
In today's tough real estate market, so much talk is given to the projects that fail but not enough to the success stories.
Cobalt Condominiums in Minneapolis' Historic
Old St. Anthony Neighborhood is a good example of an extremely successful downtown condo project. Only 4 homes left out of 93 total! Here's 5 points that summarize what I think has given this project such a good reputation and competitive edge:
>> LOCATION, LOCATION, LOCATION
This goes without saying, but to understand where people
truly want to live is another thing. The Old St. Anthony Neighborhood is one of the most
actually livable areas in downtown Minneapolis.
>> GRAVITAS
You need a reputable development team that has experience and know how - preferably local to the Twin Cities. Most of the buyers at Cobalt either knew personally or had heard of the developer (
Exeter), general contractor (
McGough), or the sales team (
yours truly.)
>> CHEAP GETS YOU IN DEEP
Provide a quality project that doesn't skimp on important details. It should be designed for living - not for expedience. Buyers know quality better than most developers do - they can't be fooled. Our philosophy at Cobalt was to provide a basic finish package that was good enough that you wouldn't need to upgrade to make your home (or you) feel special.
>> INSPIRATION
A project should have something unique and forward thinking - something inspired - to attract owners. Two things really set Cobalt apart, the floor-to-ceiling windows and a new
Lund's Grocery on the main floor. These amenities were simply irresistable.
>> SALES SAVVY
It doesn't take East Coast attitude or blouse-busting cleavage to sell a project. It takes thoughtful, nice people who actually care about the buyers and who know what they are doing. I will say this to my grave -
you can not sell condos like they are cars.As a testament - we are also seeing this approach working at our latest project
Zenith Condominiums. Keep some of these principles in mind as you look for your own condo project to live in. Make your search a success!