NEWS FLASH: New York Condo Auctions and NYC Liquidation Property Events Starting as home prices drop - Basement Bargain Auctioned New York Apartments

BREAKING NEWS: New York City Condo Auctions Coming Soon!

For those New York City homebuyers or investors looking for the best deals in time, there has been a leak within the professional property industry that the condo market will be slapped with a huge downturn in the coming months. Like those in Florida, New York condo market will experience many liquidation auction events that have sprung up throughout Miami, Ft. Lauderadale and beyond. The New York Times has now reported that one of the top advertising firms, Accelerated Marketing Partners, is gearing up for a New York condo auction event or events as early as April 2009. These liquidation New York condominium events have not been around NYC real estate at all, so it has been a pleasant surprise for those looking to purchase a new home soon and another nightmare for those pre-sale homebuyers who are locked into contracts for closing. As published online as well in February 2009, the New York condo auction liquidations will encompass about five mid range and luxury high-end NY condo projects that will be auctioned off to prospective homebuyers looking for sweetened deals and purchase incentives. Not only that, Accelerating Marketing Partners is also in negotiation with the condominium developers to auction off prime real estate in the neighbourhoods of both Brooklyn and Manhattan. This unsold inventory by developers need to be auctioned off in order for them to make money or to minimize their losses in this economic downturn. According to the Times Newspaper, home buyers and investors in property will be looking at substantial New York condo auctions that can even come at 50% below original pre-construction pricing. So for example, an Upper East Side condo auction in the New York City apartment market originally listed for $2.2M will be sold at the auction liquidation event for about $1.1M What this all means is that this NYC liquidation of condominiums at the New York City condo auctions will get rid of unsold apartment inventory by selling them at about forty to forty five per cent below 2008 asking prices.

So Which New York City Apartments will be Auctioned Off at Basement Bargain Prices?

Right now, no one really knows which pre-sale New York City apartment development in Brooklyn and Manhattan will have condo auctions and according to Accelerated Marketing Partners, the New York 211 East 51 Street condominium project will not be the ones that will be sold at liquidation. As pointed out: Most New York City real estate developers declined to discuss the subject. But one lender, who asked not to be identified because his plans are not final, said he intends to hire Accelerated Marketing Partners to auction a large group of presale condominium New York auction units in April. "We have quite a large property investment in a auctioned New York condo building in a good location downtown," he said, but sales have been "very, very slow." With just under 50 units, the New York apartment auction building is currently priced around $1,000 per square foot. Minimum New York condo auction bids will probably be set at around $600 per square foot, the lender said. Henry Justin, a New York real estate developer who has 48 units left to sell in a 73-unit Midtown building, said sales hit a wall in December 2008. "All the deals I'm doing are all-cash, mostly from foreign buyers, because only people with a private banking relationship can get any money out of a bank right now," he said. Mr. Justin doubts that lower prices will sell many units because so many New York City home buyers cannot obtain mortgages at this point. He further mentions that these New York City condo apartment auction liquidations may not do much for an increase in sales volume until mortgages are given out to homebuyers who deserve them. Accelerated Marketing Partners, the auctioneer for these liquidated New York condo auction units, has been working with the real estate development marketing group at Prudential Douglas Elliman. Andy Gerringer, the group's managing director, said he has urged clients to consider New York condo auctions, because many of them are selling only one or two units a month, if any.

New York Condo Buyers Forfeiting Their Deposits and Walking Away

So far, HJ Development has not pointed to a liquidation condo event for the 211 East 51 Street seventy three unit development and has shied away from the potential news that they will be launching a New York condo auction for their remaining unsold inventory of luxury condominiums in NYC real estate market. There is no printed materials that officially states that the 211 East 51 Street New York City apartments by the HJ Development group that they will be placed in a New York condo auction event any time soon. In any case, the rumours for these large scale new York condo liquidation events is to begin sometime in April says some experts with a new batch of luxury condominium developments coming on board later in the summer as well. There have been talks that many pre-sale New York homebuyers have walked away from substantial six or even seven figure deposits as the New York real estate market has plummeted and the value of their pre-construction condominiums have been absolutely horrendous. The Real Estate reported back in December 2008 that about 10% off all pre-construction and pre-sold apartments in New York City are currently not even happening, as presale homebuyers are walking away and leaving the contract citing problems with cash, mortgage lending and other problems. As indicated online, the 304 Sprint Street Zakrzewski Hyde boutique condo building near the river of the Hudson Square is a grand example of a New York Condo auction or a property that has seen many investors/property owners walk away. This luxurious duplex penthouse at 304 Spring Street New York City apartment was listed at $6.75 M and a pro sports player purchased it at $7.8 M and was listed again for $9.25M in 2007. October 2008, he backed out of it and forfeited nearly $780k in deposit and now in March, the starting id was at a mere $4.995M These are signs of the times and New York condo auctions are bound to happen as a new surge in new condominium properties are now being completed by developers who are stuck with unsold condo inventory and need to auction them off to break even. In another case of New York condo buyers forfeiting their deposits is at the luxurious Upper East Side New York City apartment development at 1120 Park Ave where more than three multi-million dollar properties have been forfeited.