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Trenton, NJ Nets $4.15 million on Auctioned Real Estate with GovPilot

One-day Gov REO online auction is replicable across the U.S.

Completa

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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GovPilot

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TN

Trenton, NJ

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United States

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GovPilot Government Real Estate Auctions

Local governments can provide residents with economic opportunity, revitalize neighborhoods, and increase revenue with a GovPilot hosted property auction.

Degno di nota

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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