Saturday, September 29, 2012

The Outcome of the Auction

Five properties were auctioned by the City of Hudson this morning in a tax foreclosure sale.  (Since Friday morning, when Gossips published the list, 318 State Street had been withdrawn from the sale.) There was competitive bidding for most of the properties, and when the auction was over, all the properties potentially had new owners.

The first property offered for bid was 208-212 Mill Street. The minimum bid was $17,942, and no one was willing to bid that amount. However, after all the other properties had been offered, people were invited to offer bids that were less than the minimum on properties for which no one  had bid the minimum. An opening bid of $10,000 was offered, and the price was bid up to $15,000. The person offering the highest bid was Kamal Elmasri. The sale of the property for $15,000 is subject to approval by the Common Council.

The next property to be offered was 205 Columbia Street. Some very brisk competitive bidding brought the price up from the opening bid of $15,676 to $39,000. Sandra and Sylvester ("Sly") Lowery were the winning bidders. The Lowerys have been leasing the building and operating a business there. They are now the new owners.

The Lowerys were also the winning bidders on the adjacent property, 209-211 Columbia Street, offering the minimum bid of $19,309.

At its initial offering, with $46,700 as the minimum bid, 66 North Third Street, like the property on Mill Street, had no bidders. When bids below the minimum were invited, the bidding started at $10,000 and rose to $22,000. Henry Haddad was the winning bidder for the property. This sale, too, is subject to Common Council approval.

The bidding for 334 Rope Alley started with the minimum-- $21,069--and competitive bidding brought the price up to $26,500. Linda Mussmann was the winning bidder.

The City of Hudson was looking to recoup $106,587 in unpaid property taxes. If the bids on 208-212 Mill Street and 66 North Third Street are accepted by the Common Council, the total income from the sale of these five properties will be $121,809.

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