CondoReports.com to Provide Pricing, Sales, Foreclosure Information on Condo Market

By Anuradha Kher, Online News Editor Miami–CondoReports.com has recently launched its Web site, which utilizes proprietary technology to offer free reports and information on nearly 2,000 condominium and townhouse communities in Miami-Dade County in Florida. The Web site provides market information, pricing, sales, listings, foreclosures and ownership for each building.  “Whether you’re a buyer, seller, owner, realtor, lender, investor, appraiser or institution—CondoReports will change the way you research and evaluate condominium ownership, lending and transaction decisions,” Adam Cappel, president of CondoReports.com says. CondoReports.com does not provide general market statistics, instead producing reports specific to the building a client is interested in. In addition to free basic reports, users can upgrade to CondoReports with expanded information and analysis for a fee. These reports include full building profiles, historical sales and listing activity, recent sales by unit type, building trends, foreclosures, bank-owned units and HOA fees. They also include an Ownership Roll for the building. In addition to these reports, CondoReports.com has custom reports for specific needs of institutions and investors. “CondoReports.com’s mission is to provide greater transparency in the local condominium market and essentially level the information playing field for all market participants,” says Cappel. “For too long market participants from unit buyers and sellers to brokers to financial institutions did not have access to quality detailed information on the condominium markets.” CondoReports is geared not only toward investors and sellers but also real estate agents and brokers. “We expect that it will become standard practice for lenders and financial institutions to use CondoReports to supplement and verify appraisals, AVMs, and collateral values before funding future loans and selling REO,” says Cappel.  “The web-based real estate information industry is in its infancy. When you look at all the data available on other financial markets, you get an idea of just how big this market can be and how great a need there is. We plan on becoming the primary source for condominium data in major markets throughout the US.”