Auction Update

Late last week four heritage properties that appeared on the City's list for the annual tax foreclosure sale were profiled - links to four posts - and by 1pm today the auction results were known.

• St. Matthew's on East Ferry was redeemed at the eleventh hour and never made it to the auction block.

• Sacred Heart on Emslie opened at $15k, no one bid and was adjourned.

• Ahavath Sholem Temple on Jefferson opened at $15.5K with one bidder who later defaulted for not paying a deposit. It was later reopened and after no one bid it was adjourned.

• The Pierce Arrow Power House on Elmwood opened at $35K, no one bid and was also adjourned.
  

When an auction item is adjourned the property remains in the possession of the same individual or entity as it was prior to the auction. A number of veteran auction observers, seasoned local investors and neighborhood activists mentioned that they'd never seen so many properties on the City's in rem list. When asked if they'd thought it was a good idea that so many properties were 'adjourned' - when the City had the opportunity to take possession of the properties - answers were mixed. In the past the City would typically take possession of a property and either demolish or sell it.

This year it appears as though the City is simply postponing the inevitable; the demolition of 1000's of additional structures. While there were a number of residential properties, real gems, ready for renovation - an overwhelming number of these houses were actually demo candidates. The message is clear. If you own a property - run it into the ground - and default on your taxes, there's no consequence. For large parts of the City's East Side, the promise of a bulldozer coming down the street was just postponed, indefinitely.

The future of these four heritage properties - absent a responsible level of interest and investment - remains uncertain.

There were two related Buffalo News articles that appeared this morning. Church Sales spur Debate - already has a growing comment stream and mentions Transfiguration Church on Sycamore Street as the poster child of Diocesan neglect. Here's the Transfiguration Archive - a frequent subject of posting here at fixBuffalo - for additional information and amazing pictures. Brian Meyer has this story about the City's foreclosure auction.

The auction continues tomorrow.

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