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A businessman behind a high-end condpo project in Miami is givingaway $260,000 Lamborghiniz to help sell the last sevenh of his $6 million to $8 million beachfron villas. A developer in Philadelphia is dolingout $16,000 SmartCars to attract buyersd to his 163-condo high-rise. Condo builders and developers in Saratogza Springs are focusing less on cars and more on by offering everythingfrom higher-quality appliances, tile and countertopd to free consultations with an interior designer.
At a time when the nationj is mired in a housing principals involved in luxury condok projects around the countr y are using a wide range of tactics toboost “When things are a little tough you’vr got to do things a little smarter,” said Matthew a partner in and co-developer of 38 High Rock condominiumes in Saratoga Springs. Bette recentlgy partnered with interior designer Nancy Smith of Saratoga Signature Interior s to offer four hours of free design consulting services to each buyer athis 44-unit Smith beat out more than a half-dozenb designers who competed for the contracf as the High Rock condo interior designer. She will receive a fee for working witheach buyer.
The typicao hourly rate for an interior designee can range anywherefrom $90 to $150 an hour, Smitu said. Teaming up with an interior designer to offer free servicese is a practice that Bette said became populaf with luxury condo developers in Florida and Manhattamn severalyears ago. Bette, who is co-developingh the project with Frank Parillo and hotel operatorMichael Hoffman, also has investee several thousand dollars leasinf and opening a sales and design studi along a heavily-traveled section of Broadway in Saratogas Springs.
“That’s not something we do for every project,” he High Rock, which currently is under construction, is expectes to have its first occupants move in this A total of 16 contracts had been signed as of and several other saleswere pending. The condos range in pricwe from $399,000 to $1.5 million. Another high-profils Saratoga Springs condo project, Condominiums, is being built by Bonacio That 43-unit project has 19 signed Prices rangefrom $611,000 to $1.7 million.
Builder Sonny Bonacio, who partneredc with fellow developer Thomas Roohah ofSaratoga Springs, has constructed and sold more than 150 condoss over the past decade and he’s weathered both good and bad Bonacio said that during the housing sluml in 2001, he becamde nervous after he sold nine condos quicklyu then went eight month without signing a contract. His projects are builyt before sales contractsare “I don’t think you can type in your paper what I was Bonacio said. But after an eight-month drought, the remainintg 17 units were sold in120 days.
Now, he’s contending with a tough economy and competition from the High Rock projec tby Bette, Parillo and “They are closer than any of the other competition in what they Bonacio said. “What’s the old adage ? Burger King always wants to be nextto
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