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Thursday, October 23, 2008
Catskill condos being auctioned
The Business Review (Albany) - by Michael DeMasi

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The owner of a waterfront townhouse development in Catskill is putting 20 of the units up for auction to spur sales in the slow real estate market.

Eight of the 20 units being auctioned at Catskill Creek Condominiums at Water’s Edge will be sold with no minimum bid. The others will have suggested opening bids of $100,000 to $150,000.

The original list prices were up to $479,000.

The three- and four-bedroom units are located at 37 Marina Dr. along the Hudson River, near the Hunter and Ski Windham Resorts.

The Nov. 1 auction will be held at noon at the Holiday Inn Hotel and Conference Center in Suffern, N.Y., by Sheldon Good & Company Auctions NorthEast, LLC. Registration begins at 11 a.m.

Prospective buyers can tour the townhouses on Oct. 25 and 26 from 11 a.m. to 3 p.m.

The first 10 units were built in the mid-1990s. The development was later purchased by Tower Management of River Edge, N.J., which built 14 more units, said Bill Anderson, a spokesman.

Of the 24 townhouses, four were purchased three years ago, Anderson said.

“There hasn’t been the buyer interest they hoped for in the current climate,” Anderson said. “They thought this might be a way to get some excitement in the process and get some buyers to get a look at the properties.”

The townhouses have two-and-a-half or three bathrooms, a master bedroom suite and balcony with river and marina views, open floor plans, one- or two-car garages, a rear patio, 40 feet of dock space and an outdoor heated pool.

A certified or cashier’s check in the amount of $15,000 is required to buy. A 10 percent buyer’s premium will be added to the final high bid price.