Ciao Bella!!! 40 luxury condos at the 26-story Bella Condominiums in Atlantic City will be auctioned off on June 28th. Credit Suisse Bank, which owns these units, most on upper floors with ocean views decided to sell them. Bella is one of the city’s only truly luxury condo high-rise buildings on Atlantic City’s south inlet, a block from the Atlantic on Pacific Avenue where units used to sell for close to $500K back in the 2008. With the nearby Revel and the Showboat closed down, everything went downhill with some unit asking prices sinking below $200,000, despite the great location and ocean view.
Max Spann Real Estate & Auction Co., the company handling the sale of Bella’s 40 units, said the auction gives buyers an opportunity to invest in the Atlantic City real estate market “on the bottom floor” of prices. The first 15 units will have no minimum bid or hidden reserve.
“They’ll probably sell for significantly discounted price,” said Bob Dann, executive vice president and chief operations officer for Max Spann. “In the end, they’re a very luxury building, the amenities are top notch: the pool, the spa. In the end, it’s a block and half from the beach. If you can get a block and a half from the beach with views of the ocean, for next to nothing, you’re in good shape.”