PRESS RELEASE: Put-in-Bay-area luxury condo community exceeds expectations with exceptional sales, escrow and reservations to date
Put-in-Bay, OH – September 6, 2016 – PUT-IN-BAY CONDOS, a luxury condominium community in Put-in-Bay, OH has generated more than $5 million in sales since Fall 2015, outpacing the sales activity in the Ottawa County market and triggering the release of the condominium project’s newest collection of rental inventory sooner than projected.
With a target Grand Opening date of July 1st already met, the project is currently on pace to fill all weekend rental slots this season, with an average condo sale price of more than $350,000 for the 26 units being sold and an average weekend rental price of $2,100. The Island Club Home Rentals, a Cleveland-based vacation home rental management company, began accepting reservations for the Condos on January 1st of this year.
Cleveland-based Put-in-Bay Synergy LLC (PIBS) acquired the original condo property in 2011. The company’s first release of inventory consisted of 8 condominiums at roughly 4,000 square feet each with rental prices ranging from $900 – $1,800 per weekend. Due to PIBS’s ownership, a stabilized homeowners association and an experienced sales and marketing team, the phase two release of lake view condo inventory is nearly sold out and more than 90 percent of the community is ready to be occupied. To date, better than expected early reservations have been secured for the second release.
“There are several reasons buyers are attracted to Put-in-Bay,” says Paul Jeris, owner of PMJ Properties LLC. “The main reason is the absolute convenience of Lake Erie condominium living without sacrificing space and elegance. Put-in-Bay Condos combines that with exceptional quality building, attention to detail, amenities, a perfect lakefront location and a personal and transparent buying experience. Most owners anticipate excellent returns on their units from rentals and others plan to live in their units full time. This is why the community has been so successful and will continue to thrive.”
Jeris says that at the outset of PIBS’s ownership, the community’s biggest hurdles were potential buyers wondering about Put-in-Bay Condos’ stability in the wake of overall market conditions, both in the Lake Erie area and nationally. He says that particular hurdle was quickly overcome and sales were easy to get due to the popularity and location of Put-in-Bay. In fact, many owners at Put-in-Bay Condos are Put-in-Bay-area locals and 15% of the purchased units are planned to be owner occupied.
“After exploring their purchase options in a real estate market that many of them know quite well, our buyers chose Put-in-Bay Condos,” adds Jeris. “There is a real community of owners that are also friends here. There is also pride of ownership in a quality project with a well-funded HOA that is evident to our prospective buyers. The stable pricing and stable HOA give buyers an added sense of security,” Jeris says.
Put-in-Bay Condos is a new luxury condominium community located 5 minutes from the downtown Put-in-Bay strip in the heart of South Bass Island, OH. It is the most popular of the Lake Erie Islands, renowned for its historic offerings, weekend festivities, parks and trail system, golf cart transportation, and proximity to Cedar Point.
Put-in-Bay Condos overlooks beautiful Lake Erie and each new unit will have breathtaking views of the water from large private decks. It is located near Port Clinton, between Toledo and Cleveland, and easily accessible from Route 2.
The community is comprised of 26 two-floor units constructed of concrete and steel with emphasis on sound abatement and state-of-the-art fire protection. Amenities include: panoramic lake-front, pool views; spacious well-designed floorplans; granite counters and tile flooring; expansive private terraces; large parking area; private elevators; pool and outdoor barbecue areas.
For more information about Put-in-Bay Condos, visit Put-in-Bay Condos’ website at www.PutinbayCondos.com or phone 216.898.1105 or via email at [email protected]