Peabody condo units up for auction Saturday

PEABODY – Condominium units at The Residences at Peabody Crossing will be up for auction Saturday, May 18.Beginning at 2 p.m., attendees will have their chance to purchase one of 18 condos up for sale at as much as 42 percent lower than previous asking prices. Minimum bids vary between $190,000 and $220,000 (depending on size and location), down from $363,900.Condos in the four-story, 96-unit garden-level development feature two bedrooms, two baths, and range from 1,093 to 1,231 square feet. Upscale amenities include stainless steel appliances, hardwood floors, designer kitchens, gas fireplaces, and underground heated parking.”It’s a buyer’s market, and the auction is the best way for buyers to determine the right price for these homes,” said Bob Cole, co-owner and president of Velocity Marketing. “This auction also gives the buyers a chance to purchase the remaining condos at a significant discount.”Interested buyers must complete a registration form by the end of today, May 16. Approved and registered bidders will need to present a separate cashier’s check, traveler’s check, certified bank check, or money order in the amount of $2,500 for each unit they plan to purchase. That money will be used to cover a portion of the required five percent deposit.The units are available for viewing prior to the auction at 8 Crowninshield St. in Peabody. The sales office is open Wednesdays and Fridays through Sundays from 12-4 p.m, and Thursdays from 3-7 p.m.The auction itself will take place the Peabody Marriott, 8A Centennial Drive, Peabody.For more information, log on to www.peabodycrossing.com.