I 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