Posted at: 10/26/2013 3:21 PM
| Updated at: 10/27/2013 11:42 AM
By: Dan Bazile
You could have bought an island if you were in Schenectady Saturday. The county was auctioning properties that were foreclosed on for back taxes, including an island near Scotia. It's all part of the County's effort to boost tax revenue.
The auditorium at Schenectady County Community College was packed with people with a pocket full of money, ready to buy.
“You get some great bargains. It's a lot better than buying through a real estate agent,” says Dennis Bingham as he walked away with a bargain on a piece of land in Duanesburg.
More than 70 properties in Schenectady County went on the auction block, including single-family homes and an island off of Scotia on the Mohawk River. Prices ranged from a thousand to several hundred thousand dollars. And with all real estate deals, its about location, location, location.
County officials say they're making an effort to sell unneeded properties to streamline government and boost revenue.
The auctioneer says he's been busy selling foreclosed properties, particularly in Schenectady County… hundreds of thousands of them since the mid 90's. Some of the buyers say part of the problem is property taxes are rough in the Capital Region. Thing got even more difficult when the economy went south.
Overall, it's a win-win for the Schenectady County bottom line when new owners take over and start paying their taxes.