Monday, June 18, 2007

Developer to auction off 40 condos on Sunday—Jersey City

The Jersey Journal. “Traditionally, when developers have problems selling the last of their units and run out of rabbits to pull out of their hats, they turn to an auction to unload the properties quickly.”

“But now one Hoboken-based developer, Erik Kaiser, of REMI Companies, is flipping the script by holding an auction on the front end of sales, on June 24, at the Hyatt Regency in Jersey City, where he hopes to unload 40 units within several hours.”

“Is it a sign of a slump?”

“Are the units a tough sell in the one area of Hoboken that has yet to be touched by the real estate boom?”

The answer appears to be no to both questions.

“The project was met with "unexpected" delays that brought construction to a screeching halt for months, forcing the developer to rip up a number of pre-construction contracts and bringing pressure from the project's financier.”

“‘We wanted to have one year worth of marketing efforts wrapped up in one day,’ said Kaiser, adding that he expects to sell all 40 units at the auction.” read more >>

Auction Information:
The condos are open for inspection at 600 Jackson St., Hoboken.
The auction will be held at 1 p.m. next Sunday at the Hyatt Regency, 2 Exchange Place, Jersey City. Bidders must register before the auction and present a cashier's check or money order in the amount of $10,000, as part of the required 10 percent deposit.
For more information: 201-963-9010 or

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