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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.
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.
Little Tokyo Lofts