Park One

^{Project Overview:
3416 Sixth Avenue, San Diego, CA 92103
Bankers Hill}

^{Transforming a Failed Project into Success: The Revitalization of Balboa Park Condo Tower}

^{14 penthouse-style residences | one residence per floor with direct elevator access
Adjacent to Balboa Park
Total Sales Volume: $20,252,750
Price Range: $934,450 – $2,000,000
Represented Seller}

The Background:

The Savory Group undertook the marketing of a unique 14-story, 14-unit residential condo tower adjacent to Balboa Park. The property, which had been foreclosed on in 2009 then rented out for years following, faced significant challenges. Past unsuccessful sales attempts, conversion to rental units, sub-par finishes, respectively high HOA fees, limited amenities, and increased neighborhood competition from two new developments (41 West and The Park Bankers Hill) collectively shaped a challenging landscape for sales momentum.

Our  Solution:

• Phase 1: Rebranded the project, staged the top floor penthouse, and secured full asking prices for the two floors beneath the penthouse within the initial 30 days.

• In Phase 2, Proposed and executed an extensive renovation of the 9th floor. Actively participated in finish selections, oversaw the hiring of a general contractor, and achieved national recognition for the building through a collaboration with Jeff Lewis from Bravo's "Flipping Out." With an onsite operation, The Savory Group ensured meticulous attention to every detail, sustaining sales momentum throughout the renovation process.

End Result:

Within 3 days of completing the 9th floor renovation, The Savory Group achieved the 3rd sale and secured 10 new contracts. 6 of these contracts included a creative renovation package proposed by and managed by The Savory Group. This innovative approach delivered turnkey units to buyers, intricately renovated to their specifications, streamlining a complex contract process. The successful implementation not only led to increased close sales values but also facilitated price increases on the remaining inventory, solidifying the project's overall success.

The project achieved a remarkable sell-out within 18 months.. The transformation of this once-challenged property into a thriving residential community stands as a testament to The Savory Group's strategic vision and effective execution