Want to own Atlantic City land for $100? Auction on Thursday
Atlantic City has 120 properties it wants to get off its hands and into yours.
The residential and commercial lots, most of which are vacant parcels of land, are up for grabs as part of the "Great Atlantic City Real Estate Auction" scheduled for 11 a.m. Thursday at the Atlantic City Convention Center.
"We have two boarded up townhomes. Otherwise, it's pieces of land ranging from a small piece up to an acre and a half," said Bob Dann, chief operations officer of Max Spann Real Estate & Auction Company, which will be handling Thursday's sale.
Dann said there will be "something for everyone" at the auction. Minimum bids are as low as $100 for certain properties, but one lot, known as package 37, includes nearly an entire city block with a minimum bid of $101,800.
Two larger properties, former airport Bader Field and a site known as the Riverside redevelopment area, will be part of a separate sealed bid auction on July 14.
Dann said it's hard to tell how many investors or interested buyers will show up on auction day, but the city will need "a lot of bidders" in order to get rid of 120 properties.
In a promotional video promoting the auction on the Max Spann website, Atlantic City Mayor Don Guardian said it's a great time to invest in the city, citing a brand new Stockton University campus and the relocation of South Jersey Industries' headquarters into Atlantic City:
"The price is right and we think we've got some properties for you," Guardian said. "Whether you want to build a home or a business, we stand ready to help you do that."