Stigliano Closes 23-Acre Land Sale After COVID-19 Forces Pivot In Marketing Strategy
Reese Stigliano, President of Stigliano Commercial Real Estate, has completed a 23-acre land sale in Hobe Sound, Florida.
On December 2, the $1.25 million transaction closed for the waterfront parcel, which is situated on the Intracoastal Waterway in Martin County. Stigliano represented the owner of the property and was hired as a land planning consultant and broker for the project.
The initial plan was to subdivide the parcel into residential lots, obtain site plan approval and sell to a national or regional home builder. An architect and engineer were hired to prepare plans for a sixteen (16) lot subdivision with ½ acre lots. But just as Stigliano rolled out his marketing program, the coronavirus hit, driving the national homebuilders to the sidelines. All land acquisitions by the homebuilders were put on hold or terminated.
As the flight out of congested cities emerged, Stigliano made the conscious decision to change marketing tactics and target buyers of family estates and residential compounds. The activity was astonishingly brisk, and within weeks, the parcel was under contract with an individual looking to build a family compound with a large single-family home and several guest cottages.
“The transaction closed within a relatively short period of time without the need for the usual site plan and governmental approvals that homebuilders generally require,” said Reese. “The change in market strategy saved the owner thousand of dollars in legal, architectural and engineering fees and speeded up the closing up by several months.”
Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 35 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Mr. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful 35-year brokerage career.