A distressed asset taken on by Taylor Development in the heart of the economic downturn, The Crossings at North Creek is an excellent example of Taylor’s capabilities and aptitude.
The Crossings At a Glance:
- 233 Lot Project
- Located at I-5/SR 527 Junction
- City of Everett, WA
- 146 Detached SFR Lots
- 87 Attached SFR Lots
- Highest Sales Velocity In the Market
- Redesigned for Maximum Buyer Appeal
- Repositioned to Appeal to the Largest Market Segment
Acquisition
By understanding market conditions and planning models to account for today’s realities, Taylor Development was prepared for this opportunity. Taylor worked closely with one of the nation’s largest banks to acquire this distressed asset. Though the bank didn’t have local representation, Taylor was able to establish the necessary contacts with the banks corporate management to position themselves at the front of a long line of potential purchasers. Through an extensive contract negotiation replete with the challenges of valuation and timing, Taylor prevailed and purchased the project. With an aggressive disposition model in place, Taylor was prepared to hit the ground running and maximize return in a changing market.
Repositioning
Taylor’s Principals immediately began work to reposition the project and market to the largest segment of the end user market, first time buyers. The adjusted basis allowed the necessary latitude in pricing the product to attract buyers. By partnering with one of the region’s strongest building companies, Taylor was able to build predictability into the model from both the absorption and cost perspectives. The resulting plan coupled superior product with unbeatable pricing and the stage was set for success.
Redesign
There still remained a key component of Taylor’s overall philosophy to implement into the project; the desire to ensure community enhancement. By redesigning not only the product configuration but also the project amenities, Taylor drove community enhancement on multiple levels. The new product configurations brought a much more open feel to the project which enhanced the look of the community to prospective owners and visitors alike. By redesigning open spaces and implementing new active recreational amenities, Taylor was able to bring the model full circle and deliver a vibrant, attractive product at an affordable price to the market.
Summary
The Crossings at North Creek was acquired during a very challenging economic cycle where very few companies were buying and fewer were executing models leading to predictability. Taylor Development is proud of the success The Crossings has enjoyed as one of the hottest communities on the market.