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Interesting Opportunity to Buy a Wildwood Crest Condo at Auction

25 Wildwood Crest condos to be auctioned off Oct. 31

Read the Article in the Atlantic City Press

 

EGG HARBOR TOWNSHIP–Max Spann Real Estate & Auction Co., a national auctioneer of elite properties, has scheduled a bank-ordered auction for 25 Wildwood Crest condominiums.

The auction will take place 11 a.m. Oct. 31 at the Clarion Hotel, 6821 Black Horse Pike, Egg Harbor Twp.

Up for bid are 25 units in Carriage Stop community. Also on the block that day are two multi-unit, income producing properties in Wildwood.

The minimum bid is $35,000 for efficiency and junior one-bedroom units and $55,000 for one-bedroom units.

“This is a great opportunity for anyone who has dreamed of owning on the Jersey Shore, but has been frozen out by the high cost of beachfront property,” said Max Spann, Jr., the auctioneer. “This is a once-in-a-lifetime opportunity to own a vacation home on the Jersey Shore.”

Spann said preview dates are scheduled from noon-2 p.m. on Sunday, Oct. 11, Sunday, Oct. 18 and Wednesday, Oct. 21. Carriage Stop is located at 402 East St. Paul Ave., Wildwood Crest.

The community was previously The Carriage Stop Motel before its owners converted it to condominiums. Many of the units have been newly renovated and feature updated kitchens. All the units come furnished.

Spann said the condo conversion was conceived of at a time when the market for second homes was much stronger. The economic downturn has created unique opportunity, as Jersey Shore property is being auctioned at prices that are affordable to a larger group of prospective buyers.

“In this economy, real estate auctions are becoming an increasingly popular way to sell property,” Spann said. “It’s the best way to sell a large number of properties within hours.”

The two income producing properties that will also be auctioned on Oct. 31 are located at 134 E. Schellenger Ave and 145 E. Spicer Avenue, both in Wildwood.

The E. Schellenger Avenue property has 20 rooms and 4 apartments. The units have year-round heat and 18 have their own bathroom. A kitchen is shared. The minimum bid on the property is $200,000.

The E. Spicer Avenue property has 5 apartments and 6 rentable rooms. The minimum bid on the property is $150,000.

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