After a two-year span of diminishing sales, Elysian Private Residences, the Gold Coast ultra-luxury condominium development at 11 E. Walton St., has sold out all 51 units.
Elysian Development, LLC, turned the project over to Chicago-based real estate firm @properties last November after numerous other brokers failed to complete the task. The sales team, led by @properties’ co-founders Michael Golden and Thaddeus Wong and brokers Kathleen Malone and Gwen Farinella, sold Elysian’s 11 remaining condominiums in just nine months.
“We took over a project where there was a lot of confusion and misinformation in the marketplace, and managed to achieve top-of-market pricing and strong absorption, while enhancing the Elysian’s image as the city’s most desirable new address,” said Wong.
Through their extensive sales and marketing services, the @properties team sold over $34 million in inventory, with an average of $800 per square foot and an average market time of 56 days. Of the 11 units sold, three received multiple offers, and nine went for over $3 million.
“The Elysian is a perfect example of the added value @properties provides to developers,” said Golden. “We were able to generate a huge amount of exposure through our internal brokerage network and marketing programs, which brought an immediate response in terms of traffic and sales.”
@properties has sold over 5,000 units in more than 150 new-construction and condominium-conversion developments over the years, adding up to over $2 billion in sales. Within Chicago, some of the company’s other new-construction development marketing projects include Six North Michigan at Millennium Park, Ten East Delaware in the Gold Coast, SoNo in Lincoln Park, 757 Orleans at Chicago in River North, and R+D 659 and 770 Lofts in the West Loop.