Condos.com is a global marketplace where developers and other sellers can confidentially post deals on new and pre-construction condos. Deals can be either single or multi-unit bulk opportunities. Deals are required to be priced with a minimum 20% discount to the average price per square foot in the building or zip code based on recent sales.
Deals are easily added to the site by sellers through a 1-page listing form. There is no fee to post a listing, but there is a brokerage commission paid at the time of closing with an investor that came through Condos.com. Sellers have the option to offer an additional commission incentive to buyer’s brokers.
Please see the following marketplace brokerage fee table to understand the fees payable upon sale of a deal:
In order to ensure developers and others sell their deals through the Site, Condos.com has developed a global network of qualified investors that browse the site for opportunities. Our investor network is either pre-qualified or referred from another qualified investor. Qualification is satisfied by demonstrating accredited investor criteria of (i) net worth of $1 million, excluding your primary residence, or (ii) income of $200,000 for the past two years ($300,000 if combined with a spouse) with the expectation of the same income for the current year.
The 4-step sales process is simple.
In order to maintain project and developer confidentiality, all deal postings can be confidential. Confidential posting blurs the building or unit image and substitutes the building name for a generic description (i.e Brickell Area - 10 luxury units for sale). Investors are not able to view deals until they have been qualified and have executed a Non-Disclosure & Non-Circumvent Agreement (NDNC). Once the NDNC has been executed, a developer can opt for final deal access approval.
Developers have told us time and again that they would like to reduce transaction costs, specifically, the large brokerage fees paid to in-house brokers and outside brokers that bring investor clients to their projects. We developed Condos.com as a platform to provide lower transaction fees and higher unit margins for developers.
Developers have also shared the challenge of offering multiple units at lower prices, while trying to retain retail pricing for the benefit of other new and existing end-user buyers. The confidential posting and non-disclosure requirement for investors provides developers with added protections in this regard.
“Our goal is to help you analyze and purchase investment quality condos at below market prices.”
Richard Swerdlow, Founder