Jamaica foreclosure's starting bid: $500

From The Real Deal:

Get out your auction paddles. At the Jacob Javits Convention Center next Sunday, California-based real estate auction marketing company Real Estate Disposition Corporation is auctioning more than 375 foreclosure properties from northern New Jersey, northeastern Pennsylvania, and the New York City metropolitan region.

Opening bids are quite low. On REDC's Web site, the starting bid for a two-bedroom house at 118-41 153rd Street in Jamaica, Queens, that was previously valued at $220,000, is $500. And the starting bid for another Jamaica home at 145-22 106th Avenue is $69,000. The property was previously valued at $555,000. All properties are available for inspection before the auction. According to REDC, about 65 or 70 percent of the properties are in turnkey condition whereas the other 30 percent need some degree of work.