When our team at BREG linked with Balistreri Realty to sell townhomes at Royal Poinciana Townhomes in Boca Raton, it was expected to be a challenge. There were 90 units in the community, 31 of which were previously rental townhome units that were renovated as luxury units for sale.
What was our mission? To sell 31 units in a residential market that had not been very complimentary.
Our first strategy was to put together an amazing sales team. We asked Jessica Hinners from Brenner Real Estate what her first thought was when she became involved in this project and she says. “We quickly found there was a demand for this type of product in the East Boca Raton market, and we were pleased that sales were brisk.” Joining Jessica on the sales team were our very own Adam Starr, as well as Geoff Braboy, Brad Bush and Judi Schaffner of Balistreri Realty.
Royal Poinciana townhomes is owned by IOTA BOCA, LLC SPE, an entity of AmT CADC Venture, LLC. The property is located west of North Federal Highway on W. Hidden Valley Drive/NW 76th Street in Boca Raton. The management group is Sabal Financial Group, LP.
Royal Poinciana has great amenities! It is located three miles from Boca Raton beaches, 4.7 miles to Mizner Park and three miles to Delray Beach’s Atlantic Avenue. The townhomes ranged from 1,930 SF to 2,410 SF with 3 and 4 bedroom layouts and two-car garages. The community is built in Spanish Colonial design, with 50 of the townhomes as two story single family semi-attached homes and 40 as three-story urban attached townhomes, also known as brownstones. The asking prices ranged from $325,000-$450,000.
We did it all!!! Through open houses, broker events, cold calling, and postcard mailings the team completed the sales of all 31 units in 15 months. We started to receive contract after contract and schedule closing after closing! It was a very exciting time for us!
“We actually led the absorption rates in the Boca Raton /Delray residential market in sales of townhome product,” says Jessica. “Royal Poinciana is a unique town home community in that the units have a single family home feel while the residents are able to enjoy the convenience of a homeowner's association for maintenance purposes. The community is also located within an excellent school district. The units were well received as evidenced by the quick sellout.”
As of September 2015 the HOA was turned over to the homeowners. The Brenner/Balistreri team worked together beautifully for a “royal” success!