Today is the auction of 11 remaining units of a new condominium building that was completed almost 2 years ago in Wildwood Crest NJ. Alot of us are very happy to see this come as alot of buyers have been sitting on their hands waiting . With market values for these units ranging from low 400's to 500's the auctioneers of course advertised starting bids at $ 125,000. With the exception of a large luxury beachfront property that is currently 70% unsold there are few other properties left over from the building boom that are investor or developer owned that could be auctioned off.
Could this be another step toward a return to stability? lets hope so . Until that time, we will keep suiting up and showing up because when there are no more bank owned properties and no more auctions buyers will walk in and say " I want to see some REO's and short sales and we can say " Man you should have been here in 2011".