To determine price, GPD must compare all condos that have sold in a specific market area. It is important that their product will not only fit in the specific area but be profitable as well. With the increasing interest rates and supply of condos on the market place, it has become more difficult to pinpoint a price. I would recommend that G.P.D. spend plenty of money in advertising of their condos using many different outlets. The first outlet being, direct mail which is cumbersome but very effective. You can reach a large amount of people in your market very quickly. A second form of promoting would be using local newspapers presenting the condo opportunity. A third tool of promoting the product is television, which is costly but also very effective when targeted and directed properly. The last but not least would be the location for where the condos need to be built. I am recommending a few different suggestions to the developer while trying to help him target his market. First, there must be adequate land to develop on, if no land can be found than it is important to see if any tear down opportunities exist, meaning any old building in a good market area that has little or no value.
The next advice is to measure the supply and demand in several market areas which have similar products. The third advice is to compare and contrast factors such as Crime, Education, attraction, services,... [continues]
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