Residential Developments: A Team Approach and A Proven Track Record

In late 2020, Pentek Homes was busily building a 15 single-family residential home development in the Irish Channel called the Croi. The developer was also trying to sell as many units as possible. But when there were still 9 remaining, Rêve agent Cody Stringer came onboard to take care of business. Cody says from that point on, he was “off to the races”.

9 Homes Under Contract in Less Than 2 Months

In less than 2 months, Cody succeeded in getting all of the homes under contract — but he didn’t do it alone. Proving the power of the Rêve Realtors team, Rêve agents brought 7 of the 9 buyers that were needed, and the last house was sold on March 24, 2021.

The resulting stats conclude that the brokerage has the resources and the collaborative nature needed to bring buyers and builders together successfully. But, Cody says, they also show what’s possible when a developer offers quality craftsmanship and true New Orleans character in a historic neighborhood.

• 100% list $/Sale $ ratio (I.e., the average sale price was 100% of the list price.)
• There were multiple offers on four homes.
• 78% of sales included a Rêve Realtors agent representing the buyer.
• Average time on market was 20 days less than other Irish Channel new construction sold in the past year.
• Average price per square foot was $21.79 more than other Irish Channel new construction sold in the past year.

Understanding How to Work with Developers

With a background in construction management and design, Cody understands that when it comes to developers, “It’s not a one size fits all scenario. You have to adapt, adjust, listen to what your clients’ goals are, and understand their financing terms, so you can structure and execute a plan that fits their needs.”

Incorporating New Orleans’ Character into New Homes

Cody points out that new construction is a competitive market to be in as a developer, but those who are doing it right excel at building character into a new home. “Pentek does a phenomenal job of that –incorporating that New Orleans character that people know and love and appreciate — but with all the features and amenities of a brand new home. There’s a lot of new home construction out there that can be very uninspiring. But when it’s done right, it can change a buyer’s thinking. Especially when it’s in a historic neighborhood that’s surrounded by beautiful architecture and features good walkability. The added benefit of being in a residential development is that you’re not just buying a single home – you’re getting the reassurance of being surrounded by quality homes, which helps maintain the value of yours.” In fact, Pentek Homes is currently working on a similar residential development in Algiers Point called the Maritimes.

The Power of the Rêve Realtors Team

In terms of the Croi, says Cody, “Everyone came together and did their job well, and that’s why we were so successful. It’s really about the power of the Rêve brokerage and what we can do as a team.” Having just signed a listing agreement for the Brown’s Dairy development in Central City, Cody points out that Rêve is now positioned to be the go-to brokerage for residential developments, adding, “Rêve knows how to package it, how to execute it, and now we have a proven track record to show for it.”