By Carlo Calma
Chicago-based development company Related Midwest, an affiliate of the New York-based Related Companies, has announced that former @properties broker David Wolf has been named president of Related Midwest Sales, according to a Crain’s report.
First up on Wolf’s agenda in his new role will be to find buyers for nearly 500 unsold units in three South Loop towers, One Museum Park West, 1600 Museum Park and Museum Park Place South, which Related took over in early July.
Perhaps most notable about Related Midwest’s strategy is that they intend on selling the condo units instead of renting them, despite the drop in downtown condo sales in the first quarter, according to Crain’s.
Wolf explained that he is adamant about this strategy because, “there’s real value here and [we] saw that this market–and especially this neighborhood–is about to make a comeback,” he said in the Crain’s interview.
One other strategy in Wolf’s game plan in selling the 500 condo units is to keep a “steady pace” in terms of pricing, instead of cutting them to attract buyers.
“Our goal here is not to take these over, fire-sale them and move them,” said Wolf in the interview. “Our goal is to sell them at a steady pace so that over the next few years, we can drive and increase pricing.”
He further explained that he understands that buyers are looking for a good value and an appropriate price, which are factors he’s taken into consideration when it comes to pricing.
“We’re not saying we’re going to come out and overprice things,” he added. “We want to be very accurate with our pricing, but we want to price them with all of the factors in mind.”