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Myrtle Beach Condo Developer Purchases Premier Oceanfront Condo Real Estate Company
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Added: 04/13/2006
Type: Summary
Viewed: 445 time(s)
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Myrtle Beach Condo Developer Purchases Premier Oceanfront Condo Real Estate Company
April 13, 2006 – Casey Shroff, the financial wizard behind a number of projects in Myrtle Beach, has acquired The Hoffman Group, the most prolific oceanfront condo sales real estate company in Myrtle Beach. With projected sales of $400-500 million for 2006, the new merger promises a vibrant future for the highly dedicated sales team as well as the buyers of Myrtle Beach Oceanfront Condo Developments.
Casey Shroff will serve as President and The Hoffman Group's founder, David Hoffman, will serve as CEO.
Announced at a private luncheon for the firm’s sales associates and administrative staff, the sale was hailed as a dramatic yet logical merger of exceptional individual capabilities.
“I love the creative part of the job,” said Hoffman, “but I get sapped by the operational and financial sides.”
“I’m exactly the opposite,” said Shroff. “I hate the attention but thrive on the financial side.”
Since 1984, The Hoffman Group has been driven by the marketing vision of David Hoffman. Starting the company in the midst of the worst real estate sales market the area has ever seen, Hoffman was able to overcome soaring interest rates and proposed tax reform by pioneering the approach of taking the product to the consumer. Unlike other firms who waited for customer walk-ins, Hoffman trained his small force of “sales warriors” to present, via telephone, the incredible values available. The result: The Hoffman Group became THE oceanfront condominium sales solution, selling through hundreds of sales in a myriad of “failed” resorts. In 1991, after years of turning around a languishing resale market, Hoffman introduced the first new construction, presale development project. Again the company met with resounding success and Myrtle Beach was once again on the rise.
Building on that energetic, proactive base, the company is credited with having created and led most every major trend in the oceanfront condominium niche market, from pre-sales of new construction projects to redevelopment conversion projects. By continuing to “embrace” the consumer, the company has seen sales rise to ever-higher volumes.
“But, as with all entrepreneurial firms experiencing growth, eventually you reach the point where you need more than the founder’s vision,” said Hoffman. “Continued growth demands full customer service from dedicated professionals as well as systems and technologies to keep up with it.”
Today, The Hoffman Group has some 40 sales associates, many of whom employ sales assistants. In addition, there are 15 corporate staff members. Outreach to buyers is driven by technology such as WebEx conference calling and, of course, major focus on internet websites and internet advertising.
“We designed our new site to give potential buyers as much information as possible before they call an agent,” said Steve Edelman, Vice President of Business Development.
“We thank our incredibly loyal investor buyers who have driven this sales curve,” said Tim Horton, Vice President of Sales. “They are the ones who believed – and continue to believe – in what we offer. They have transformed the landscape of the Grand Strand by continuing to purchase in each new resort envisioned by The Hoffman Group.”
“When you buy a professional services company, said Shroff, “the assets are the people. The Hoffman Group is the largest condo-selling group in Myrtle Beach. You don’t have that unless you have the best people and the best projects.”
“By remaining actively involved as CEO, David will continue to provide the marketing vision,” said Shroff. “I’m looking forward to bringing my financial and operational strengths into the mix!”
Shroff entered the Myrtle Beach market buying mom and pop hotels on the oceanfront. After retiring as Senior Partner in Accenture, Andersen Consulting, Arthur Andersen SC, he began to develop some of his holdings. As developer, he has worked closely with The Hoffman Group on multiple projects beginning in 1999 with the Grand Shores resort. Other projects include the Avista and Seaside Inn in North Myrtle Beach, and the Pinnacle, Schooner, Ocean Reef, Landmark, and Caribbean resorts in Myrtle Beach. In addition, he worked as Executive Consultant to a number of other developers who have sought his guidance. These include Boardwalk, Sandy Beach, Sandcastle and Oceans One.
The purchase of The Hoffman Group closed on April 4, 2006.
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