Seaside Park officials on Thursday voted in favor of retaining an auction firm to manage to sale of a piece of residential property that the borough acquired last year.
The borough council voted unanimously to hire Max Spann Real Estate & Auction Company to handle bids for the property at 66 I Street, a former rental home that had fallen into extreme disrepair and was considered an eyesore by neighbors. The property consisted of two structures that were utilized as rental units, and was purchased in January 2022 for $850,000. After its tenants left the premises, the building was marked unsafe and, over the last several days, has been demolished.
Max Spann is a well-known auction house that commonly handles the sale of public properties, most recently the former Laurelton Elementary School building Brick Township. The target date for the auction is April 19, signaling the intent of the borough to place the property back into private hands.
“The borough pays nothing and the buyer pays everything,” said Borough Administrator Karen Kroon, referring to the commission that the auction firm will charge. “They advertise through social media and different websites. It’s a pretty broad net that they cast, so hopefully we can attract a good number of potential buyers.”
The property is is deed-restricted to allow only the construction of a single-family home. It is expected that the minimum bid will be $650,000, the estimated minimum market rate for an empty lot.