The Outcomes of the October 2017 Auction
By the numbers:
22 properties were fully auctioned off
2 properties did not sell or had winning bids rescinded.*
$90,000 = highest price paid for a property in the auction.
$515,000 = total value of all winning bids.
$20,500 = 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.
For complete results of the October 2017 auction, click here!
Property Profiles:
We have profiled two different properties from the auction:
Most valuable: 502 Whittaker Ave
Most wanted: 422 Federal St
Photographs are from Google Streetview (2013), so properties may be in better or worse condition than depicted here.
Most valuable: 502 Whittaker Ave
Selling for $90,000 (with an opening bid of $40,000), 502 Whittaker Ave was the most valuable property at auction. Built in 1836, this historic mixed-use property with tenants was purchased by Gino N. Hernandez of Trenton.
Most wanted: 422 Federal St
We have described this auctioned property on Federal Street as most wanted because it sold for 54 times more than its starting bid, proportionally more than any other property.
Built in 1862, this 1,174 sq ft 2-story single-family brick home had a starting bid of $200 and sold for $11,000 to Ernst Nelson of Morrisville, PA.
