24 of last 28 sold since February

1:55 PM, Jun. 14, 2011 | By Martha Elson | From www.courier-journal.com

Jim Davis stood in the big living room of his new Audubon Woods condo and gestured toward the expansive view out his picture windows of the Audubon Country Club golf course.

While waiting for his wife, Jeanie, and their furniture to arrive on the day they were moving in recently, he said what he likes most are the “wide open spaces” inside and out.

The Davises are among the new condo owners who found out about Audubon Woods through a recent media blitz by its new Massachusetts-based owners that included newspaper, television and radio ads. The condos are at 1302 Cardinal Drive, just outside the city of Audubon Park, on land unused by the golf course.

When Audubon Woods LLC, the new owner, bought the development for $3.1 million in February from Louisville-based Renaissance Development, 28 of the 40 condos remained to be sold. That number was down to four last week, and the push to sell the last continues this month, said Marty DiLoreto, Audubon Woods’ director of sales and marketing.

DiLoreto works for Patten Sales & Marketing, a national company with headquarters in Naples, Fla., that works with banks, developers and others to liquidate real estate.

While some companies take a “Field of Dreams” build-it-and-they-will-come approach to attracting buyers, Patten is aggressive, DiLoreto said. “We know going into it, we’ve got to spend money to make money.”

To start the sales blitz, Patten offered an initial deal of $199,900 for the same type of two-bedroom, two-bath, approximately 1,720-square-foot unit that had sold previously for $352,540. It sold two at that price; its highest priced unit sold for $369,900, DiLoreto said. A two-bedroom, two-bath unit is now priced at $224,900, he said.

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