Success Stories: Compact Classic

Communication was on-going with prospective buyers who signed up for the interest list on Serafina's Web site. Those who registered on the list received regular updates on the project's progress, including the posting of floor plans and site renderings details on pre-qualification, and announcements about the opening of models. As a result, about 1,500 people showed up at the grand opening—150 of those were in line at 9 a.m., an hour before the event started.

“We weren't giving away a lot of free food, we didn't buy anybody with a Ferris wheel, and there were no carnival games,” Smith says. “The key was keeping people informed and giving them good feedback on a regular basis.”

The following week, Serafina opened for sale. A total of 400 people pre-qualified for the first-phase release of 30 homes. The first 100 were invited to select a home.

LIGHT AND AIRY: Main floors of all the Serafina plans combine great rooms with kitchens and dining areas to provide maximum flexibility. Large windows add to the sense of openness.

Since Serafina opened, it has drawn an average of 250 to 300 visitors per week to the sales center. It sold 119 units in the first six months and then settled into a rhythm of about eight sales per month since then. As the market has softened, Rae's team has reached out to the real estate brokerage community, offering a 3 percent commission.

While many builders in the market are slashing prices and piling on incentives to move standing inventory, Serafina's incentives have been limited to assistance with closing costs and a small buy down in the mortgage interest rate, Rae says. “That's where our buyers really need the help,” she says. “We're not having to cut prices. We've actually increased the price a little bit.”

With the success of the project—it's not only sold well, but also has won several local awards—Serafina has gotten “a lot of attention,” Smith says. William Lyon sees an opportunity to build “one or the other [product line] or both in the future and probably will. Some city officials [from other municipalities] are saying they'd like to see this in their communities as well.”