TheMan

The never-ending quest to cut brokers out of real estate transactions has made it to Hoboken, and the Post's real estate blog, Home Page. On it, Max Gross writes about Velocity, a new two-building development that looks like an old schoolhouse, and has what must be the most entertaining "building history" section of a website ever. On June 24th in Jersey City, 40 of the building's 128 condos will be auctioned off to any and all comers, what has to be a first for non-DEA-seized new construction. "We'd rather let [buyers] establish a price in the market," the developer told Gross. Bidding starts at $295,000 for one-bedrooms, and $395,000 for two-bedrooms. If they really want buyers to establish the price, there should be no minimum, right? We'd pay a cool hundo to live in the 'Boken.

SwimCoach

I keep hearing this place in Hoboken is literally next door to the projects. I am ASSUMING this to be true being I heard about this from several people.

Also because this is an auction you can expect insiders to increase bidding prices, so dont think your getting a fair market value because these condos are being auctioned!

PaullyInNYC

I was reading Curbed this morning and saw an interesting artice about what happened at the Velocity Hoboken auction with the 40 or so units that were to be bid on. It turns out the Velocity building actually sold some units for relatively cheap prices. To find out more about what happened check http://hobokenhero.blogspot.com/2007...ickle-not.html