Remaining Homes at Peabody Crossing to be Sold at Auction

PEABODY, Mass. (April 28, 2008) – A real estate auction has been scheduled Saturday, May 17 for 20 remaining two-bedroom, two-bath condominiums at The Residences at Peabody Crossing, an upscale development on the North Shore. Minimum bids for the units start as much as 42 percent below previous asking prices.

The units, which range from 1,093 to 1,231 square feet, previously sold for up to $363,900 but will carry minimum bids of $190,000 to $220,000.

The auction will begin at 2 p.m. at the Peabody Marriott, 8A Centennial Drive in Peabody, Mass. Interested buyers may view the property now at 8 Crowninshield Street in Peabody. The sales office is open Wednesdays and Fridays through Sundays from 12-4 p.m. On Thursdays, the sales office is open from 3-7 p.m.

Velocity Marketing Services will conduct the auction for Peabody, Mass.-based Town & Country Homes of New England, Inc.

“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. It’s a unique and very special opportunity.’’

The Residences at Peabody Crossing is a four-story, garden-style development. Condos in the 96-unit community feature designer kitchens with stainless steel appliances, hardwood floors, gas fireplaces and secure, underground heated parking.

Interested buyers must complete registration prior to May 16. Approved and registered bidders must present a separate cashier’s check, traveler’s check, certified check or money order in the amount of $2,500 for each unit they plan to purchase. This will be used as a portion of the five percent required deposit for each home. Interested buyers can inspect the units prior to auction.

About The Residences at Peabody Crossing

The Residences at Peabody Crossing is a 96-unit luxury condominium community developed by Town & Country Homes of New England, Inc.

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