New York Rising will auction off another 155 storm-damaged Long Island houses and lots on Nov. 17 at the Hyatt Regency Hotel in Hauppauge.
The residential properties -- 81 in Nassau and 74 in Suffolk -- being sold "as is" were purchased from homeowners through NY Rising's Acquisition Program after substantial damage in superstorm Sandy, Tropical Storm Irene or Tropical Storm Lee. Most remain in various states of disrepair and could require elevation depending on location in the flood zone and local building codes. More than half are on the water or have water views and are in 23 towns and villages, including Babylon, Freeport, Lindenhurst, Long Beach and Mastic Beach.
The first round of auctions in May drew hundreds of bidders, including builders, real estate agents, house flippers and would-be homeowners, bidding on 142 properties. While six bids were later either rejected or withdrawn, 127 of the remaining 136, or 93 percent, have already closed. The auctions brought in about $22 million for the 136 properties, which had been acquired by NY Rising for $37 million, said Barbara Brancaccio, a spokeswoman for the Governor's Office of Storm Recovery and its NY Rising programs.
So far in total NY Rising has paid nearly $121.2 million to acquire 305 properties on Long Island at pre-storm value prices of $113,000 to $875,000, with a median payout of $397,000, according to the agency.
"Through the NY Rising Acquisition Program, the state offers properties at a fraction of their pre-storm value, while instituting measures to improve the resiliency of the State," interim executive director of the Governor's Office of Storm Recovery Lisa Bova-Hiatt said in a statement.
The Housing Trust Fund Corp., or HTFC, is the official owner of the properties in the acquisition program.
Those participating in the November auction must first pay $50 to the auctioneer, Paramount Realty USA of Garden City, to get access to due diligence information on the properties at Paramount's website, prusa.com.
These include appraisals, surveys, title reports, photographs, terms of sale, and a copy of the purchase and sale agreement that winning bidders will sign at the auction, when they must also present a $25,000 certified or cashier's check for each property.
The properties can be inspected at open houses scheduled from Oct. 13 to 16 and from Oct. 19 to 22. Specific locations and dates are listed on Paramount's website.
Misha Haghani of Paramount said the minimum bids ranged from $43,000 for the lowest appraised property to $324,350 for the highest, a three-bedroom house on a 10,454-square-foot canal-front lot in West Islip with a pre-storm value of $875,000.
In this round, most of the houses, 39, are in Lindenhurst. Fifteen each are in Island Park and Babylon, 14 in Freeport, 11 apiece in Long Beach and Massapequa, and 10 in East Rockaway.
All properties will be auctioned off on one day, unlike in May, when Nassau and Suffolk county properties were sold on two successive days. And, Haghani said, this time successful bidders will not have to pay a 6 percent buyers' premium.
Christine Proctor, who sold a Lindenhurst two-family high-rise to the acquisition program that will be auctioned in November, said it "was helping me tremendously. Instead of me walking away, or foreclosing, I was able to take out a lump sum and get on with my life."
Among those who have already closed on properties from the May auctions is Realtor Stephen Portelli of Stephen Joseph Properties of Syosset and Massapequa Park. With a partner, he purchased two Seaford properties sight unseen after other bidders won the houses they'd originally intended to buy.
"I don't know what our plans are yet," he said recently.
Chris Indrieri, a house lifter with a family-owned firm Zucaro House Lifters of Westbury, had thought he'd successfully won a new house to live in when he offered to pay more for it than the winning bidder in May. But he lost out when that bidder was allowed to offer more.
Now he looks forward to the next round of auctions.
"I fully intend to be there," he said. "I know exactly what I need to do to get the house I want."
To view more info about the auctions on Paramount's website, click here.