NORTH DARTMOUTH, Mass. (PRWEB) February 14, 2018
On February 8th, 12 bidders gathered outside in frigid temperatures at a Tax Title Auction for the Town of Dartmouth to compete to own 547 State Road, N. Dartmouth, MA, a .11-acre GB Zoned site on Rt. 6 across from Walmart. Lively bidding drove the price for this derelict single-family home to $131,250 which was 158% of real estate tax assessment valuation with the sale subject to a 2-month right of redemption by the tax delinquent owner and the buyer assuming financial liability for removal of the asbestos filled structure within 6 months of closing.
Just 3 months prior, on November 8th, the firm successfully sold 7 out of 7 municipal tax title properties offered at auction on behalf of the Town of Mansfield, Mass. Some of these residentially zoned properties were landlocked with no street frontage, abutted railroad tracks, or presented other physical challenges. A 1.3+/- acre parcel on N. Main St. elicited the most competition among the 18 bidders in attendance, bringing $186,750 or 121% of the real estate tax assessment valuation. At closing, $638,400 of property value was returned to the Town’s tax rolls.
A professionally marketed real estate auction is the best way to convert Tax Title properties into performing assets. Back in 2016, JJManning Auctioneers sold the historic Lighthouse Inn Complex for the City of New London, CT. That one sale was able to return $67,000 in annual tax revenue to the City, prompting Economic Development Coordinator, Ned Hammond, to state “… I am convinced that your marketing campaign, particularly your internet network and mailing list, played a major role in attracting interested bidders. It was a pleasure working with you and your professional and responsive staff. Should there be a similar city-owned property sale in the future I will most certainly be contacting you.” His comments affirm that the firm’s aggressive state-of-the-art marketing efforts bring greater attention to municipal assets than the more technical methods historically used, thereby achieving a better result.
JJManning Auctioneers is currently working with a number of municipalities in regard to possible future auctions. The firm is also accepting consignments of commercial, industrial, and residential properties for Spring auctions.