LUMEN Condominiums

Seattle, WA
July 11th, 2009

The Situation:

LUMEN, a 93-unit residential mixed-use condominium project in the Queen Anne neighborhood of Seattle, has closed all but the last few units. An oversupply of similar condominium product in downtown Seattle combined with the decline in the housing market had lead to a decrease in unit showings and eventually the need to temporarily pause the on-site sales operations after no units had closed in a year’s time.

The Mission:

Sell the final units at LUMEN as quickly as possible while retaining the highest value for the developer.

The Solution:

TeamBuilder Asset Advisors was hired sell the remaining units. After careful consideration it is decided TeamBuilder will conduct a published reserve auction and sell all of the units in one day. Minimum bid prices were heavily advertised for 30 days through newspaper, press coverage, signage, television, social media, email and phone marketing. Over 1,200 groups were driven to LUMEN in the 30 days prior to the event and more than 90 bidders went through the process to purchase auction day.

The Result:

All 16 units were sold on auction day. All parties including the developer group, bank, customers, and TeamBuilder were extremely satisfied.

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Sunrise on the Lake, Avaview Condominiums and Summit

Seattle, WA
December 5th, 2009 to Present

The Situation:

In mid-2009, Sunrise on the Lake, Avaview and Summit were three Seattle conversion projects in varying levels of completion. Summit was still under construction and had not gone to market, but the other two projects had been completed for some time and were not selling at the necessary rate. Due to this, the projects were entered into receivership with Resource Transition Consultants, or RTC, as the court appointed receiver. 37 units remained between the three projects with an urgent need to sell them quickly.

The Mission:

Sell the final 37 units as quickly as possible.

The Solution:

TeamBuilder Asset Advisors was hired along with JL Powell Company to assist RTC in this liquidation. The plan to sell the units consists of two stages:

1. Hold a published reserve auction and sell as many units in one day as possible.
2. TeamBuilder Asset Advisors will sell the remaining units through a traditional real estate listing approach.

The units were advertised heavily for 40 days through newspaper, press, an extensive offsite sign program, social media, cable television, email and phone marketing.

The Result:

Over half of the units sold on auction day. This sparked life in to the three communities and sales began to happen again. TeamBuilder Asset Advisors followed with a marketing campaign that focused on “Post Auction Pricing” with successful results. As of June 15th, 2010, 80% of the units sold and closed