Hang In There, Kid!

Last Friday was a stellar day!  Footings for the model home and the first two specs were poured in a new Traditional Neighborhood Development in Covington.

Dorchester Placeis new neighborhood being built in the heart of Covington's historic district just about three blocks off the town square.  Judging from the public interest we've had since we started taking lot reservations a couple of months ago, the neighborhood is long-awaited and much anticipated... but by no one more than me!

I began trying ro secure marketing rights for the community four years ago this month.  I knew the property from living adjacent to it when I was a kid.  It was mostly pasture at the time (covering 55 acres) where the owner kept a small herd of Shetland ponies.  I still remember hanging over the fence feeding the ponies carrots and sugar cubes I pilfered from Mom's kitchen.

When I married, I realized that my wife's aunt and uncle owned the property.  "Uncle S.A." was the local Chevy/Olds dealer, and highly respected in the community.  I remember Uncle S.A. always in a business suit and crisp white shirt, but mainly I remember him driving around town in a shiny Corvette, something every kid wanted, and I don't think he ever "grew out of!"

Years later, I heard the story of how Uncle S.A. had asked my father-in-law in 1941 to build him a pond on the property.  My father-in-law - a farmer his whole life - loaded up his bulldozier, drove to Covington, and built the pond which is now a part of Dorchester Place's green space.  "What do I owe you?" Uncles S.A. asked.  "You don't owe me anything," my father-in-law replied.  "You're family."  Uncle S.A. protested, but finally gave in.  A few days later, my father-in-laws' phone rang.  It was Uncle S.A. telling him to come by the dealership and pick out a new pickup in appreciation of his building the pond... and being "family."

But, I've digressed.  Why was last Friday a stellar day?  Because it was the culmination of four years hard work... for me, and for the developer.

I contacted the developer shortly after he purchased the property.  I told him of my particular connections to the property, introduced him to my marketing partners, and presented him a plan showing how interested we were in representing him and the development.  We stayed in close touch.  My partners and I refined our marketing plan and put together a top-notch group of four custom builders.  But development drug on.  The developer faced constant obsticles and objections from the local historical society.  No one had ever been so bold as to build new homes in the heart of Covington's historic district.  Law suits were filed.  Every department in city government, from city planning to the arborist, had a separate agenda affecting the development.  We were sure we'd loose our edge just from sheer passage of time.

Our builders' group fell apart.  Things were taking so long, our builders had to concentrate their resources on other projects.  Builders have to have inventory on the ground to make money, and ours had no idea when they could start building in Dorchester Place.  We were sure we'd lost it!

I brought in a large builder from out of the area who could take down and build the entire development.  They came on strong at first, but ultimately, wouldn't pay the price per lot the developer needed.  We were sure we had lost it!

Other realtors began to notice the potential, made two-hour media presentations packed with promises.  One group even put back together our original builders group and presented them to the developer.  We were sure we'd lost it!

We refined our marketing plans again.  We planned out of the box.  We worked our business plan.  We intensified our niche advertising and became better known in the community.  We put together another group of great builders, preferred lenders and closing attorneys.  We maintained close and constant contact with the developer.  And last Friday, footings were poured for the model home and the first two specs in "our neighborhood"... Dorchester Place, a neighborhood of timeless homes in the heart of Historic Covington.

Lesson learned... it may take awhile, but Hang In There, Kid!