Chemung Co. real estate auction may signal improving economy
House Hunters looking for bargains are getting ready for the Chemung County Real Estate Auction. Dozens of properties will be sold to the highest bidder at the end of the month. As YNN's Crystal Cranmore reports, the auction may signal a reversal of fortune in the region’s economy.
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ELMIRA, N.Y. -- Homes, commercial parcels and vacant land are all up for grabs at the end of the month. Over the last two to three years, county officials say the owners failed to pay property taxes, making the properties eligible to be foreclosed on. The city, county and school taxes for this home totaled about $4,700 last year.
“In the end if nothing has been done, no repurchase put forth, they become the property of the county and them we auction them off,” said Tom Santulli, Chemung County Executive.
Over the next few weeks, property hunters can take a look at the homes and decide whether they’re going to place a bid. The only thing is, this year they don’t have as many options, with about 85 properties listed. That number is down considerably from 2011 and 2012, when the county sold more than 100 foreclosed properties.
“It speaks to a better economy, that the less you are doing, less people are in a position that they can’t pay their taxes. More people are working,” said Santulli.
One of the many homes that are listed is on west 5th street. It’s market value is a little more than $55,000 but homebuyers are likely to get that at a much cheaper price.
Realtors say now is the time to buy if you can.
“Interest rates are still very low, creeping up slowly, but it’s a great time for buyers to get out there before they do go up any further,” said Joanne Laux, president-elect of the Elmira Corning Regional Board of Realtors.
Laux said putting the homes up for auction does help revitalize the area.
“That’s very good for the community because these houses will hopefully get bought at the auction, be put back on the tax rolls and help the community that way,” said Laux.
The auction will also give people who lost their homes and businesses a chance to reacquire their property.