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Prices for Gloucester City Homes Increasing; But, Over 800 Properties with Liens Or In Foreclosure

William E. Cleary Sr.| CNBNews

 

(June 10, 2021)--CNBNewsnet has been watching the real estate market in Gloucester City and has noticed the prices of homes in the community are increasing.  One home in the Riverview Heights section of the city received 14 bids from interested buyers before selling it for more money than they were asking for it.

There are 64 residential properties listed ranging from a low of $39,900 for the three-bedroom home at 110 N Sussex St. to a high of $250,000 for the six-bedroom home at 222 Monmouth Street. Looking through the list of residential properties we noticed rowhomes are now being called townhouses and condos. 

 
We found 20 commercial properties listed. The prices range from a low of $175,000 for the defunct Train Station Restaurant,  Monmouth, and the Railroad to a high of $2.8 million for the former GAF site on Water Street.  The Train Station has been up for sale for several years. When it was first listed the asking price was near $500,000.


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We were surprised to find the old Gloucester Catholic boys building, also known as the Rams Annex, 1 South Burlington Street was listed in the commercial properties for sale; the asking price $450,000. Five years ago St. Mary's parish, the previous owner, sold it for about the same amount to WEBO, LLC, located in Philadelphia. The new owners are Rich Lauletta and Paul Margaritis. "WEBO is our best acronym for West of Broadway which is our area of focus in Gloucester City," said Lauletta.  Asked about their plans for the building Lauletta said, "We have a few different ideas for the school, but I assure you they all include keeping and preserving that amazing building", he said. Lauletta said he and his partner are investing in Gloucester City because "We see big potential for the city! It's a walkable close-knit community that is very undervalued right now. We see it turning into more of a ‘Collingswood’ type area or even Philly’s version of a Hoboken."   

Lauletta was contacted earlier this week and he said the reason the old school was being sold was since commercial properties are not selling in Gloucester City. "It’s currently very hard to attract new businesses to town.  Our residential properties are doing great, but we didn’t get the commercial demand or support we needed to start development on that building. Hopefully, the town will continue to see housing increase in quality and quantity, and in the near future it’s easier to attract new businesses to town."

 
THE COMMERCIAL PROPERTIES LISTED WERE: 
 
410 Eight Street,($950,000); 525 Monmouth Street, ($700,000); 4 S. King Street ($650,000); former Rams building, 1 South Burlington St., ($450,000); 218-220 S. Broadway ($425,000); 301 N. Broadway, ($319,000); 831 Charles ($305,000); 500 Jersey Ave., ($300,000); 00 Brick Street, (price not listed); 707 Water Street ($2.8 million); 410 Eight Street ($950,000).
 
Also, 22 N. King St., ($210,000); Train Station, 700 Monmouth Street, ($175,000); 129 Atlantic Street ($29,900); 427-29 Ridgeway Street, ($29,900); 112 N. Broadway (price not listed); 500 Paul Street, (price not listed); 30 S. Broadway (price not listed); 85 Nicholson Road ($999,000).
 

Last week when we first published this article there were 718 properties in foreclosure or have tax liens filed against the property owner. Today, (June 19, 2021) we found 840 properties in that situation. Click on the page number below the search box for updated information regarding foreclosures  

Tips and Snippets

CNBNews POINT OF VIEW

WHAT SHOULD BE DONE WITH THE RAMS ANNEX?

 

 
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