The city of Trenton conducted its online property auction this week, generating $4.15 million in revenue on the sale of 49 properties.
The city conducted the auction using Hoboken-based GovPilot’s online government real estate auction platform, putting up the residential and commercial sites and seeing all 49 receive winning bids. Winning bidders will commit to a five-year owner occupancy requirement.
“Successful auctions are key to our redevelopment efforts, especially when they get promising properties into the hands of taxpaying residents who can renovate them for the benefit of the surrounding community,” Mayor Reed Gusciora said in a prepared statement. “And, with the residency requirement for many of these properties, we know they will be cared for by Trentonians who are proud to finally own a stake in their hometown.”
GovPilot said 372 participants preregistered for the auction with a $1,000 reimbursable deposit, and city officials said they received 1,554 bids from 284 participants.
“Right now, municipalities across the country are looking for creative, effective ways to generate revenue, revitalize neighborhoods and support their residents,” GovPilot founder and CEO Michael Bonner said in a statement. “We are proud to partner with the city of Trenton.”
GovPilot has provided the city with cloud-based management software since 2017.