Jersey City condos go on auction block

October 2, 2009 3:40:35 PM PDT
Virtually anywhere you look in Jersey City by the water, you'll find a sign advertising apartments, and condos for sale. Developers need to be creative in this market. So how does this sound? You choose the price you want to pay.

"It can go for a dollar or $300,000, It all depends on who is bidding, and how much they want to bid," said Jim Caulfied with Fields Development Group.

Fields is selling 73 units in the brand new building on Newark avenue. In an effort to generate buzz for the project, he is holding a pre-sale auction.

Anywhere from 9 to 15 units will be sold and those bidding will decide at what price.

"It will be open bidding.. Just like a cattle auction.. It's a real estate auction," said Jeff Hubbard.

Jeff Hubbard's company will do the actual auction that day. Opening bid for a one bedroom, $175,000.. For a two bedroom, $250,000, and that's' a bargin when you consider that the 2 bedroom would list for $539,000.

The building is modern, rock gardens, a gym with views of the Manhattan skyline.

A 10 minute path train ride into the city.

Jim is expecting to see 20-30 something's.

First home buyers who could get an additional $8,000 off with the governments first time buyers credit.

Close in 15 days and get another 2 percent off.

A creative move in this down market that everyone involved could benefit from.

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