FLINT TWP. — Land is selling at bargain prices judging by some of the winning bids at the Genesee County Treasurer’s no-reserve tax foreclosed real property auction last week.
Of about 44 township parcels on the block, 20 remained unsold. Most of the properties, which are acquired due to unpaid taxes, were left over from an auction in September when they were offered at a reserve price generally consisting of the amount of delinquent property taxes, accrued interest, penalties, and other costs associated with the foreclosure process.
Last week, openings bids started at $100 and two properties on Dartmouth Avenue and Bertha Avenue actually sold for that. Winning bids under $500 also were plentiful.
One of the biggest bargains sold last week was a commercial parcel on Linden Creek Parkway. The winning bid of $13,000 was considerably less than the $67,000 minimum bid price sought at the previous reserve auction held Sept. 11. The property reportedly has a state equalized valuation of $444,600, according to published tax sale information.
Another good deal was for a second parcel on Linden Creek Parkway that sold for $5,100 compared to a minimum bid of $18,000 at the September reserve auction at which the land remained unsold. The SEV reportedly is $115,000.
Residential properties also were selling for a lot less than the asking price at the previous auction. A property at 2427 Diamond Street sold for $900. It had a minimum bid in the September auction of $9,200 and a SEV of $24,000.
A parcel at 3224 Augusta Street sold for $300 compared to the minimum bid of $3,500 in September. It has a $12,900 SEV.
A parcel of land on Lennon Road went for $750, well below the $4,600 reserve asking price in September. Its SEV is $12,000.
Other comparable bargains included $2,400 ($8,900 on Lavelle Road; $100 ($3,100) on Dartmouth Ave; $400 ($4,400) on Bertha Avenue; $500 ($4,300) on Lavelle Road; $1,000 ($3,900) on Emerson Street; $500 ($7,300) on Concord Street; $350 ($4.500) on Highfield Street; $3,000 ($11,000) on Flushing Road; and $500 ($3,000) on Maple Creek Court.
The good news is that the purchased properties are being returned to the tax rolls.
At last week’s no-reserve auction, a minimum bid of $100 was not enough to attract buyers for 20 properties that are probably headed to the rolls of the Genesee Landbank, unless the township board opts to keep them, which it usually does not.
Among the rejects is a parcel on Flushing Road. It was offered at a reserve of $2,100 in September and has a reported SEV of $9.500.
There also were no takers for a parcel on Boatfield Avenue, initially offered at a reserve of $4,800 in September with a reported SEV of $13,200.