For anyone who enjoys a good comeback story, Turnberry Tower—Rosslyn’s uber-luxury high-rise—is one for the DC metro real estate market. Two years ago, the building was struggling, with just 10 percent of its units sold. It opened at an all-time low point in the real estate market and was fraught with mechanical and construction liens.
Fast forward to today and 90 percent of the luxury project has now been sold with less than 20 prime residences remaining. The sales team has done over $200 million in sales during the last 24 months -- with $20 million in sales in April alone -- and they anticipate a complete sellout by the end of 2012. As a result of two successful sales years, the entire construction loan for the project has been paid in full--an uncommon feat for US developers in recent times.
The project owes much of this turnaround to sales and marketing wunderkind Dan Riordan. After coming on board in April 2010, Riordan quickly devised a plan for bringing the property back to life. Once its lingering legal issues were resolved, Riordan set about showing off what Turnberry Tower really is: a standout residential property with top-notch amenities and luxurious in-unit details.
Located blocks from Key Bridge and the Rosslyn Metro stop, Turnberry Tower is the tallest residential building in the DC area. Units start at a spacious 1,322 square feet and all have 9 to 10-foot ceilings, floor-to-ceiling glass windows, and expansive views of DC and Virginia. Everything inside is luxe: Italian cabinetry, Miele appliances, granite countertops, European kitchens and bathrooms, and 300+ square-foot private terraces. Residents have access to private elevators, and there’s a 24-hour doorman, indoor pool and Jacuzzi, sprawling fitness center, and 24-hour free valet parking.
Over a 25-year career in real estate sales and marketing, Riordan has sold and managed $3 billion in luxury condo sales in Miami, Las Vegas and now the DC area. Again and again, he created value where people saw none. Joining Turnberry Tower was a welcome challenge for Riordan.
“Working on this project has been as exciting as any project I’ve ever worked on," he said. "When trying to turn a stalled property into a performing asset, there’s a lot of pressure and a much shorter timeline. You really have to show results instantly.”
Immediately connecting with DC’s real estate community and then overhauling Turnberry Tower’s creative marketing campaign, Riordan did just that. In many ways, he started from scratch, hiring a new marketing and advertising company (McGuire Marketing) and internet firm (Digital Capital Group). But in the property’s original sales team (The Mayhood Company), which included agents Matt Cummings and Julie Zelaska, he saw talent. Riordan equipped them with the tools they needed to move forward and brought on agent Anne Blakeman-Coleman, creating a powerhouse of top-notch sales people—all of whom have received major industry awards over the past few years.
What Riordan didn’t do was dramatically reduce prices. While luxury properties all over the country slashed prices by 30 and 40 percent, he dropped the prices at Turnberry Tower by just 3.5 percent and let the quality of the property sell itself. Over the last two years, it has done just that and owners appreciate the fact that prices were not dramatically cut, evidenced by the fact that there is just one resale unit on the market currently.
Interested in seeing one of the last remaining units at Turnberry Tower before they are gone? The property has six professionally decorated model units open for tours. For more information, click here or call the sales office at 703-243-3000. The sales office is open seven days a week from 9am to 6pm.
This article was a sponsored message by Turnberry Associates.
This article originally published at http://dc.urbanturf.com/articles/blog/presented_by_turnberry_turnaround/5685
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