600 Carson Avenue Atlantic City, NJ | Source: Atlantic City Weekly

Just a couple of years ago, the Snug Harbor waterfront development was hailed as a dramatic example of Atlantic City’s renaissance. It even earned the architecture firm and development builder a CNBC International Property Award. But now, the luxury development, with an address at 600 Carson Avenue,  is scheduled for auction on December 1st, having a lien amount in excess of $20,000,000.

According to Atlantic City Weekly, the project comprised sixteen three-level townhouses — in four clusters of four units each — and seven estate homes, overlooking the Water Club at the Borgata, and the Trump Marina Hotel & Casino. Prices were to start at $1.5 million for townhouses, $2.7 to $3.7 million for estate homes.

Interested buyers don’t have to wait until December 1st though. According to the website AcAuctions.net an auction will be scheduled on November 19th for 12 of the development’s townhouses and 7 estate homes, with asking prices starting at $349,000.

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Princeton Park Corporate Center | Source: Office-Space-in-New-Jersey.com

Pricenton Park Corporate Center, a 178,000 square foot office building in Middlesex County, New Jersey, is scheduled for auction on October 12th.  Having a lien amount of nearly $25,000,000, it is one of the largest foreclosures to have been scheduled for auction this year in New Jersey.

The mortgage was issued in 2001 and reached its maturity date in June 2011.  It is part of a pool of commercial mortgage loans, GMAC Commercial Mortgage Securities 2001-C2, which has been recently downgraded by Fitch Ratings. According to the press release the mortgage was transferred to special servicing in 2008. The same document notes that the service-reported occupancy was 69%.

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New Jersey Foreclosures

Here are the key takeaways from the Q1 2009 New Jersey Foreclosure report. (To browse individual New Jersey Foreclosure Listings go to http://www.propertyshark.com/mason/Foreclosures/new_jersey/

Key Report Findings

• Foreclosure auctions scheduled in New Jersey in Q1 2009 (2,293) were down 10% compared to Q1 2008 (2,560), but they have gone up 13% since Q4 2008 (2,030).
• Essex County (296) had the most New Jersey foreclosures scheduled in Q1 2009 – Essex (296), Passaic (217), Ocean (217), and Union (215) counties had the most new foreclosures in New Jersey in Q1 2009.
• Of New Jersey cities, Newark had the most new foreclosures; Dover had the highest rate of new foreclosures – There were 133 new foreclosures in Newark, followed by Paterson with 120, and Elizabeth with 71. Dover had a rate of one home scheduled for foreclosure auction for every 170 homes, followed by Paterson with one in every 373.
• Passaic County had the highest rate of foreclosures per household with one in every 755 homes scheduled for auction in Q1 2009 - Union County followed with one in every 866 homes scheduled for auction, and Ocean County had one foreclosure for every 924 homes.

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What we saw this quarter: Foreclosures in New Jersey reached a one year-high in Q3 2008. Compared to the previous quarter (2,798), the current number of foreclosures (3,052) increased by 9%. However, compared to Q3 2007, first time foreclosures increased by 43%.

New Jersey Foreclosures Q3 08

As we see in the chart above, Essex County had both the most first time foreclosures and the highest rate of
foreclosures per household of all of New Jersey counties.

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