According to a recent article from Folha, newly built apartments that could not be sold during the launch period will be available at newly created RealtON – a discount outlet website for real estate in Brazil. Apparently, Sao Paulo properties’ price correction has a date: January 2012 (that’s when the website will start offering the units). 
The markdowns, according to the portal’s founder Roger Santos, will be between 15% and 20% of the original prices, and it will depend on the negotiation terms with the developers. 
The deal will be done in partnership with businessman Marcelo Lima, one of the controllers of the Artesia Group. “We are closing partnerships with developers. For them, it is feasible to provide apartments with lower prices because they would avoid liquidity issues and costs of doing business.
According to estimates from RealtON, the indirect costs to keep unsold properties in stock can reach 18% of the total price after considering expenses such as property taxes, condominium fees, working capital and opportunity costs.
The company will operate initially only in Sao Paulo. In January, we will offer about 50 properties in Sao Paulo. After six months, we want to expand to Brasilia, Rio, Salvador and Manaus,” says Santos. The client has to register for free through the company’s website. Since last month, when it became available for access, more than 3,240 users have registered.

Source: Folha
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