Condo Auction Puts Newly Built Condos Up For Sale For Bargain Prices

by Deidre Woollard (RSS feed)
Oct 30th 2010 at 6:02PM

More and more we are seeing condos go up for auction as soon as they are completed. Sheldon Good and Company is auctioning off a selection of 20 luxury residences located at The Gate Condominium, a newly constructed state-of-the-art building in The Bergen County borough of Rutherford, New Jersey on Saturday, November 20th. A total of eight units are to be sold "Absolute," regardless of price.

The Gate Condominium is a luxury development in northern New Jersey with units that were originally priced to $579,000. Units have hardwood floors, high ceilings, GE stainless steel appliances, granite countertops and large balconies. The one and two bedroom units will be auctioned off with suggested opening bids as low as $145,000.
"
Since this is a 'Grand Opening Auction,' buyers will have the unique opportunity to bid on and purchase a home in a beautiful, brand new luxury building at their desired price," said Jeff Hubbard, Executive Managing Director of Sheldon Good & Company. "Now more than ever before developers around the country are utilizing the auction process as a strategic part of their overall marketing plan at various stages of the development process. The developer of The Gate is utilizing the process in order to sell out all 20 units available in a single day, eliminating the carry costs associated with a conventional sales program, while passing along those savings to the consumer," said Hubbard.

The Gates Condo Auction website has complete details.

The Gate development is located at 17 Meadow Road, just one block from the 190 bus and the Rutherford Station on the New Jersey Transit Bergen Line with direct train access to midtown Manhattan.

Gallery: The Gate Condominiums