You are here: Home / Condos / Downtown / Olive 8 / Realogics Takes Over Sales for Olive 8

Realogics Takes Over Sales for Olive 8

December 24, 2010 By 4 Comments

Olive8 Realogics Takes Over Sales for Olive 8

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.”

You can sign up for more info on Olive 8 Reset.com or check out their press release.

Disclaimer: Realogics & Olive 8 are Urbnlivn advertisers.

Filed Under: Olive 8 Views: 1,474
About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Ash

    ‘presales that couldn’t close’. LOL. Talk about rewriting history.

  • John

    Yeah…..more like presales that didn’t want to purchase a unit at a price that would put them 30-40% underwater!

  • Vince

    Dean Jones at Realogics claims Seattle is about to be in the grip of a condo shortage?!? I want some of what he is smoking.

    It will be amusing to see how much lipstick they slather on this pig.

  • Shawn

    The need to price these remaining units at or below the auction results or they’ll be sitting on them for the next two years. The American Consumer is broke, no home equity, no savings, no job.