Eleven Eleven East Pike is ready to sell and they're not gonna take it anymore. In a new press release, the folks at Eleven Eleven were none too pleased about the downward pricing pressure of recent auctions, citing Brix's reduction of prices by 30% and frustrations that bank appraisers will use previous comp auction sales to value Eleven Eleven.
In response, the developer will be offering "bulk pricing" where the pricing will vary depending on how many people participate. If you're the only one, you pay the high end of the bulk band. If 8 other people buy before November 30 (there are only 9 of the 27 units that have been put on the market so far), you'd get it at the low end of the band.
Personally, I'm not sure the bulk marketing tactic is worth the complexity. In my opinion, they should just price it well to begin with or sell them all in an auction -- especially since the auction prices have been creeping up. They're not gonna make oodles of profit but even recent auctions have been pushing up price per square foot as more people realize the economic recovery is underway and the rambling talk of another Great Depression is now limited to militias and other other fringe groups.
Also, the bulk pricing seems to steal the show from more tangible Eleven Eleven selling points like the pretty good location, great architecture, and nice pricing. Cool design elements include movable puzzle walls and multi-purpose storage units.
Maybe it's just me but I think the whole bulk pricing bands concept is more trouble than it's worth and might even cause some buyers to focus on other places which keep it simple. What do you think?