Waterfront Square is following in the footsteps of the Murano and The Pheonix with a November 21st auction of 35 units. The Inquirer explores possible causes for the auction in today's article. The units in this building fell victim to the economic crisis when one of the buildings investors, Lehman Brothers, went belly up in 2008. The first two buildings in the development had sold out quickly and successfully prior to that. The one thing everyone seems to agree on is that Sugar House was not a factor in deciding to auction the units. The owners interviewed for the story seem happy with their views of the new casino, although I am a little suspect that a view of 30,000 parking spots can be a good thing.
The starting bids range from $195,000, for a one bedroom, to the upper 400,000's for a 2 bed plus den. According to public records, a one bedroom unit sold for $194,500 in June, making the auction starting bid not really a steal.
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