(Source: Wall Street Journal)
Florida-style desperation to move condo inventory is headed for a Big Apple suburb.
Metrovest Equities, developer of The Beacon in Jersey City, plans to auction 25 one- and two-bedroom luxury units June 27 at a nearby hotel. A dozen units are being offered “regardless of price”–an attention-grabbing measure designed to draw traffic. Suggested opening bids range from $150,000 to $250,000; they were originally priced from $380,000 to $700,000.
The condo auction–aggressive for this region, but common in the Sunshine state, which is battling a multi-year inventory glut–is designed to close out sales in the first phase of the project, 315 units in two buildings, as well as accelerate sales of the second phase, 25 live/work condos in a third building, the developer says. The sale is also another indicator that the New York area, which long seemed buffered from the nation’s housing crash, is weakening as job losses and foreclosures mount.
Read Dawn Wotapka’s full article “Jersey City Auction Offering Condos ‘Regardless of Price’” in the Wall Street Journal (June 2, 2009).