Yesterday the Sarasota Herald tribune had an article titled “What downturn? Complex almost sold out.” You can read the article here. It talked about how Broadway Promenade, a downtown Sarasota condo community, was nearly sold out.

Broadway Promenade is selling out at a time when there is a 26-month supply of condos on the market in Sarasota County as Realtors and banks struggle under the weight of the foreclosure crises.

“It’s phenomenal,” said Martina Coppenrath, Broadway Promenade’s sales manager. “We’ve sold 17 units since the beginning of the year, and this is the last one.”

It is great to hear some positive news for a change.

The one crucial factor that explains why the Broadway Promenade is selling is PRICE. It is absolutely crucial to have the correct asking price on a property today. I have a unit for sale in the Renaissance that directly competes with Broadway Promenade. When someone looks at my listing they compare it with the Broadway Promenade project. The buyer is attracted to that community because it is priced more aggressively.

I know Martina and one thing she has done well is to get her developer to price the condos in Broadway Promenade more aggressively than their competition. I am amazed how poor these developers who claim to be “real estate experts” are at pricing. Moral of the story – Make your product a better deal than your competitors.