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October 11, 2013

Tax foreclosure auction raised $340k

Lockport Union-Sun & Journal — Lockport

City raised $340,000 from tax foreclosure auction

The City of Lockport raised $340,250 from the sale of 22 tax-foreclosed properties at its annual auction this week.

The gross is tentative, since highest bidders have a month to complete their purchases, according to tax enforcement clerk Ronda McFall.

Less $259,000 in unpaid property taxes that it looked to recover from seized properties, the city potentially turned a profit of $81,000 on the auction.

The top seller on the list was 111 McIntosh Drive, for which a winning bid of $76,500 was placed, according to McFall. The No. 2 seller was 82 Pound St., where two single-family homes on one lot sold for $42,000.

One property, 175 South St., fetched no bids and so it remains in the city’s possession. The building inspection department had imposed a condition on its sale: it had to be demolished by the buyer, due to its inhabitability.

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