Tiny N.J. town to auction off 78 residential lots to make ends meet - nj.com

By Josh Solomon | NJ Advance Media for NJ.com
Updated: Mar. 08, 2022, 9:27 a.m. 

Penns Grove borough government may be short on money, but it’s long on property.

The economically depressed Salem County enclave surrounded on three sides by Carneys Point and the Delaware River on the fourth gets nearly a half million dollars a year in state aid just to help it cover its bills.

But the borough also has an outsized real estate portfolio. Of the approximately 1,800 parcels in the 1-square-mile community, the local government owns about one in every 18 of them.

This month, the borough is hoping to even things out by putting most of its estate up for auction. It contracted with Max Spann Real Estate and Auction Company to unload 78 properties from its portfolio, selling them to homeowners or investors in an effort to get them back on the tax rolls. The sale, originally scheduled for March 1, was pushed to March 15, and runs through March 18.

Full Article: https://www.nj.com/salem/2022/03/tiny-nj-town-to-auction-off-dozens-of-residential-lots-to-make-ends-meet.html