Introducing a New Product and Achieving Record Price Points
Corwin Partners was hired at the beginning of this mid-rise development to participate in the request for proposal, product design, community engagement and municipal development review processes.
After an in-depth market study, our team identified a large gap in the highest end of the Oak Park multi-family market. We recommended offering 3 Bedroom + Den condo product -- wholly unavailable at the time -- as demographic analysis suggested a high demand existed within Oak Park. We applied a penetration pricing model to build initial sales and carried that momentum into list prices 35 percent higher than any previous condo sales in the village’s history. After initial market response was overwhelmingly positive, Corwin Partners delivered the development’s necessary presales in less than six months. Lower and higher pre-selling units were re-balanced pricewise to effectuate an even sellout. Our presales also revealed product preferences that we identified and incorporated into the plans prior to construction start.
Corwin Partners sold out the entire building prior to construction completion while increasing pricing throughout the process to maximize developer returns. Closing prices achieved record price points in Oak Park -- unsurpassed to this day. Being able to advocate for and be successful in a complete pricing and product departure from the existing market is only possible with experienced, careful analysis, delving far beyond surface-level MLS data.
District House features 28 artful urban residences in the heart of Oak Park. This LEED certified contemporary mid-rise provides modern living with spacious rooms, open floor plans, and bright natural light throughout, as well as private outdoor spaces and large green roof terraces. Indoor heated garage parking and close access to both the Metra and Green Line El trains provide further convenience for commuters. With 4,500 square feet of retail space on the ground floor, the building offers amenities for both residents and the neighborhood alike. The modern aesthetic adds to the diversity of styles found in the neighborhood, while still respecting the rich architectural fabric of Oak Park.
- Crain's Chicago Business, March 2016
- Wednesday Journal, March 2016
- Chicago Tribune, November 2016
- Curbed Chicago, April 2017
ZSD / RANQUIST DEVELOPENT GROUP / CAMPBELL COYLE
MILLER HULL + NORTHWORKS