SITE AND NEIGHBOURHOOD
The project is a lakeside residential multi-phased development. 12 units of contemporary design in 3-Four Unit structures with second floor units that come with decks and roof top garden areas, lake views and direct access to the existing Board Walk. The Shoreline Development will offer lakeside lifestyles of the highest quality with clean design appealing to all the demographic purchasers; young, single, or career orientated couples.
There are no truly comparable developments currently being sold in the Shuswap or North Okanagan area. The profiles below are for the most comparable developments that are currently being marketed in the area. The only multi-family product currently available for sale in Salmon Arm is located in duplex, triplex, or apartment style buildings which offer a distinctly different living style than single level condominium product. The closest condominium developments currently being sold are located in Sicamous, Vernon and Kamloops with the Legacy on Mara Lake just outside of Sicamous offering very high end resort product and the buildings in Vernon and Kamloops offering more urban end user product. It is felt that the target buyers for this development will be looking to purchase in the Salmon Arm market exclusively and likely are not interested in purchasing in a more rural area of the Shuswap or the more urban centres of Vernon or Kamloops. The decision to purchase in Salmon Arm will be due to a change of lifestyle.
Condominium pre-sales are an established sales strategy in the major markets in Western Canada. To pre-purchase, they can be confident in the quality of construction, the timing and that they will take possession of a home worth what they paid for it. Developers that can prove that they are an established and well regarded company will have an advantage against developers that are new to the market.
Baby Boomers and Seniors look to purchase real estate in an area that will allow them to achieve their desired retirement lifestyle. For many of these buyers, pulling equity from their existing home will help to finance this lifestyle so it is critical that they purchase a condominium for several thousand dollars less that what they sold their house for. The draw of the Thompson Okanagan for retirees from the Lower Mainland and Calgary/Edmonton is well recognized. Their dream of moving to the area has played a large part in their retirement plans and they are confident they will eventually make the move to the Shuswap. Too many developers recently over estimated the wealth of many of these buyers and started to offer product that was too expensive for the actual buyers. Developers offering single level living plans at affordable prices in amenity rich locations will continue to attract these buyers.
MARKETING & SALES
The development is positioned as a very desirable yet at the same time achievable offering for local Salmon Arm residents. This is not positioned as a resort offering, even if it will see some competition from other resort developments and will attract some part time recreational buyers. The fact that Salmon Arm is a real community within the region will also play a role in the positioning.
The marketing message will have to be very inclusive and represent what Salmon Arm is all about. Focus on the small town community feel, Shuswap lifestyle and connection to the environment will all resonate with the target buyers. They are purchasing because they are entering a stage in their life where they want to increase the quality off their lifestyle. They likely will not be going to work every day and instead look forward to enjoying the simple things.
The buyer will not respond well to messages that are too “in your face” concerning luxury goods and expensive lifestyle activities. They will respond well to messages about outdoor activities, living and active healthy lifestyle and entertaining friends
Important buzz words for the prospective buyers are things like: lifestyle, lakefront, convenience, security, quality construction and affordability. These buyers are looking for a place where they can wake up and meet friends for coffee at the cafe down the street, take a walk on the waterfront walkway, walk to downtown to get groceries, and entertain family and friends in the generously sized home.
Salmon arm is a very localized market so it is critical to get the buy in of the local community. The power of “word of mouth” advertising is unparalleled, especially in this time where more traditional marketing and sales methods are becoming less effective. The fat that the developer is experienced in this market and is a part of the community, should play a major role in the marketing as this will be valued by buyers.
The developer should be able to attract attention through a strong PR campaign and site signage due to the lack of comparable developments in the area and the prime waterfront location adjacent to the nicest hotel in Salmon Arm. Investment in quality site signage and wrapping will likely be the best investment with the greatest return. The marketing efforts will largely be local as the target buyers, even if they are downsizing from outside of the area will likely be visiting Salmon Arm or will have friends or family in the area that will mention the development to them.
There is a demand for new multi-family product in the Salmon Arm market. Much of the recent development in the area has been in non-prime locations which affected what type of buyers were attracted to them. The demand moving forward will be for quality product offered at achievable pricing levels. The fact that many of the buyers will come from the local area is a positive as it will make the marketing and sales campaign easier to orchestrate.
The proposed development will fill a void in this market. There is a demand for high end luxury condominium product, but supply is limited. Demand for quality condominiums is evident, the actual development site is very desirable due to the waterfront location.
The reduced risk of this project is the ability to phase the construction, in 3 separate buildings, one future Four Storey Building.
The plan is simple but effective. We will use the typical marketing tools: brochures, website, good quality signage, along with radio & newspaper ads. However our success is in the whisper program, creating a limited supply of desirable products with a one-time only opportunity to purchase.
The profiled purchaser would like to downsize with a clean, uncluttered lakeside lifestyle. They want access to walking trails 7 all amenities as well as the ability to ‘lock n’ go’.