Nearly 40 Luxury Condos Going Up For Auction In Atlantic City
By Diana Rocco
ATLANTIC CITY, N.J., (CBS) -- Nearly 40 luxury condos are going up for auction in Atlantic City, New Jersey -- and they're on sale for whatever you're willing to pay.
Breathtaking ocean views in the shadow of the now empty Revel Casino, on sale for whatever you're willing to pay.
From stories above the ground, CBS 3 Eyewitness News took a tour of The Bella, where 40 luxury units hit the market this month, going to auction June 28th.
"Most of the units have never been lived in," said Robert Dann of Max Spann Real Estate Auction Co.
Robert Dann, the auctioneer, says the private investor is trying to cut losses and sell 39 two-bedroom two-bath units and one one-bedroom one-bath unit which have remained unoccupied for nearly a decade. That's 20 percent of the 200 units in the building now filled mostly with weekenders and renters.
When the building first opened in 2006, units were selling for $600,000 or more. Now at auction, at least 15 units will be going up with no minimum bid.
"It's an absolutely auction, so absolute means absolute regardless of price," said Dann.
The building has an indoor-outdoor pool with cabanas, a workout studio and gym, and amenities paid for by condo fees that range from $400 to $500. Part of the view from any of the 26 floors contains the ocean, but it also overlooks a dark Revel.
"Come to open houses, see if they like the units, if they do, show up at the auction with a $10,000 certified check," said Dann.
After a tough year of job loss and casino closings for a once thriving resort destination, they are looking for investors up on their luck and willing to roll the dice.