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.
Amministrazioni coinvolte
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City of Trenton, NJ Partners with GovPilot - Nets $4.15 million on Auctioned Properties
Trenton, NJ partnered with GovPilot to host an online real estate auction to revitalize neighborhoods and raising $4.15 million for the city budget
City of Trenton to Auction 50 Properties to Homebuyers
Trenton, New Jersey partnered with GovPilot to host an online auction to make affordable properties available to homeowners and to reduce blight.
Progetto riuscito
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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