The Outcomes of the June 2018 Auction
By the numbers:
14 properties were fully auctioned off
0 properties did not sell or had winning bids rescinded.*
$42,000 = highest price paid for a property in the auction.
$235,100 = total value of all winning bids.
$14,000 = median value of a winning bid.
*In the past, some bidders had buyer's remorse and defaulted on their option to purchase. The City has contacted runner-up bidders to offer them the property at the price they bid. If these bidders do not want the property, the property may be included in the next auction at the city's discretion. In order to discourage non-serious bidders in future auctions, the City may make the 10% deposit due upon the close of the auction non-refundable and/or increase the registration fee.
Property Profiles:
We have profiled two different properties from the auction:
Most valuable: 1279 Princeton Avenue
Most wanted: 853 Centre Street
Photographs below show properties in their current condition, taken in August 2018:
Most valuable: 1279 Princeton Avenue
Selling for $42,000 (with an opening bid of $5,000), 1279 Princeton Avenue was the most valuable property at auction.
Built in 1930, this 1,131 sq ft brick three-story home was purchased by Esker L. Tatum of Beulieu Newark, DE.
Most wanted: 853 Centre St
We have described this auctioned property on Centre Street as most wanted because it sold for 45 times more than its starting bid, proportionally more than any other property.
Built in 1923, this 1,100 sq ft two-story single-family row home had a starting bid of $500 and sold for $23,000 to Shiv V. Vangala of Monroe, NJ.
