Case Study

The Wilshire at River Oaks District

Situation

This development was being built adjacent to the River Oaks District, Houston’s newest luxury lifestyle retail center. With a 40% presale requirement, we faced a number of challenges. There was another new condo development nearby. A taller apartment building next door blocked much of the northern view. Plus multiple adjacent sites were slated for redevelopment, causing uncertainty about future surroundings and views.

Client: Pelican Builders

Strategy

96 homes starting in the $800s.

We overcame these challenges by tying our name to the prestigious new district, submitting a questionnaire to previous buyers to reveal features that should be included in the new building, presenting a statistical matrix of our findings to the architect and developer, and approaching previous clients before offering the building to the public.

Results

We achieved our presale goal in less than five months. Our first 10 sales were to the developer’s previous clients. Sales prices were increased seven times, thus increasing revenue more than $6 million over projections.

Wilshire 2
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