WABC7 11/5/09: Luxury Condos, Brooklyn, NY

Luxury on the Auction Block
By Nina Pineda

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BROOKLYN (WABC) -- Real estate auctioning isn't limited to foreclosure sales anymore.

Mansions, marinas and all types of new construction are moving through the auction block with the goal of closing fast with no fuss!

Treetop Development finished a 16 unit project, The Locale, in once booming Greenpoint, Brooklyn a few months ago.

The developers are going the auction route for the brand new condos first offering.

Auctioneer Sheldon Good and Company found success selling real estate in a distressed market.

Now as the sluggish market picks up, property developers still desire the low hassle approach of the auction.

It's a win-win in their eyes, but brokers who are cut out of the deal when units go straight to auction warn buyers to do their homework first.

Those willing to give bidding a try, may get lucky.

Four units at The Locale are guaranteed to be sold to the highest bidder no matter what the number, but the owners feel the market will drive the bidding to a price that satisfies everyone.