Archive for the ‘Business’ Category
The strategy that has kept Montecito above the din of economic meltdowns is due to its focus on upscale residential and medical properties. Chip Conk has long been aware that there will always be rich people who will continue to spend whether during an economic boom or a recession. Leveraging on his team’s experience in selling more than 5,500 upscale residential properties and communities, he has made sure that the Montecito portfolio has one of the most upscale properties at prices even the middle class can afford. His brother Chris, responsible in overseeing sales in the West Cost, has contributed to the company portfolio with the acquisition of more than 500,000 square feet of medical spaces that continue to sell at premium prices despite the recession. He was even features on national TV, amazing viewers when he sold one of his Arizona community properties for $90 million in just 90 minutes of negotiation.
It was his experience with his first real estate company, the Chelsea Residential Corporation that gave him the utmost confidence to build up his real estate business empire. With the help of Chris and his sister Joellyn, Chip Conk used the proceeds of the sale of his earlier business. The Day Dream Publishing company, at $67 million, to start Chelsea in 1997. It enabled Chip to finance the acquisition of old residential and community properties at bargain prices and sold them at a premium after renovating them into high-value upscale properties. By the time he sold the company, he has carved a reputation for having the highest occupancy sales in high rise residential condos and has sold more than 4,000 upscale residences in just 8 years.