City to hold first auction of the year on March 28th
The City of Trenton has been approved by City Council in a Resolution to auction 100 city-owned properties on Monday, March 28th, 2016. The Resolution includes the Block-Lot, Address, Zoning, Description, and Opening Bid information for each of the properties.
Other cities have had great success in the use of property auctions to spur redevelopment and raise funds, specifically Philadelphia. As a result of the Philadelphia Housing Authority's auctions, a total of $25,140,800 in formerly tax-exempt real estate is now part of the City of Philadelphia’s tax base.
On the Restoring Trenton interactive map, you can look up more information on each property by address, including the opening bid requirement, which ranges from $250 to $75,000. The $75,000 property is 1070-72 Broad Street which is a tenant-occupied commercial building with residential above, as well as its neighboring narrow asphalt lot. A list of the auction propertiesis included in the Resolution.
Interested bidders must register and pay a $75 registration fee. You can register in advance using the Eventbrite link or on the day of the auction. This fee will be credited to the purchase price of winning bids at closing. For more information, check out our Auction 101 Guide.
Will you be a first-time participant in the Auction? Are you interested in an information session with the City and/or past auction participants? Let us know! Given demand, Restoring Trenton will organize an information session.
What should you do before you bid?
Interested parties should:
1. Visit the properties during the scheduled inspection times on March 21-24th.
2. Look up property details on both Restoring Trenton and with the Tax Assessor. While the properties being sold should be free and clear of back taxes and liens, it is the responsibility of the successful bidder to commission a title search. The City assumes no responsibility for any defects in the title if the purchaser does not deliver notice within the time period desigeated in the Contract of Sale.
3. Register to participate in the auction. Register using Eventbrite.