Want a new Mini Cooper? Buy a condo


The Atlanta Journal-Constitution
Published on: 05/15/08

Given the slumping housing market, it's no surprise condo developers across metro Atlanta are slashing prices to drum up business.

But one developer is dangling a different kind of incentive before prospective buyers: keys to a new Mini Cooper.

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Atlanta-based Tivoli Properties is giving away the stylish, diminutive roadster to anyone who buys a unit at the company's upscale Aqua condo tower in Midtown and to buyers of two-bedroom units at its hip Duo complex in Castleberry Hill near downtown.

Aqua buyers will get a convertible Mini, valued up to $25,000, while new Duo home owners will walk away with a standard hardtop, which carries a sticker price of up to $20,000.

Tivoli executives say they want to generate buzz in an attempt to sell the final cluster of units at the two properties. About 20 percent of Aqua's 83 units and 25 percent of the 80 homes at Duo remain unsold, including five two-bedroom units.

"For those moving in from outside the perimeter and larger homes, they don't need that big car anymore to drive around," said Karen Hill, Tivoli's vice president of marketing. "It's a perfect gift for them."

So far, no cars have been given away. But Hill said phone call traffic is up since an ad about the promotion ran last weekend. The prices for units that qualify for the car range from $229,000 to more than $1 million.

Real estate experts say Tivoli's move is a sign of the times.

"Clearly now, it's a buyers' market," said David Ellis, executive vice president of the Greater Atlanta Home Builders Association. "Builders and developers and people selling real estate are looking for creative ways to attract buyers."

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