Looking for a condo deal in NYC?

November 10, 2009 3:54:58 PM PST
If you are looking for a new condo in New York City, dozens of units in a new, luxury building are about to be auctioned off. And the starting bid is half of the listed price. It is a sign of the times.

The building is on 237th Street in the Riverdale section of the Bronx.

With sweeping views of the Hudson from oversized terraces, natural light fills rooms, as do top-of-the-line appliances. The Solaria Condominiums in Riverdale seem a homebuyer's dream.

But developer Joseph Korff concedes that the slumping economy and weakened housing market couldn't have come at a worse time for the 3-year-old, 20-story luxury high-rise.

"That basically has frozen the market," he said. "So I'm in a position where, how do we move these sales forward?"

What Korff has decided to do is put the 54 unsold condos on the auction block for a little more than half of their list prices. Starting bids range from $299,000 for a one bedroom to $1.9 million for a terrace penthouse.

The original prices ran from $660,000 to nearly $4.5 million.

The chance to score a deal is attracting prospective buyers, like Neil and Erica Smith. They admit putting off their search for a two-bedroom because of the economy.

"We might get a good deal here if we're bidding for an apartment," Neil said. "So yeah, I think that's pretty exciting."

The developer believes quality construction, low taxes and upscale amenities will convince reticent bidders that they're making not only a good deal, but the right deal.

"I need to conquer the fear factor, and the best way to do that for me is to put all the units here up for auction and let the market speak," Korff said.

For more information on the auction, visit redcauctionhome.com.

---

WEB PRODUCED BY: Bill King

      QUICK HEADLINES | NEW YORK NEWS | GET NEWSLETTERS
-----------------------------------------------------------------------------------------------
ABC 7 SOCIAL NETWORKING
Find us on Facebook® | Follow us on Twitter
More social networking
-----------------------------------------------------------------------------------------------
MORE FROM ABC 7
ABC 7 widget | Most popular stories | Street-level weather
Mobile Alerts | Report Typos | See News? Tell Eyewitness news
-----------------------------------------------------------------------------------------------


Load Comments