News
SERRANO SELLS
February 28, 2011
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| Maybe this time, it's the price, stupid. After its foreclosure and takeover, Serrano in Sandy Springs (pictured) has sold off 77 of its 150 units in the past five months. That's a huge surge in sales activity when it sold under 10 prior to the FDIC taking over the Corus Bank portfolio two years ago. The condo is now owned by ST Residential, a public-private consortium between the FDIC and private capital (including Starwood Capital). ST officials say theaverage selling price was $142,600. Before, the original developer was attempting to sell the units at least 30% more. |
