Lockport Union-Sun & Journal — Thirty-nine homes were worth $455,200 to high bidders at the city’s annual tax-foreclosed property auction this week.
The Tuesday auction produced recovery of nearly $251,000 in back taxes and unpaid utility fees. All properties on the block were sold, and mostly all to local buyers, according to city Treasurer Michael White. No winning bidders are based outside the United States; and it appears all but a few are based in Niagara or an adjacent county.
The top-selling property, a single family home on Trowbridge Street, yielded a high bid of $50,000, by Alexander Hazlett of Lockport.
No. 2-selling 263 Locust St., a three-family home, fetched a high bid of $38,000, by Ethel L. Moore of Amherst. Moore also purchased four vacant residential lots on Gooding Street, for $225 a piece, and 30 Orchard St., a single-family home, for $5,000.
No. 3-selling 349 N. Adam St., a single-family home, fetched a high bid of $37,000, by Gina M. Redden of Olcott.
About 100 bidders registered for the auction; some were forced to wait their opportunity outside Common Council chambers, which was filled to capacity. Generally, White said, they seemed to come prepared to make good deals.
“For the most part I think there was competitive, genuine interest in every parcel,” he said. “Bidders were cautious. They knew where (property repair) work still needs to be done. ... People obviously did their homework on (107 Trowbridge St.); the bid went up quickly on that.”
How much revenue the city netted from the auction remains to be determined. The total of high bids, less owed taxes and fees, appears to produce a profit in excess of $200,000, but auction-related expenses haven’t been tallied yet, White said.
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