O Canada!
As condo developers struggle to sell units, many are looking to market their units outside their markets and even to other countries. In some markets such as Arizona, many condo conversion units are being marketed to Canadians. Why? Well, for one the dollar in the Canadian market is quite strong and much money is floating around that country thanks to oil and gas profits. I feel that developers need to market outside the US and they should also change their campaigns a little bit as well. Instead of simply advertising their projects, they should be advertising the US as well! The US in the grand scheme of things is still a safe place to invest in condos. Our government is still relatively one of the best in the world and like all real estate economies, there will be ups and downs. If developers are having a problem selling units, they need to become malleable to the market place and start advertising differently. Advertise where the money is…that’s what I say! When a kid gets paid $100,000 right out of college to drive a truck in the oil fields, typically that kid will have plenty of money to spend for investments. So, make deals with oil companies in Canada and other parts of Canada to promote why investing in new condos in your area is a solid investment. Play up your surroundings, amenities, low interest rates and you will most likely be surprised by the inquiries you will receive!
