Realizing this condo bulk buy idea is kinda confusing Realogics has put together a video answering the frequently asked questions:
Dean also emailed over the following:
I do recognize the bulk sales approach is a new concept for folks to wrap their minds around. Itâ€™s important to remember that many dynamics affect a sales price â€“ itâ€™s never as easy as â€œjust price them fairâ€. Whatâ€™s fair? How do you establish â€œfairâ€? There are numerous parties that need to agree with the market price, including the developer, their equity partners, the construction lender, the broker, the appraiser and ultimately â€“ the buyer! I do agree that â€œfinding the marketâ€ is a process and whether thatâ€™s via bulk sales or an auction â€“ this takes buyer participation.
To start the process, we negotiated the best price we could with participating sellers. It became clear they would only sell for less if they made more sales quickly â€“ hence the bulk sales program. The good news is weâ€™re already approaching 50% commitments at our projects so weâ€™re getting good traction. Itâ€™s likely our sellerâ€™s will set pricing next week based on the interest and weâ€™ll get some deals closed in the next month.
To ask them questions in purpose you can see them at the following events:
- Tuesday, October 20 (1-4pm) â€“ The Decatur Brokerâ€™s Open House
- Tuesday, October 20 (4-7pm) â€“ Eleven Eleven East Pike Brokerâ€™s Open House
- Wednesday, October 21 (5-7pm) â€“ Eleven Eleven East Pike Homebuyer Preview and Q&A
- Thursday, October 22 (5-7pm) â€“ The Decatur Homebuyer Preview and Q&A
- Saturday & Sunday, October (12-6pm) â€“ The Decatur and Eleven Eleven East Pike Sales Event
Disclaimer: Condo Bulk Buy is an advertiser here. Them being an advertiser doesn’t make the concept any less confusing.