{"id":13921,"date":"2011-01-10T09:00:47","date_gmt":"2011-01-10T17:00:47","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=13921"},"modified":"2011-01-10T09:08:31","modified_gmt":"2011-01-10T17:08:31","slug":"olive-8s-unconvincing-reset-marketing-strategy","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2011\/01\/10\/olive-8s-unconvincing-reset-marketing-strategy\/","title":{"rendered":"Olive 8&#8217;s Unconvincing &#8220;Reset&#8221; Marketing Strategy"},"content":{"rendered":"<p>There has been a lot of buzz in the local real estate scene recently after Olive 8 announced <a href=\"http:\/\/olive8reset.com\/\" title=\"Olive 8 Reset\">their &#8220;reset&#8221; marketing strategy<\/a> for 2011, following <a href=\"http:\/\/www.urbnlivn.com\/2010\/12\/24\/olive-8-realogics\/\" title=\"Realogics Takes Over Sales for Olive 8\">the developer&#8217;s switch from Coldwell Banker Bain to Realogics<\/a> just before Christmas.<\/p>\n<div style=\"width:300px; float:right; margin:0 0 0 10px;\"><iframe loading=\"lazy\" src=\"http:\/\/player.vimeo.com\/video\/18253216\" width=\"300\" height=\"173\" frameborder=\"0\"><\/iframe><\/div>\n<p>One of the cornerstones of the campaign appears to be the &#8220;Reset at Olive 8&#8221; video at right that was posted <a href=\"http:\/\/olive8reset.com\/\" title=\"Olive 8 Reset\">on their site<\/a> last week.<\/p>\n<p>The MC in the video is one Tom Kelly, billed as a &#8220;Nationally Syndicated Columnist, Author.&#8221;  He proclaims that &#8220;things are looking up,&#8221; and closes with the declaration that &#8220;We&#8217;ve all said to ourselves, &#8216;I wish I would have bought when I had the opportunity.&#8217; Well, I think we&#8217;re gonna be saying that again.&#8221;<\/p>\n<p>If we&#8217;re going to listen to advice about the future from someone, I think it&#8217;s instructive to look at some of their past advice to see what kind of track record they have.  So what&#8217;s Tom Kelly&#8217;s record?  Surprise!  He&#8217;s been saying &#8220;buy, buy, buy&#8221; <a href=\"http:\/\/seattlebubble.com\/blog\/2010\/03\/26\/friday-flashback-housing-does-not-go-backward\/\" title=\"Friday Flashback: Housing does not go backward\">consistently since 2005<\/a>.<\/p>\n<p><b>October 2005:<\/b> &#8220;&#8230;the reality of a significant drop in home prices and a rise in inventory is rather remote.&#8221;<br \/>\n<b>October 2006:<\/b> &#8220;local prices are not headed backward or even close to a &#8216;soft landing.&#8217; &#8230;the down period in the Puget Sound will mean slower, not negative, appreciation.&#8221;<\/p>\n<p>Given that the point of the video is to sell you on the idea of buying a very expensive luxury condo, it&#8217;s full of all kinds of other dramatic claims about the downtown housing market, including Dick Hedreen (CEO of RC Hedreen, the Olive 8 developer) boldly predicting that &#8220;there will be a housing shortage in downtown Seattle.&#8221;  Of course, none of these claims are backed up with any hard data.<\/p>\n<p>Over at Urbnlivn, Matt posted <a href=\"http:\/\/www.urbnlivn.com\/2011\/01\/09\/olive-8-pricing-reduced-average-18\/\" title=\"Olive 8 Pricing \u2013 Reduced By An Average Of 18%\">the new &#8220;reset&#8221; pricing yesterday<\/a>, and to be honest, I don&#8217;t see anything to get excited about.  I spent a little time going through <a href=\"http:\/\/info.kingcounty.gov\/Assessor\/eRealProperty\/Dashboard.aspx?ParcelNbr=6364000000\" title=\"King County Parcel Viewer: Olive 8 (636400-0000)\">the King County Records for Olive 8<\/a> to pull up the sale prices of comparable units that have already sold.  Here&#8217;s what I found:<\/p>\n<div style=\"margin: 5px auto; width: 600px; line-height:1.2em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/01\/Olive8-Reset-Pricing.png\" title=\"Olive 8 &quot;Reset&quot; Pricing\" rel=\"lightbox[13921]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2011\/01\/Olive8-Reset-Pricing-600x435.png\" style=\"border: 0;\" title=\"Olive 8 &quot;Reset&quot; Pricing - Click to enlarge\" alt=\"Olive 8 &quot;Reset&quot; Pricing\" width=\"600\" height=\"435\" \/><\/a><br \/><a href=\"http:\/\/seattlebubble.com\/blog\/downloads\/Olive-8-Reset-Pricing.xlsx\" title=\"Olive 8 Reset Pricing Spreadsheet\">Download the spreadsheet here.<\/a><\/div>\n<p>Only one floorplan has a &#8220;reset&#8221; price lower than the pre-auction sale price just a few floors down (2&#215;10).  The &#8220;reset&#8221; price on the other 8 floorplans are an average of 6.3% <em>higher<\/em> than the pre-auction prices.  Compared to the prices that the homes just sold for at auction in November, the new &#8220;reset&#8221; pricing averages over 25% higher.  What a deal.<\/p>\n<p>Apparently the developer really believes the rah-rah sales-speak in the video, if they&#8217;re asking 25% over the proven open market value of the units that just sold.  Plus, according to <a href=\"http:\/\/www.urbnlivn.com\/2011\/01\/09\/olive-8-pricing-reduced-average-18\/\" title=\"Olive 8 Pricing \u2013 Reduced By An Average Of 18%\">Matt&#8217;s take<\/a>, &#8220;it sounds like they\u2019re not going to budge much on pricing now that they&#8217;ve reset.&#8221;<\/p>\n<p>Good luck with that.  Olive 8 may indeed have &#8220;25% of all new condominium inventory in downtown Seattle,&#8221; but that doesn&#8217;t mean much if the <em>demand<\/em> for brand new luxury condos is tapped out.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There has been a lot of buzz in the local real estate scene recently after Olive 8 announced their &#8220;reset&#8221; marketing strategy for 2011, following the developer&#8217;s switch from Coldwell Banker Bain to Realogics just before Christmas. One of the cornerstones of the campaign appears to be the &#8220;Reset at Olive 8&#8221; video at right&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[612,198],"tags":[4,68,526,738],"coauthors":[],"class_list":["post-13921","post","type-post","status-publish","format-standard","hentry","category-local","category-news","tag-condos","tag-downtown","tag-olive8","tag-tom-kelly"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Olive 8&#039;s Unconvincing &quot;Reset&quot; Marketing Strategy \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2011\/01\/10\/olive-8s-unconvincing-reset-marketing-strategy\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Olive 8&#039;s Unconvincing &quot;Reset&quot; Marketing Strategy \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"There has been a lot of buzz in the local real estate scene recently after Olive 8 announced their &#8220;reset&#8221; marketing strategy for 2011, following the developer&#8217;s switch from Coldwell Banker Bain to Realogics just before Christmas. 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