Owners of The Four Seasons Private Residences atop the luxury hotel in downtown Denver have drastically reduced prices on the condominium units that have suffered from sluggish sales.
Prices on 30 units have been slashed an average of 45 percent, according to Christopher Norton, chief executive of Fingerprint Strategies Inc., the Vancouver, Canada-based project-marketing firm hired by building owner GD Holdings to find a strategy to fast-track sales.
When the 30 units are sold, the hotel and condo ownership group will gradually increase prices to test what the market will bear. Prices, however, will not revert to their original level, Norton said.
A one-bedroom, one-and-a-half bath, 970-square-foot unit,
for example, that was originally priced between $789,000 and $895,000 is now selling for $364,900 to $411,900.
The most expensive units, with four bedrooms, an office and four-and-a-half baths are now listed at $4.55 to $4.95 million, down from $7.1 to $8.2 million. (Go to denverpost.com/extras for a complete price list.)
“All projects across the country face the same problem,” Norton said. “They’re good projects with too much inventory. We’re taking a different strategy by saying let’s reset the prices way down, sell some, then move the prices back up.”
That strategy has achieved early success by having 10 units under contract within the first 10 days of the new pricing. Previous to that sales spike, 16 of the 102 units had sold.
Douglas Kerbs, a residential real estate broker with Fuller Sotheby’s International Realty who specializes in the downtown luxury market, applauded the decision to drop the Four Seasons’ prices.
“I would say actually that (the new prices) are coming in a little below market, which is going to create some excitement,” Kerbs said. “I think it’s a tremendous value. I’ve already started running people over there.”
Braun’s co-owner Troy Johnston is trading burgers for beer when he closes Braun’s sports bar at the end of business today and moves on to the brewery business.
Johnston and his business partners will open Prost Brewing Co., a traditional German-style brewery, some time in March in the Highland neighborhood.
For a few months last year, Braun’s operated two restaurants in the Pepsi Center parking lot and in the ballpark neighborhood at 2540 19th St.
The original Braun’s at the Pepsi Center lost its lease in May when Johnston and his partners couldn’t come to an agreement with the landlord. The ballpark location opened in February.
“We had hoped to build synergies around the sports teams,” Johnston said. “It just wasn’t meant to be. We kind of lost our brand when we closed the Pepsi Center (restaurant).”
She called shotgun.
Aurora economic development chief Wendy Mitchell rode on a stagecoach pulled by a six-horse hitch during Thursday night’s rodeo at the National Western Stock Show.
Mitchell was voted The Denver Post’s Business Person of the Year for 2011. Used to taking the reins, Mitchell hung on and left the driving to Scott Smith, of Weatherford, Texas.
In honor of Strings restaurant owner Noel Cunningham, who died Dec. 1, the Colorado Restaurant Association has renamed one of its annual awards The Noel and Tammy Cunningham Humanitarian Award, which will be presented at the association’s Industry Spotlight Awards on April 4 at The Ritz-Carlton Denver.
The Cunninghams have been tireless fundraisers for American and international causes including The Cunningham Foundation.
More information on the awards dinner is available by calling Siobhan Blanckaert at 303-830-2972 or by e-mail at siobhan@ coloradorestaurant.com
Kansas City Chiefs quarterback and former Broncos QB Kyle Orton at Shanahan’s Thursday celebrating his birthday.
A Denver Zoo employee, after a lost colleague called from the road asking for directions to a meeting place: “I think that’s why my wife married me — for GPS directions.”
Penny Parker’s column appears Tuesday, Thursday, Friday and Sunday. Call her at 303-954-5224 or e-mail firstname.lastname@example.org.
Article source: http://www.denverpost.com/pennyparker/ci_19741407