8/18/2010

Tax Auction Results

Posted by MJ

The LUSJ reported that the city received low bids throughout the 2010 Tax Foreclosure Auction:

The gross on the city’s 2010 tax-foreclosed property auction, $217,000, is a sign of the lingering recession, according to auctioneer Russ Scherrer.



“The crowd was conservative tonight. You can see the sign of the times: Money is tight. Some good bargains were had tonight,” he said....

My theory is that I rather see that $217,000 reinvested into the structures instead of going to the city. Transfer the titles to vetted purchasers for say $500 with the guarantee of a certain level of monetary investment (auction based on the amount of investment?). Property values as a whole would rise (or decline slower?) resulting in longer term financial gains for the city.

...Mandeep Singh, who owns several small businesses in Lockport including Indian Grill restaurant at City Centre, bought three houses with his brother. The Singhs plan on fixing up 143 S. Transit and 15 Vine St., a single-family home, for siblings who’ll relocate to Lockport from Williamsville and Amherst....

It is nice to see a recent transplant continue to invest in the city. The property a couple doors down from 143 S. Transit was redone on the outside a couple years ago and if this one is done well they will make a nice small diversion from the Rite Aid bunker next door. If nothing else, hopefully we can see the grass finally cut....

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