Bulk condo sales grow but dampen unit prices

07/7/2010 | Wall Street Journal, The

Packaged condominium sales are absorbing excess supply in many markets -- but they also are depressing prices. There have been several of these deals in Florida, where there is a glut of condos. Now they are spreading to other markets. There were 27 bulk deals valued at $850 million, or $250,000 per unit, in 2007. In 2009, those figures rose to 82 deals valued at $839 million, according to Real Capital Analytics. "I would think we're on pace to have a record year for these types of transactions," says Dan Fasulo, a managing director with Real Capital Analytics.

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