In mid-April, Norwalk”™s historic Clocktower Close building will be part of a growing trend in auction sales.
“The real estate auction continues to be recognized as a smart business strategy to sell and acquire residential properties in an efficient and value-laden manner,” said Lawrence B. Samberg, managing director of Sheldon Good & Co., who is conducting the sale.
Nine condominium residences in the historic building will be offered at auction in a one-day-only sale on April 17. Created from a former hat manufacturing facility, Clocktower Close is listed on the National Registry of Historic Places.
“It clearly benefits parties on both sides of the auction, purchasers and sellers alike,” said Samberg. “It will allow the owners to complete what has been a very successful conventional sales program in a single day, while providing purchasers with a one-time opportunity to pay auction prices for homes that originally sold from $155,000 to $350,000.”
Four of the homes will be sold subject to low minimum bids from $99,000 to $150,000. The two-bedroom unit will be offered under different terms, with details available from Samberg.
Located at 25 Grand Street, the building is typical of New England industrial construction prominent in the late 19th and early 20th Centuries.
Samberg said the auction option is especially conducive to the current real estate environment in achieving the ultimate goal of selling the properties for a good price, quickly.
The auction will be held at the Doubletree Norwalk.
