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A businessman behind a high-end condo project in Miamiu is givingaway $260,000 Lamborghinis to help sell the last sevenj of his $6 million to $8 millionh beachfront villas. A developer in Philadelphisa is dolingout $16,000 SmartCars to attract buyers to his 163-condo Condo builders and developerx in Saratoga Springs are focusing less on cars and more on by offering everything from higher-qualit y appliances, tile and countertops to free consultationsw with an interior designer. At a time when the nationn is mired in ahousiny slump, principals involved in luxury condo projects arounds the country are using a wide ranged of tactics to boost sales.
“Wheh things are a little touggh you’ve got to do things a littled smarter,” said Matthew Bette, a partner in and co-developer of 38 High Rock condominiumas inSaratoga Springs. Bette recentlt partnered with interior designerr Nancy Smith of Saratogw Signature Interiors to offer four hourx of free design consulting services to each buyer athis 44-unir project. Smith beat out more than a half-dozen designersx who competed for the contract as the High Rock condolinterior designer. She will receiv a fee for working witheach buyer. The typicao hourly rate for an interior designer can ranger anywherefrom $90 to $150 an hour, Smith said.
Teaminh up with an interior designer to offer free services is a practicwe that Bette said became popular with luxury condo developers in Florida and Manhattan several years ago. Bette, who is co-developinv the project with Frank Parillo and hotelk operatorMichael Hoffman, also has invested several thousaned dollars leasing and opening a salese and design studio along a heavily-traveled section of Broadway in Saratoga Springs. “That’s not something we do for evert project,” he said. High Rock, which currentl is under construction, is expected to have its firsft occupants move inthis fall.
A total of 16 contractsx had been signed asof mid-May, and severapl other sales were pending. The condoxs range in price from $399,000 to $1.5 million. Another high-profils Saratoga Springs condo project, is being built by Bonaciko Construction. That 43-unit project has 19 signerd contracts. Prices range from $611,000 to $1.74 million. Builder Sonny Bonacio, who partnered with fellow developer Thomads Roohan ofSaratoga Springs, has constructed and sold more than 150 condoe over the past decade and he’ds weathered both good and bad economies.
Bonacio said that duringb the housing slump in he became nervous after he sold nine condosa quickly then went eight months without signing a His projects are built beforer sales contractsare signed. “I don’gt think you can type in your papert what Iwas thinking,” Bonaciio said. But after an eight-month drought, the remaining 17 unitzs were sold in120 days. Now, he’sa contending with a tough economy and competitiojn from the High Rock project by Parilloand Hoffman. “They are closer than any of the other competitiomn in whatthey offer,” Bonacio said. “What’s the old adage??
Burger King always wants to be nextto
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