A premiere brand with an ideal location doesnt translate to results when the end deliverable does not meet the consumers expectations. That was and is the case with the W Hollywood Residences.
Poor planning in the early development stages left the residential portion of the property with below par views, no hierarchy between residential and rental and created a challenge for the sales and marketing team; furthermore the downturn in the real estate market created a complete stalemate for further sales.
Within approximately 85% of remaining inventory to sale, MC2 was hired to re-strategize the positioning and prepare an in-depth 1 to 5 mile radius demographic and psychographic snapshot of the property to get a better insight into the density of the wealth and lifestyle trends currently residing in the area.
What resulted was broadening the outreach beyond the immediate area and re-focusing on national and international buyers interested in a business investment. We discovered a marquis brand, such as W, located in iconic Hollywood would appeal to a second-tier international entertainment industry professional as an office, residence or a live/work property.
International film markets were identified as potential venues for onsite engagement opportunities, including Hong Kong, Berlin and Mumbai.
In addition to the necessary market-driven price reductions on certain stacking plans and cosmetic enhancements to the rooftop pool area, MC2 created the concept of the 24/7 experiential sales gallery adjacent to the residential lobby, available to the after hours visitors and serviced by the concierge.
Though initial price drops had some traction in the beginning, the pool terrace was well received and the 24/7 experiential sales gallery continues to be a lead generator. The development is finding its niche as the Los Angeles real estate market rebounds.// View Gallery