High-end Developers Using Philanthropy To Woo Buyers
The luxury condominium market remains competitive and developers are always looking for ways to stand out from the crowd. Some high-end developers have added a philanthropy angle to sales pitches to appeal to socially conscious buyers, reports the Wall Street Journal. JMH Development LLC is expected to announce this week that it will donate $20k for every seven-figure condominium sale at Three Hundred Collins in Miami Beach. The Brooklyn-based developer has sold nine of the boutique project's 19 units and will make the donations to a nonprofit organization that provides clean water to impoverished areas in Ethiopia and Nepal.
Canada’s Westbank Projects last year announced plans to donate money to World Housing. The organization builds and donates houses to families in underdeveloped countries. Westbank will donate $2.9k for each condo it sells at Vancouver House, a 59-story building slated for completion in 2019. Donations will be used to build homes in Cambodia where $2.9k will cover the cost of an individual home. To date, almost all of the units at Vancouver House have sold except for a few penthouses. [WSJ]