Trenton, NJ Nets $4.15 million on Auctioned Real Estate with GovPilot
One-day Gov REO online auction is replicable across the U.S.
In an effort to revitalize the city, promote affordable housing options, and generate revenue, New Jersey’s capital city, Trenton, hosted a live online auction of residential and commercial properties. The auction, hosted in partnership with GovPilot, a government management software provider, saw all 49 listed properties receive winning bids - generating $4.153 million in revenue for the city in one day. This initiative is replicable in municipalities across the U.S. to help generate revenue.
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Успешен Проект
The projected exceeded the expectations of Trenton officials and outperformed the city's previous auction which was held in person. - Generated $4.153 million in revenue in one day. - 372 pre-registrants deposited $1,000 (reimbursable) each - 284 participants placed bids - 1,554 accepted bids placed throughout the auction - All 49 properties received winning bids - Average of 30 bids per listing - Average winning bid was 1,670% above listing - Average sale price on 49 properties was $84,760
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