California auction is offering properties for as low as $455 - but many of them are in OAKLAND
A major county in California is auctioning off more than 250 properties with bids starting as low as $455 - but many of them are located in crime-ridden Oakland.
Bid4Assets, an online auction marketplace that works with state, local and federal governments across the country to sell distressed real estate, will be offering up 256 properties across Alameda County from March 20 through March 23.
The available parcels range from vacant land to residential properties, which include condominiums, townhomes, single-family homes and even entire apartment buildings, according to the San Francisco Gate.
All of the properties have been in a tax-defaulted status for years and are being sold as-is, Bid4Assets Marketing Manager Sean McLaughlin told KTVU, noting that often, the properties are being offered for the amount still owed rather than the actual assessed value.
The asking price for the properties, though, goes all the way up to $1.5 million.
But county officials are making no guarantees about a home's title, condition, zoning or code compliance.
Most title insurance companies also won't cover tax-sale properties for at least a year after the deed has been recorded, according to Alameda County documents.
The auction now comes as the city of Oakland recovers from rampant crime and a homelessness epidemic made worse during the COVID pandemic.
Bid4Assets , an online auction marketplace that works with state, local and federal governments across the country to sell distressed real estate, will be offering up 256 properties across Alameda County from March 20 through March 23
Many of the properties are located within the Bay Area city of Oakland (pictured)
Oakland's new mayor Barbara Lee is trying to undo the chaos wrought by her woke predecessor Sheng Thao and ultra-progressive former district attorney Pamela Price, who is looking to run again this year after being decisively recalled.
Under Price's tenure, Oakland saw crime soar by 21 percent, while robberies rose by 38 percent and vehicle theft rocketed by 45 percent.
US News & World Report labeled Oakland as the second most dangerous place in the country, in a report back in August.
The report ranked cities by looking at their murder and property crime rates per 100,000 residents, according to FBI data.
In 2023, one in every 30 Oakland residents had their car stolen, with 15,000 vehicles pilfered over the course of that year.
At the same time, Alameda County's last Point-in-Time Count in 2024 found that homelessness was at its highest ever, with 5,485 people reporting homelessness - two-thirds of whom were unsheltered.
It also found that more than half of the county's homeless residents were experiencing homelessness for the first time, while 37 percent were considered chronically homeless.
But in Oakland, 8- percent of the surveyed residents said they had previously been housed in Alameda County.
The city recovers from rampant crime and a homelessness epidemic made worse during the COVID pandemic
Alameda County's last Point-in-Time Count in 2024 found that homelessness was at its highest ever, with 5,485 people reporting homelessness - two-thirds of whom were unsheltered
The city is now starting to turn around, though, with major decreases in crimes.
The city's latest police reports even show the number of homicides, rapes, burglaries and arson cases cut in half for the period ending on February 1 when compared to one year prior.
McLaughlin, of Bid4Assets, now says his program can serve as a win-win not only for those who wind up owning property at below-market prices, but also for the government agencies that are trying to recover the costs from forfeited real estate.
'This leads to benefits like reduced costs, increased local participation and ultimately higher rates of sales generating recouped revenue for the offices we work with and their constituents,' McLaughlin said.
Those who are interested in bidding on the properties are now urged to inspect the properties, review their title history and reach out to local zoning offices before placing their bids.
Prospective bidders must then create an account on the Bid4Assets website and make a single, refundable deposit of $5,000 plus a non-refundable $35 processing fee.
The deadline to make that deposit is March 17.
The city is now starting to turn around, with major decreases in crime reported
Residents are seen enjoying al fresco dining at the historic Last Chance Saloon in Oakland in 2011
Non-winning bidders will then get a refund through an electronic check within 10 days after the close of the auction, while those who win with their bid will see their deposit applied to the final payment of the property.
Once the auction closes, all winning bidders will be emailed instructions on settlement procedures as well as information on how to provide the county with the necessary deed transfer information.
Winning bidders must then make the full payment on the property no later than 1pm on March 25, two days after the auction closes.
The final sales prices are also subject to additional fees, including a county recording fee of $17 per parcel, a California documentary transfer tax - which is calculated at a rate of $0.55 for each $500 - and any additional city transfer tax associated with the property.
