How Low Will They Go? 40 A.C. Luxury Condos Go Up for Auction

Looking for some place to invest a cool quarter-million dollars? How about a luxury condo a block or so from the ocean with all the finest amenities?

You can get a nice condominium in a beautiful building in Atlantic City's uptown neighborhood, for more than half-off the original price. So, is this a great deal or what? We are about to find out.

40 units at the Bella, one of Atlantic City's high-end condo high-rises, where condos once commanded $500,000 less than a decade ago, go up for auction later this month, with some expected to have asking prices below $200,000.

According to the Philadelphia Inquirer's Amy Rosenberg, "Credit Suisse Bank, which owns 40 of the units, most on upper floors with ocean views, is getting out, says Bob Dann, of Max Spann Real Estate & Auction Co., and is offering the units at absolute auction.

The first 15 units will have no minimum bid or hidden reserve, and will be an interesting test of how low Atlantic City's beleaguered market will sink, even with an ocean view.

"They’ll probably sell for significantly discounted price," Dann said. "In the end, they’re a very luxury building, the amenities are top notch: the pool, the spa. In the end, it’s a block and half from the beach. If you can get a block and a half from the beach with views of the ocean, for next to nothing, you’re in good shape."

Twelve of the units in the auction are leased and are being sold with the leases intact.

The auction is being held Sunday, June 28th at 11am at Borgata.  See property preview times and more auction information.