Atlantic City condos sell for deep discounts at auction

ATLANTIC CITY, N.J. (WPVI) -- An auction was held in Atlantic City, offering luxury shore properties that once sold for up to $500,000 - now for under $200,000.

Eager buyers packed the auction room hoping to snag a piece of the Jersey Shore.

The Bella, a swank condo complex near the ocean on Pacific Avenue, put 39 properties on the auction block at bargain-basement prices.

"The Bella; it's very close to the boardwalk, it has wonderful amenities - indoor pool, gym. The units are very nice and the views are really dramatic," said Max Spann, auctioneer.

"We're trying to look for a deal. We're actually investors and if you don't come out you can't swing the bat and hit the ball," said Frank Schilling.

The luxury condos sold for close to a half million back in 2008.

But the recession hit and casinos closed forcing sale prices here to plummet.

Paulette Kasmer, of Glenside, Montgomery County, bid $155,000 and walked away with what will now be her weekend home.

"I'm very excited. I can't wait to bring my girls down, my daughters and have a good time and go on the beach and have a nice getaway," said Kasmer.

The Goldsmiths from Edison are avid gamblers. They hope that buying at The Bella will be the bet of a lifetime.

"We're hoping it comes back. We're poker players, we love it. We're here every weekend and if you buy one of these it's cheaper than staying in a hotel," said Bob Goldsmith.

But with the fate of closed casinos like Revel hanging in the balance, these bidders aren't just buying a condo, they're betting on Atlantic City's future.

"It's a risk, it's a gamble but I guess it's better than gambling," said Gail Slater.

Bidders paid as much as $220,000 and as little as $140,000.