The Outcomes of the September Auction
Results of the September 28th auction are displayed in interactive map below. While hovering over a property, a box will pop-up with property address, winning bid price, and location of winning bidder. Clicking on a property will show additional information, such as the building type, opening bid price, and name of the winning bidder. Double-click on the map to get a closer look or click the arrow button on the top left to see a larger version of the map.
By the numbers:
53 properties were auctioned
40 properties' winning bidders did not rescind their bids.*
$100,000 = highest price paid for a property in the auction.
$428,400 = total value of all the winning bids.
$4,650 = 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 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.
We have profiled two different properties from the auction:
Most valuable: 1212 Stuyvesant Ave
Most wanted: 13-15 Summer St
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: 1212 Stuyvesant Ave
Selling for $100,000 (with an opening bid of $25,000), 1212 Stuyvesant Ave was the most valuable property at auction. This beautiful turn of the century building with period details was most recently used as an office with a residential tenant. The property was purchased by Johnnie B Troutman of Browns Mill, NJ.
Most wanted: 13-15 Summer St
We have described this auctioned property as most wanted because it sold for 36 times more than its starting bid, proportionally more than any other property. Its starting bid price set by the City was $1,000 and it was sold for $36,000.
