Building:	One Pacific Tower
Location:	Downtown Seattle
Client:	HAL Real Estate
# of Homes:	74
Year Completed:	1996
# of Stories:	26

Challenge

This tower was completed in the mid 1990's but had been challenged in its ability to sell high-end luxury homes that averaged well over $500,000. Williams Marketing was asked to take over a stalled sales and marketing effort that had sold less than 50% of the homes in nearly three years through the efforts of another real estate company. The marketing plan had been established as selling "shell" spaces allowing buyers to customize their own home.

Solution

Williams Marketing repositioned the building as an upscale sophisticated high-rise tower in the heart of the Pike Market District. This area was still not labeled and marketing it as Pike Market District had a positive impact on the buying public.

Williams Marketing recommended an interior design specialist and a contractor and worked with them extensively to finish out half of the remaining homes so that buyers had the option of buying a finished space instead of just a shell. Once these homes were completed and model homes were ready, we held a private grand opening event prior to be reopened to the public. Marketing tools included an "in-house" proprietary database, newspaper and magazine advertising and a referral network of agents. The finished homes were an instant success, and consequently we had the balance of the shells built out and sold as finished homes.

Result

Williams Marketing sold the remaining 38 homes in seven months with an absorption rate of more than five homes sold each month at average prices well above the going market in a soft market.