The Ventnor City-owned parcel of land at 6512 Ventnor Ave will be auctioned off on May 31. Minimum bid price is $270,000.
The property is the former site of a building destroyed by fire during the Summer of 2019. It was quickly demolished the very next day.
Ventnor City Commissioner Lance Landgraf said the city purchased the lot for $85k from Margate real estate broker DJ Gluck.
In 2019, Ventnor Commissioner Lance Landgraf said. “It came to our attention from (DJ Gluck) the owner of the property that someone had approached him to use the property for something we did not support. So, we thought it would be better to step in and purchase the property for open space for now.”
City originally wanted to create a so-called ‘pocket park’ where shoppers could take a break. Others suggest the city bought the land in order to keep it away from those who could potentially build something not endorsed by the city.
The 30 ft wide property is zoned for mixed use; commercial / residential.
Minimal bid price of $270,000 was determined by the city’s assessor.
Ventnor Notice of Land Sale: 6512 Ventnor Ave.
The 30 ft wide lot is zoned mixed-use, commercial and residential.
City of Ventnor will hold a public sale of city-owned land on May, 31, 2022 and 4:00 PM at City Hall, located at 6201 Ventnor Avenue. Ventnor, New Jersey 08406.
Sales will be made to the highest bidder, subject to the City of Ventnor reserving the right to reject any and all bids. Formal confirmation of acceptance or rejection of bids will be made no later than the second regular meeting of the City of Ventnor’s Commission Meeting following the date of the sale.
All sales shall be secured by 10% deposit of the accepted bid price, either in cash or certified check at the close of bidding. The balance of the purchase price shall be paid either in cash or by certified check and shall be due no later than 10:00 AM thirty (30) days following formal confirmation of acceptance of the bid by the City of Ventnor.
In the event the purchaser shall fail to pay the balance due as herein provided, the deposit made at the time of the public auction shall be retained by the City of Ventnor as liquidated damages for the nonperformance of the bidder. All sales shall be considered final and the purchaser shall accept the real property and improvements, if any, AS IS.
The deed prepared by the City of Ventnor shall not be tendered until the full purchase price is paid.
Title shall be conveyed by and through bargain and sale deed without covenants and shall convey only the right, title and interest of the City of Ventnor to the land as described herein without any warranties as to the quality of title. No warranties and covenants are or shall be made by the City of Ventnor and in no event shall there be any liability on the part of the City of Ventnor by reason thereof.
The right, title and interest of the successful bidder as purchaser shall be subject to the following conditions, covenants, restrictions, easements and exceptions which shall run with the land and shall also become part of the deed granted to the purchaser for recording:
1. Easements of utility companies and of governmental agencies or bodies.
2. Any encroachments, prescriptions, easements or other state of facts pertaining to said lands, surrounding said land and any restrictions and covenants of record.
3. Any restrictions or covenants of record.
4. Any existing Federal, State, County and/or municipal laws, statutes, ordinances, rules and regulations including by way of description and not by limitation, existing zoning, health and planning board rules and regulations.
5. No representation of any kind is made that the land in question, surface as well as subterranean portions, is suitable or adaptable for any particular use whatsoever and no development rights or implied from the sale of said land.
6. No representation of any kind is made concerning water, sewer, gas or electric service or any other utility service will to the land.
7. Surveys and title searches are the responsibility of the purchaser.
8. The purchase price does not necessarily reflect the market value.
9. Tax assessment will become effective the first month after the effective date of the deed.
10. The terms and conditions of sale as set forth above and stated at the time of the sale shall survive settlement and become part of the deed of conveyance.
In addition to the purchase price, purchaser shall pay the City of Ventnor an additional sum of $500 to cover advertising, legal and recording fees and administrative costs. The City of Ventnor reserves the right to withdraw any property from the sale list set forth herein prior to the commencement of the sale.
Minimum Bid
$270,000
There may be someone who definitively needs this property that will pay that price, but for speculating builders, I suspect very few if any will even meet the minimum bid. I guess we’ll wait and see.
If they don’t receive the minimum bid, maybe they should sell to the buyer with the most useful and best plan for the betterment of Ventnor and its mixed commercial district.
Give those interested three or four months to do their due diligence and come in with elevations and floor plans, along with the use and pick the plan that works best and sell the property for 50% – 75% more than Ventnor paid, which would be well below their minimum bid price.
Make sure that zoning and the city pre-approves its use. Then you know exactly what you’ll get and still make a decent profit on the property.
I know they are always looking for money but selecting a bonafide helpful use to the residents of Ventnor is also a sound investment. Just another thought.