Interview: Sam Elbanna, Project Director Laver Residential Projects
We discuss home ownership trends, development success and longevity in the sector.
We discuss home ownership trends, development success and longevity in the sector.
Kanebridge News: What’s the allure of working in property for you?
Sam Elbanna: Property is the foundation of much of the world’s wealth and, for many Australians, a fundamental element of our lives. Property houses us, provides us with income, and gives us venues in which to work, play and be entertained. For me, working in property is exciting because it is tangible, always evolving and interesting due to the vast array of people I get to meet daily from all walks of life who are all brought together by property.
How do you think notions of homeownership have changed in Sydney over the last 5 years?
The last 5 years have seen numerous fundamental shifts in the way we live and work with Covid-19 being the biggest influence. Prior to Covid, certainly in the inner city, there had been a shift toward smaller apartments, often for singles and couples. This was further fuelled by affordability issues, investor demand etc. Many people were comfortable with this because the local area provided them with ample amenities to socialise, train and simply be around others.
Since we have adjusted to life with Covid, I have seen shifts in buying behaviour such as a strong desire to buy in lifestyle areas — for example near beaches, wanting apartments with designated office space, a strong desire for outdoor space nearby and as part of dwellings and for local entertainment.
What do you think people need to know before buying a property – what advice would you give them?
How has project marketing changed on the business front in the last 5-10-years?
The biggest change over the last ten years has been the extensive use of technology in the marketing and selling of property. Large proportions of advertising budgets are allocated to online advertising and, over the last 5 years, social media. We are now exchanging contracts and settling online. In February this year, I showed a buyer through a multi-million dollar property via facetime. Last week we exchanged numerous contracts where buyers signed on their smart phones. Essentially, it has become more apparent than ever that if you aren’t using technology extensively, you will be left behind.
You’ve chalked up over 5000 apartment sales in your time. Has it gotten easier, harder, different?
It is just different. For a start, the internet has changed the way we operate. It has broadened the reach of advertising, and the speed of communication with consultants. But with all the changes, the one fundamental that has remained the same is that we are in the people business. People buy real estate from people. They live in real estate with people. The properties are designed, and built by people. So, we in the sales industry have to recognise that, whilst we do this every day, the people we are selling to are making massive, life changing decisions. Successful project marketers take a collaborative approach to selling, act as advisors and play the long game.
What do you do differently that has given you longevity in the industry?
I would love to talk about discipline and hard work which obviously are important but for me, it’s a genuine love for the business. So even though some days are hard, I’m having fun and I’m surrounded by people that I genuinely like. Interestingly, many of my closest friends are somehow related to the business. And because it is constantly evolving, I am forced to constantly learn and embrace change which is exciting. Not really work is it?
What makes for a successful development, is there a recipe for success?
This quite simple… not easy but simple.
A live example of this is a project called The Halston in North Strathfield. Originally almost half the project was made up of 1 bedroom properties. It’s normally easy to ascertain what people want because we would look at other developments in the area and what they’re doing and how people are buying them.
But here, because there’s no new development, and hasn’t been for many years, we interviewed hundreds of people to get an idea of what people in the area wanted. It became obvious that there was strong demand for 3 bedroom properties as many people were selling their homes in the area and there was simply new little three bedroom stock available.
Now in the project, 1 bedroom units make up less than 30% and the number of 3 bedroom apartments has increased markedly. After a couple of days on the market, this has proven to be the right move with much of the interest being focussed on those apartments.
What does Laver offer that other firms don’t?
Laver is very different to other firms. It is a collection of some of property industry’s most experienced and successful people working together for a common goal. Each of us have complementary skills that are applied to each project to ensure success. We offer a complete end-to-end service to developers and financiers, from site acquisition, planning and design, right through to project marketing and sales strategy. Most importantly, our directors play an exceptionally hands-on role in every component of every project, including on the frontline making sales.
What do you think homeowners are looking for, is there a trend you see growing in the next 1-3 years?
I see a move towards a highly segmented market where trends within those segments will dictate the property landscape moving forward. For example, one of the fastest-growing and most affluent segments is the empty nester market. These are the children of the first baby boomers. These buyers are young enough to embrace technology yet old enough to understand the value of time and compounding. These buyers are overwhelmingly looking for lifestyle properties with ample space as they are often selling large family homes and anything smaller is a compromise. The other segment which will be influential on the property market are the first home buyers who are well paid, still living with their parents and seeking a property that appeals to their desire to live a certain way.
For more information on Laver Residential’s North Strathfield project, The Halston, click here.
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$30 Million Nashville-Area Estate Quietly Looks for a Buyer.
A 120-acre property 35 miles outside of Nashville, Tennessee, is selling off market for $30 million, making it the second-most-expensive home for sale in the state.
Located in Franklin, about 20 minutes from downtown, Cortina Farms is both a private residence and an event venue, which charges up to $56,000 to rent for the day, according to Compass, which is marketing the pocket listing. Erin Krueger holds the listing.
The only residence on the open market with a higher price in Tennessee is another Franklin property, which spans 749 acres and is asking $37.5 million.
Cortina Farms takes design inspiration from the Italian countryside, with stonework heavily featured around the verdant grounds.
The main house, with a stone exterior and a shingled roof, has approximately 2,500 square feet of living space, with three bedrooms and two bathrooms. Outside, there’s a covered back porch, an outdoor grill, a pool and a hot tub. There are also two guest apartments off the main house, each with a bedroom and a full bathroom.
In addition to its event business opportunities, the property is also designed for an equestrian, with two barns featuring a total of 12 stalls. Near the stables are four large fenced pastures that equal about 10 acres.
Other amenities include a wellness center, a party barn with a catering kitchen, an amphitheater, two lakes stocked with bass and catfish, and a helipad. Scenic trails for walking, running or ATV riding meander throughout the property past creeks, mature trees and waterfalls, according to information provided by Compass.
The property last traded hands in 2021 for $9 million, records on PropertyShark show. The owners weren’t available for comment.
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