Luxury condos at mall up for auction

The Boston Globe reports:

Bankrupt mall operator General Growth Properties is planning to auction off more than 40 high-end condominiums attached to the upscale Natick Collection with minimum bids starting at $160,000, about 70 percent below previous asking prices.

The 215-unit project, known as Nouvelle at Natick, opened last year and was supposed to usher in a new era of suburban living - marrying shopping and luxury - without the hassles and high prices of the city. But with only 37 of the residences sold or under contract, GGP has hired Accelerated Marketing Partners to handle the auction of 42 units on Oct. 4 as a way to jump-start sales and get some desperately needed cash.