City Of Newark Holds First Real Estate Auction In Two Years
By Alexandra Hill, WBGO News
April 18, 2013
Residents and real estate developers alike looking for a deal on property flocked to Newark’s first public real estate auction in over two years.
Bidders from all over the state attended the auction looking to stake their claim and walk away with one of nearly a hundred commercial and residential properties up for grabs. Malik Dyer of Newark is one of them.
“The opportunity, being able to own property.”
Dyer won his bid on one of the dozen properties that was sold under the condition that it be owner occupied for the next 5 years. Other attendees included investors and real estate developers looking to make that next big investment. Dyer says they made for some stiff competition.
“The market is open for an investor, granted I think everybody that should bid should be a resident of the city to be able to bid but then again you can’t take away anybody’s opportunity to make money because that’s what makes the city thrive.”
The city acquired the properties as a result of tax foreclosure. City Officials say their goal is to put these properties back into use to stabilize and strengthen the city’s real estate market.