Realogics Brings Decatur Back on The Market

Decatur on First Hill has been on the market for years and has only sold 83 of 146 homes. Today Realogics announces, Marketing Resumes at The Decatur Condominiums With Bulk Sales Strategy:

An award-winning project team led by Sandalwood Management is set to release the remaining 63 homes for sale in blocks that feature bulk prices ranging from 25 percent to 35 percent off the original list prices.

They’re not just slashing prices. They’re also offering a number of other incentives such as zero down payment, zero closing costs and a payment assurance program.

They’re also going to be refreshing common spaces even though it was updated in 2007.

Interestingly they’re not auctioning these units but rather doing a bulk buy program:

Ospovat hopes to close the first release of 21 homes by Nov. 30, but resisted the trend to auction units. Instead, he has adopted Realogics’ Condo Bulk Buy approach because it provides a more certain outcome for buyers and sellers alike.

“We’re providing the same value proposition, while eliminating the inherent risk and stress of competing at an auction,” Jones said. “If homebuyers are going to benefit from perishable tax credits, they need to lock up a unit now and move confidently towards closing; there’s no time for surprises. We’re offering homebuyers a sales experience that is as considerate as it is rewarding.”

Under the bulk sales program, three blocks of 21 units will be released for sale in sequential phases. Individual unit reservations are available for a $500 holding fee, which becomes applicable to the earnest money deposit. A few weeks later the reservation holders will be aggregated to sign Purchase and Sale Agreements and benefit from others joining in the bulk sale – the more homes that sell, the lower the pricing for the group.

I’m sure this is welcome to all the existing home owners at Decatur.

If you’re interested there’s an open house this weekend from 11a.m. – 5p.m.