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Novare outsources its sales division. Unsold condos will be handled through Marketing Directors.

Jan 06, 2010

Condo developer Novare Group Holdings is outsourcing its sales division to the Marketing Directors, the two Atlanta-based firms said Monday.  Marketing Directors will take on about 25 employees from Novare Realty and handle sales of Novare's unsold condos.  Novare Chief Executive Jim Borders said the move will enable his company to cut overhead costs.  "We could have continued with business as usual with Novare Realty selling homes in the projects we developed in Atlanta," said Borders.  "But had we done that, we would not have had a platform for growth."

Novare, like other condo developers, has struggled with a slow market over the past year.  The company's $200 million project Atlantic, a 47 story Midtown tower with 400 units, is its biggest building to date but hasn't closed any sales, according to a report from Coldwell Banker NRT Development Advisors.  Other Novare projects include Viewpoint in Midtown, which at the end of the third quarter had closed 203 of 378 units and Twelve Centennial Park, which has sold 333 of 519 condos, the report said.  One of the company's success stories is Tweleve Atlantic Station, which came on line at the beginning of the condo boom in Atlanta.  Units sold quickly and the brisk sales encouraged other development in the city.

 The alliance between Novare and The Marketing Directors also includes changes to Novare's homeowner's association management arm, Novare Management, Borders said.  The management arm will assume a new name, Homeowners Advantage, and its chief executive will be Rich Hagan, the current CEO of Novare Management.  The new management company will manage not only Novare properties, but others as well, Borders said. 

The effort will be led by David Tufts, President of the Marketing Directors Atlanta, according to a news release.  "While we did not envision at the beginning of 2009 that we would be in a strategic alliance by the end of the year, we're very glad that we are and are excited about the prospects going forward," Borders said.

As reported in "The Atlanta Journal-Constitution" on January 5, 2010 by Michelle E. Shaw.