Here’s an opportunity that doesn’t come along very often – an auction for a condo in the prominent Grove Pointe. For those unfamiliar, Grove Pointe has a rental portion at 100 Christopher Columbus and a condo portion at 102 Christopher Columbus.
According to the auction listing, this unit was recently foreclosed by the lender who is now selling it to the highest bidder.
It’s a two-bedroom, two-bathroom unit (P101) with 1,140 square feet. There are no interior photos, but based on the age of the building, it’s hard to imagine it’s in too bad of condition. The auction details state a previous valuation of $810k. Considering the closest comp in the building, unit 1001, just one floor down and a similar size, sold in October 2015 for $802k, the valuation seems appropriate.
The auction just opened today and runs until Friday (5/13). Bidding starts at $275k. However, there is an undisclosed reserve price on the auction.
Auction terms stipulate the buyer must pay cash and no financing is available. There’s also a 5% buyers premium above the auction price, so keep that in mind when bidding.
For those with the flexibility to purchase under these conditions, this presents a great opportunity. It will be interesting to see what it sells for. Happy bidding!
[gmap height=”250px”]102 Christopher Columbus Dr, Jersey City, NJ 07302[/gmap]
102 Christopher Columbus Dr, Jersey City, NJ 07302