New York is well known for its high real estate prices, from residential properties to commercial properties among other types.
A Ritz-Carlton New York, Battery Park condo is set to go to auction next month, which is somewhat unique as luxury properties in the Big Apple do not often go out to bid.
When compared to other cities in the United States, residential real estate auctions in New York are relatively scarce. That being said, this is beginning to make more sense in the present era because buyers now have more information available online than ever before. Along with this, many buyers do not need the help of a broker to decide how much they are willing to pay.
Before the auction, which is scheduled for April 6, potential bidders will collect as much information as possible while also visiting the property in person. With the ability to do so, the end sales price should give other buyers, as well as real estate agents and brokers, a good idea of where the condo market stands at the present time.
The bidding for the unit starts at $2.5 million. A couple of years ago, a similar unit sold in the building for approximately $3 million.
Condominiums in New York City are very popular, and this auction will give a good feel for how far the real estate market has come over the past couple of years.
When making such a big purchase, there is an enormous amount at stake so consulting with a real estate attorney can be a good idea.
Source: Crain's New York Business, "Downtown Ritz-Carlton condo goes on the block" Joe Anuta, Mar. 12, 2014