Exclusive Peek at Price List for Decatur & Bulk-Buy Details!
What is bulk-buy? How do you explain it?
In a bulk-buy, homes are generally released in phases at a perceived lower listing price to determine how quickly they sell. The number of units selling within each phase determines how much buyers will pay range from a set high and low price point. The price per square foot and its range will justifiably go up from Phase 1 if a large number of buyers seek to take advantage of the initial price reduction. Generally, developers won’t discount on an individual unit sale basis, and while block unit purchases from sophisticated investor groups are becoming more common, most sellers and lenders want to limit rentals to preserve home values and maintain control over resale inventory.
Overhead costs and days on the market require a higher return from sales, therefore the faster they move, the more savings can be made to the developer and the buyers. It’s a win-win. The most attractive aspect of this program, from our perspective, is that rather than slowly reducing prices over the course of the next several months, they were simply reduced to below perceived market value. Today, a buyer for Decatur can purchase a 2-bedroom condo in a downtown-urban neighborhood, with updated interiors and views, from a renowned architect, for under $300,000! We challenge anybody to find a better deal. Expectations are that the first phase will sell well, and the increased price point and amount of available homes during the second phase will still be low. No reason to play games with negotiations, sales pitches, or bidding. Decatur is looking to give the best possible deal to those who recognize the deal for what it is–an incentive that really can’t be beat.
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What kind of commitment does a buyer have to make to take advantage of these prices?
In fact, reserving a specific unit at a defined price range to see how the bulk-buying concept will interpret into lower prices is very easy. All a buyer needs to do is to sign a reservation and deliver a fully refundable deposit of $500. When the results of the bulk sale is known, the buyer will have the option to accept the price, or reject it and have the deposit refunded. Try that with an auction.
There is also talk that Colbalt Mortgage (preferred lender) is working out a limited amount of 0% down financing options for select units. We do not have the details yet, but please email us for updates on progress of financing.
Ok, so the situation and need to sell units has been established, and the pricing/financing sounds good. What about the building? After all, it’s over 50 years old!
The building was indeed built in the 1950’s, but the architect was not one of mediocrity. John Graham Jr. won international acclaim for his design of the Space Needle, and his firm has also been noted for their work on Seattle’s Westin and Sheraton Hotels. The Wysong Group has also worked on the restoration and conversion of the property to include granite countertops, stainless steel appliances, wood flooring, and other additional features. The structure itself contains new windows. The primary electrical distribution has been redone, and the plumbing was converted to copper. All and all, this is another sales strategy The Stroupe Group would like to chalk up as another “good deal”, and an excellent opportunity for those patient first-time buyers.
One thing to note before it comes as a surprise later… of what we are currently familiar with (63 homes), only 23 parking spaces are being offered to 2-bedroom and “premium” 1-bedroom buyers for $20,000 to 25,000. Time is limited to take full advantage of not only a rare financing opportunity in a desired location with a charming address, but also a low price point and an $8,000 tax credit.
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As of today, Decatur already has nine reservations (with backup offers), and marketing attempts have only been made by sending press releases to us local bloggers.
Additional information about the special offer is still being released, and we’ll post floorplans as we get them. In the meantime, here’s that price list: