Auction for Distressed Properties in Newburgh

197 Lander

April 14th marks the day that the City of Newburgh will hold an auction for 50 distressed and vacant properties/land. This one at 197 Lander is up for sale. Apparently the city has changed some of the auction rules in hope of receiving more buyers this time around. Click on this link to a THR news article that sums up the changes. You can click here (PDF) for more info and pictures of the properties for sale. Click here for the official auction site with bidder entry forms and info or, read below for further details.

Proposed Terms of Auction:

  1. No owner occupancy required for existing structures
  2. Building permit needed within 12 months and certificate of occupancy within 18 months for existing structures
  3. For vacant properties, no building permit required, but must keep property clean, in accordance with property maintenance code. If purchased by adjacent property owner and lot is substandard in size under zoning requirements, the lot must be merged.
  4. For 4 very dilapidated buildings in the Historic District (21 Leroy Place, 10 and 12 Van Ness Street and 16 William Street) City hopes to have demolition permits pre-approved. For bidding on those properties, buyers must demo building within 6 months. No requirement to build new structure within 18 months. When building construction is economically feasible, must be done with ARC approval. If purchased by adjacent property owner, lot must be merged, if lot is substandard in size under zoning..
  5. Some contiguous properties will be sold as a package with requirement to merge.

Other details:

Some properties in the Historic District, may qualify for a property tax exemption for improvements that are made to the interior and exterior of the building. The Architectural Review Commission may be able to confirm that the building is contributing to the character of the Historic District and, thereby, qualify for historic properties alteration, rehabilitation, and renovation tax exemptions under the City Code. Not all properties may qualify for the exemption.

In addition, a property tax exemption is available for first time home buyers, when the value of the improvements exceeds $3000. Details of these programs are available in the Department of Development and the Tax Assessor’s Office.

Check out the following link to  see more examples of Newburgh Real Estate.