I went over to this place and its right next to the projects, which gives is slightly terrifying. Those places are not pleasant, or easy on the eyes. I didn't think that the materials on the insides of the units were that bad. However the facade was all prefab and very junky. The units that were up for auction were also not the best units. Even upon completion of the entire auction they were only going to have max of 50% filled. Thus another 70 units were going to be sold via "traditional" means. As far as a mortgage, they had a company on site, and provided you with much of the information necessary to use an outside company. So I don't think that it was impossible, just a few more hoops to jump through. I don't think 502k seems overpriced at all. Everything in Hoboken that is that size goes for substantially more, and these were large spaces. Any discount on them was due to the proximity to the Projects. Finally I think that this venture is doomed for the builder, I cannot imagine people paying that much money to live next to the worst block in Hoboken.