Luxury condos put on auction block

(NECN: John Moroney, Natick, Mass.) – More than 40 high-end, luxury condos hit the auction block at a fraction of the regular selling price on Sunday. There was a catch, though, as the condos are located next to a busy mall. Forty-four luxury condos were on the block Sunday, some of them selling at rock bottom prices. Billed as sophisticated urban living in the suburbs, Nouvelle at Natick opened last year. The prices of one-, two- and three-bedroom units ranged from $700,000 to more than one million. But the recession killed the market, and the developer was forced to file for bankruptcy. Thirty-seven units were already sold, but the complex holds more than 200. The developer, General Growth Properties, hoped the auction would spur interest and set a real market price for the remaining condos. About 400 people turned out for Sunday’s auction. They were required to pre-qualify and bring a $10,000 cashier’s check to get in to the standing-room only event. All the auctions up for auction were expected to sell, and, for the most part, the new owners would get the keys to their new homes immediately.