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.