Trenton Touts 3.3 Million Dollars in Bids at Land Auction
86 Properties to Go Back on Tax Rolls
Trenton N.J. – Mayor W. Reed Gusciora touted the results of the September 16th Public Property Auction as the largest and most successful in the City’s history. The 150-person council chamber was filled to capacity as 86 City-owned properties were auctioned off.
Auction-goers tendered 3.3 million dollars’ in pledges for City properties. Bidders have 60 days from executing the contract to close on the sale and must rehabilitate the property within 12 months.
But the 10% deposit is made immediately and constitutes ~$300,000 of guaranteed revenue for the City.
“We’re throwing this onto the pile of data saying one thing: Trenton is trending in the right direction. We need to thank the men and women in our Housing and Economic Development Department (HED) for making this auction a reality.” continued the Mayor. “In June of 2017 the median sales price of a single-family home was $53,000 and change. This June we were already up to $80,000. The indicators of economic progress are undeniable.”
The moneys will be deposited into the general fund, and selling properties puts them back onto the tax rolls. Buyers will have to complete work on the properties, which benefits local contractors and enhances the quality of our neighborhoods.
“This was a great success for our City,” said Mayor Gusciora. “and the numbers are looking stronger than we’ve ever seen. Our Economic Development team, in one fell swoop, put a huge chunk of property back in action. We just need to make sure we’re keeping this momentum going forward.”
The HED Department, led by Director Ben Delisle, is already looking towards the next auction which is slated to take place sometime in the Spring of 2020.
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