Bulk Sales Approach Sells 20 Condos

Over the weekend I got a press release from Realogics, Condo Bulk Buy Success – Sales Release Already Two-Thirds Sold.

They’ve sold 20 homes out of the initial 30-unit release at The Decatur and Eleven Eleven.

From the release:

Based on the 20 sales to date, Cunningham estimates buyers purchased at prices that were between 25 and 30 percent off previous list prices, depending on the product. The pending block of sales are also helping unit appraisers by using an inter-building value matrix instead of relying solely on surrounding market comps. Third party comps alone may temporarily suppress unit values given the increased activity of condo auctions and short sales within the marketplace.

They’re releasing another 30 units.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • keeping it real!

    So, let me get this right.
    1. They were able to sell 20 condos by pricing them 30% off the original (old market) pricing.
    2. 30% off pricing is still higher than surrounding comps, so they are happy to be able to use in-house units as comps (becasue they finally sold somthing).
    3. The surrounding comp prices are low becasue of auctions which sold at 30% off original (old market) pricing.
    4. Most of the auction condos were in new construction. Decater is and old apartment building converted.

    Conclusion: Decater at 30% off old pricing is still overpriced. Agents and buyer take note…. do not offer more for a condo than surrounding comps will support. Even if the condo you want to buy has a nice shiny coat of pink lip gloss on it. A pig is still a pig.

  • keeping it real!

    So, let me get this right.
    1. They were able to sell 20 condos by pricing them 30% off the original (old market) pricing.
    2. 30% off pricing is still higher than surrounding comps, so they are happy to be able to use in-house units as comps (becasue they finally sold somthing).
    3. The surrounding comp prices are low becasue of auctions which sold at 30% off original (old market) pricing.
    4. Most of the auction condos were in new construction. Decater is and old apartment building converted.

    Conclusion: Decater at 30% off old pricing is still overpriced. Agents and buyer take note…. do not offer more for a condo than surrounding comps will support. Even if the condo you want to buy has a nice shiny coat of pink lip gloss on it. A pig is still a pig.