Wow, big news today! Olive 8′s developer, RC Hedreen, has switched their sales & marketing team from Coldwell Banker Bain to Realogics to close out the remaining 50% of unsold units. This is 18 months after they ditched Williams Marketing for Coldwell and only a few months after their auctioning of 32 units. Leading up the charge for Realogics is Julie McAvoy.
In order to maintain 50% project sales as required by Fannie Mae lending guidelines, 32 units at Olive 8 were recently sold at auction to replace presales (mostly investor) that couldn’t close in today’s credit environment. This effort also established a base for current market values, according to McAvoy. Following this milestone, RC Hedreen Company restructured its construction debt with US Bank providing a long term runway to sell into an improving marketplace.
“We’ve eliminated many of the pressures that we faced so it’s now time to realign values for today’s market,” says Dick Hedreen, Chairman of RC Hedreen Company and developer of Olive 8. “2011 represents a new beginning for Olive 8 and Realogics Sotheby’s International Realty is uniquely positioned to lead us through a successful sellout.”
Disclaimer: Realogics & Olive 8 are Urbnlivn advertisers.