In October, the Common Council passed a resolution establishing conditions for acquiring property at the tax foreclosure auction that took place on November 4. To prevent people from buying property and warehousing it, a condition of sale would be that the property have a certificate of occupancy and be returned to active use with 24 months of purchase. The resolution didn't address flipping, and it probably should have.
At the auction, the church at 241 Columbia Street, which had been the rented meeting place of the Endless Love Temple, went for the minimum bid: $35,907.09. The vacant lot next to it was purchased by the same person for $6,000, a little more than twice the minimum bid of $2,777.21. The two properties are now being advertised for sale on Trulia, with an asking price of $350,000.
COPYRIGHT 2018 CAROLE OSTERINK
Thanks to KH for bringing this to our attention