The Outcomes of the December 2017 Auction
By the numbers:
21 properties were fully auctioned off
0 properties did not sell or had winning bids rescinded.*
$40,000 = highest price paid for a property in the auction.
$177,510 = total value of all winning bids.
$7,000 = 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.
We have profiled two different properties from the auction:
Most valuable: 539 Centre Street
Most wanted: 90 Spring Street
Photographs are from Google Streetview (2013), so properties may be in better or worse condition than depicted here.
Most valuable: 539 Centre St
Selling for $40,000 (with an opening bid of $40,000), 539 Centre Street was the most valuable property at auction. Build ca. 1900, this historic property was purchased by Heavenbound Evangelical Ministries of Westamption, NJ.
Most wanted: 90 Spring St
We have described this auctioned property on Spring Street as most wanted because it sold for 38 times more than its starting bid, proportionally more than any other property.
Build in 1887, this 2,354 sq ft 3-story single-family home had a starting bid of $200 and sold for $7,800 to MKW Enterprise of Trenton.