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The Hoffman Group Announces Record Number of Condo Purchase Reservations for Phase I
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Added: 05/12/2005
Type: Summary
Viewed: 965 time(s)
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The Hoffman Group Announces Record Number of Condo Purchase Reservations
May 12, 2005 -- The Hoffman Group, Myrtle Beach’s premier oceanfront condo sales and marketing firm, today announced a record number of purchase reservation requests for Phase I of its newest redevelopment project, the Caribbean Oceanfront Resort. More than 600 reservation requests were received within the course of 24 hours on the 195 one-bedroom suites.
Located on the oceanfront at 3000 North Ocean Boulevard in Myrtle Beach, the property is being redeveloped by Caribbean Oceanfront Tower Development, Inc. The existing suite condo will be sold with a complete furniture package, a full kitchen and an oceanfront balcony. The renovations will be completed on a floor-by-floor basis, allowing the property to remain open for rentals. Completion of the renovations of Phase I are scheduled to coincide with the Spring 2007 opening of Phase II of the resort. Phase II which has not yet been released to presales, will be a new tower which features larger condo units.
"The overwhelming response to the release of the Caribbean Oceanfront Resort Phase I shows that oceanfront property is still the most desired location for investors and vacationers,” said David Hoffman, President and C.E.O. of The Hoffman Group. “Buyers are interested in purchasing property within an oceanfront condo resort and we feel that our marketing strategy, along with the sales approach we have implemented, reflects in the demand for units in this latest development.”
According to Hoffman, oceanfront real estate prices have soared over the last 24 months. To keep up with demand, The Hoffman Group, beginning in the spring of 2004, has worked with property owners to redevelop hotels into condo conversion offerings. Unit prices have been rising sharply and steadily over the past 18 months, with Hoffman’s group succeeding in selling some $200,000,000 in inventory in some 1,300 conversion units in its first year of conversion offerings. All the properties have been located oceanfront in Myrtle Beach.
The Hoffman Group was launched in 1984 and has since grown to be one of the Southeast’s premier oceanfront condo sales and marketing firms. The group’s concentration is along the sixty-mile stretch of premium oceanfront property along the Atlantic Ocean, known as the Grand Strand of Myrtle Beach, South Carolina. The Hoffman Group specializes in taking family-owned properties and hotels and working closely with developer clients to guide them in “sellable” properties. In 1999, The Hoffman Group offered multiple projects for sale simultaneously and attained an annual sales volume in excess of $200 million. During the past twelve months, The Hoffman Group has sold more than 1,000 redevelopment condo units. Also since 2003, The Hoffman Group has generated nearly an equal number of new development presale transactions with gross aggregate sales volumes approaching $500 million. The Hoffman Group has 15 convenient on-site Resort Sales Offices along Ocean Boulevard in Myrtle Beach to serve current and prospective clients and buyers and to make sure that each Hoffman experience is second to none. In addition, The Hoffman Group is expanding to other vacation destinations throughout the United States, with their first project being in the Smoky Mountains, near Pigeon Forge, Tennessee.
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