Condo Auction at Waterfront Square
35 condos will go to auction at 4pm Sunday, November 21st. Each unit will start at a minimum price about 60% off the original selling price. “I cannot fight the market. The people will come, and at the end of the day, they’ll decide the real price.” -Developer Doron Gelfand.
The first two towers at Waterfront Square, which were built in 2005 and 2006, are completely sold out with the exception of one unit. The units that will be auctioned off are in the newest building, called the Reef. It wasn’t finished until April 2009 due to the poor economy which caused one of the lenders, Lehman Bros., to collapse. Before the financial crisis began this building was 72% filled with presales but only 12% of them ended up closing.
Some people seem skeptical of Waterfront Square because of the newest next door neighbor, the SugarHouse Casino. According to Philly.com, current residents have welcomed the existence of SugarHouse. One initial concern was about increased traffic in this section of Northern Liberties right off the waterfront. But traffic congestion never really became a problem since the casino is open at all hours. The casino has even increased resident’s feeling of security because of the increased presence of police activity. Many residents especially appreciate the improved aesthetics of the once vacant area in regards to new landscape and a promenade along the river.
“I am very excited to have the casino for lots of reasons. It’s a nice modern building. They spent $4 million on landscaping. The casino executives are thoughtful and receptive. They seem to want to be good neighbors.” “Myself and other residents have a new place to stroll. We feel like we are in the middle of all the fun and activity now.”
Auctions such as these are taking place more frequently due to the current real estate market. The hope is to be able to reduce unsold inventory and stir up some interest in the real estate market as a whole.
If you are interested in Philadelphia Condos, be sure to check out the most extensive Philadelphia Condo Directory in the city.
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