Real Estate Auctions: Worth it?

5/15/2008:

When I was walking down 12th Street the other day, I noticed a not-so-usual real estate sign at 1140 Garden Street: An Estate Auction.

Has anyone attempted to purchase a home this way before? Do they sell close to opening bid price? What do you think this location is worth?

FYI: This afternoon is the last day you can inspect the property before the auction, which takes place on Tuesday, May 20, 2008 at the Hyatt Regency Jersey City (Exchange Place).

See Buyer Packet for 1140 Garden PDF Here.

hoboken-real-estate-auction-1140-garden-street-sheldon-good.jpg

Maybe the “will it sell?” reader will send something about it?

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19 Comments on "Real Estate Auctions: Worth it?"


Tama Murden
Member
8 years 1 month ago

My understanding is that the entire building, including the small office & garages on the 12th St. side, went for a bit over $2 million.

MSO
Member
MSO
8 years 1 month ago

yeah, he owned this buidling (and the others in the auction) and lived on the top floor (and thus the vacancy). The auction was to settle his estate.

In any case — does anyone know where this property traded? Is it in public records yet?

rag246
Member
rag246
8 years 2 months ago

[quote comment=”91836″]I did a search for 1140 Garden and came up with this posting on 411 that someone killed himself in this building last year.

I remember that. The guy was a Realtor.

a_siren
Member
8 years 2 months ago

I did a search for 1140 Garden and came up with this posting on 411 that someone killed himself in this building last year. http://hoboken411.com/?p=7318&cp=1

matt_72
Member
8 years 2 months ago

[quote comment=”83030″]That place is huge – 5200 square ft and in a great location. I’m thinking $1.5 is the minimum reserve for that place unless the place is a dump in the inside. Based on the current retns for the units, that doesn’t appear to be the case.[/quote]

That $1.5mm might be a good price if it weren’t for the rent control! I bet that is why the suggested opening bid was in the $850K range.

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