Couples can buy Newark land for $1000 on V-Day 2015

Valentine's HouseI guess this isn’t as good a deal as Chicago selling off land at $1 a lot but Newark’s Valentine’s Day land sale still seems pretty darn good to me. According to the city’s website, Couples only can purchase a Newark land lot for $1000 from the city if they can afford to build a dwelling on it and are willing to live there for 5 years.

Take a look at the terms and tell me what you think …

A special land sale that Economic and Housing Development has organized for St. Valentine’s Day – Saturday, 14 February 2015, 9:00AM – 12:00PM at Newark City Hall (920 Broad Street). In the spirit of St. Valentine’s Day, we are doing a sale of city lots exclusively to COUPLES. Transforming non-tax producing city owned lots to occupied, tax producing properties with new homes built on them. We will be selling 100 lots at $1,000 a lot. This sale is NOT for developers or investors. The sale is exclusively for couples who are looking to live in Newark.

The rules are as follows:

  • You must be a couple (straight or LGBT)
  • Only one lot per couple
  • Lots will be awarded on a “first come, first served” basis
  • Lots will be sold for $1,000 each
  • All final sales are subject to Municipal Council approval
  • Buyers will be required to make a $500 down payment
  • Buyers will be required to pay an additional $500 at closing
  • Buyer is responsible for all closing costs
  • Buyer must submit a City Planning Board approved site plan to close on the property
  • Buyer must have a commitment letter from a financial institution AND/OR proof of cash to cover the cost of the infill new construction to close on the property
  • Construction must be completed within 18 months of closing
  • Buyer must reside in the property for 5 years after issuance of C.O.
  • Anyone from anywhere is eligible to participate except employees of the EHD Property Management Division

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