Has anyone ever put together a sales package for investors to sell a distressed condominium community?

We have a large condo project west of Boston (permitted for 500 units with only 150 sold). The developer wants to sell out. What kinds of numbers does an investor want to see to consider a project this large? Is there any proforma guide to follow?
In Selling Property - Asked by Gayle S. - Apr 8, 2009
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Answer(s)

William K.
Developer
Stoughton, MA

If there are 350 units that are only permitted and not build then any investor will only pay $15,000 to $20,000 per permit because the market for these units is dead. The investor would have to hold long term. If the units are build out then the investor will look at them as rentals units and buy them based on the rental income.
Bill

Apr 9, 2009
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Chris S.
Broker/Agent
Coeur D'alene, ID

HUGE discounts. Lets say he was selling the finished units for $150,000. Then I would expect an investor to be willing to look at something like this as a rental project in the range of $10,000 per completed unit.
Sorry but the condo market is DEAD, financing is virtually non-existent.

Aug 3, 2009
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