14 luxury suburban residences sold in May 2010
$6,400,000 in total sales
Stone Ridge is a luxury suburban community containing 70 units
         in 3 separate 3-story buildings with top of the line finishes,
         elegant Club Room and fitness facility
Targeted to wealthy empty nesters the developers decided in 2008
         to move toward a lease and hold strategy for the remaining
         15 unsold residences after successfully selling 55 homes
         between 2005 and 2008
In early 2010 Velocity was engaged by developer to sell the
         remaining 15 residences through a non-distressed event
         marketing program
Marketing program produced over 500 distinct site visits in a very
         soft market for suburban empty nest purchasers
During the marketing program the buyer demographic indicated
         its discomfort in purchasing at an auction
Velocity recommended transitioning to a conventional sales
         program just a few days before the auction based on
         prospect feedback
Converted 10 prospects to sales the day before the scheduled
         auction and another 4 units were sold within a month
3 leased residences were included in the sale and closed
         successfully with the tenants in place
Sales achieved were 93% of original projections
Average sales price of $457,000 per residence