An oversized residential lot in Seaside Park, located just a block from the beach, can’t seem to find anyone who would one day call it home.
After two unsuccessful attempts to auction off the property at 66 I Street, the borough held a public sale on Aug. 14 asking $586,000, only the assessed valuation of the property for tax purposes. Signs were placed in the front yard, an article was published here on Shorebeat, and the sale was discussed at a borough council meeting. But there were no buyers.
“The third time was not a charm, unfortunately, as no one bid on the property,” said Borough Administrator Karen Kroon.
Kroon said to the best of her knowledge, the borough council has not yet decided on its next move. The median price for homes sold in Seaside Park last month was $585,000 and the average property for sale was listed at $1.2 million.
The property is currently vacant land. It previously housed two structures that were utilized as rental units, and was purchased by the borough in January 2022 for $850,000. After its tenants left the premises, the building was marked unsafe and, in March, was demolished.
The property was voluntarily sold to the borough after officials recommended the declaration of the property as an area in need of redevelopment, the first step toward a potential condemnation. An investigation by the borough’s engineering firm at the time of the redevelopment declaration hearing found the multi-unit property to be both unsafe and unsanitary. Her review also found boarded windows, water stains, unsecured wires, a deteriorated roof, and defective wiring going to a sump pump, as well as a major history of other code violations.
The parcel is located within the residential zone and is an oversize lot, measuring 50-by-130 feet.