Another Unique Project Offers Bulk Buy Option for Buyers!
Eleven Eleven East Pike is also taking part in the “bulk sales” approach in efforts to sell one-third (nine) of their vintage designed homes in one of Capitol Hill’s most trendy areas. Auctions don’t typically do as well if it’s not one of the first to take place, so the bulk buy strategy seems to be getting some momentum when it comes to reducing prices and attracting new buyers.
With the first release of homes being released at prices between $255k and $379k, price reductions are down 20 to 25 percent from their original list price.
As with the bulk buy option that was set up for Decatur, buyers can get in for a refundable deposit of only $500 until the end of the month, and they must be scheduled to close by November 30th.
Developer William Justen is also reported in a DJC article expressing some concern for needing to take this approach since the address is somewhat of a boutique project designed by an acclaimed architecture firm.
“It doesn’t seem to matter what a buyer is willing to pay anymore, it only matters what an appraiser thinks because that affects what a lender is willing to lend,” said Justen. “The reality is that our industry is being commoditized by the lender community, and that means that a niche development like Eleven Eleven East Pike, which was never designed for the masses, is nevertheless being held back by a homogeneous appraisal market”.
The project is certainly unique with its red exterior, custom-designed puzzle walls, along with Cupcake Royale occupying its retail space. The project is located on a section of East Pike Street filled with eclectic shops like the Ferrari/Maserati/Alfa Romeo store, a couple of different record stores, tons of pubs, and just as many small diners.
Other projects designed by Olson Sundberg Kundig Allen Architects include 98 Union, Hillclimb Court, Pike and Virginia Building and the redesign of Merrill Place–all very desirable properties with unique boutique addresses.Email