PSA: Condo Auction in Jersey City

Rosanna'n'Steve

http://www.nj.com/hudson/index.ssf/2009/10/the_saffron_in_jersey_city_to.htmlin case anyone is looking in that area.

kalypso97

I asked MH about this (he is a real estate agent in the area).  I thought his response might be helpful for those looking: This is not a distressed property, it is a marketing plan. They have not tried to sell these yet. They are just trying to sell them all at once. Most of these go for very close to market value, and being on Grove Street and close to the Grove Street path, they will probably go for very close to asking.  8 units are absolute, and the rest are reserve, which means they do not have to take the winning bid, but if things are selling fast, they can change some of the reserves to absolute at the auction. You probably won't get a "steal" if that is what they are looking for. The developer just doesn't want the units sitting out there for a long time so they market it as an auction. But if you can close quicker than 30 days, they give you a 2% discount on price.