An open auction on Mt. Laurel’s 33 vacant properties on July 30 did not go as well as the township would have hoped.
Township Manager Maureen Mitchell said only three of the 33 properties were sold during the auction. The three properties were at 114 Cedar St., 4316 Church Road and a 1.84-acre property along Atrium Way.
With 30 vacant properties still under township possession, council is now looking at other ways to get the properties on the market.
“Council has asked me to look into the cost of listing them with a broker on the (Multiple Listing Service),” Mitchell said.
All three properties purchased on July 30 were sold for less than their assessed value. To help make the properties more attractive to buyers, the starting bids were set at 40 percent of current market value. Despite the low starting bid amounts, many of the properties did not receive a minimum bid.
The township previously tried to sell the properties at a public auction. It was unsuccessful, with only one of the properties receiving a bid. The bid was much lower than the asking price, so the township did not complete the sale.
Leading up to the July 30 auction, council approved a resolution to permit the advertisement of the auction. Council wanted to sell the properties without going through a Realtor. Mayor David D’Antonio said hiring a professional to help with the sale would cost the township additional money. However, the township is also using money and resources to keep the lots maintained.
Mitchell will report back to council on what the township’s remaining options are.
The township acquired the vacant properties through foreclosure. Thirteen of the 30 properties the township owns were acquired in 2013.
