In September, the list of tax delinquent properties that the city first published to be auctioned October 29-31 2012 had over 5,000 addresses. By auction day, that list shrunk by 40% : over 2,000 property owners paid their taxes and by the afternoon of October 31st, 3,192 properties were offered up for auction. Less than one third, or 1,090 of those properties, were bidded upon and sold to auction attendees. 1600 were “adjourned” or returned to property owners, while just over 1400 were “struck to the city,” that is, they are now city-owned. A break-down of auctioned properties according to whether they were bought, adjourned, or struck to the city, and whether they were vacant lots or had homes/buildings, is provided in the chart below:
Among the 265 lots that were purchased, the average winning bid was $876.
222 or 84% of those lots were sold for $500, while 29 of them (or 11%) were sold for over $1,000. The most expensive lot, at 783 Niagara Street, was purchased on behalf of D’Youville College for $29,000 (91% of its tax-appraised value of $32,000).
Below is a map of all LOTS sold at the 2012 auction, color-coded by the value of the winning bid. When you click on each lot, you will see the exact value of the winning bid along with the lot’s address and its tax-assessed property value.
Among the 826 buildings/homes that were purchased, the average winning bid was $7,071 though 50% of the winning bids were $3,000 or less.
218 or 26% of those homes were purchased for only $500. The most expensive purchase, at 1740 Hertel Avenue, was $158,000 – nearly double the property’s tax-assessed value ($82,000).
Below is a map of all BUILDINGS sold at the 2012 auction, color-coded by the value of the winning bid. When you click on each building, you will see the exact value of the winning bid along with the lot’s address and its tax-assessed property value.
PROPERTIES THAT WERE NOT BID UPON
The properties below were either adjourned or struck to the city, because nobody bid upon them. Opening bid was usually $500, though for some properties it was considerably more. For example, Brian and I had our eyes on a vacant lot on Masten Avenue for gardening – but the opening bid was $6,500 (forget THAT), but in hindsight it may have been worth it because purchasing vacant land for gardening from the city the regular way is proving much more arduous than anticipated, mainly because the city doesn’t see gardening as the “best use” of vacant residential land – they expect you to build upon it. I think that’s a little unrealistic given Buffalo’s decline and overabundance of the existing housing stock, but anyway, the map is below: