Jersey City Condo Auction: Saffron Condos

Up for auction will be 9 to 15 units in the Saffron condo complex in Jersey City a month prior to its grand opening. The Saffron is a soon-to-be 76 unit condominium complex in downtown Jersey City with a contemporary design, low monthly association fees and a 5 year tax abatement. The complex consists of two five-story buildings located at 217 Newark Avenue. The Saffron condos are move-in ready with a 2% discount to the highest bid if it closes in 15 days. Up for auction are two floor plans: a 1 bedroom with a suggested starting price of $175,000 and a 2 bedroom suggested to start at $250,000. So what do you get for your money?

Property features include:

Stainless steel appliances

Bamboo hardwood floors

Washer/dryer hook-ups in condo

Community fitness center

Community laundry center

Elevators

Underground parking

Lounge and sundeck on the roof

Community courtyard

3 blocks from the Grove St. PATH station

5 year tax abatement

 

Once the grand opening starts on December 12, prices will jump for the remaining 53 two bedroom units and the 2 three bedroom units to the high $400,000 to low $500,000. As for the 21 remaining one bedroom units, prices will range from the high $200,000 to the low $300,000, which is a significant jump from the starting price at auction.

When and Where?
So where do you sign up? The auction will be held November 8 at the Westin Jersey City Newport (479 Washington Blvd). Registration starts at 11am with the auction starting at noon. There will also be prior viewing opportunities on October 11, 17-18, 24-25, 31 and November 1 and 7 from 11am to 2pm.

With all the incentives and property features, these units will go fast.  For more information about upcoming condo auctions in Jersey City and Hoboken, call Sean Shallis at The Shallis Group at 201-427-1032 to assist you with your buying needs.