HOBOKEN, NJ – When Coldwell Banker’s New Homes Division was founded 19 years ago, it essentially followed the then-existing predilection among new-construction sales and marketing companies of the time to concentrate on single-family detached communities in suburban markets. That’s changed dramatically in recent years as shifting economic conditions and altered buyer demographics have more and more focused the now well-established company’s efforts on multi-family development – particularly in burgeoning urban areas.
“During the early years of operation, our highest generating offices were in Kinnelon, Sparta and Chester,” notes CB-New Homes Vice President, David Schoner, the award-winning industry analyst and former Marketing Director of the Year who has been directing operations at Coldwell Banker New Homes Division’s 70 offices in New Jersey and Rockland County, N.Y. since 1996.
“Now, offices in Westfield, Fort Lee and Hoboken, which covers Jersey City, Hoboken, Union City, Weehawken and Bayonne, are the top producers. What’s more, our pipeline today includes everything from high-density condos and rentals to redevelopment and mixed-use projects,” he asserts. “We’ve certainly come a long way from the strictly suburban single-family sales and marketing company that many knew us as.”
Underscoring that transformation is the fact that 50% of CB-New Homes’ current business involves condominium development and more than 40% of the 120 sites where it serves as Exclusive Sales and Marketing Agent is located along the Hudson River “Gold Coast” and other key urban sectors – up from 10% in 2006.
“We had always been involved with large-scale, multi-family developments, but we saw where the market was going and we knew we had to fully commit ourselves in order to be a viable option for developers in need of effective marketing and sales programs,” he notes. “We recognized that there was a growing shift towards urban revitalization by residential developers throughout the New York Metropolitan area. We also were cognizant of the substantial impact on new-homes sales by ‘Generation X-ers and Y-ers’ who more and more were being drawn to vibrant urban areas near public transportation.
“Thus, it was a natural and logical decision to expand our developmental and geographic bases, and it has paid great dividends.”
One of the company’s most notable endeavors to date is the 470-unit Shore Club condominium tower developed by the LeFrak Organization in the massive Newport mixed-use development in downtown Jersey City. Coldwell Banker New Homes managed the onsite sales and operations of the signature residential development, achieving a complete sell-out of the buildings in just three years.
CB-New Homes was also tapped by joint venture partners Roseland Property Company, Eastman Management and Jacobs Enterprises to analyze and re-execute the marketing and sales plan for Livingston Town Center, the innovative mixed-use development rising in this prominent Essex County town. The company successfully jumpstarted the development, moving 80% of the existing inventory in 12 months during the height of the market slowdown.
In addition, it has turned around a number of stalled urban redevelopment projects by retooling or providing new marketing concepts and offering solutions for its clients to revitalize sales.
“We also have an extremely strong broker outreach program, one of the most important tools in marketing new-home developments,” Mr. Schoner points out. “In fact, developers often call on us for our broker activities alone; last year, for example, CB-New Homes was responsible for 60 co-Realtor deals for K. Hovnanian along the ‘Gold Coast.”
These and other CB-New Homes successes are due in large measure to the company’s ability to employ a multi-disciplinary skill set, particularly for mid-level developers, Mr. Schoner points out. This includes the vast resources of a major company, research, title, mortgage and advertising expertise (which lead to 25% savings to developers); support of branch offices, and a sizable workforce of trained professionals with diverse expertise in all aspects of real estate sales, urban planning and market research.
“We offer national and international website presence, an extensive intranet within, and access to Cartis, the largest relocation company in the world,” Mr. Schoner indicates. “Our experienced team of full-time researchers provides detailed information on the local market, cost analysis, expected absorption rates and budgeting – an aspect of our company that has not only gained the attention of developers, but also banks, investors and lending institutions in search of thorough market research.”
Industry experts and peers have certainly recognized Coldwell Banker New Homes as a key player in new construction marketing and sales; it is the only brokerage company in New Jersey to win a prestigious Sales and Marketing (SAM) Award from the New Jersey Builders Association – totaling 15 in all in categories such as Sales Manager of the Year and Marketing Director of the Year.
For additional information on Coldwell Banker New Homes and its services, call 877-559-1302 or visit www.cbnewhomesandcondos.com.
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