The Outcomes of the March Auction
In the interactive map below, we have illustrated information about properties sold in the March 28th auction, the City's first property auction of the year. When you hover over a property, a box will pop-up with property address, winning bid price, and location of winning bidder. When you click on the purple dots, additional information is provided, such as the building type, opening bid price, and name of the winning bidder.
By the numbers:
100 properties were auctioned
100% of all properties received bids
71 properties' winning bidders did not rescind their bids.*
$777,850 was the total value of all the winning bids.
$157,000 was the highest price paid for a property in the auction.
$4,300 was the median value of a winning bid.
*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 future auctions in order to discourage non-serious bidders, the City may make the 10% deposit upon the close of the auction non-refundable and/or increase the registration fee.
We have profiled three different properties from the auction:
Most valuable: 1070-1072 S. Broad Street
Most typical: 25 Taylor Street
Most wanted: 36 Daymond Street
Photographs come from 2013 Google Streetview, so properties may be in better or worse condition than depicted here. Interested buyers should always visit properties in person in advance of an auction and take advantage of any walk-throughs when possible.
Most valuable: 1070-1072 S. Broad Street
This brick commercial building and its adjoining paved lot were purchased by GeniusCled, LLC of Hamilton, NJ for $157,000. This property appears to be in good condition and may have existing leases which contribute to the value of the building.
Most typical: 25 Taylor Street
25 Taylor is the left side unit of this boarded-up brick-duplex. and sold for $4,100 to Edwin Quintanilla of Hamilton, NJ. This property appears to be in poor condition with a damaged roof. Most properties in the auction, like this one, sold for a few thousand dollars and require substantial repairs to be habitable.
Most wanted: 36 Daymond Street
We have described this auctioned property as most wanted because it sold for 39 times more than its starting bid price of $200, proportionally more than any other property. Its starting bid price set by the City was $200 and it was sold for $7800 to neighborhood residents Eliud and Myriam Roldan. This property, while itself in poor condition, is surrounded by similar units in good to very good condition, making it a strong candidate for rehabilitation.
