$6,317,000 - Eatonton, GA

Condominium

Challenge
Market Slowdown

The Peninsula at Lake Oconee is a 36-unit townhome development in Eatonton, Georgia. A premier second-home community, each of the units offers a full view of popular Lake Oconee and and individual boat slip. In the six month period immediately following completion, sales were just over two units per month, yielding 13 total sales. The following six months saw a 46% decline in sales, and during the next 18 months no sales took place.

Solution
The developer hired Sheldon Good & Company to retire the outstanding debt, unlock $2 million in partnership equity and close-out the project. Sheldon Good & Company implemented an aggressive marketing strategy for the remaining 16 units and a wide-ranging advertising campaign focused on print media, radio and internet.

Results

  • 4,589 inquiries from 22 states
  • 200 auction attendees
  • All 16 units sold at the auction
  • Total Sales: $6,317,000

    Peninsula at Lake Oconee

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