Anyone know what lowest approved bid was on the Bella Condos auction yesterday

I'm curious if anyone picked up a condo for a $100K

No idea, but I'd be interested to find out,

According to this, the range was from $140K to $220K.

Quote: ThatDonGuy

According to this, the range was from $140K to $220K.

I'm surprised so much variance. Must have been different layouts. Still, a fantastic deal.

I may go to a foreclosure auction here in Vegas on Wednesday. Properties are going for close to market now since the State Supreme Court said buyers have a clear title after FC. Years ago you could get properties for $5k at FC.

Quote: ThatDonGuy

According to this, the range was from $140K to $220K.

I actually saw the articles after I posted the question. The AC Press reported the the low bid was $100K. I wish I could find out why there was a discrepancy between the two reports. Big difference between $140K and $100K. I did get some information prior the auction that the first 15 units would sell at any bid with no bottom. The remaining units were subject to bank approval. It's possible they had multiple bids on the remaining units and $100K was rejected so the remaining units actually sold at $140K. The reporter in the second story from Press might have heard the gavel drop at $100k but there was some wheeling and dealing afterwards and the bank might have said if you bring the bid up to $140K we will sell the unit. Again I don't know any of this is just speculation as to why there was a $40K difference in the reported lowest bid unit.

Bella Condos are very nice from what I hear. However the old saying location, location, location was never truer then with the Bella.
The units were of varying sizes, configurations and views. Some had an Ocean View "at least until something gets built that blocks it."
Still others had a view of empty weed strewn lots with the occasional house in need of repair.
Was it a great buy for the successful bidders? Only if one is of the opinion A.C. has already hit bottom and is coming back. I wish I could hold such an optimistic opinion about A.C. at this time but I can't. Here is why.......
Atlantic County has the 2nd highest foreclosure rate in the nation. Much of which is driven by a contracting casino market.
Atlantic County has a foreclosure rate of .44% vs .21% for the state and .09% for the nation.
6/14 and 7/14 saw just over 200 foreclosures each month. 3/15 saw about 500 foreclosures in Atlantic County and 5/15 close to 600.
Once the banks have possession of a foreclosed property they often don't sell them for perhaps a year or longer. What do you think will happen to property values when these cheap foreclosures hit the market? Once values start declining a little panic selling may take place and further depress property values.
But I am afraid worse is yet to come for A.C. Remember the casino closures started the tail spin for Atlantic County. What happens when a casino or casinos is built in North Jersey? Yep, another round of casino closures. Bally's, Taj Mahal and Resorts are all hanging on by a thread. Once that happens and it could happen in the not to distant future the real-estate market will take another tumble in Atlantic County.
Just my .02

A link for foreclosure data in Atlantic County.
http://www.realtytrac.com/statsandtrends/foreclosuretrends/nj/atlantic-county

It's scary down that end of town at night. Ghost town.

Met a guy that used to rent out the penthouse when it was Regency, said it was one of the best views on the East coast. They though him out when they made it the "Bella". He's still pissed.

Incredible that beach front properties in the area can be had for peanuts.

Quote: dave12038457

Bella Condos are very nice from what I hear. However the old saying location, location, location was never truer then with the Bella.
The units were of varying sizes, configurations and views. Some had an Ocean View "at least until something gets built that blocks it."
Still others had a view of empty weed strewn lots with the occasional house in need of repair.
Was it a great buy for the successful bidders? Only if one is of the opinion A.C. has already hit bottom and is coming back. I wish I could hold such an optimistic opinion about A.C. at this time but I can't. Here is why.......
Atlantic County has the 2nd highest foreclosure rate in the nation. Much of which is driven by a contracting casino market.
Atlantic County has a foreclosure rate of .44% vs .21% for the state and .09% for the nation.
6/14 and 7/14 saw just over 200 foreclosures each month. 3/15 saw about 500 foreclosures in Atlantic County and 5/15 close to 600.
Once the banks have possession of a foreclosed property they often don't sell them for perhaps a year or longer. What do you think will happen to property values when these cheap foreclosures hit the market? Once values start declining a little panic selling may take place and further depress property values.
But I am afraid worse is yet to come for A.C. Remember the casino closures started the tail spin for Atlantic County. What happens when a casino or casinos is built in North Jersey? Yep, another round of casino closures. Bally's, Taj Mahal and Resorts are all hanging on by a thread. Once that happens and it could happen in the not to distant future the real-estate market will take another tumble in Atlantic County.
Just my .02

Location, location, location? Yes & no. The building (with great location and an ocean view) also depends on who are the tenants.

Here is a photo of the apartment complex (AKA The Waterside) 101 Boardwalk, Atlantic City, NJ 08401 with the best ocean view.
From the Waterside, it takes 10 minutes to walk to Bella Condo, or 6 minutes to Revel Casino.

Weichert advertised an apartment for rent for $800 per month. I dropped in and visited the building. Geez, the apartment complex is almost like a low income housing. Hmm...that's why it's only $800 per month with the best ocean view like the Revel Casino.

Quote:

I do not recommmend this property. This place is not a good place to live. It's dirty, smells and is infested with bedbugs. Do not come here to live. It's a real health risk staying here and if it was up to me I would get the health department in on this.
http://www.apartmentratings.com/nj/atlantic-city/the-ocean-at-101-boardwalk-formerly-the-waterside_609348120008401/

Yeah.. that place looks pretty awful. I just love the pressure treated wood fence and railing. I can see the longevity in that. Tells me a lot about the quality of the rest of the building.

It was the open-out windows for me that said, "nope, not for me". Imagine cleaning the pidgeon filth off of it at say 9-10 stories up.

The Waterside I believe was built as apartments unlike Bella which was built as condos. In a low-income neighborhood like much of A.C. apartments tend not to draw the best from society. Apartment tenants are more transient and have less of a stake in the community.
You did raise a very good point about the location though. Nothing like section 8 beachfront property!

Anyone know what the monthly maintenance fees are for the Bella?

Quote: FatGeezus

Anyone know what the monthly maintenance fees are for the Bella?

"A single home won't give you the amenities of the Bella and for retirement, I wouldn't want a home.....especially anywhere in AC.
It says on the website that HOA dues are $595 per month, $7,140 per year. I don't think that includes taxes and from what I heard taxes in AC have gone up almost 40% with all the breaks for the casinos and with the closures. I'm paying over $15,000 a year in taxes so I want to go where taxes are lower not higher.."

Here's a thread on the Bella Auction I started a few weeks back.

https://wizardofvegas.com/forum/gambling-outside-vegas/atlantic-city/22263-the-bella-auction/#post463054

Taxes were quoted at between 4-6k by auctioneers. They ain't coming down I can guarantee that, and the Bella has a lot of expensive amenities to be paying for in the near assessed future.

I liken it to buying a time share risk wise.

To give you an idea how long ago this was, I delivered the Philadelphia Bulletin newspaper inside the building now called the waterside. At that time in the early 70's it was mostly senior citizens and was a decent building. The view really can't be beat. It's a shame it can't be rehabbed back to its early days. It would probably take a complete gutting and remodel which would make the prices too high. Just another lost opportunity in AC.