Another local luxury condo property is headed to auction, and the discounts being offered are pretty head-turning.

The Boston Globe reports today that 42 condos at the Natick Collection are being auctioned early next month with minimum bids at about 70 percent below the previous asking prices.

The sleek units were marketed as an upscale alternative for people who wanted city-like conveniences and amenities without the hassles and expensive prices.   

Now, minimum bids for some units are as low as $160,000.

Only 18 units have actually been sold at 10 and 40 Nouvelle Way – the address for the condo development known as Nouvelle at Natick — according to data from The Warren Group.  (The story notes that 37 have been sold or are under contract).

One unit that sold last November fetched almost $1.5 million. According to the Globe, one three-bedroom unit previously listed at $1.1 million has a starting bid of $350,000. That’s quite a deal!

 Auctioneer Jon Gollinger, who described the residences as “rather spectacular”, tells the Globe that most residents living at a property where units will be auctioned react with concern and fear.

 But he’s quoted as saying: “They bought into a vision with a community of homeowners …In the long run, they know the values will come back.”

Probably true, but Mr. Gollinger, I wouldn’t want to be the owner who paid over $1 million for a condo only to have someone else snag a comparable unit for half of that amount a few months later – would you?

 Plus, some owners can’t wait for the long run, especially if they have to relocate because their employment situation changes. Then they’re stuck with a unit that’s worth much less …