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    The Peninsula at Millsboro

$8,007,300 - Rehoboth Beach, DE

Condominium

Challenge
Market Slowdown

A master planned resort and golf community located just 15 minutes from Rehoboth Beach, The Peninsula has been voted Delaware's Best Resort Community and features the state's first Jack Nicklaus Signature Golf Course. The Peninsula encompasses 776 acres, consisting of condominiums, townhomes, single-family residences, custom home sites and custom homes built by multiple developers. Asking prices range from $200,000 to $2 million. A majority of the 1,200 residential properties had not been built and Miller & Smith, the Washington, DC region's third largest builder, was seeking to sell their standing inventory of 18 townhomes and single-family villas.

After a successful opening, absorption slowed to only one sale per month. Miller & Smith reduced prices, increasing absorption to eleven sales in the following three months. Despite the price reductions, absorption declined again to only one sale in the subsequent seven month time period.

Solution
Instead of entering another cycle of price reduction, Miller & Smith retained Sheldon Good & Company to sell all of the remaining inventory.

Sheldon Good & Company implemented a marketing program focused on potential buyers from New York, New Jersey, Philadelphia, Delaware, Washington, DC and Baltimore. The marketing included TV, radio, social media, newspaper and PR.

Results

  • 1,726 inquiries
  • 250 auction attendees
  • All 18 properties were sold at auction
  • Total Sales: $8,007,300