One of the perks of being the blog writer is that you get the opportunity from time to time to meet with a buyer in-person rather than virtually. Just such an occasion presented itself yesterday, and the decision on the meeting place was Molly MacPherson’s.
As I arrived after the buyer, there was already a glass of red wine on the table, so I knew immediately I would have a connection with this buyer, but we jumped into business so fast there was no time to discuss vineyards and vintages. Plus, perhaps because it was a gorgeous day outside, I decided to change the routine up a bit, and chose to have a beer instead. And it is amazing the subjects you can cover once you have had 1 or 2 cold Stella Artois draught beers.
There was a lot of ground covered, and much of which was well-travelled ground that I have covered in previous posts, but I walked way (rather than staggered which would have happened had I ordered 1 more round) with one thought that was shared that I think struck me more than any other.
The question came up: at what level of closings would one have to see before they felt comfortable doing the same? Have we reached that level at 11? How about 25? 50? 100? What if there were 150, would that do the trick?
As you reflect on this question you think to yourself…wow, some folks were brave enough to be #1, #2, and so on, why would I be so nervous being number 20? or number 50?
And quickly you get to the root cause. It is because you have to understand what is to become of the remaining units. If 50 close, who is going to finance the HOA dues for the other 350? If 100 close, what about the other 300? If even 200 close, every pre-sales buyer, a literal impossibility, what’s to become of the remaining 200?
Let’s assume that the Vue has every intention of paying the HOA for the unsold units. For how long can they do so? Because while none of us can predict the future, it is safe to say sales in Uptown are not going to come roaring back any time soon. So once you decide on a denominator for your assumption on sales per month and divide that into 400 you get the number of years it will take. 1 sale per week it will take 8 years. We have yet to reach even that anemic sales rate at the Vue Charlotte.
As the conversation (and beer) flowed my “comfort number” kept getting higher. I’ll close when 20 others have! No, now that I think about it, I’ll close when 50 have! 50? That’s not near enough, I need to see 3x that!
And so it went. The numbers I would be comfortable with have come down some from the ones reached as my glass went empty, but they are still higher than 11. A few braver souls may need to step up first. My understanding is those souls are out there, and we should be posting their closings soon.
Have feedback? Please write to Vuebuyer10@yahoo.com.