Madison Lofts – new condominium loft community in Seattle’s Madison Valley.
Madison Lofts is a new 20-home loft condominium on Seattle’s Madison Street, adjacent to the Arboretum. Despite its boutique size, the building is concrete-and-steel construction with private rooftop decks, oversized patios on the lower floors and air conditioning in every home, quality typically associated with high-rises. This created a challenge in a small building as the construction costs are much higher than a wood-frame building, and buyers are often unable to distinguish the difference. An additional challenge was the location in that there are no other condominiums built in the area, let alone at the quality and price point of this product.
The initial marketing launch was in 2007, prior to the completion of construction. We developed a large database of interested prospects. Unfortunately, the building was completed and onsite sales were launched in the downward trending market in the summer of 2008. The unique market challenges and high-end product type required us to find a niche target market. We had to strategize “outside of the box” to target that small and unique target market buyer and through pure perseverance we stuck together as a team to make it happen and sellout.
We worked hard to maintain recommendations for marketing and pricing that were sensible and not too costly. We also took an active role in grassroots and broker marketing. It was due to this dedication, and the teamwork between the Matrix team and the seller, that we were able to sell all 20 homes on behalf of the original developer with our last closing in July of 2010.
