Pre-Sales Boom for Orange County, Calif., High-Rise

With 65% of its 232 luxury units pre-sold almost two years before the first move-ins, what’s the secret to success of Marquee Park Place, the first residential high-rise in Orange County, Calif.?

Pre-sales for the downtown Irvine project began in earnest after a July 2003 grand opening. Direct mail spread the word to high-income areas, and Bosa Development initially advertised in local newspapers, but “we have done very little advertising and other marketing since kicking off sales in mid-July, and we continue to experience steady, high-quality traffic,” says Dennis Serraglio, Bosa’s director of sales and marketing.

The high-profile location adds to the mix. Attractive signage in the window of a 300-square-foot preview center caught the eye of at least one passer-by, who made a cash deposit the next day.

The adjacent sales center contains a two-bedroom, 1,500-square-foot model, and an architectural model of the two 18-story towers shows unit locations and amenities such as a business center and an outdoor plaza.

But above all, Serraglio says, the project meets market needs. “This area has a strong pent-up demand for high-density housing.”

Prices range from $600,000 to $1.8 million for the 1,275- to 2,088-square-foot units.