Developer to Auction Condos Starting at More than 50% Discount
- Mar 13, 2009
By Anuradha Kher, Online News EditorWeehawken, N.J.–In this tough economy, where developers are under pressure to sell units, they are increasingly turning to auction marketing to close out their inventories. One such developer is Ernesto Garcia, who on April 19 is auctioning 16 units at his condominium project Aristocrat (pictured)in Weehawken, N.J. The Aristocrat, which features one- and two-bedroom units, is located at 34-48th St. off Blvd. East. The condos will be sold with a five-year tax abatement, with the added bonus that no taxes will be charged the first year. Eight of the condos will be sold absolute, regardless of price. Suggested opening bids begin at $150,000. The remainder of the condos will be sold with reserve in an open outcry format. A certified or cashier’s check in amounts from $15,000 is required to buy.Jeffrey L. Hubbard, executive managing director of Sheldon Good & Co. Auctions, NorthEast, LLC, says, “The development community throughout the U.S. is increasingly utilizing the real estate auction marketing program as an alternative marketing tool to accelerate the sales of finished and to-be-built residential inventory. The ownership of this condominium building is willing to pass along a portion of the savings realized by the relative time-certain date of sale to the successful bidders. This is truly a win/win scenario for seller and purchaser alike.”Garcia says, “I have opted to retain Sheldon Good & Co. to sell the remaining inventory quickly at auction, accelerating the sales process so that I can move on to my next project.” The condos range in size from 865 to 1,161 sq. ft., with original prices ranging from $378,900 to $683,900. The units feature teak and marble floors, granite countertops, floor-to-ceiling Anderson windows and French doors, most of which lead to private balconies. Kitchens feature GE Profile stainless steel appliances, granite countertops, oversized Elkay extra-deep sinks with goose neck faucets and a breakfast bar.