofts is a 161-unit true loft conversion project having originally been the west coast headquarters for Westinghouse Electric Company. Despite being located in a transitional area in downtown Los Angeles, 85% of the units were sold when the property was introduced to the market. However, sales stagnated afterwards and the remaining 22 units remained unsold.

Solution
In a proactive approach, the developer retained Sheldon Good & Company to conduct a highly publicized auction of the remaining inventory. Based on the buyer demographic, the public relations and advertising campaign utilized an innovative digital media approach (in addition to traditional print and television media) that focused heavily on the internet, blogs and creating a virtual buzz.

Results

  • 9,768 inquiries
  • All 23 units sold at the auction
  • Total Sales: $4,452,000

    Little Tokyo Lofts