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SELLOUT AUCTION OF 29 HOMES AT CENTRAL SQUARE CONDOMINIUM BRINGS NEARLY $1.5 MILLION: IN UNDER ONE HOUR, J.P. KING CLOSES OUT DEVELOPMENT

SELLOUT AUCTION OF 29 HOMES AT CENTRAL SQUARE CONDOMINIUM BRINGS NEARLY
 $1.5 MILLION: IN UNDER ONE HOUR, J.P. KING CLOSES OUT DEVELOPMENT
 CENTRAL VILLAGE, Conn., May 19 /PRNewswire/ -- This past Saturday the 29 remaining homes of the Central Square Condominium development, a converted Plainfield wool mill, were sold at auction for $1,473,000 in under one hour in a quick-paced auction conducted by the J.P. King Auction Company.
 The auction, which took place on-site at 46 Main St., Central Village, town of Plainfield had 114 registered bidders and attendance of 250. Fifteen of the 29 homes were offered "Absolute" -- regardless of price. The developer was pleased with the results and allowed the remaining 14 homes to be sold "Absolute." Prices ranged from $105,000 for a three-bedroom townhouse home to $36,000 for a one-bedroom. Ninety-seven of the registered bidders came from Connecticut, while most of the remaining bidders were from Rhode Island and Massachusetts.
 "We're very pleased with the auction that J.P. King conducted," said Nathan Petrowsky, spokesperson for the Condominium's ownership, Central Square Associates Partnership, Limited. "They were able to bring serious buyers to a remote location and get results that met our immediate goals. We're happy and so are the buyers because Central Square is an exceptional value. The public auction method has brought better results here than other real estate marketing programs currently in the area."
 Central Square Associates Partnership decided to sell the final homes of the development by public auction because the accelerated marketing for an auction attracts more buyers to desirable properties. The restored and renovated building, once home to the Plainfield Woolen Company Mill building, was first constructed in 1827.
 "There are many choices for real estate buyers in this market," said Scott King, vice president, the J.P. King Auction Company. "We were able to attract serious buyers for a variety of reasons: the quality of Central Square, the fact that people know a public auction reflects the true market value of a desirable property, and a very generous financing program. Frankly, we thought that Plainfield's distance from major metropolitan areas could be a problem but the buyers this past Saturday recognized that the total package being offered was just too attractive, so many came to bid and wisely took advantage."
 J.P. King had developed a unique financing program that includes ability to purchase with down payments of 10 percent of successful bids, automatic qualification for guaranteed financing for purchasers not presently in bankruptcy or with liens, judgments or bank charge-offs against them. Personal checks were accepted.
 Fleet Bank N.A. had provided market financing terms: a 30-year mortgage with an 8-7/8 percent fixed interest rate for owner-occupants and an 9-7/8 percent fixed interest rate for investors, with closing costs fixed at $750 per unit.
 The J.P. King Auction Company, formed in 1915, is America's oldest real estate auction firm. In the past year, J.P. King has held 21 real estate auctions in the Northeast and sold over 2,100 properties. The fourth-generation, family-run firm has the largest full-time staff of any auction firm in the United States and six national offices, including its corporate headquarters in Gadsden, Alabama.
 On Saturday, May 30, J.P. King will auction 100 residential and commercial properties for Fleet Bank N.A. Forty-nine properties will sell "Absolute," and guaranteed financing is available for qualified buyers. The auction takes place at 11 a.m. in the Hartford Civic Center. For more information please call the J.P. King national toll-free line at 1-800-358-KING.
 -0- 5/19/92
 /CONTACT: Peter Engel or Dusya Broytman of Lobsenz-Stevens, 212-684-6300, for J.P. King Auction/ CO: J.P. King Auction Company ST: Connecticut IN: SU:


PS-OS -- NY093 -- 2000 05/19/92 16:10 EDT
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Date:May 19, 1992
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